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 22 May, 2023 to 26 May, 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
● Algo Robot - an unlicensed broker placed on the AMF warning list;
● Morgen Charles Company - a UK-registered platform not authorized by the FCA in compliance with the law and warned by the OSC;
● Robertson RX - an unreliable brokerage providing illegal investment services and carrying a warning from the FCA;
● Mycripto Trade - a non-regulated entity not disclosing company details and regulatory information;
● FSC Options - a purportedly UK-based firm illegally providing financial services and warned by the FCA;
● Bitwest - a dishonest trading platform warned by the FCA for illegally operating without proper authorization;
● CapitalHub - an unscrupulous brokerage firm in the absence of authorization and regulation, warned by the OSC;
● Polar Capital Technology - a clone of an FCA-authorized firm;
● SUPRA ALGO FX - an untrustworthy trading platform lying about its accreditation and licenses and being warned by the FCA;
● GFX - an unreliable entity whose website is unavailable now;
● MarkersFin - a fake platform not disclosing regulatory information, whose website is ordered by the CONSOB to be blacked out for illegal operation;
● DEVON FINANCE FX - a UK-registered company operating in the lack of authorization from the FCA;
● Alinvest Group - an unregulated broker falsely claiming to be regulated by the Malaysia SC;
● Wafra Investment LLC - an offshore LLC whose offering of financial products or services remains unsupervised by any financial watchdog;
● BIT Lords - a deceitful brokerage fabricating a financial watchdog to fool investors and carrying an FINMA warning;
● Acefinancesystem Ltd - a fraudulent trading platform falsely claiming to be under various regulations, warned by the FCA;
● SurgeTrader - a supposedly US broker not supervised by any relevant regulatory body and warned by the CNMV.
Other Asked Brokers
In addition to the above-mentioned scam brokers, we've received inquiries about these brokers, including Tejara Capital, XS, and CauvoCapital. 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 CauvoCapital. While CauvoCapital is registered with the Mauritius Financial Services Commission (Mauritius FSC) and we did find corresponding records in the registry of the regulatory body, it is critical to note that Mauritius FSC neither provides authentication information nor discloses domains associated with registered entities for investors to verify. This absence of verification mechanisms leaves room for unscrupulous brokers to exploit details such as company name, address, and licensing data in order to deceive unsuspecting investors into believing they are legitimate and trustworthy. As such, there is no guarantee that the registered company is the one operating under the trading name of CauvoCapital. Investors must exercise extreme caution and carefully evaluate the risks involved before dealing with CauvoCapital.
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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 protection policies, stop-out level, and trading styles.
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.