Sep 18-22, 2023 Q&A Weekly Review - What's Asked This Week?

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 18 September, 2023 to 22 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.

Brokers Asked in This Week

Scam Brokers You Should Avoid

● Max Gains Blue FX - a fake investment platform falsely claiming to be multi-regulated, red-flagged by the FCA;

● eFX Markets Limited - a scam broker having offices in BVI and HK, but not authorized by relevant financial regulators;

● SucceedingPips - an unregulated forex brokerage firm that is only several months old;

● Mugan Markets - an IRI-registered company not licensed to legally offer financial services or products;

● BITMETALITFX - an untrustworthy platform whose website is currently unavailable, carrying an FCA warning;

● MGM Global - a fraudulent platform warned by the FCA and the FSMA;

● IRS - a clone firm that has been warned by the FCA twice;

● thetmstockwellfund.com - a fake platform identified as a clone by the FCA;

● PINE FX MARKETS - an unlicensed broker whose AR license has been canceled and its website is unavailable;

● APEX FX INVESTMENT - a deceitful forex brokerage firm using false regulatory information to fool the public, flagged by the FCA;

● TimBullman - a supposedly UK-based firm not authorized by the FCA;

● Konnaxvest - a UK-registered entity failing to seek authorization from the FCA;

● WBroker - an impersonation scam warned by both the HK SFC and the NZ FMA;

● VitalInvest - a con artist investigated by German BaFin;

● Savoy Investment Group - an unauthorized firm warned by the FCA;

● PT United Asia Futures - a supposedly Indonesian company unsupervised by any governing body;

● First Invest Capital - a non-supervised platform drawing a warning from German BaFin;

● Nord Capital Limited - a Swiss company not in the commercial register of the FINMA;

● Jecbit Finance Limited - a clone firm pretending to be registered with the NZ FMA;

● SMARTMARKETTRADE - a swindler operating without a license, carrying an FCA-warning;

● BITMINEEXPERT - a dubious platform using a shoddy website template, warned by the FCA;

● FOREXTRON Innovation Markets - a bogus broker not regulated by any governing body, warned by the FCA for conducting unlicensed activities;

● FidelityCFD - an FCA-warned platform lying about its regulatory status;

● DBG - a dishonest website misleading the public by referring to a reputable broker and using a similar name, investigated by German BaFin;

● GlobalRockies - an unreliable platform exposed by the BaFin and the FINMA;

● Forbes Capital - a non-regulated forex broker warned by the SC for fraudulent activities;

● Merge Global Assets - an unreliable trading platform lacking regulatory oversight, being warned by the FCA.

Other Asked Brokers

In addition to the aforementioned scam brokers, we've received inquiries about these brokers, including EightCap, Libertex, Pepperstone, FxPro, Vida Markets, HotForex, RoboForex, and HYCM. 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's inquiries involve brokers only registered with the Financial Services Authority of St. Vincent and the Grenadines (SVG FSA) or the Marshall Islands Registry (IRI). The former doesn't license and regulate forex trading brokerage activities, and the latter is only a privately held maritime and corporate registry service provider. If a forex trading platform merely registered with either of them, its offerings of investment services or products remain unsupervised and individuals engaging with them are exposed to substantial risks of fraud and identity theft. Many traders have unfortunately learned that the hard way.

Furthermore, it is critical to value regulatory warnings from financial watchdogs. Those warnings serve as a sign of stakes, and keeping yourselves informed on such information helps you mitigate certain risks. If a platform conducts business in violation of the regulations in a jurisdiction, the relevant financial regulator will warn about it. Therefore, it is necessary to take warnings into account while selecting a forex broker.

We currently have over 5,000 broker reviews available for you to browse through. You can access all of the reviews here.

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 instructions for operating accounts.

Conclusion

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.