Aug 14-18, 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 14 August, 2023 to 18 August, 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

● GADVM - an unregulated broker warned by the CNMV and the CONSOB;

● Finexro - a fraudster whose website is currently down, warned by the CNMV and the FCA;

● DEUS - a swindler falsely claiming to be registered with the NFA, with a warning from the FCA;

● VERTEX PRIME - a shady broker forging CH certificate and having been warned by the FCA;

● COINEX SIMPLEX INVESTMENT - an unlicensed trading platform using contradictory statements about its regulatory status to cause confusion and fool investors, warned by the CNMV;

● Deltascrypto - a clone of an FCA-authorized firm;

● FASTFXTCOIN - a CFTC-warned fraudulent trading services provider;

● STARLIGHTCAPITAL.IO - an unlicensed trading platform warned by the FCA;

● Gannmarkets - an unsafe choice for investing due to its unlicensed status;

● Trusttradefi (Trust Trade Fi) - a supposedly UK-based company failing to seek authorization from the FCA;

● Gens Markets - a non-supervised brokerage firm warned by the FCA;

● iFinanceFX - an unscrupulous broker using a fake regulator to deceive investors, warned by the FCA;

● Kridex - a suspicious broker using the information of a legal company to impersonate a licensed platform;

● Prussia Fx - a con artist not complying with the US law, and warned by the FCA;

● LIKEWOOD - a CSSF-warned investment services provider;

● BitCore (Busskin) - a fraudulent crypto exchange impersonating a reputable counterpart;

● Cryptozoption - an unlicensed broker purportedly having offices in different countries, warned by the FCA;

● Close Option - a forex brokerage firm supposedly in Georgia, a country not regulating forex trading;

● GStyx Group (STYXTrade Group) - a likely identity theft warned by the BaFin;

● Elite CFDs - a fraudulent platform falsely claiming to be registered with SVG FSA, warned by the FCA;

● MONEYBALLFX - a scammer pretending to have association with reputable brokers, carrying an FCA warning;

● WEALTHY HARGREAVES OPTIONS - a supposedly UK-based platform failing to be licensed by the FCA;

● Prizm FX - an illegal website whose website is down;

● learningbase.club - an apparent scam lacking transparency;

● ASSETALLIANCEINC.COM - an FCA-flagged broker illegally targeting investors in the UK;

● Bullexo - an unlicensed broker having received a fraud warning from the FCA;

● MTFE - a Ponzi scheme whose website is currently down, having a regulatory fraud warning from the OSC.

Other Asked Brokers

In addition to the aforementioned scam brokers, we've received inquiries about these brokers, including FxPro, Libertex, OANDA, FXCM, RoboForex, HotForex, and InstaForex (BVI). 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.

Additionally, we would like to draw your attention to InstaForex (BVI), which is located in British Virgin Islands, a desirable and popular destination for offshore company creation. Offshore companies typically carries more risks than those non-offshore, with lower reputation.

Furthermore, we have noticed that InstaForex has been added to Financial Consumer Alert List by Bank Negara Malaysia (BNM). It undermines the broker's reliability and reputation, suggesting certain risks in dealing with it. Therefore, Please beware of the risks involved and exercise extreme caution when dealing with InstaForex (BVI).

We currently have over 4,000 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 these details of brokers this week, including restricted regions, available instruments, broker types, and bonus plans.

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.