Nov 25-29, 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 25 November 2024 to 29 November 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

● Twelve Whales - a fraudulent trading platform using fake regulatory information to fool investors; Warned by the FCA;

● Sable Fx Global - a tricky company mispresenting their regulatory status and company profiles;

● Chainpilot - a dubious brokerage firm warned by BaFin for the lack of the required authorization;

● CmProTrading - a crook entity mimicking another licensed entity to appear real; Warned by the FSA Seychelles;

● Axe Trade Capital - an anonymous company flagged by the FSMA as fraudulent;

● DAX40 - a shady platform falsely claiming to be multi-regulated; Warned by the FSMA;

● Weinsteincorp - an unverified entity flagged as fraudulent by the FSMA;

● eFundCrypto - an unknown trading platform investigated by BaFin;

● OrbisDL - an unverified entity flagged by the BaFin;

● Globalmarketbulls - a dishonest broker red-flagged by the FCA;

● Equitytrio - an unauthorized financial website identical to other fraudulent ones; Flagged by the FCA;

● Northstarvc - an unlicensed broker carrying a warning from the BCSC;

● META TRANSACTION - a shady broker falsely claiming to have years of experience;

● TFG Trade - a case of identity theft uncovered by the BaFin;

● VortexGI - a dubious trading platform warned by BaFin;

● Canada Crypto Bank - a fraudulent trading platform whose fraudulent activities have been detected by financial regulators;

● Investiva - a suspicious trading platform on the FCA warning list;

● Robotic Trade - an unethical entity falsely claiming to be regulated by the FCA;

● SynergySwipe - a scam platform lying about its regulatory status;

● SMART STRATEGIES - an unlicensed financial website warned by the FCA;

● MicroxStock Ltd - an unsupervised broker warned by BaFin;

● IBS Markets - an illicit investment website blacklisted by the CONSOB;

● Guru4Invest - an unscrupulous firm falsely claiming to be licensed; Warned by the BaFin;

● ALTMINING EXPERT - an unauthorized financial firm warned by the FCA;

● CMC Central - a non-regulated broker built with a website template; Flagged by the BaFin;

● PERFECT MINING DEALERS - an untrustworthy broker marked by the FCA as suspicious;

● TheFBTC - an illegitimate trading platform having absconded;

● Royal Grant - an unreliable company falsely claiming to be cooperating with big brands;

● METRICS MINERS - a fake trading platform uncovered by the FCA;

● DX fund - a risky trading platform warned by BaFin;

● Pillarswift - an unauthorized firm operating in the UK without the FCA's permission;

● Entice Capital - an offshore broker not licensed at all;

● NANOVESTOR - a website whose account has been suspended; Warned by the FCA;

● MarketsCo - an allegedly UK-based broker not registered with the FCA;

● UltraTrend - an offshore brokerage firm not licensed to offer services or products;

● TradeTIME - an unregulated forex broker allegedly registered in St. Lucia.

BrokersView consistently urges traders to conduct thorough due diligence before committing any funds to a trading platform. This includes verifying licensing status, considering client reviews, and checking for regulatory warnings.

Investing with unregulated brokers can put your funds at significant risk. For instance, Twelve Whales, an unauthorized broker that has been warned against by the UK’s Financial Conduct Authority (FCA), has been reported by a client for demanding brokerage fees. The broker explained that the client’s account and funds would remain controlled and inaccessible until the fee was paid. Legitimate brokers never ask for such fees or use such deceptive excuses. 

Protect your investments by ensuring any broker you choose is well-regulated and transparent. 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.