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 11 September, 2023 to 15 September, 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.
● Fake Exclusive Markets - an impersonation scam warned by the Seychelles FSA;
● Aquilamsv - a fraudster falsely claiming to be regulated, drawing an MFSA regulatory fraud warning;
● AlphasCrypto - a clone firm flagged by the MFSA;
● Rextura Limited - a fake trading platform using false regulatory information to get an advantage;
● Lucreburg - a fraudulent scheme fabricating a fake regulatory body to appear legitimate;
● condorcapitalmarkets.ltd - an unreliable trading platform pretending to be a legitimate one by coping details of a real company, warned by the FCA;
● Gfacapital - a BaFin-warned fake broker illegally providing financial services and products;
● PINNACLE ASSETS - an allegedly UK-based company not authorized by the FCA;
● BITPRIMAL - a FCA-warned firm whose website is currently unavailable;
● GCI Gold Capital Investments - a supposedly Switzerland-located firm not authorized by the FINMA;
● MGM Global - a fake broker warned by the FCA and the FSMA;
● BOOST CAPITAL ACADEMY - an insecure platform forging a certificate to fool investors, warned by the FCA;
● Market Brokeage - a swindler using shoddy, generic website template which includes fake regulatory information, drawing a warning from the FCA;
● Win Trade Markets - an offshore LLC unsupervised by any regulatory body;
● In Option - an unsupervised platform only having an NFA ID for tracking purpose only, not an NFA member;
● FAN HUA GROUP - an untrustworthy platform without any license to operate as a forex broker;
● Cboe Digital - a non-regulated company falsely claiming to be registered with the CFTC;
● VIRTUAL FX TRADE - an allegedly US-based company not subject to NFA's oversight and warned by the CNMV;
● Orfinex - an unsupervised forex brokerage firm lying about its regulatory status;
● LDN Global Markets - an offshore company not subject to any regulatory oversight;
● BETA CENTRAL PROFITS LIMITED - an illegitimate entity using a fake ASIC license to deceive people, warned by the FCA;
● Equatexsolutions - a Swiss platform has no license from the Swiss FINMA to legally offering financial services or products;
● Pythagon Expert Option - a deceitful platform pretending to be licensed by the CFTC using fake regulatory information;
● Fxcompliance - an unregulated trading service provider not authorized by any governing body;
● Integra Financial Solutions - a non-supervised platform flagged by the FCA;
● Pocket Option FX - an allegedly American platform, not a member of NFA, warned by the FCA;
● Brokers park - an offshore LTD only registered with the SVG FSA, which doesn't regulate forex trading activities;
● Forex Trading Digital Pay - an FCA-flagged broker whose website is currently shut down;
● BITFOREX TRADE - a shady brokerage firm not supervised by any governing body, carrying an FCA warning;
● QUMAXCOFXS - an illegal UK firm having no financial license from the FCA;
● Win Traders (Win4Trader) - a shady broker not upfront about its operator, warned by the FCA.
In addition to the aforementioned scam brokers, we've received inquiries about these brokers, including IC Markets, OANDA, EightCap, FXTM, and InstaForex (BVI). Although these brokers are providing financial services or products in accordance with relevant regulations, they just have a relatively lower risk than those unlicensed ones. To safeguard your interests at best, it is critical to bear in mind that licenses and oversight cannot completely eliminate investment risks and the possibility of violations.
This week, we've received numerous inquiries regarding scam brokers. These brokers exhibit common traits, such as discrepancies between the age of their websites and their claims, flaunting many unknown awards to establish credibility, and embellishing their services or products with exaggerated language. However, regardless of how adeptly they promote themselves, they often fall short in providing vital information, including company details (address, phone number, email address), accreditation, and licenses. It's imperative for investors to keep in mind that while it's relatively easy for shady platforms to mimic the details of legitimate brokers, licenses are the one thing they cannot counterfeit.
When selecting a forex broker, your top priority should be uncovering and verifying its licensing information. Without regulatory oversight, you become vulnerable to fraud and identity theft. If things go wrong, you're unlikely to recover your funds or seek compensation through official channels.
We currently have over 5,000 broker reviews available for you to browse through. You can access all of the reviews here.
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, such as broker types, platform instructions, restricted regions, broker's location, and bonus details.
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.