Aug 28-Sep 1, 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 28 August, 2023 to 1 September, 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

● YunikonFX - a Ponzi scheme identified by BrokersView and warned by the Malaysia SC;

● Cville DPC - a fraudulent platform falsely claiming to be multi-regulated and having been warned by the FCA;

● IGCOEX - a deceitful broker intentionally using a similar name to a licensed counterpart to fool investors;

● STOCK FX LTD - an FCA-warned trading services provider;

● ATLEXCLOUD - a supposedly UK-based company unlicensed by the FCA;

● ProTraderAI - an offshore firm having drawn a regulatory fraud warning from the OSC;

● AXNEB Ltd - an allegedly UK-located firm whose illegal operations drew a regulatory fraud warning from the FCA;

● Stock Trade - an untrustworthy platform fabricating a fake regulatory body, warned by the FCA;

● PolaxGroup - an unreliable trading services provider lacking transparency, warned by the FCA;

● ALFIE FX LTD - a fake platform falsely purporting to be multi-regulated, with an FCA warning;

● TSH - an illegal forex trading website with false regulatory information and a warning from the FCA;

● Time Markets - an unauthorized firm receiving a warning against it by the OSC;

● EXOTRADEFX -  an unsupervised brokerage firm lying about its regulatory status, having been warned by the FCA;

● Provenance Cryptomax - a supposedly UK-located company illegally targeting British citizens;

● Evergreen Oak Capital - an illegal entity claiming to have an office in the US, failing to be an NFA member and warned by the FCA;

● squiresfinanceltd.com - an FCA-warned clone firm impersonating a licensed platform;

● ROYALFX - a non-supervised firm on the warning list of the FCA;

● LUNEX CLOUD - an unlicensed trading platform providing financial services or products in the absence of the required authorization;

● BINARYCHAINFX - a con artist whose domain is newly registered, warned by the FCA;

● ELITE CRYPTO EXCHANGE - a fraudster lacking transparency, warned by the FCA;

● MARKET BY CRYPTO TRADE - a swindler using false regulatory information, being warned by the FCA for illegal operations;

● ACTIVE FOREX TRADE (ACTIVEFOREXTRADE) - a scammer providing financial services and products in the UK in the absence of the FCA authorization;

● ENDURINGFOREX (ENDURING FOREX INVESTMENT) - a non-regulated forex trading platform offering fake regulatory information, carrying an FCA warning;

● World Express Trading Platform - a complete liar exploiting misleading regulatory information to appear legitimate, which has been warned by the FCA;

● MySteel UK - an allegedly UK-based entity lacking the required authorization from the FCA;

● Trade Union Trust - an unlicensed UK firm added to the FCA warning list;

● Torobanc - a fake forex broker supposedly in Switzerland, failing to obtain the FINMA's authorization;

● Integral Verwaltungs Agentur - an allegedly Swiss platform not in the commercial register of FINMA;

● Tradocoin - a dishonest platform not licensed to offer financial services for crypto-assets trading.

Other Asked Brokers

In addition to the aforementioned scam brokers, we've received inquiries about these brokers, including EightCap, Aximtrade, OANDA, and FBS. 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 Aximtrade, which is operated by Aximtrade Pty Limited, an Australian Financial Services Representative.

While its AR license remains valid, Aximtrade is a weakly regulated broker. On the website of the Australian Securities and Investments Commission (ASIC), there is limited information for investors to verify. Therefore, there is no guarantee that the licensed one in the ASIC database is the real operator of the website https://www.aximtrade.com/.

Furthermore, the negative feedback surrounding Aximtrade raises a red flag. There have been a number of investors complaining that they are unable to withdraw funds from the platform. As early as in 2021, BrokersView published an article pointing to its unreasonable operations involving deducting clients' profits for no reason.

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

This week's most commonly asked question is "if a broker is licensed/regulated/safe or not". There is another trader inquring about the available instruments on OANDA, and you can read details here.

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.