April 22-26, 2024 Q&A Weekly Review - What's Asked This Week?

BrokersView provides a weekly update called "Q&A Weekly Review" that keeps traders informed about the latest regulatory status and trading details of brokers mentioned by our users.

The update covers the period from 22 April 2024 to 26 April 2024 and categorizes the brokers into two groups: scammers and regulated ones. This helps traders know if a broker is subject to the necessary rules and principles. The review also summarizes the most concerning issues related to brokers based on questions asked by our users.

Brokers Asked in This Week

Scam Brokers You Should Avoid

● Power Trading - an unregulated forex trading platform operating outside of the regulatory framework enforced by the HK SFC;
● IR Strategies - a clone firm flagged by the FCA;
● FX ALBA - an unlicensed broker allegedly based in the UK yet not subject to the FCA's oversight;
● Kyros GROUP LIMITED - an unregulated trading platform whose MSB registration is also false;
● EVEST FINANCE - an unauthorized firm in the absence of regulatory oversight and transparency;
● Ecoglobaltd.com - a risky investment website warned by the FCA for the lack of authorization;
● WORLDSTARINVEST - an unreliable trading platform falsely claiming to be registered in the UK;
● FINTECHWAVES - a fake investment platform operating outside of the regulatory framework;
● FX COINTRADE - a newly registered website suspiciously asserting to have a large business scale; Flagged by the FCA for the lack of proper authorization;
● M BITRADE - a bogus trading platform categorized by the FCA as an unauthorized firm;
● FALCON DIGITAL HOLDINGS - an alleged UK-based company failing to obtain authorization from the FCA;
● HIGH GAINS INVESTMENT - an unreliable financial website warned by the FCA for the absence of authorization;
● Maxtra Markets - a deceitful broker using falsified regulatory information to defraud investors;
● LitroFxMarket - a scam broker promising fake high returns, flagged by the Financial Commission;
● Tauracapital - an unlicensed broker red-flagged by the OSC;
● SuisseAlgo - a supposedly Swiss company warned by the FINMA for not being commercially registered;
● SwissTrades365 - an untrustworthy broker flagged by the BaFin for unauthorized provision of financial services;
● CRYPTO FX TRADING - a supposedly US-domiciled brokerage firm yet not a member of the NFA;
● TradeOption Fx - a crook broker using false regulatory statements to deceive unwitting investors;
● ADVANCEDPROFIT - an unauthorized online broker flagged by the Austrian FMA and the Spanish CNMV;
● Xtboption.com - an imposter website flagged by the CNMV as a clone;
● FPM Helenic - an unethical entity misappropriating regulatory information of a legitimate broker to deceive investors; On the CySEC's warning list;
● Wall Street Exchange - an unscrupulous brokerage firm flagged by the CySEC and the FCA;
● Vstarsoho.net - a suspicious investment website falsely claiming to be authorized by the CySEC;
● Trader Trust - a fraudulent broker that mimics the domain name and brand name of a licensed broker Traders Trust; Flagged by the CySEC;
● BullMarkets - an illicit online financial services provider flagged by the CySEC;
● BrightPointif - a non-supervised broker posing substantial risks;
● FinnexBot - an illegal trading platform unauthorizedly copying company information of an FCA-authorized firm to dupe investors;
● Bithebanx.pro - an investment website blacklisted by the CONSOB;
● Above Investing - an unverified broker flagged by the AMF as an illicit entity in the forex market;
● MIB40FX - a fake broker has been ordered to shut down by the CONSOB;
● Fiatfx Global - an unknown brokerage firm that purports to be domiciled in the UK;
● Richeink - an unregistered online broker carrying a warning from the BCSC;
● Paramount Growth - a purported UK-registered company providing financial services in the absence of authorization from the FCA;
● TrothFX - a swindler using falsified regulatory information to deceive investors; Flagged by the Seychelles FSA.

The lack of regulatory oversight and transparency raises questions about its credibility and authenticity. BrokersView always recommends verification of legitimacy before committing funds to any trading platform. If you’re unsure whether a license is valid or if the issuing authority has legal oversight, don’t hesitate to visit our website. We currently have over 5,000 broker reviews available for you to browse through. You can access all of the reviews here.

Other Asked Brokers

In addition to the aforementioned scam brokers, we've received inquiries about these brokers, including Brickhill. Although this broker is providing financial services or products within regulatory frameworks, it only has a relatively lower risk than those unlicensed ones. To safeguard your interests at best, it is critical to bear in mind that licenses and oversight cannot completely eliminate investment risks and the possibility of violations.

Questions of The Week

Apart from the commonly asked question - "whether a broker is licensed/safe or not," we have noticed that our users are particularly interested in fees and charges.

Conclusion

If you are considering investing in forex trading but are uncertain about a broker's qualifications, or if you simply want to gather more information about forex brokers, please feel free to "Ask A Question" in our Q&A section.