A Q&A Weekly Review keeps traders informed of the latest regulatory status and trading details of brokers mentioned by our users in a given week.
Here, BrokersView gives a summing up of "Q&A" this week - from 9 May, 2022 to 13 May, 2022, listing the asked brokers by categorizing them into scammers and regulated ones to visually tell traders whether a broker is subject to necessary rules and principles, and summarizes the most concerning issues related to brokers on the ground of our users' questions.
Brokers Asked in This Week
1. Scam Brokers You Should Stay away from
● ZEDFX - a UK-based broker soliciting customers without authorization;
● Culture-Capital - merely a registered broker with the famous offshore agency SVG FSA;
● FGMarkets - an offshore broker operating without any regulation;
● TGKK - an illicit entity operating under no valid regulation;
● Swipe-Capital - an unlicensed broker falsely claiming its regulation by HK SFC;
● Monfex - an illicit entity blacklisted by the Spain CNMV;
● 360TradeHub - an illegal firm running business under no valid regulation;
● FFGC - a scam broker warned by the UK FCA;
● Time-Option - an unlicensed broker providing financial sevices without authorization;
● AAFX-Trading - a scam broker flagged by the HK SFC and CFTC;
● AAG-Markets - an unauthorized broker carrying out financial services unlawfully.
2. Regulated Brokers You Could Choose from
● GWG-(Cyprus)-Ltd - a Cyprus-based entity regulated by CySEC;
● EverFX - an authorized broker regulated by CIMA;
● TopForex - a Cyprus-based broker under valid license issued from CySEC;
● Phillip-Nova - a licensed entity with supervision by MAS;
● KGI-Futures - a regulated broker overseen by MAS;
● CGS-CIMB - an authorized entity under a valid license issued from MAS;
Questions of The Week
Except for the most frequently asked question - "if a broker is licensed/regulated/safe or not," matters of interest to our users this week include brokers' trading details, such as leverage, execution model or whether the broker provide negative balance protection.
If you are about to invest in forex trading yet not sure about brokers' qualifications, or if you would like to get more information about forex brokers, please do not hesitate to "Ask A Question" in our Q&A section.