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

2022-09-23 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 19 Sep, 2022 to 23 Sep, 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

● FxFINANCE - an unregulated broker falsely claims its business registration in Seychelles FSA;

● Novelis Capital - an offshore scam warned by the Spain CNMV;

● Plexus Finance - an unlicensed broker falsely claims its regulations by FCA, CySEC, and ASIC;

● SimpleFX - an offshore entity running the business under no valid regulation;

● DCFX - a company engaging in financial derivatives service without authorizations and regulations;

● Myfx Markets - a non-supervised entity providing financial derivatives with no valid regulations;

● PrimeOnline - a UK-based company that illegally provides financial services and was alerted by the France AMF;

● SkyLark FX - an illicit company carrying out financial activities unlawfully;

● Liirat Ltd - a Belize-based firm offering forex services without an authorized license issued by the Belize FSC;

● Traders88 - a UK brand promoting financial services and products in the UK under no valid regulation by FCA;

● Nexus FXmarket - an unauthorized entity falsely claims to have multiple regulations in different authorities;

● SwissAllianceFX - an illegal scam unlawfully providing services of financial derivatives and blacklisted by the Spain CNMV;

● Universal Citizen - a Seychelles broker involving forex service without regulations and warned by NZ FMA, HK SFC, and CONSOB;

● FxOnUs - a Marshall-based offshore scam warned by the Spain CNMV and the Polish PFSA;


2. Regulated Brokers You Could Choose from

● ThinkMarkets - a licensed firm authorized by the Seychelles FSA, UK FCA, Cyprus CySEC, Australia ASIC, and FSCA;

● TopFX - a limited with the regulation issued by CySEC and Seychelles FSA;

● Lirunex - a brand overseen by the Labuan FSA and CySEC;

● EBH - a Bulgaria-based firm supervised by the Bulgaria FSC;

● tegasFX - an offshore company under weak regulation by VFSC;

 ITI Markets - a UK-based broker licensed by the UK FCA;

● AxCap247 - an entity regulated by the UK regulatory bodies FCA.


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 currency pairs, leverage, and cryptocurrencies.


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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