August 5-9, 2024 Q&A Weekly Review - What's Asked This Week?

Brokers Asked in This Week

Scam Brokers You Should Avoid

● Capital IM Limited - a fraudulent trading platform lying about its regulatory status;
● COINEXX - an untrustworthy broker flagged by the FCA;
● DeluxePlusTrade - a dishonest broker creating false impression of legitimacy with fake regulatory information;
● PowerCapital - a shady brokerage firm misleading investors with fake registration information;
● AIO Markets - an unregulated broker, risky for investors;
● Digital FX Trade Masters - a crook online trading platform that uses unfounded licensing details to appear legitimate;
● Megafxswifttrade - a crook broker flagged by the FCA;
● Peak Markets - a forex broker claiming to be registered in St. Lucia, where forex trading activities are not licensed;
● Main Financial - a dubious financial site, not licensed by any financial regulatory body;
● NovaFX Holdings - an unreliable broker falsely claiming to be regulated in the UK;
● Sterlingmarketcapital - a crook brokerage firm using other company's information to appear legitimate;
● SOGEXPERTFX - an illicit platform flagged by the FCA;
● Staxom - an unknown entity flagged by NZ FMA;
● Titan Capital Markets - An unlicensed broker warned by the Philippines SEC for alleged involvement in a Ponzi scheme;
● Capitalinfusions - a con artist misusing information of a genuine company to appear legitimate;
● Forex Market Income - a scam broker luring investors with unrealistic returns;
● NETFX PRO - an unreliable investment firm flagged by the FCA;
● SKYBUCKFX - a newly registered financial website, flagged by the FCA as unauthorized;
● AmeriTradings - an untrustworthy broker using a fake certificate to dupe investors;
● Eazyfxdex Trades - a non-regulated broker warned by the FCA;
● CryptosMarket - an unauthorized broker revealed by BaFin;
● Digifxtrader - a risky broker flagged by the FCA;
● Profitxinvestment - an unscrupulous broker flagged by the FCA;
● Circleforex - an unverified broker lacking any regulatory information for verification;
● Grossfield - a company allegedly to be located in the UK, yet warned by the FCA;
● virtualfxtrade.live - a fake broker falsely claiming to be regulated in the UK;
● Mensa Finance - a company solely registered in Australia; Not authorized to have AFS license;
● SmartEpargne - a newly registered website paradoxically claiming to be one of the largest brands globally;
● World Crypto Fx - a swindler using fake company information to fool investors;
● Radiantix - an unauthorized broker warned by BaFin;
● MayFairCap - an unregulated broker flagged by BaFin for the lack of authorization.

It is worth mentioning that Capital IM Limited, an unregulated forex broker, has been complained to by several investors for withdrawal issues. People are struggling due to the unreasonable delay. The broker not only lack of regulation but also lied about its licensing status. Dealing with such fraudulent platforms could be harmful to your financial safety.

Other Asked Brokers

In addition to the aforementioned scam brokers, we've received inquiries about these brokers, including XS, Avatrade, and IC Markets. Although these brokers are providing financial services or products within regulatory frameworks, they just have 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.

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.

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 account details and min deposits.

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.