Dec 11-15, 2023 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 11 December, 2023 to 15 December, 2023, 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

● Lyraten - a supposedly Swedish company not registered with the FI, having been added to the FCA's warning list for carrying out unlicensed financial activities in the UK;

● Fake Forthright - a counterfeit that intentionally uses a name similar to an SFC-licensed company to mislead investors;

● Liberty Commercial Finance Limited - an unauthorized firm in the UK illegally carrying out or providing financial services;

● Double Capitals - a suspicious website significantly lacking transparency, having been warned by the BaFin;

● Exopip - an unregulated trading platform that is on the alert list by the CNMV;

● Profiton - an unlicensed firm investigated by the BaFin;

● TRUSTGUARANTEETRADE - a non-supervised entity operating in the absence of the required licenses, flagged by the FCA;

● Orcal Group - an untrustworthy investment platform having been warned by the FCA;

● Midasfxtrades - a newly created website not under the NFA's oversight and on the warning list by the FCA;

● DIGITALOPFX - an unreliable brand having been added to the FCA warning list;

● North Trader - an allegedly UK-based firm, on the AMF's warning list for being an unauthorized firm providing financial services in France;

● Assets FX - a dishonest broker that falsely asserts to be a member of the Mauritius FSC and the Financial Commission;

● Tangent Capital - an unauthorized entity warned by both the AMF and the FSMA;

● SimpleWealthFX - a dubious investment website operating in the absence of the required authorization, warned by the OSC;

● TRUSTFX LIVE - a supposedly UK-located firm using an address shared by many companies, with a warning from the FCA;

● PROFX GROUPS - an unknown trading platform warned by the FCA as an unauthorized entity;

● Easypips Auto Techfx - a bogus investment website that falsely claims to be registered in the UK and has been warned by the FCA;

● FINANCIALSTOCKTRADEFX - an unsupervised company lying about its registration, having been included in the warning list of the FCA;

● Sky Trading Fx - a fraudster incorrectly saying that the US has an authority named Securities & Investments Commission, standing at the warning list by the FCA;

● Connexar Capital - a scam broker that is included in the FCA's warning list;

● Vittaverse - a merely SVG FSA-registered business company whose operations are not licensed in St. Vincent and the Grenadines;

● Trustbit - a fraudulent trading platform on the warning list released by the FSMA;

● Fergatex - a company engaged in forex trading brokerage activities that is merely registered with the SVG FSA;

● Meta Bank Wallet - a supposedly Canada-registered company, not overseen by the IIROC, warned by the FCA for its unlicensed financial activities in the UK;

● AlfaTrade - a broker claiming to have the SVG FSA registration, considered illegitimate in forex trading;

● Axaforex - a dishonest LLC not having a license to carry on forex trading activities;

● onyfxcompany - a dangerous trading platform that provides false statements about its regulatory status, having been warned by the FCA;

● Apex Share Broker - a fake broker making false claims about its regulatory status, carrying an FCA warning;

● StateInvestments - an allegedly UK-domiciled company not supervised by any regulatory body, flagged by the BaFin;

● Robo Invest - a clone of an FCA-authorized firm;

● AI Trade - a non-supervised investment website included in the warning list by the CNMV;

● Astronix Fund - a scammer that falsely claims to be multi-regulated, whose unlicensed financial activities have prompted a warning from the FCA.

When choosing a forex broker, conducting a comprehensive search is crucial. Some unscrupulous firms may duplicate the information of a legitimate company to appear credible and deceive investors. For instance, Robo Invest is a clone of an entity authorized by the Financial Conduct Authority (FCA). While some of the details it provides might be correct, they don’t actually belong to this counterfeit website as it claims. As a result, we strongly urge all investors to be extremely vigilant and use every available resource to verify a broker’s licenses and reputation. If you’re ever unsure about a forex broker’s regulatory status, please don’t hesitate to reach out to us at BrokersView.

Other Asked Brokers

In addition to those scam brokers, we've received inquiries about these brokers, including AC Capital Market, Blaze Markets, Exfor, and Dana Global Limited (Please note that Dana Global Limited is only registered with the Mauritius FSC and carries potential risks of identity theft, so please be cautious). Although these brokers are providing financial services or products in accordance with relevant regulations, 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.

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 - "if a broker is licensed/regulated/safe or not," we have noticed that our users are particularly interested in communication channels, referral bonuses, trading tools allowed, and account types.

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.