July 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 July 2024 to 19 July 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

● LILAUTO TRADE - a fraudulent platform using a website template featuring false regulatory statements; Flagged by the FCA;

● COINMEGATRADES - a shady broker misleading investors with fake licenses; Warned by the FCA;

● BITOX - an impostor website spotted by BaFin;

● CORBIT GLOBAL FLIPS - an unauthorized firm falsely claiming to be registered in the UK;

● FusionLots - an online trading platform not authorized to offer financial services; On the CNMV's warning list;

● AMI SOLUTIONS - a dubious investment website flagged by the CNMV;

● Zee Capitals - a deceitful broker falsely claiming to be licensed by the MFSA;

● Optimum Market Pips - a company purporting to have a CH ID; Warned by the FCA for the lack of authorization;

● GeneveInv Ltd - a CSSF-warned company, falsely purporting to be licensed by the CBI;

● FinInsider - an untrustworthy broker having received a warning from BaFin;

● IdolFX - a crook broker misleading investors with outdated registration information; Flagged by the FCA;

● PSI Markets (TBC International Markets) - a company claiming to be licensed in Dominica; Warned by the FCA;

● ETFINVEST - a dubious website warned by the FCA;

● GRAND FX OPTIONS - a fake platform that seems to be identical in content and graphics to those of some fraudulent counterparts; Flagged by the FCA;

● Apexfxtradehub - a shady broker included on the alert list of the FCA;

● JetaxTrade - an unscrupulous investment platform warned by the AMF;

● STB Provider - an international business company claiming to be registered in St. Lucia, not licensed to operate as a forex broker;

● AVORCAPITALTRADE GROUP - a scammer flagged by the FCA;

● Clone NEW GALA SECURITIES COMPANY LTD - a copycat website of a HK SFC-licensed entity;

● Genesis Capital - an illicit company having been removed from the British commercial register; Flagged by BaFin;

● Goldenfxmarket LTD - a UK-domiciled company flagged by the FCA for unauthorized operations;

● Audent Capital (aka Audint Capital) - a supposedly Maltese entity, flagged by the CNMV;

● Geniusstocks LTD - a firm allegedly in the UK, not authorized by the FCA;

● Ironwave Capital - a dishonest broker falsely claiming to be authorized by the Seychelles FSA;

● Crownstone - an offshore entity not authorized to offer financial services for forex trading;

● Goldentrustco - an untrustworthy broker whose claim of having registration in St. Vincent and The Grenadines has been debunked by the SVG FSA;

● Elite FX Financial Markets - an online broker lying about its regulatory status, flagged by the FCA;

● Future Wealth FX - an online trading platform warned by the BCSC;

● Jetafx - an unreliable trading platform in the absence of regulatory oversight;

● Firdex - a CNMV-warned broker, illegally providing financial services;

● IventiumPRO - a non-supervised investment firm warned by BaFin;

● INVESTIFY ACE INC - an abusive website using falsified regulatory information to fool investors; Flagged by the FCA;

● Tradex4u - a scam platform included on the FSMA's warning list;

● Greenfield Network Investment - a broker whose website is identical to those of some fraudulent counterparts, warned by the FCA;

● TradingProFinancial - an unsupervised investment website warned by BaFin.

Fraudulent brokers operating without proper authorization or licenses pose a significant threat to traders' funds. Ensuring the legitimacy of brokers and remaining vigilant is essential for traders to avoid falling prey to scams. Ironwave Capital, the broker that has attracted attention from traders this week, falsely claims to be regulated by the Seychelles FSA but provides a license number in a completely incorrect format, and there is no record of a match to the company in the authority's registry, making it clear that the company has falsified its licensing information to mislead investors into believing that it is legitimate.

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.

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.