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 4 September, 2023 to 8 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.
● FX ELITETRADING - an unregulated broker carrying an FCA warning;
● compoundingMarket - a fraudster using false regulatory information to deceive investors, warned by the Seychelles FSA;
● TopShark - a fraudulent platform not openly upfront about its operator, warned by the BCSC;
● Suisse Coin Hub - an FCA-warned fake platform, exploiting details of a real company;
● PEVOBITEX - an unsafe website for trading, warned by the FCA;
● Geniovest - an illegal trading services provider warned by the FCA, whose website is currently inaccessible;
● EliteFx (elitefx.uk) - an unlicensed firm illegally targeting British residents;
● AllianceheritageFX - an unreliable trading platform warned by the FCA for carrying out unlicensed activities;
● Stolid Finance - a fraudulent site providing fake regulatory information to get an advantage, red-flagged by the FCA;
● Investing Capitals - a clone of an FCA-authorized firm;
● Forexsignals.tech - an unregulated entity allegedly domiciled in the UK but unauthorized by the FCA;
● Blockstramfx - a supposedly UK-based firm failing to seek authorization from the FCA;
● Bitpaypro - a con fabricating regulatory information to deceive investors, drawing a warning from the FCA;
● InvestGlo - a fake investment platform falsely claiming to be regulated by Labuan FSA, added to the regulator's warning list;
● S.A CAPITALFX - an unreliable firm offering trading services in the UK without the required authorization;
● Guardian Invest - an impersonation scam exploiting details of an FCA-licensed firm to pose as a legitimate broker;
● Perfect Kinetic Flipper - an unlicensed broker illegally offering services for British citizens;
● GreatchainFX - a deceitful broker utilizing a fake regulatory body to convince people that they are legitimate, flagged by the FCA;
● FINANCECHAINGLOB - an unknown platform allegedly in the UK, on the FCA warning list for illegal operations;
● GREENSTONEFUNDS - an untrustworthy market participant with fake CH certificate and warned by the FCA;
● acefx24 - an allegedly South Korea-based firm falling outside the regulatory framework;
● FXRage - a scam providing fake regulatory information, warned by the FCA;
● FUN (UK) Ltd - a clone firm falsely claiming to partner with a legitimate entity;
● CONFIDENCIAL FXMARKETS - a fake company warned by the FCA for unlicensed trading activities;
● activefinancial.trade - a impersonation scam copying details of an FCA-licensed firm to get an advantage;
● Greefin pro - a dishonest platform using fake regulatory information, drawing a regulatory fraud warning from the FCA;
● ULTIMATE EARNING PLATFORM (ADVANCED FX) - a UK firm not licensed by the FCA to legally solicit investors;
● Nash Markets - an IRI registered LLC unsupervised by any governing body;
● Streams Global Markets - a fake investment service provider whose website has been under construction since July 2022;
● Rise Invest - a BaFin-warned fake broker, allegedly in the UK but not authorized by any governing body;
● MarketHouse - A supposedly Dutch company whose illegal operations drew a regulatory fraud warning from the OSC.
In addition to the aforementioned scam brokers, we've received inquiries about these brokers, including Dukascopy, OANDA, Libertex, MEX Atlantic (CIMA registered, risks involved), and FxPro (warned by Malaysia SC). 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.
We would like to draw your attention to MEX Atlantic.
MEX Atlantic says it is operated by MEX Atlantic Corporation which has a license (number 1811316) from the Cayman Islands Monetary Authority (CIMA). But the CIMA does not give any details like domain name, address, phone number, or email for the company. So we cannot check if the website https://mexatlantic.com is really operated by MEX Atlantic Corporation. This means that the website may not be covered by the CIMA license. Investors should think hard and long before deciding to engage with the platform.
MEX Atlantic also says that it is part of MultiBank Group, which is a regulated entity. We reached out to MultiBank Group and they confirmed this. But MultiBank Group has been flagged by the UK Financial Conduct Authority (FCA) for operating in the UK without authorization. You can read the warning here. A regulator's warning is a signal, indicating issues with the reliability. If a platform has been flagged, it is better to exercise extreme caution and reconsider the engagement due to the risks involved. Therefore, dealing with MEX Atlantic entails risks, and it is advisable to proceed with extreme caution. To mitigate such risks, a fully regulated broker might be a better alternative.
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 available instruments and restricted regions.
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.