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 9 October, 2023 to 13 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.
● Smart Pips - a fraudulent platform concealing information about its operator;
● Master Binary - an unethical company luring unsuspecting investors with fake high returns;
● Saham Trading - an Indonesian entity illegally operating as a forex broker;
● Mirasysfx - a newly created forex broker pretending to be an established one, lacking proper regulation;
● Tradexenvoy - a supposedly US-based company not supervised by the CFTC and the NFA;
● Smartcoinfx - a scam broker flagged by the FCA and its website being inaccessible;
● Robot AI Trading - a deceitful trading services provider on the Investor Alert List of Malaysia SC;
● E30trade - an OSC-warned, unlicensed trading platform;
● Untomi Forex Trading - an unsupervised trading website pretending to be legitimate by falsely claiming to be multi-regulated;
● PROFITTRADE - an unknown forex brokerage firm lacking the required authorization;
● SDSTARFX - a fake forex trading website lying about its regulatory status, having drawn a warning from the FCA;
● Max FX Traders - a supposedly US-based company failing to be a member of the NFA;
● MASTER FX OPTIONS - an FCA-warned forex broker illegally soliciting investors;
● Gaintfx - an unlicensed online broker claiming to have offices globally;
● THE REGAL - an unregulated broker whose website is poorly maintained;
● EXTREMEFX - an allegedly US company not subject to NFA's oversight;
● 24ForexPro - an illegal platform offering a mix of assets including forex, cryptos, and options;
● CIFT - a 3-month-year-old unlicensed forex broker concealing information about its owner;
● Bregco Fx - a clone firm copying details of a legitimate forex broker to deceive investors;
● ZaxMarkets - a fake trading platform still in business using a fake SVG FSA registration number;
● Broker Cfd - a dishonest broker misusing ASIC's name;
● DynastyFx Global - a fraudster pretending to be a legitimate broker by giving false statements about its regulatory status;
● Farmax Prime - an unsupervised trading website lacking licenses and company information;
● RMDTRADER - an offshore forex broker whose license is suspicious;
● GalaxyEx - an unreliable forex brokerage firm lacking vital information about its regulatory status;
● INVESTING BANKS - a CNMV-flagged firm copying details of an FCA-authorized firm to deceive investors;
● MORGAN INVEST - an unlicensed company misusing the names of several financial watchdogs to fool the public that they are legitimate, on the CNMV warning list;
● GEMINI LTD FX - an untrustworthy broker giving false regulatory information and having received a warning from the CNMV;
● HEMILTON FINANCE - an allegedly BVI-located firm not subject to the local authorities oversight, warned by the CNMV;
● WELLS TRADER - a non-regulated brokerage firm warned by the CNMV for providing unauthorized investment services;
● THEFX24TRADE - an unauthorized firm on the FCA warning list;
● Active Fxmarket - an unethical trading platform pretending to be legitimate by misusing names of reputable financial watchdogs.
In addition to the aforementioned scam brokers, we've received inquiries about these brokers, including Dukascopy, IEXS, Libertex, FXTM, and InstaForex (BVI). 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.
This week's commonly asked questions are "if a broker is licensed/regulated/safe or not," suggesting that more investors are aware of the importance of verifying a broker's license. This is a good trading habit that helps traders avoid substantial risks of fraud and identity theft. In addition, an investor asked a question about "Is FXTM an ECN broker?", and you can refer to here for more details.
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.