Jan 8-12, 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 8 January, 2024 to 12 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

● UT Forex - a brokerage firm that claims to be operating in Japan's forex market, yet in the absence of a license from the Japan FSA;

● 247 Trade Base - an unauthorized brokerage company in the UK;

● Live Cent FX - an unlicensed trading platform lying about its age;

● TRADERPROFX - an illicit forex broker whose SVG FSA registration is pending cancellation, a platform red-flagged by the CNMV;

● FXOPTIMA - a fake trading platform that claims to be regulated in the UK, carrying a warning from the FCA;

● PINNACLE FX TRADES - a deceitful foreign exchange broker not authorized by the FCA to solicit investors;

● Finnetz24 - an investment website mainly presented in German but failing to obtain authorization from the BaFin;

● FX Margine - a clone firm red-flagged by the FCA;

● ONTraders - an unregulated entity providing financial services without authorization, carrying a warning from the BaFin;

● Unique FXMT Trades - a dishonest company providing counterfeit certificates, red-flagged by the FCA;

● ARENA CAPITAL DIGITAL TRADING PLATFORMS - an untrustworthy broker on the FCA's warning list for its unauthorized status;

● ClassicFxLtd - an unreliable multi-asset alternative investment firm only possessing registration with the CH rather than authorization from the FCA;

● Fxsuretrade - a fraudulent trading platform misappropriating licensing information of another company, identified by the FCA as an unauthorized firm in the UK;

● Capital Partners Deutschland - a supposed Swiss broker that has been flagged by the FINMA as an unauthorized entity;

● Safity - a fraudulent trading platform in the Belgian market, said the FSMA;

● FBrokerPro - an entity that purports to be located in North Macedonia yet is not subject to either the SEC or the NBRM;

● Terrarobo - a UK-domiciled platform identified as a fraudulent entity in the Belgian market by the FSMA;

● MS Hipex - a trading platform using inflated claims and counterfeit regulatory information to portray an image of legitimacy;

● SavetrustFx - a non-regulated trading platform that is flagged by the FCA as unauthorized;

● ComfyFX - a suspicious website that potentially uses regulatory information of a legitimate counterpart;

● GALAXY PRIME FX - an illegal forex broker using a suspicious office address, flagged by the CNMV as an unauthorized entity;

● Truemarket Trading - an unknown forex broker that is flagged by the FSMA as a fraudulent trading platform;

● Ok247Trade - a dubious trading website not regulated by any financial authorities;

● PRIMEFXT - an illegitimate forex broker subject to no regulatory framework;

● IVISION - an unauthorized firm in the UK on the FCA's warning list;

● Stockbit Options - a shady online financial service provider giving falsified regulatory information to appear legitimate;

● Main Capitals - an alleged Swiss broker that hasn't complied with Swiss laws obtaining a license from the FINMA;

● BeGlobalFund - a broker whose non-compliance resulted in its name being added to FINMA's alert list;

● IGM LIMITED - a non-supervised limited company falsely claiming to be multi-regulated;

● Expo Trust - a company that is supposedly based in the UK, does not adhere to the necessary regulations and provides misleading regulatory information;

● Explicit Base - an investment site that claims to be based in the US but fails to register as a member of the NFA.

This week, we received inquiries from several investors regarding the trading platform they are currently using. Unfortunately, all the brokers involved lack the necessary licensing. This has resulted in more or less losses, and it appears unlikely that these investors will be able to recover their funds. A common misconception is that a small initial deposit won’t lead to serious consequences, even if the broker is fraudulent. Some traders even believe they can outwit these fraudsters. However, many have learned the hard way that it’s nearly impossible to gain any benefits from unlicensed trading platforms. Once you begin investing with these scam platforms, they employ numerous strategies to empty your pockets.

Remember, if it sounds too good to be true, it probably is. We strongly suggest investors conduct thorough research on the trading platforms before investing. Check their licensing status and look for reviews or testimonials from other traders. Stay vigilant and make informed decisions. 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, JustMarkets, MarketsVox, PM Financials, and Inefex (it is crucial to note that both PM Financials and Inefex are merely registered with the Mauritius FSC. There is a possibility of identity theft due to the inadequate information provided by the offshore financial regulator that hampers the process of full verification). 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 commissions, and withdrawal 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.