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 April, 2023 to 21 April, 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
● AussieTrust - an unreliable broker listed as an unauthorized firm by FCA, with a non-functioning website;
● Paytradepro - a fraudulent trading platform misrepresenting itself to fool investors and carrying a warning from IIROC;
● Suisse Brokers - an entity essentially not subject to any regulator;
● QMMFX - a scam platform display zero details about its regulatory status;
● YTDmarkets - an illegal firm purportedly located in the US but not authorized and regulated by the NFA;
● TrendinGAP - an unlicensed broker warned by the OSC;
● Crystal Trust - a New Zealand-registered firm but not legal to offer financial services including sell forex assets;
● Perlybit - a dishonest LLC under no valid regulation;
● Link2Link forex - a purportedly UK-based brokerage firm without authorization from FCA;
● Storagetemasek - an unscrupulous company using false information to fool investors, warned by IIROC;
● Up4Profit - An Australia-registered company using ACN to make themselves appear legitimate in financial industry;
● Market Giants - an unregulated broker trying to fool investors using speeches that seem sincere;
● Green Time Investment - an untrustworthy platform providing zero details about its regulatory status;
● Vig investments - an unsupervised broker attempting to defraud unsuspecting investors using reward certificates instead of regulatory information;
● ActiveBitSignal - an brokerage firm claiming to be located in the US but in fact not subject to NFA oversight;
● Target trading - a clearly unlicensed platform purportedly operating in Netherlands but not authorized by AFM;
● LitCrypto - an unreliable company lying about its regulatory status;
● Assets Genius - an illicit firm falsely claiming to be regulated under various jurisdictions but actually subject to no oversights, with an FCA warning;
● Dvanxbit - a potentially US-based entity illegally offering financial services or products.
Other Asked Brokers
In addition to the above-mentioned scam brokers, we've received inquiries about these brokers, including Deriv, Interstellar FX, 77markets, and GFA Capital Markets. Although they are providing financial services or products under regulations, they just have a relatively lower risk than those unlicensed ones. At the same time, we want to draw your attention to GFA Capital Markets. According to records from Australian Securities and Investments Commission (ASIC), this broker's Australian Financial Complaints Authority (AFCA) membership number is 22962. We searched for this number in AFCA and found it is associated with a company named Glory Sky Global (AUS) Limited. Despite sharing the same ACN/ABN, these two companies have different office and email addresses, which, combined with ASIC not providing registered entity's authentication details and domains for investors to verify, suggests potential risks and raises doubts about the reliability of GFA Capital Markets. Investors must beware of the risks involved and exercise caution when dealing with GFA Capital Markets.
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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 fee problems, restricted regions, trading fees, and account types.
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.