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 20 Jun, 2022 to 24 Jun, 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
● TRUST FXT - an illicit entity falsely claims its regulation by the Belize FSC and warned by the UK FCA;
● CMX Markets - an unauthorized broker alerted by the Spain CNMV;
● MASS - an unregulated broker carrying out financial activities unlawfully;
● Montel Group - an unlicensed entity falsely claims its regulation by the US NFA;
● Leed Word - an illicit entity falsely claims its multiple regulations by the Australia ASIC, the Cayman Islands CIMA, and the US NFA;
● Cloud Peak - an illegal firm running a business under no valid regulation;
● BitOptionsPro - a non-supervised broker falsely claims its authorization by the UK FCA, the Australia ASIC, and the FSCA;
● DMM FX - an offshore scam that provides financial service without authorization.
2. Regulated Brokers You Could Choose from
● GO Markets - a licensed broker regulated by the Cyprus CySEC, Australia ASIC, and Mauritius FSC ;
● TopFX - an authorized broker carrying out financial services with licenses issued by CySEC and Seychelles FSA;
● Trading.com - a regulated broker with strict regulations in the US NFA and UK FCA;
● Magic Compass - an entity authorized by CySEC;
● City Credit Capital - a brand is overseen by the UK FCA;
● Plus500 - a company with the regulation in several watchdogs - FCA, Seychelles FSA, CySEC, ASIC, NZ FMA, FSCA, Singapore MAS, and Israel ISA;
● NordFX - an offshore broker under weak regulation by VFSC;
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 and account details, such as payment methods, regional restrictions, and trading currency.
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.