Aug 21-25, 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 21 August, 2023 to 25 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

● United Capital FX - a recently founded platform lying about its history claiming as an established broker from 2005;

● KDFX - an unreliable trading services provider as it lacks authorization for legal operations;

● FXTradeMarket - the FCA has identified this broker as an unauthorized firm;

● INVESTUSPRO - an inaccessible website warned by the FCA and the BCSC;

● Finflow x - an illegal platform warned by the FINMA;

● PRO TRADE - an impersonation fraud by falsely claiming to be operated by a reputable forex brokerage firm, warned by the CNMV;

● SMART LIFE DIGITAL - a scam broker displaying zero regulatory information, on the warning list of the CNMV;

● FX TRADE PLANET - a con artist fabricating regulatory information to deceive investors, with an FCA-warning;

● Ontega - a fraudulent platform forged license number in an attempt to appear legitimate;

● Richmond Investing - a fake trading platform providing no information about its company and regulatory status;

● UOBE FX - a scammer using a shoddy website template and false regulatory information to fool investors;

● Montana Trading - a supposedly UK-based company warned by the FCA for the lack of the required authorization;

● Portaltradecapital - an impersonation fraud using an NZ FMA-registered company's information to appear legitimate;

● Ariol Investment Group - an FCA-warned platform allegedly domiciled in Switzerland;

● Quantus Holdings Strategies (Quantus Holdings Ltd) - an unauthorized platform creating the false impression of being regulated by the FCA using a similar name to a legit company;

● Limbo Finance - a fake platform investigated by German BaFin;

● JFD Trade - a fraudster warned by the CONSOB and the CySEC;

● Themax Financial - a non-NFA member warned by the FCA for illegally providing financial services and products;

● Omers Finance - an illegal platform falsely claiming to partner with reputable brokers, warned by the AMF;

● EDGE Finance - an unauthorized trading services provider on the AMF warning list;

● PrimeOptsTrade - a deceitful brokerage firm using a fake financial regulator to fool investors, warned by the MFSA;

● AlgoForex - an untrustworthy platform employing misleading regulatory information, warned by the FCA;

● Alphas - an unsafe choice for trading as it impersonates a legitimate company, the BCSC has issued a fraud warning against Alphas;

● hycmarkets.net - a clone firm contacting people pretending to be real, on the FCA warning list; 

● CAPITAL ASSETS MANAGEMENT COMPANY LLC - an unlicensed platform put on the alert list by the CNMV;

● Monte Verde - a dishonest platform offering services in the absence of authorization, warned by the BaFin;

● A trade International - an unreliable forex broker lacking regulatory information and warned by the FSMA;

● Igtradenet.com - a scam whose website is shut down;

● Go Market Academy - an unregulated broker allegedly UK-based, warned by the FCA for illegally targeting British citizens.

Other Asked Brokers

In addition to the aforementioned scam brokers, we've received inquiries about these brokers, including Dukascopy, FP Markets, EightCap, WeTrade, FXCM, FxPro, and HotForex. 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 FxPro and HotForex, Both of which have drawn warnings from the Securities Commission Malaysia (Malaysia SC) for carrying on unlicensed or unregulated activities. When evaluating a platform, it is crucial to collect as much relevant information as possible to mitigate the investment risks involved. Hence, a warning by a financial regulator cannot be ignored. If a broker has received a warning, it is advisable to reconsider its reliability.

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 - "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 the restricted regions and the funding methods.

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.