May 20-24, 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 20 May 2024 to 24 May 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

● Financial Magnum - a clone firm flagged by the FCA;

● BITRADEINDEX - an unauthorized firm in the UK, on the FCA's warning list;

● 4xAi - a dishonest broker falsely claiming to be authorized; Warned by the Belgian FSMA;

● Sigma Capital - a fraudulent investment website blacklisted by the CONSOB;

● MINERSFINANCE - a crook broker using a dissolved company's registration number to mislead investors; Warned by the FCA;

● Mestieriplaza - an illicit trading platform ordered to be shut down by the CONSOB;

● Euro Next 360 - an unknown broker failing to register with any pertinent financial regulators;

● Easy Trade - a shady broker falsely claiming to be associated with a legitimate counterpart; Flagged by the FSMA;

● Omega Capital Markets - an imposter flagged by the ASIC and the FSMA;

● SkyTarget Ltd - an unauthorized entity warned by the FSMA;

● Cryptoburst - an allegedly US-based forex broker operating in an unregulated environment; Flagged by the SCB;

● Binoxtrade Ltd - a fraudulent trading platform carrying a warning from the BCSC;

● Swiss Vests - an offshore brokerage firm flagged by the FSMA as a fraudulent trading platform;

● Globfoctrum - a scam broker whose website is identical to an unrelated counterpart; Warned by the BCSC;

● Tradexmarket - a suspicious trading platform not authorized to provide financial services;

● Havenhold - a dishonest broker falsely claiming to be regulated; Warned by the BaFin;

● Diag EX - an unreliable online trading platform falsely claiming to be regulated by the SCB;

● BFTCapitals - an unregulated broker flagged by the FSMA as fraudulent;

● Fake IFC Markets - a counterfeit broker flagged by the SCB;

● LeggMason EX Markets - a deceitful broker falsely purporting to be multi-regulated, carrying a warning from the SCB;

● Cryptogo365 Ltd - an offshore brokerage firm merely registered with the SVG FSA; Flagged by CONSOB and CNMV;

● GOMKS - an unethical broker whose assertion of being regulated by the CNMV is denied by the CNMV itself;

● SCEXS - a dubious online trading platform standing on the SCB's warning list;

● Liberty Capital - a non-supervised entity flagged by the SCB;

● RobinHoodReal - a fake broker using a website template with pre-written content, flagged by the SCB;

● CapitaliaFX - an illegal website impersonating a legitimate counterpart by mirroring the website content and graphic designs;

● Nasdaq Dubai (nasesdubait.com) - a swindler misusing a DFSA-licensed entity's name and information to appear legitimate; Flagged by the SCB;

● Illuminati Markets - an unregulated trading platform whose purported AR licenses from the ASIC have been canceled;

● DEMO - a risky forex brand operating via two websites; Flagged by the SCB;

● XM Trade - a fraudulent entity unauthorizedly using registration information of a genuine company to defraud money;

● 4xAi - an unsupervised investment website red-flagged by both the FSMA and the FCA;

● BTC Trade - an unauthorized firm labeled by the FCA;

● ES INVESTS - the operators of this website pretending to be associated with a Spain-registered entity;

● Thtbyey - an unlawful broker detected by the SCB;

● Delta stock.net - a fraudulent broker operating outside of regulatory framework; On the FCA's warning list.

Fake brokers are always getting complaints from their clients for refusing withdrawals, deducting profits, freezing accounts, and other suspicious practices. The above fake platforms are all brokers that have been the subject of client complaints this week, and they all have one thing in common: they are unregulated, which facilitated them to defraud traders. In addition, most of them have been placed on warning lists by financial regulators in various jurisdictions, and some of them are even masquerading as legitimate platforms, misusing their regulatory information, or using cookie-cutter website templates.

Therefore, 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.

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 negative balance protections.

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.