Aug 12-16, 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 12 August 2024 to 16 August 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

● Link Financial Limited - a fraudulent financial website ordered by CONSOB to be closed;

● GSBIZ - a shady broker impersonating legitimate companies, demanding additional money using different excuses;

● Olymp Trade - an offshore broker presenting substantial risks;

● LIGER - an unregulated broker that investors should avoid;

● Excellence Markets - an unauthorized entity flagged by the FCA;

● Grabek Global LTD - an unverified broker lacking the required authorization;

● Abshire Smith - a broker whose FCA license has been canceled;

● TriumphFX - a potential Ponzi scheme banned by multiple financial regulators;

● Wisdom Financial Service Limited - a broker claiming to be registered in St. Lucia, a country where forex trading activities are illegal;

● XPORTAL - an unknown trading platform blacklisted by the AMF;

● AssetAce - an unauthorized broker on the warning list of AMF;

● SURE FX OPEN - an untrustworthy brokerage firm flagged by the FCA;

● ELITE INVESTMENT AGENCY - a suspicious financial website flagged by the FCA;

● FAST FX PAY TRADING COMPANY - a fake broker falsely claiming to be globally licensed; Flagged by the FCA;

● Fpmarket FX - a fraudulent brokerage company falsely claiming to be registered with the SVG FSA;

● GLOBAL COIN TRADE - a newly created online trading platform flagged by the FCA for the lack of the required authorization;

● Pinnacle Swipe - a dubious online broker not regulated at all;

● CRYPTO LIFE - a shady broker falsely purporting to be licensed; Warned by the FCA;

● edrinvestments.com - an unreliable investment website flagged by the FCA;

● LEGACYCOINMARKET - an unscrupulous broker luring investors with unreasonably high returns; Flagged by the FCA;

● BondFinance - an unethical broker misleading investors with fake licensing details;

● OspreyFX - an offshore forex broker solely registered with the SVG FSA;

● Intenfix - a Swedish broker not regulated by the FI;

● Mon fex - an unidentified company, not regulated by any authority;

● OneGlobal Advr - a crook financial services provider operating in the absence of supervision;

● Air FX - an offshore entity not authorized to operate as a forex broker;

● Denver - a supposedly UK-based company, not authorized by the FCA;

● Globetrendinvest - a fake forex broker lying about its regulatory status;

● BIT PRIME ASSET - an untrustworthy brokerage firm flagged by the FCA.

It is a very bad experience for traders to experience difficulties withdrawing their funds when trading forex with a broker, and not being able to withdraw successfully for a long period of time is a sign of being exposed to a potential scam. This week, a trader who was unable to withdraw his funds with the broker Link Financial Limited asked us a question about withdrawal issues. Unfortunately, this broker is a complete scam, lacks regulation, and has been blocked by Italian regulator CONSOB. Traders should always verify its legitimacy before working with a broker.

On the other hand, forex traders seem to be becoming more aware of fraud prevention and are starting to seek out resources to learn more about regulation and rights protection, which is a good sign. BrokersView always encourages traders to do their due diligence on trading platforms before committing money to avoid being taken advantage of.

Other Asked Brokers

In addition to the aforementioned scam brokers, we've received inquiries about these brokers, including Exness, easyMarkets, Avatrade, Tickmill, Neotrades, 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.

BrokersView would like to draw your special attention to Neotrades, a broker only authorized by the Mauritius FSC, but whose domain ownership is yet to be verified as the regulator does not disclose licensees' websites. Additionally, Neotrades has been warned by CNMV. Please also note that RCG Markets, which is regulated by the South African FSCA, has a higher risk level. The FSCA does not have detailed information about RCG Markets and the broker has raised concerns over suspicious behavior and uncertainty about its identity, which could pose a threat to the safety of investors' funds.

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 app, bonus, deposit requirements, regional restriction, and minimum deposit.

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.