May 12-16, 2025 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 12 May 2025 to 16 May 2025 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 This Week

Scam Brokers You Should Avoid

● XBO Invest - an unauthorized online broker warned by the BCSC;

● Elevate Capital LTD - a non-regulated trading platform red-flagged by BaFin;

● BelonixTrader - a crooked online trading platform carrying an FCA warning;

● Omanetrix Trade - a shady broker using a website template commonly associated with fraudulent activities; Warned by the FCA;

● Aurflux Invest - an untrustworthy trading platform on the FCA's warning list;

● Trade Ava Pro - a deceitful trading platform that has received a warning from the FCA;

● EXODUS TRADING AI - a fraudulent trading platform employing a suspicious template to appear professional; Warned by the FCA;

● X Rchain Limited - a dubious trading platform warned by the FCA;

● Oxford Trader - a deceptive investment platform falsely claiming to be authorized;

● Blockbyteq - a malicious financial website ordered by the CONSOB to be shut down;

● ByronPlusGlobal - an unreliable CFDs broker warned by the OSC;

● Coin Wealth - a risky trading platform warned by the OSC;

● Open Signal ltd - a scam platform implicated in a crypto scam, warned by the NZ FMA;

● TP TASK LIMITED - a fake online trading platform warned by the NZ FMA;

● Market Fx Movers ltd - a fraudulent investment site red-flagged by the NZ FMA;

● Global Ultimate Trade - a dangerous trading platform lying about its regulatory status, warned by the NZ FMA;

● alpalsignals ltd - an unethical trading platform uncovered by the NZ FMA;

● 10xttime optionsV2 Trades - an illicit financial site warned by the NZ FMA;

● BitPrimeFxTrading ltd - an illegitimate trading platform on the NZ FMA's warning list;

● Choice Standout Syndicate - an unauthorized investment website warned by the NZ FMA;

● Broad Financial Markets Group Limited - a non-regulated trading platform operating outside of the regulatory frameworks;

● Saafan Markets - an offshore forex broker only registered as an IBC;

● Elite Max Trade - a risky trading platform warned by the NZ FMA for involvement in a big crypto scam;

● First Light Trade - a scam platform on the NZ FMA's warning list;

● Fret Forex Trading - a fraudulent investment scheme that the NZ FMA advises against accepting;

● KD Lite Option ltd - an unscrupulous trading platform warned by the NZ FMA;

● Aquila Markets - a scam platform that the FI advises to avoid;

● BITBinvest - an allegedly Switzerland-domiciled firm not supervised by the FINMA.

BrokersView strongly advises traders to avoid the above-mentioned scam brokers, as our investigations in response to trader inquiries have uncovered their unregulated financial activities. Additionally, traders have reported clear instances of fraudulent practices by some brokers.

For example, Oxford Trader has been accused of withholding profits and improperly restricting fund withdrawals under the guise of administrative and tax-related technicalities. We have already informed the affected trader that the platform operates with near anonymity while falsely claiming regulatory approval. Additionally, we have cautioned about the risks of recovery room scams.

We emphasize the critical need for due diligence when selecting a trading broker. 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.

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.