March 25-29, 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 25 March 2024 to 29 March 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

● FREE TRADE CFD - an illegal financial website flagged by the CONSOB;

● Coinmanna - an unregulated forex broker on the CNMV's warning list;

● swisscapital.ltd - an illegitimate entity warned by the CNMV;

● IGM LIMITED - a dishonest broker falsely to be multi-regulated; Warned by the FCA;

● Corevisionfunds - an unknown online financial service provider flagged by the CNMV for the unauthorized operations;

● Plutus Legacy Trust aka PlutusLegacy Trust - an untrustworthy investment platform warned by the OSC;

● Traders Book - an unlicensed trading platform that has been flagged by the FCA;

● Wall Street Exchange - a fake platform whose location appears to be virtual; Warned by the FCA;

● Chainpilot - unverified operators providing financial services through this website without the required authorization, said the BaFin;

● Swiss KMS - a dubious trading platform standing on the CNMV's warning list;

● Hendrixxoptions - a bogus investment website flagged by the FCA;

● Advanced Traders - a potential scam platform warned by the FSMA;

● ELIXIR STOCKS - an unauthorized trading platform warned by the FCA;

● Uxcoins - an unreliable trading platform operating in the absence of authorization, which the FSMA identifies as fraudulent;

● ATB Markets Pro - a crook broker with two domains, one of it currently unavailable; Flagged by the FSMA;

● Assets Premium - a clone firm flagged by the Belgian FSMA;

● FreedomFX EU - a shady broker falsely claiming to be multi-regulated; Warned by the CySEC;

● Fxalchemy LTD - a deceitful trading platform operating outside of the FCA's regulatory framework;

● TGL - an entity merely registered with the CH; Warned by the BCSC;

● FX FUTURE - an unethical trading platform misleading investors misusing other entities' licenses, revealed by the Mauritius FSC;

● TradeZoom - a clone entity flagged by the FCA;

● Ventezo - an offshore broker whose financial services are not licensed;

● AezaTrade - an unauthorized brokerage firm in the UK;

● iOption360 - an illicit investment platform red-flagged by the CySEC as unauthorized;

● Multi Invest - a supposedly UK-registered company, flagged by the FCA for unlicensed status;

● AlltradingEurope26 - a suspicious website flagged by the AMF;

● Realcapitallc - an illegal investment website that has been ordered to be blacked out by the CONSOB.

Other Asked Brokers

In addition to the aforementioned scam brokers, we've received inquiries about these brokers, including AC Capital Market, Bost Forex, Traders' Hub, Tibiglobe, 24Markets, and RCG Markets. 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.

We need to remind you that the FSCA license claims of Tibiglobe and 24Markets need to be verified due to the South Africa regulator’s non-disclosure of the licensees’ websites.

Additionally, we would like to draw your attention to RCG Markets, a broker allegedly licensed by the FSCA but no details in FSCA’s database can prove that. There's a company named FBK Markets that claims to be a "juristic representative" of RCG Markets. They also claim to be a broker, sharing the license with RCG Markets. However, it's important to note that a license cannot be shared. 

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.

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 platforms, AR license, regional restrictions, demo account, account types, forex pairs, and company profile.

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.