Jan 15-19, 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 15 January, 2024 to 19 January, 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

● PNX FINANCE - an unlicensed trading platform failing to comply with the US law, though claiming to be founded in the US;

● xcgin - a fraudulent online broker that has been flagged by the BaFin;

● Next Wiss - an offshore broker operating from the Marshall Islands, lacking the required licenses to provide financial services;

● Secured Meta Fx - an unsupervised financial service provider standing on the FCA's warning list for the lack of authorization;

● Capital Harvest - a non-regulated investment website carrying an FCA warning;

● Assetsgrowths - a fraudulent financial service provider added to the FCA's warning list;

● BESTONFX - an online forex broker operating outside any regulatory frameworks, posing risks of fraud and identity theft;

● Upscaleminers - a dishonest entity even misappropriating the CH number of another company;

● XSHARESMARKETING - a supposedly UK-headquartered brokerage firm operating in the absence of authorization from the FCA;

● HOTBGLOBAL FINANCE LIMITED - a shady entity lacking transparency and licensing information;

● Duhani Capital - a forex broker allegedly based in Dominica, where forex trading is not regulated;

● ManageCap - a bogus investment platform concealing details about its operators, labeled as an unauthorized firm in the UK by the FCA;

● ProEquityMarkets - an illicit forex broker in the UK;

● Eightcap VIP - a clone of an FCA-authorized firm;

● ForeXStar - an unregistered forex trading brokerage firm, not subject to any regulatory framework;

● Lux Capitals - an untrustworthy financial website not overseen by any financial regulators, flagged by the BCSC;

● MintX markets - an unknown FX trading brokerage firm whose presence is marked by a website that lacks professional design;

● ULTIMATEMINNERFX - a fake financial entity flagged by the FCA, part of a group of scammers that utilize the same website template;

● Rayz Liquidity Corp - an unregulated forex broker whose AR license was canceled by the ASIC;

● GXOTE - a supposedly UK-registered firm not licensed by the FCA;

● CRYPTO MEGA TRADERS - a scam platform exposed by the FCA, whose website is currently inaccessible;

● REAL INVESTMENT LTD - a deceitful investment site flagged by the FCA;

● Bitblanco - a financial service provider whose website is ordered by the CONSOB to be shut down;

● expressglobalfxtrade - a scammer giving misleading regulatory information;

● BTC Bank Canada - a supposed Canadian trading platform yet not regulated by the IIROC, flagged by the BCSC;

● FXCT - a deceitful forex broker operating outside of any regulatory frameworks;

● Fxcapitaltrade - an illegal website offering financial services in the US without NFA's oversight;

● COINCREDICTORS aka COINCRADICTORS - a counterfeit investment site warned by the FCA;

● Vecoglobal - an FCA-flagged trading platform whose website is currently inaccessible;

● Finrally - an unsupervised online financial website whose IRI registration has been canceled;

● RANESCAPITAL - a financial entity running in the absence of any licenses, flagged by the BaFin;

● MyTradeMate - a supposed Swiss company not commercially registered with the FINMA;

● Billionfundzfx - a fraud scheme that mimics website content and graphic designs from other fraudulent trading platforms.

We would like to draw your attention to scam brokers like Billionfundzfx, Assetsgrowths and ULTIMATEMINNERFX.

They employ a template frequently used by other fraudulent trading platforms, complete with pre-set content and icon design. Upon inspection, it was revealed that the scammers merely altered the brand names without making necessary adjustments to the website's regulatory information or other critical details. This suggests that these websites were likely hastily constructed to attract and deceive unsuspecting investors.

These fraudulent websites often share common characteristics. They tend to have short lifespans, disappearing once their illicit activities are exposed, only to resurface under a new brand and web address. These sites are often hastily put together, with scammers typically using basic forex broker website templates to expedite their scams. They simply substitute their brand name into the existing content, frequently overlooking the need for grammatical accuracy and logical consistency.

To combat this, it’s crucial for investors to stay vigilant and informed. Always verify the legitimacy of a website before making any investment decisions. Look for clear signs of credibility such as proper licensing information, transparent business practices, and positive user reviews. Remember, if an offer seems too good to be true, it probably is. 

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.

Other Asked Brokers

In addition to those scam brokers, we've received inquiries about these brokers, including Investingor, Key To Trading, and INVEXIA. 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.

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 policies.

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.