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 31 July, 2023 to 4 August, 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
● Capital Expert Trade - a fraudulent platform falsely claiming to be multi-regulated, warned by the FCA;
● STOCKSBIT FXTRADES (STOCKS BIT FX TRADES) - a UK-based company not authorized by the FCA;
● MEGAFOXTRADE - a deceitful broker failing to disclose its regulatory status, with a warning from the FCA;
● Etor FX Trading - an untrustworthy company using fake regulatory status to fool investors and carrying an FCA-warning;
● SaferHavenFx ltd - a con artist on the warning list of the FCA;
● NEROFX INVEST - a swindler using a bogus incorporation certificate to deceive unsuspecting investors, added to the FCA warning list;
● Capitaria - an unlicensed entity providing zero information about its regulatory status;
● SINCERESYSTEMSGROUPLTD.CC - an FCA-warned firm in an attempt to pose as a legitimate broker using an incorporation certificate and the LEI code;
● Ausbey Markets - an unlicensed broker attempting to use MSB license by FINTRAC as the authorization to offer services in forex trading;
● Master Door FX - an offshore LLC claiming to be located in the US yet not overseen by the NFA and CFTC;
● TRADINGBROKER FX - an unregulated broker warned by the FCA for the absence of the required authorization;
● FxBay - an unlicensed brokerage firm falling outside the regulatory framework;
● ALAN KIRKHOPE GROUP - a shady broker using false regulatory information to trick people, warned by the FCA
● Coinivate - an unsafe trading platform red-flagged by the OSC;
● KUNDERBANK - an illegal website has been ordered by the CONSOB to be blacked out;
● EFI Markets - a non-regulated broker attempting to use a MSB license by FINTRAC to pose as a financial license;
● Inverforx - an unsupervised company added to the CNMV warning list;
● Prolific Trades - a fraudster falsely claiming to be regulated, warned by the MFSA and the BaFin;
● True Forex Funds - a Hungarian company but warned by the CFTC for carrying out unauthorized trading activities;
● SmartBitOption - a CFTC-warned fraudulent platform, falsely claiming to be regulated by CySEC and Belize FSC;
● CHRONOS INVESTMENT - a trading platform operated by unknown persons, warned by the CNMV;
● EuroXTradeFX - a fake trading platform with forged regulatory information, having been warned by the CNMV;
● BLUE LOCK INVESTMENT - a non-regulated broker warned by the CNMV for operating in the absence of the required authorization;
● Trade4winner - a scammer impersonating an FCA-authorized firm, whose website is ordered by the CONSOB to be blacked out;
● bitqy - a fraudulent company falsely claiming to be authorized, warned by the Swiss FINMA;
● Bitcoin Code - an unsafe website for investments not regulated by any governing body;
● Commerzwelt - an investment fraud posing as a legal platform by forging a fake regulator, warned by the BaFin;
● ELITECRYPTOTRADE24 - an unlicensed trading platform warned by the FCA for illegally targeting British citizens;
● BRIDGE GATE CAPITAL - a phony investment web pretending to be a legal platform using fake regulatory information, drawing a warning from the FCA;
● ISA Investment - a deceitful platform having no regulatory information, warned by the FCA.
Other Asked Brokers
In addition to the aforementioned scam brokers, two regulated brokers, IC Markets and FXTM, have been in the spotlight this week. Both of them are established brokerage firms regulated by multiple regulatory bodies. Novice investors are encouraged to opt for reputable platforms for starting their trading life, a nice choice to mitigate significant risks including financial losses and identity theft.
Of course, licenses and oversight cannot completely eliminate investment risks and the possibility of violations. To safeguard your interests at best, it is advisable to learn as much knowledge in trading and investing. BrokersView not only provides the latest information about all kinds of brokers but also offers articles and tools to help you stay ahead in the world of trading.
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 regional restriction (Q1, Q2), broker's score, and withdrawal 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.