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 30 October, 2023 to 3 November, 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.
● Stargaze Capital - an allegedly UK-based company not authorized by the FCA;
● Swift Mining 247 - a dishonest forex broker misusing licensing data of a legitimate counterpart to deceive unwitting investors;
● vaalco capital - an unauthorized, bogus website for trading forex and other derivatives in the UK;
● TOOLS4SEALS - an unlicensed trading platform supposedly in Singapore;
● Terema Invest - a CNMV-flagged website, poorly managed;
● Carax FX - a fake trading platform misusing logos of CNMV and CONSOB, on the CNMV warning list;
● Brief Trader - a fraudulent entity falsely claiming to be regulated by Belize FSC, warned by the FCA;
● PaloMarket - an unsafe online trading platform on the CNMV's warning list for unlicensed business;
● Capital GatewayCG - an unreliable forex brokerage firm warned by the CNMV for unauthorized operations;
● TRADECMF - an unregistered company illegally providing financial services or products, red-flagged by the CNMV;
● Safe Cryptomining Fx - an unsafe trading service provider not authorized by any governing body;
● Secure InvestNest - an unlicensed platform that the MFSA suspects is a dubious scheme with a high risk of loss of money;
● EuropeFx Trade - a shady broker leaving investors in the dark about its company information, warned by the CNMV;
● SCE - a supposedly HK-based company not registered with the HK SFC;
● Prime Options FX - a bogus trading website not authorized by the FCA, despite its claim to be located in the UK;
● Globalprofxtrade - a non-supervised trading platform warned by the FCA;
● FXTRADEBIT - an untrustworthy forex broker not subject to any regulatory body, despite three alleged addresses in different countries;
● Cryptomania - a fraudulent trading platform failing to seek authorization from the FCA;
● GoldenOptions - a fraudster falsely claiming to have licenses from the SEC and the NFA;
● 9XProfits - a suspicious website the NZ FMA suspects to be a scam;
● SAMSTAR CAPITAL - a con artist misusing names of various financial watchdogs to fool potential customers;
● MISSION FX CLUB - an unscrupulous platform warned by the FCA for unauthorized business;
● TopviewStake - an unregistered firm falsely claiming to be globally regulated;
● Auto5CryptoFxPro - a forex market participant outside the regulatory framework;
● INCOGAIN - a forex trading services provider not registered in accordance with relevant rules, luring potential clients with unreasonably high returns;
● STX Broker - a dishonest broker flagged by the FCA for failing to seek the required license;
● MYMA FX - an unreliable forex broker misusing its renowned counterpart's name to fool investors;
● Swift Market Expert - an illegal forex broker falsely claiming to be a member of the Financial Commission;
● BLUELION FXLTD - a UK-based company not authorized by the FCA;
● Universe.co.com - a clone firm red-flagged by the FCA;
● OMBANV Trade (Aden Markets DOO) - a swindler using a shoddy website template that offers fake regulatory information;
● Fake IC Market Limited - a fake platform mimicking the name and logo of the real one to convince unwitting traders that they are real;
● JEK TRADE - a UK firm not authorized by the FCA to provide financial services or products in this country.
We want to draw your attention to Fake IC Market Limited. This is a typical scam that mimics the name and logo of a legitimate, well-known brand to deceive unwitting investors. This platform intentionally refers to itself as "IC Market Limited" and uses a logo similar to the real IC Markets, creating a false impression that they might be affiliated with the legal one. However, our investigation reveals that it is not only unrelated to the IC Markets but also a fake trading platform born to defraud money. Investors must be stay vigilant and conduct thorough research when selecting a platform.
In addition to the aforementioned scam brokers, we've received inquiries about these brokers, including ATFX, Avatrade, and Caravelle Investments. 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.
It is critical to exercise extreme caution when dealing with Caravelle Investments.
Caravelle Investments purports to be licensed by the Mauritius Financial Services Commission (Mauritius FSC), and indeed, a licensee with the same name is listed in the Mauritius’ financial regulator’s register. However, the Mauritius FSC does not provide specific details, such as the license holder’s website address, which would allow investors to conduct further investigations. As such, there is no assurance that the website https://caravelle-investments.com/ is operated by the licensed entity.
Moreover, the domain "caravelle-investments.com" was only registered in April 2023. Yet, the website asserts that Caravelle Investments has been in operation for over two decades. This discrepancy between the website’s age and its claims raises doubts about the platform’s credibility. The Commodity Futures Trading Commission (CFTC) identifies such a deceptive practice as a red flag for scams.
Consequently, it seems likely that this could be a case of impersonation fraud. Those interacting with Caravelle Investments are potentially at significant risk. To protect investors’ interests, it is strongly advised to opt for fully regulated brokers.
We currently have over 5,000 broker reviews available for you to browse through. You can access all of the reviews here.
This week's commonly asked questions are "if a broker is licensed/regulated/safe or not," aside from one concerning Avatrade's location.
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.