Most investors, in particular beginners, are prone to ignore a broker’s service attitude when selecting a trading platform. However, the attitude towards customers will significantly affect the trading experience. Therefore, to assist investors in making an informed decision, BrokersView monthly updates the list of brokers and ranks them by complaints satisfaction. We aim to provide useful insight into how they value their clients’ opinions and the overall level of customer service they provide.
This month's most common complaints revolve around these permanent topics, such as withdrawal difficulty, shoddy trading applications, and excessive demands for money. Below are the lists of brokers involved for reference purposes.
After being named the worst broker in September, ST5, a fraudulent trading platform, continues to have a spot on the blacklist for October. An increasing number of victims are sharing their experiences on BrokersView to expose this scam.
As the global economy is in flux, even those considered well-off are vulnerable to paycheck shocks. This has led more people to turn to investment as a means to alleviate financial distress. Such urgency provides a chance for fraudsters to exploit the desire for wealth and defraud investors, particularly newcomers.
The operators of ST5, like other scammers, pose as generous individuals on social media who kindly offer attractive investment opportunities that promise low risks yet high returns within a short period. Unwitting investors often fall victim to such enticing prospects created by these fraudsters and deposit money on the fake trading platform, overlooking numerous warning signs: poorly designed websites or applications, limited communication methods, and most importantly—the lack of necessary financial certificates.
It is only when their withdrawal requests are denied by the con artists that these victims realize they have been scammed. However, recovering their money is difficult as these fake platforms operate outside the regulatory framework enforced by governing bodies and the funds are hard to trace.
We still encourage victims to report scams to local police and relevant authorities. Please do not trust any individual or business claiming that they can help recover your losses. This is another type of fraud scheme, known as recovery scam, which mercilessly swindles more money from distressed victims.
We urge investors to steer clear of these unregulated brokers on the list either: Canfor, FITBELA EPRO, Bake, OsmosisFX, Evolution Int, OmegaPro, FXTRATEGY, and Quotex. We have confirmed that these are scam brokers and this month’s complaints attest to their fraudulent nature.
BrokersView wants to highlight the importance of staying informed about broker-related complaints which, along with regulatory information, can serve as helpful indicators when it comes to selecting a broker. Taking complaints into account helps reduce risks. In case of any suspected violations, investors can file a complaint through BrokersView. Acting as a third party to protect your rights at no cost, we will assist you in communicating with the broker or help you send emails to the regulator.
Submit a complaint via this link to BrokersView: https://www.brokersview.com/complaint