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Dec 2-6, 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 December 2-6, 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
● IA OPTION - a risky trading platform blacklisted by the CNMV;
● Swiss Mont Wealth - an unauthorized investment website investigated by the BaFin;
● HAWKENSLEY - a newly-registered financial website on the CNMV's warning list for the lack of authorization;
● Vault Trade - an anonymous company carrying a CNMV warning;
● PepperStoneVIP - an impersonation website uncovered by BaFin;
● APEX PIP - a dubious trading platform that has been red-flagged by the FCA;
● OMNY Traders - a scam broker lying about its regulatory status;
● ONLINEMARKETEXCHANGE - a suspicious financial website flagged by the FCA;
● LuxQuotes - a fraudulent trading platform falsely claiming to be regulated by the CSSF;
● Clone Ambit Capital - an impersonation site flagged by many financial regulators;
● SMART STRATEGIES - a fake trading platform carrying out unlicensed investment activities;
● Zumotech Finance - an unreliable investment website flagged by the FCA;
● ALBRECHTHANDEL - a dubious financial site flagged by the FCA;
● TEDX - a non-regulated broker that has been warned by the FCA;
● Fidus Invest - an illegitimate website blacklisted by the CONSOB;
● IBERMERIDIAN - an unauthorized trading platform warned by the CNMV;
● SENEKPITAL - a suspicious trading platform warned by the CNMV;
● Manyways LLC - an investment firm allegedly domiciled in the US; Not allowed to operate out of the country;
● FX INFINITY - an unverified trading platform carrying a warning from the CNMV;
● ELITEVISION - a bogus trading platform warned by the CNMV;
● Clone Wealth Solutions Limited - a case of identity theft revealed by the FCA;
● PRIMOBULL - an allegedly UK-domiciled firm flagged by the FCA;
● 2139 Exchange - an infamous trading platform red-flagged by the CONSOB;
● Capitus - a newly-created trading platform warned by the AMF for operating without the license in the forex market;
● Arowinvest - an illicit broker flagged by the AMF;
● Mic Market - a fraudulent trading platform exposed by the NZ FMA;
● Capital Holdings - an unlicensed brokerage firm flagged by the OSC;
● Clone London Stock Exchange - a case of identity fraud exposed by the BaFin;
● RoboFund - an offshore broker warned by the BaFin;
● KapitalWert - a malicious website warned by BaFin;
● IFSinvesting - a non-supervised trading platform uncovered by the BaFin;
● E Copy Tradehub - a non-regulated broker on the warning list of the FCA;
● APEXINVESTMENTS - an unverified entity flagged by the CNMV;
● Gala Traders - an unregulated trading platform from which the FCA advises to stay away.
2139 Exchange has been complained about by traders in recent times. This unlicensed broker has been warned by the Italian financial regulator several times, bringing the dangerous entity into the eyes of the public and warning about the risks of it.
Unlicensed brokers, especially the ones flagged by financial watchdogs, should be avoided by every trader as they are scams.
Other Asked Brokers
In addition to the scam brokers above, Octa was also mentioned by users. Although the broker is 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.
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”.
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.
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