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 12 June, 2023 to 16 June, 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
● AVNER FX - an illegal trading platform failing to disclose its regulatory information and licensing data;
● Divine FX - an untrustworthy broker falsely claiming to be registered with the SVG FSA;
● Cointradex - a deceitful brokerage using details of other real companies to appear legal, in an attempt to fool investors;
● Best Capital - an offshore Ltd whose IRI registration has been annulled;
● Milliva - a supposedly UK-based firm operating without the FCA authorization;
● Marketltd.co - a scam broker operating in the absence of proper authorization and regulation;
● FOREX CAPITAL GAIN - a dishonest company falsely claiming to be regulated by the CFTC, the Belize FSC and the CySEC;
● Oroku Edge - a non-supervised offshore LLC offering financial services without authorization;
● 121Coinx - an offshore LLC that remains unsupervised by relevant regulatory bodies;
● CH Markets - a fake trading platform falsely asserting to be regulated by the FSRA;
● DMA Capitals - an untrustworthy brokerage operating under no regulations;
● Ivision Market - a UK-based entity not subject to NFA oversight;
● SHIVOM FX - a business company falling outside the regulatory framework;
● Sapphire Markets - a dishonest LLC registered with the SVG FSA yet under no regulations;
● BullCFDS - a shady broker whose website is under so-called maintenance;
● FuslonFx - an unscrupulous trading platform whose website is ordered to be blacked out by the CONSOB;
● Howard Equity Holdings - a UK Limited warned by the UK FCA for illegal operations;
● 4X.FM - an unreliable firm holding no licenses regarding forex trading and carrying an FCA warning.
Other Asked Brokers
In addition to the aforementioned scam brokers, we've received inquiries about these brokers, including Windsor Brokers, FXGlobal, Admiral Markets, and Capitist Limited. Although they are providing financial services or products within regulatory frameworks, they just have a relatively lower risk than those unlicensed ones.
At the same time, we want to draw your attention to Capitist Limited, which is not subject to strict oversight. This broker holds three licenses: an incorporation certificate from the Companies House (CH), a registration number in the register of the Financial Services Authority of St. Vincent and the Grenadines (SVG FSA), and a license issued by the Mauritius Financial Services Commission (Mauritius FSC).
Firstly, despite being registered with the CH in the UK, this company doesn't obtain the required authorization from the UK Financial Conduct Authority (FCA), which means that it operates outside the regulatory framework. This is a red flag, undermining Capitist Limited's reliability. Secondly, the SVG FSA has explicitly stated that it neither issues licenses to carry on the business of forex trading or brokerage or binary options trading nor regulates entities involved in such activities. As such, Capitist Limited remains unsupervised by the offshore financial watchdog.
As for the Mauritius FSC, it is a regulatory body that doesn't provide authentication details or domains of the registered entity for investors to verify, leaving a chance for some shady brokers to exploit the information of real companies to appear legitimate, in an attempt to deceive investors. Consequently, there is no guarantee that "Capitist Markets Limited" in the register of the Mauritius FSC is the one that Capitist Limited refers to in its claim. Therefore, investors are suggested to evaluate the risks involved and exercise extreme caution when dealing with Capitist Limited.
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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 these details of brokers this week, including rollover fee, ceased operations, commission amount, and customer service.
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.