Oct 16-20, 2023 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 16 October, 2023 to 20 October, 2023, 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

● PIPSUPREME LTD - an FCA-warned broker fails to seek the required authorization;

● TRADEFXM - an allegedly UK and UAE-based company not authorized in both jurisdictions;

● THE OKX CRYPTO FIELD - an unlicensed trading platform with a warning from the FCA;

● Universal Expert FX - a deceitful forex broker falsely claiming to have an SEC license, flagged by the FCA for unauthorized activities;

● BITFXARENA - an untrustworthy trading services provider not subject to any oversight, on the CNMV warning list;

● MEXO Finance - an unregistered forex broker in the absence of the required licenses;

● MINEOTRADINGFX - an unknown trading platform using suspicious registration information with CH to appear legit, warned by the FCA;

● FOREXCLAP - an unlicensed broker lying about its history, carrying an FCA warning;

● RNInvesting - an unauthorized firm dealing in forex trading, added to the AMF warning list;

● SMART FX ECN - an untrustworthy forex broker failing to provide regulatory information and company details;

● Exoon FXmarket - an allegedly US-based company but not subject to NFA's oversight;

● AvaCapitalTrade - an illegal company soliciting investors in the UK without FCA's authorization;

● 4XEX - an unsupervised forex broker carrying on unlicensed activities that has been warned by the FCA;

● Big Lot Ltd - a non-regulated forex broker whose offerings are illegal due to the lack of authorization;

● Horizon Finance - a fake trading platform using a shoddy website template that entails misleading regulatory information, warned by the MFSA;

● MULTICHAIN INSIDER - an unlawful website warned by the FCA and the CNMV;

● ZERTOM - a fraudulent broker falsely claiming to be SVG FSA-registered, added to the CNMV warning list;

● GOMAX - an unlicensed forex broker in the US, not an NFA member and thus not subject to the US rules;

● HKD - a shady platform pretending to be legitimate by claiming to strictly adhere to Canadian regulations;

● Dynasty of Cryptos - a platform claiming to have offices in different countries but not licensed in these jurisdictions;

● QUADMARKS - a supposedly UK-headquartered trading company falsely claiming to be an NFA member, carrying an FCA warning;

● ETHEREAL FX PRO - an unethical trading platform that unlawfully duplicates licensing information from a legitimate counterpart to create a facade of legitimacy;

● FxTechPro Ltd - a non-regulated forex broker carrying on unlicensed activities;

● Quality Oil Gas Pt Ltd - a fake forex trading platform lying about its history and failing to obtain authorization from MAS;

● FX CMB - a fraudster falsely claiming to be an FCA-regulated broker;

● LVT Markets - a supposedly Seychelles-located firm lacking the required licenses from FSA;

● Evolution Int - a con artist conducting fraudulent activities, preventing investors from withdrawing their funds;

● Optimumtrade - an unlicensed broker not registered as a member of the NFA, despite the address in the US;

● Equitiz - a fraud scheme stealing money from investors, warned by the FCA and the CNMV.

We want to draw your attention to Equitiz and Evolution Int. Recently, we've come across numerous negative reviews and complaints about these two fraudulent platforms. Scammers use attractive trading conditions to lure unsuspecting investors into depositing money on their platforms. They then employ various excuses to convince clients to send additional funds. Victims often get entangled in these con artists' tactics when trying to withdraw their money, only realizing it's a fraud scheme after losing their hard-earned money.

Therefore, we strongly recommend that investors conduct thorough research before making any investment decisions. Top priority should be given to verifying a platform's licenses. Regulation plays a crucial role in reducing the risks of fraud and identity theft. Regulatory bodies work continuously to establish frameworks that ensure brokers' compliance and protect investors. If you receive unsolicited messages promising unrealistically high profits, be vigilant. Investing always involves risks, and there are no shortcuts to making substantial money without taking on equally substantial risks. Traders should remain calm and avoid making impulsive decisions.

Other Asked Brokers

In addition to the aforementioned scam brokers, we've received inquiries about these brokers, including XM, Avatrade, FXDD, 10TradeFx, FP Markets, and FxPro. Although these brokers are providing financial services or products in accordance with relevant regulations, 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 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 - "if a broker is licensed/regulated/safe or not," we have noticed that our users are particularly interested in company's offices, regional restrictions, how to start trading, trading instruments, and broker type.

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.