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Q&A Weekly Review - What's Asked This Week?

2022-12-09 Brokersview

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 5 Dec, 2022 to 9 Dec, 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

Scam Brokers You Should Stay away from

● Elite Finance Investment - a UK-registered limited carrying a warning issued by the UK FCA for not being authorized and regulated;

● FTM Trade - a fraudulent online trading platform alerted by the Belgian FSMA;

● Nation FX - merely a registered company in SVG FSA while not under authorizations and regulations by any regulators;

● Exchange Income - an unauthorized broker falsely claims its authorizations and regulations under CFTC, Belize FSC, and CySEC;

● CryptoGT - a Marshall Islands-based brand providing financial services without regulations by financial regulators;

● FXY Trade - an illegal entity falsely claims to be regulated by ESMA, FCA, and CONSOB while unlawfully providing services of financial derivative;

● FXFellow - an unlicensed company in Bermuda engaging in financial services and products without valid supervisions;

● OctexTrade - a non-supervised scam running the business under no valid regulations;

● Forex Time - a clone firm falsely claims its authorization and regulation in CySEC;

● Spotinvest - an offshore broker blacklisted by the Spain CNMV and the UK FCA for being an unlicensed clone firm;

● Gales Bank - an illicit entity offering financial products and services without valid regulations and warned by the Spain CNMV;

● TRP2PRO - an unregulated limited falsely claims its license in Belize FSC;

● Coinex Miner - a scam broker misrepresenting regulatory information and flagged by the Canada IIROC.


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' company and trading details, such as founding year, leverage, and whether a broker offers negative balance protection or allows EA.


Conclusion

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. 

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