May 6-10, 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 6 May 2024 to 10 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

● Kaiser Invest Trade - an alleged UK broker, flagged by the FCA as an unauthorized firm;

● Immediate Connect - a fraudulent brokerage firm warned by the BaFin;

● MarginsTrade - an unknown trading platform on the warning list of BaFin;

● EXPEDITEFINANCIALFX - a fraudulent trading platform that has been warned by the FCA;

● Ai Van Capital - a scammer red-flagged by the FCA;

● Raze Global Markets - an unlicensed broker claiming to be registered in St. Lucia;

● Saturn4U - a supposedly Switzerland-headquartered company, not authorized to provide financial services;

● EST INVEST - a bogus broker whose claim of being regulated by the FCA has been refuted by the FCA itself;

● Caviex - an unverified financial services provider warned by the CNMV;

● Cryptglobalmarkets - a deceitful online trading platform on the FCA's warning list;

● Spencerandstanley.com - an unlawful website flagged by the FCA;

● Crypto Trade Club Ltd - a scam trading platform whose website has been ordered to be closed by the CONSOB;

● Bitmin Investment - an online investment platform falsely claiming to be registered with the CFTC; Flagged by the FCA;

● Forex Tradly LTD - a fraudulent platform providing falsified certificates to appear legitimate; Warned by the FCA;

● DIGITALTOPTRADE - a fake investment website standing on the FCA's warning list;

● DgtlFuture - a suspicious website flagged by BaFin and AFM;

● TitanWealth24 - an unverified online broker warned by the BaFin for the absence of the required authorization;

● Wisevests - an offshore entity flagged by the FSMA as a fraudulent platform; Warned by the BaFin;

● Valiant Markets - a scam broker operating without the required authorization, flagged by the BCSC;

● Cloudlivepips.com - an unreliable financial website carrying a warning from the FCA;

● INFINIXEXPERTTRADING - a dubious firm flagged by the FCA as unauthorized in the UK;

● World of Forex - an unauthorized firm flagged by the FCA, operating two websites;

● Londongroup Investments - an unlawful online trading platform flagged by the FCA;

● WORTHYMARKETS - a crook entity using fake CH certificate to appear authentic; Flagged by the FCA;

● FAST UNION TRADES - a shady investment firm flagged by the FCA for the absence of authorization;

● West Hill Capital - a questionable broker on the AMF's warning list;

● PRIME ASSET FX - an unauthorized broker detected by the FCA;

● Revolution FSL - a risky trading platform using false registration information to deceive investors; On the AMF's warning list;

● Free Forex - an Anguilla-registered broker operating in an unregulated environment;

● APEX ASSETS TRADE - a doubtful brokerage firm using a website template commonly associated with fraudulent activities; Flagged by the FCA;

● ROISAFETRADE - an allegedly UK-based company flagged by the FCA as an unauthorized firm;

● NeroFX - a clone firm detected by the FCA;

● Royal Diam - a dishonest entity falsely claiming to be regulated; Warned by the BaFin.

Client questions this week about the aforementioned brokers centered on legitimacy and suspicious activity. All of them have been confirmed as fake brokers, either falsifying their regulatory status or being warned by financial regulators.

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 Pandra FX and Inefex. 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.

BrokersView would like to draw your attention to Inefex, a company that has raised questions from traders due to its potentially fraudulent behavior, i.e., keep urging clients to put in more money on the grounds that they are experiencing losses (in reality the trades never happened).

Inefex is not a fully regulated broker. Despite its claim of being operated by Novir Markets Ltd, a company purportedly registered with the Mauritius Financial Services Commission (Mauritius FSC), the regulator does not rigorously disclose specific information such as the licensee's phone number, physical address, and registered website address for verification. Therefore, the truth of Inefex's regulatory status is to be verified.

BrokersView reminds investors to exercise extreme caution when dealing with brokers registered only with the Mauritius FSC.

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 spreads.

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.