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 17 July, 2023 to 21 July, 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
● Leotradez - a fraudulent trading platform failing to disclose its regulatory information, placed on the CNMV warning list;
● GALAXY PRIME FX - a non-regulated broker warned by the CNMV for illegally providing investment services without authorization;
● Fusion Trade - an unlicensed brokerage firm warned by the FCA for offering financial services or products in the absence of authorization;
● HXI FX - a CNMV-warned trading platform whose website has been down;
● Grampoint - a deceitful company falsely claiming to be registered in New Zealand and regulated by the relevant regulatory body;
● ELV markets - an offshore limited not subject to any regulation, with a warning from the CNMV;
● Optimal FX Trades - an untrustworthy broker included in the CNMV's warning list for illegal operations;
● EUTRADERGO - a supposedly UK-located entity warned by the FCA for conducting unauthorized business;
● Global Liquidity - a dishonest company whose license information turns out to be a sham;
● iPromarkets - an unregulated broker despite the SVG FSA registration;
● CC Global Finance Limited - a clone firm that has been warned by the FCA;
● LONDONEX - a fraudster without regulatory oversight, warned by the CNMV;
● ADVICE SERVICE GROUP - a swindler failing to provide proper oversight and safeguards, having been added to CNMV warning list;
● GT Markets - an unlicensed company, only registered with VFSC yet not authorized by this authority;
● iMod Trade - an untrustworthy financial services provider falsely claiming to be regulated in Switzerland but warned by Swiss FINMA;
● METABITEXCHANGE - a swindler fooling investors by claiming to be multi-regulated, warned by the FCA;
● Fortnetstationservices Capital Group - an FCA-warned company operating in the absence of proper authorization;
● Micron Group - a con artist attempting to use LEI as the financial license to fool unsuspecting investors and being classfied as an unauthorized firm by the AMF;
● Trade WL - a scammer impersonating an SVG FSA-registered company, with a warning from the FCA;
● CAPITALBMARKET - a unsupervised trading platform falsely claiming to operate under regulation by Belize FSC, carrying a warning from the FCA.
Other Asked Brokers
In addition to the aforementioned scam brokers, we've received inquiries about these brokers, including Maxis Investments, Blue Ocean, and Decode Global. Although these brokers are providing financial services or products within regulatory frameworks, 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 4,000 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 these details of brokers this week, including contact information, withdrawal problems, and stop out ratio.
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.