June 10-14, 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 June 10 to June 14, 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

● Profit Markets - an unregulated broker lying about its history;
● Global xcrypto - a suspicious financial website warned by BaFin, bearing a resemblance to some dubious brokers;
● Yorker - an unauthorized brokerage firm illegally providing financial services globally;
● AGAllianz - a supposedly UK-registered company, not authorized by the FCA; Flagged by BaFin for the lack of authorization;
● FXPROX TRADE - an unlicensed online investment website flagged by the FCA for the absence of the required authorization;
● TKN GLOBE - a dubious entity operating outside of the regulatory framework enforced by the FCA;
● Way2Forex - an illicit broker whose fraudulent activities have been detected by the FCA;
● HALAL DIGITAL GOLD INVESTMENT - a shady broker using false registration information to mislead investors; Warned by the FCA;
● Digital assets.live - a fraudulent trading platform falsely claiming to be partner with London Stock Exchange; Flagged by the FCA;
● Expert High Growth - a deceitful broker falsely asserting to be licensed in Seychelles;
● HBCEC - an unauthorized firm providing an invalid registration number to appear legitimate;
● BarclaysAG - a BaFin-flagged broker unlawfully providing financial services;
● Foxi Markets - a broker whose possible licenses are currently invalid;
● AssetivaX - an offshore entity not licensed to offer services for forex trading;
● Reltex Group - an untrustworthy platform flagged by the OSC;
● LeggMason EX Markets - a fake online trading platform included in the SCB's warning list;
● TRADINGSOLUTIONSFX - a fraudster that uses false regulatory statements to deceive investors;
● Double Capitals - an unscrupulous broker whose website is currently abnormal; Flagged by BaFin;
● Rarebull - a dishonest brokerage firm offering false regulatory statements to deceive investors, warned by the FCA;
● Tradex4u - an allegedly UK-domiciled entity, not authorized by the FCA and flagged by the FSMA as fraudulent;
● BKS Fintech - an offshore broker whose AR license has been canceled and the NFA ID is only for tracking purposes;
● Vourteige - an unregulated broker merely registered with the SVG FSA.

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 VENMAR and NXG 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.

We would also like to bring your attention to Vantage FX, a regulated broker that received multiple warnings from other jurisdictions. Brokers are allowed to provide their services and products in which they have obtained licenses. If the business exceeds the geographical limits, then the related broker may warned by watchdogs.

Other brokers mentioned by traders this week include Equiity, BTrade, and EPFX. They have less strict regulations than other regulated brokers and we recommend being cautious when dealing with them.

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 commissions, protective measures, currency pairs, Mauritius FSC, trading hours, and regional restrictions.

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.