April 15-19, 2024 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 15 April 2024 to 19 April 2024 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

● WL Company DMCC - an allegedly Dubai-based broker operating in the absence of the required authorization;

● Ande Finance - an unverified broker flagged by the FCA for the lack of authorization;

● Unlimited Stock Trade - an unreliable broker falsely claiming to be supervised by the CFTC; Flagged by the FCA;

● Bitcore Pro - a scammer misleading investors into believing their security using false assertion of being a member of the Financial Commission;

● Huigu Limited - an unlicensed broker whose NFA ID is only for reference purposes;

● Heritage Digital Grant - an allegedly US-registered company yet not an NFA member; Warned by the FCA for unlicensed status;

● FutureFXM - an unauthorized broker operating from the UK, not subject to the FCA's oversight;

● Guler Yatirim Holdings - a swindler using a mix of fabricated regulatory information to mislead unwitting investors;

● WMF World Money Flow - a bogus investment website flagged by the BaFin;

● Rami Fintech - a fake trading platform in the absence of regulatory oversight;

● Fintex Pro - a supposedly UK-based brokerage firm not authorized to provide financial services in forex trading; Flagged by the BaFin;

● Beirman Capital - a broker claiming to be registered in St. Lucia yet lacking the financial license;

● Greenglobalprofit - an illegal entity operating outside of the FCA's regulatory framework;

● Arobridge - a risky broker claiming to be located in the UAE but lacking authorization;

● Rose Capital - an unknown firm providing financial services in the forex market without the authorization; Standing on the AMF's warning list;

● Fortnomics - an untrustworthy trading platform included in the warning list by the AMF;

● BlackRock Forex - a crook broker falsely claiming to be multi-regulated;

● Aztec Group - a shady broker pretending to be an ASIC-licensed entity;

● NETO TRADES - a dishonest online broker providing false regulatory statements;

● MagnaFG - a supposedly UK-headquartered company but not authorized by the FCA;

● ForexTradeInvestment - a broker claiming to be based in the US but not subject to the NFA's oversight;

● FxPrime Markets - an unregulated broker operating from Seychelles in the absence of the required license;

● Stockcptls - an illegitimate broker blacklisted by the CONSOB;

● InvestQHub - an illicit brokerage firm having created a new website to continue its fraudulent activities after its illegal business had been detected by the FCA;

● Ai Van Capital (Ai vancapital aka Aivan capital aka aivancapital) - a newly established investment website flagged by the FCA;

● AxonExchange - a shady entity falsely claiming to be registered in New Zealand and misusing company information of a legitimate company;

● STEP Markets - a non-supervised broker posing risks of potential fraud and identity theft;

● FxPower - a suspicious trading platform providing falsified regulatory information to swindle investors;

● IM MARKETS - an offshore broker merely registered with the SVG FSA, an authority that doesn't regulate forex trading;

● Tradiora - an anonymous firm flagged by the FSMA as a fraudulent platform;

● Wealthyfinancetraders Limited - a dubious broker flagged by the FCA;

● Xtrader365 - an unregulated broker flagged by both the CNMV and the FSMA;

● TradeAI Group - an unsafe forex broker identified as a fraudulent platform by the FSMA in Belgium;

● ProTrade24 - a fraud company conducting banking business and/or providing financial services without the required authorization.

Fake brokers usually feature falsified regulatory information and operational history, promises of exaggerated returns and offerings, and some barely disclose their company profiles.

WL Company DMCC is a typical case, which provides financial services through the website https://wlcom.online/ without presenting a detailed company profile. Despite claims of a location in Dubai and multiple awards since 2022, the broker failed to acquire the necessary authorization from the Dubai Financial Services Authority (DFSA), and its website was only registered recently in March 2024.

Moreover, the provided YouTube channel suggests its affiliations with two other websites: waldoracompany.com and waldoragroup.com. These sites share identical content and graphic logos with WL Company DMCC, purporting to be operated by Waldora Limited, a company allegedly registered in Belize and located in Canada. However, our checks with the Belize Financial Services Commission (Belize FSC) and the Investment Industry Regulatory Organization of Canada (IIROC) indicate that it did not obtain licenses under either of the jurisdictions.

The lack of regulatory oversight and transparency raises questions about its credibility and authenticity. BrokersView always recommends verification of legitimacy before committing funds to any trading platform. If you’re unsure whether a license is valid or if the issuing authority has legal oversight, don’t hesitate to visit our website. We currently have over 5,000 broker reviews available for you to browse through. You can access all of the reviews here.

Other Asked Brokers

In addition to the aforementioned scam brokers, we've received inquiries about these brokers, including XM and Afterprime. Although these brokers are providing financial services or products within regulatory frameworks, 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.

Questions of The Week

Apart from the commonly asked question - "whether a broker is licensed/safe or not," we have noticed that our users are particularly interested in trading details and protective measures.

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.