Dec 4-8, 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 4 December, 2023 to 8 December, 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

● LiteGraphs - a Belgian company not registered with the FSMA;

● Metal Invests - an unregulated trading platform that has been warned by the FCA;

● Pre Markets - an unlicensed forex broker operating in the absence of the required authorization, red-flagged by the FCA;

● StandartMarkets - a deceitful website on the warning list of the CNMV;

● FinmaxFX - a fraudulent brand whose website is currently unavailable, finding itself on the CNMV warning list;

● TNFL FX - a non-supervised forex brand falsely claiming to be a regulated firm, exposed by the FCA as an unauthorized entity;

● BOM Yonetimi - a shady broker having been added to the FCA warning list for illegally soliciting British investors;

● CMD Markets - an unreliable company lying about its regulatory status and history;

● Capital Gold Asset - an allegedly US-based firm using false statements about its regulatory status to deceive investors;

● Prima Trade - an unscrupulous investment website whose assertion that it is regulated by the Seychelles FSA has been refuted by the Seychelles' financial regulator itself;

● Intrafund - a dishonest entity warned by the FCA;

● FXSTART STRADING (FXSTARTS TRADING) - an unethical firm claiming to be registered in the US, which is not financially registered in the US and warned by the UK FCA;

● VIPGlobal Capital - an offshore entity only registered with the SVG FSA, an authority that doesn't issue licenses for nor regulates entities involved in forex trading;

● Prevail Markets - a non-supervised LLC only registered with the SVG FSA, an authority that doesn't regulate forex trading;

● VIP Crypto Markets - a dishonest platform whose claim that it is regulated by the FCA has been refuted by the FCA itself;

● iForexpips - a dubious investment website lying about its age and experience, whose unlicensed activities have prompted a warning from the FCA;

● FXNC FINANCIAL - an untrustworthy broker that has been added to the CNMV's alert list;

● Link Financial Limited - an illegal website that the CONSOB has ordered to be blacked out;

● Tradefxelite - an unlawful brokerage firm carrying an FCA warning;

● EL MERCADO EFNX - a fake trading platform flagged by the CNMV;

● DIGITAL CASH FX (DIGITALCASH FX) - a scam broker whose website is currently inaccessible, carrying an FCA warning;

● StarkFXSignal - an FCA-warned trading platform misleading investors with false regulatory information;

● Novotrend - an unsupervised business company that is only registered with the SVG FSA;

● Julstar trading company - a fake trading platform creating the illusion of legitimacy with false regulatory information, red-flagged by the FCA;

● TFX PRIMES - an investment platform misleading investors with fake information, carrying a warning issued by the FCA;

● Plus600 Management Ltd - a limited liability company that is not authorized by any financial regulators;

● VOMarkets - a platform whose honesty is questionable, having received a warning from the FCA.

We urge you to be cautious with brokers registered only with the Financial Services Authority of St. Vincent and the Grenadines (SVG FSA), such as Novotrend, VIPGlobal Capital, and Prevail Markets.

The SVG FSA has clarified that it does not license or regulate FOREX Trading, Brokerage, or Binary Options Trading activities. While they claim to be registered with this offshore financial watchdog, these abovementioned brokers are not licensed in or from this jurisdiction, leaving their offerings unregulated. Engaging with them will expose traders to potential fraud and identity theft, without any regulatory protection. Many have suffered financial and personal harm from such interactions. We emphasize the importance of due diligence and choosing fully regulated brokers with solid reputations.

Other Asked Brokers

In addition to those scam brokers, we've received inquiries about these brokers, including FXTM, DIDIMAX, Z Forex, BigMarkets, Goldstone Securities, GVD MARKETS, Newton Global, and Neotrades. Although these brokers are providing financial services or products in accordance with relevant regulations, 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.

It is critical to stay vigilant when dealing with Newton Global, and Neotrades.

While these two brokers have stated that they are licensed by the Mauritius Financial Services Commission (Mauritius FSC), it’s important to note that the Mauritius FSC has not provided any records to confirm that these brokers’ websites are indeed operated by the licensees. As such, there is a possibility of identity theft, where the operators of these websites could be misusing the information of companies listed in the Mauritius FSC register to appear legitimate. The association between these two forex brands and the licensed entities remains to be verified. Investors should be aware of these risks and exercise extreme caution when dealing with these brokers.

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 withdrawal methods, deposit bonuses, leverage offered, restricted regions, if MT4 & 5 available, 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.