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

2024-02-09 Brokersview

BrokersView Feb 5-9, 2024 Q&A Weekly Review

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 5 February, 2024 to 9 February, 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

Ram Global Mine - an unauthorized financial firm that has been red-flagged by the FCA;

Alphatrade Pro - an insecure option that traders should avoid, on the warning list of the FCA;

Venus4T - an unreliable trading platform operating in the absence of the required licenses, warned by the OSC;

Smartsavefx - a deceitful entity falsely using a CH registration number to appear legitimate;

Swiss Investment Funds - an unknown financial platform providing financial services without the necessary licenses;

Goldenvest - a dishonest brokerage firm providing a fake SVG FSA registration certificate;

ONWARD TRADE OPTION - an unreliable trading platform using a combination of counterfeit certificates to appear legitimate;

AVS Brokers - an unlicensed financial service provider whose offerings are unlawful;

AvivCapitals - an allegedly US-based company that has not adhered to local rules;

Ixxen - a supposedly Canadian company, not regulated by the IIROC;

Expertoptiontrade - a fraudulent investment website using a fake certificate to appear legitimate;

CYBERCAPITAL - an unsupervised platform warned by the CNMV and the FCA;

Kefu XPJ - an untrustworthy platform that has been found to provide misleading regulatory information to project an image of legitimacy;

chubKapitals - an illicit entity whose unauthorized operations have been flagged by the BaFin;

Bitblanco - an unregulated investment website that has been ordered to shut down by the CONSOB;

Belet Limited - a non-regulated trading platform in the absence of licenses; - an unregistered entity holding no authorization to provide financial services, flagged by the BaFin;

UPTOWNFINANCE LTD - an unlicensed investment entity red-flagged by the CNMV;

XCY Global LTD - a bogus investment website using a web template and fake regulatory information, flagged by the FCA;

IMPERIALTRADE - an insecure investment option that has been warned by the CNMV;

M.B.F. MANAGEMENT LIMITED - an unsafe trading platform standing on the FCA's warning list;

First Capitals - a clone firm that has been flagged by the FCA;

Cryptoversefxtrade - a fraudulent trading platform offering falsified regulatory information;

Capital IM Limited - a bogus trading financial website not regulated by any financial regulators;

Options desk - a case of identity theft flagged by the FCA;

​● A Trade - a swindler using fake regulatory information to deceive investors;

FinMarketHub - an unlawful trading platform warned by the BaFin;

HERO MARKETS LTD - a fake financial website swindling money from victims by creating obstacles in withdrawals;

Conscious Crypto - an FCA-warned trading platform operating without the required authorization;

Apex Platform - an unauthorized firm investigated by the BaFin;

BLACKROCK FX PRO - a fake investment platform added to the FCA's warning list;

ByAlpha - an illegal trading platform warned by the CNMV;

PremiumTrade247 - a potential investment fraud scheme whose unauthorized provision of financial services led to its inclusion on the CNMV's alert list;

NordEquity - an unlicensed trading platform not authorized to offer financial services within the CNMV's jurisdiction. 


Platforms such as A Trade and HERO MARKETS LTD are typical examples of unregulated trading platforms. They either display false regulatory information or lack the necessary licenses for operation. The limited communication channels provided on their websites make it difficult for investors to contact their teams. Furthermore, the actual operators of these websites remain unknown due to the limited information available. These factors are often considered significant red flags for potential scams. Traders should be aware of these risks and avoid such platforms.


Based on inquiries from our users, the operators of these unlicensed websites often use exaggerated language to showcase their supposed presence and strength. Initially, investors may experience what seems like a “good start”, with smooth withdrawals of small amounts or quick profits. However, these are merely sugar-coated bullets designed to gain the investors’ trust. Once this trust is established, the fraudsters reveal their true intentions by creating obstacles in the withdrawal process or demanding extra fees for trading. These fraudsters are adept at exploiting people’s desire to get rich quickly.


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.


Other Asked Brokers

In addition to those scam brokers, we've received inquiries about Bullwaves and WRC1 (a broker whose registration with the Mauritius FSC needs verification, due to the FSC not disclosing details such as the licensee’s website address for verification). 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.


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 deposit methods.



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.