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Feb 26-March 1, 2024 Q&A Weekly Review - What's Asked This Week?

2024-03-01 Brokersview

BrokersView's Q&A review for Feb 26-March 1

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 26 February 2024 to 1 March 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

ForteFX - a deceitful online trading platform using false regulatory information to appear legitimate, whose provision of financial services is categorized as unauthorized by the FCA;

Bankwiz - an unreliable online financial service provider misleadingly professing to have 19 years of industry experience, warned by the BaFin;

BRIDGEROCK - an unknown entity providing financial services without any financial licenses;

Financeiro Trader - a clone firm that has been contacting people pretending to be an FCA-authorized firm;

STOCKS FUNDS - an allegedly UK-based company, not authorized by the FCA;

Profit Crunch Limited - an unauthorized financial service provider red-flagged by the FCA;

Primefxplatform - an untrustworthy investment website warned by the FCA;

Pips Prime FX - a shady company misleading investors pretending to be authorized by the FCA;

Unomi - an unregistered broker providing financial services without necessary licenses;

Fx Capitalindex - an unregulated brokerage firm subject to no regulatory oversight;

Dofinex - a shoddy website in the absence of essential content, including company profiles, legal notices, and financial licenses;

ZELFINEX - an unethical broker deceiving investors using licensing details actually associated with other legitimate entities;

CapitalInvestFx - a fraudulent platform attempting to portray an image of legitimacy to attract unsuspecting investors;

Call4trade - a crook forex broker flagged by the BCSC;

Axiacvs - an illegal investment website that has been ordered to be blacked out by the CONSOB;

imperialtrade.live - a con artist pretending to be legitimate with false regulatory information, requiring additional fees but refusing to return clients' money;  

FXVERIFIEDTRADES -an unauthorized brokerage firm flagged by the FCA;

Prince Markets - an unreliable online trading platform deceiving investors with false regulatory details;

Asset Coin Trades - a brokerage purportedly to be based in the US, not a member of the NFA though;

Johnson - an unsupervised trading website whose links only lead to the Login page or the trade page;

QtimeFX - an illegitimate entity operating in the absence of the necessary licenses;

Way2Forex - a non-regulated financial services company;

Seed Capital - an unsafe financial firm identified by the AMF as fraudulent;

ProMarkets Finance - a scammer that dupes investors with fake regulatory information;

Apexforex Exchange - a bogus forex trading website offering financial services outside of the regulatory framework;

REDK1TE - a CNMV-flagged unlicensed online trading platform;

Stellar Finance - an illicit trading platform not allowed to provide financial services in the industry as it is not an NFA member;

AI2TRADE LTD - a tricky financial entity warned by the CNMV;

Mercantiles - an illegal investment website has been ordered to shut down by the CONSOB;

CFX Optiontrade - a potential fraud scheme falsely claiming to be licensed across multiple jurisdictions;

Fiscal Markets - an online forex broker claiming to be registered in St. Lucia, whose location has changed within only one month;

Forex5 - an unlicensed forex trading platform falsely purporting to be registered with the SEC;

META ASSETS FX - an unregulated online trading platform claiming to have established presence in different jurisdictions but operating in the absence of the required licenses;

Stock Capital - an unlicensed platform swindling investors using fake regulatory information.

 

One of the most common scamming tricks used by fake brokers is to put various obstacles in the process of clients' withdrawals, such as asking for taxes, brokerage fees, etc. imperialtrade.live, an illegally operated platform that falsely claims to be regulated by the US regulators, is a typical example. The platform repeatedly asks its clients to pay tax fees and “gas” money to withdraw their profits. This type of scammer is adept at manipulating victims’ emotions to drain them of their funds. Therefore, in such cases, victims should refrain from further monetary transactions to avoid further losses.

 

One trader asked us if such charges are legit, and the answer is NO. Legitimate brokers do not charge unreasonable fees, and if they do charge a withdrawal fee, they do not ask the client to pay for it separately but usually deduct a certain amount from the client's withdrawal. Therefore, BrokersView would like to re-emphasize the necessity of checking the qualifications of brokers and choosing regulated brokers, which can largely avoid unscrupulous charges and the tragedy of not being able to recover funds.

 

Therefore, we strongly advise conducting thorough research when selecting a trading platform. Choose brokers that are under stringent supervision by governmental financial bodies to ensure your investments are secure. 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/regulated/safe or not," we have noticed that our users are particularly interested in MetaTrader compatibility and license type.

 

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.

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