July 22-26, 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 22 July 2024 to 26 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

● Assetstockempire - a phony website misleading investors with false regulatory statement; Flagged by the FCA;
● FOREX EARNING - a dubious broker warned by the FCA for not being authorized;
● CUSTOM TRADE - an untrustworthy firm on the FCA's warning list;
● EXPERT MINNER - an unlicensed broker warned by the FCA;
● MAGNA WEALTH INSURED - a dishonest company lying about its social status; Warned by the FCA;
● COINEX DIGITAL - an unreliable entity marked by the FCA as unauthorized;
● Investment Group - a fraudulent platform warned by BaFin; 
● MINEPRIMEFX - a fraudulent entity using unrealistic returns to lure investors; Warned by the FCA;
● Crypto Vertex Pro - an abusive investment platform included on the FCA's warning list;
● Elitepro Trade - a suspicious website whose purported address is shared by some fraudulent platforms; Flagged by the FCA;
● 10xglobals9driv - an unregulated broker carrying a warning from the FCA;
● SPACEFXTRADES - an unlicensed forex brand illegally providing financial services, resulting in a warning from the FCA;
● Tradesafe x - a fake trading platform, not authorized to offer financial services;
● BEST TRADE NATION - a non-regulated broker unable to provide any real licensing details; Flagged by the FCA;
● Henni Finance - a deceitful broker whose claim of being authorized by FINMA has been debunked by the authority itself;
● Algobot24 - a scam trading platform utilizing fake regulatory information to appear legitimate; Blacklisted by CONSOB;
● EFS Lux - an abusive financial website ordered by the CONSOB to be closed;
● Fildax Capital - a broker not granted to offer financial services from Luxembourg;
● Pocket Option - an unregulated broker warned by three financial regulators for illegal operations;
● Berg Market - a broker falsely claiming to be authorized by the FCA; Warned by the BaFin;
● FXTRADEFINANECE - a fake fx broker using false certificates to appear real; Warned by the FCA;
● Rumblenomic - an unknown trading platform flagged by the FCA as unauthorized;
● Simplexmarketonlinefx - a shady entity providing a fake business certificate and warned by the FCA;
● Meta Trader FXpro - an abusive investment website spotted by the FCA;
● Capital Ventures - a broker without any evidence of its legitimacy; Flagged by BaFin;
● GFT Capitals - an unverified broker flagged by BaFin;
● Globalaurus - a company claiming to be located in the UK but not overseen by the FCA; Flagged by BaFin;
● Topforexechange - an illicit platform warned by the FCA;
● Cashdefimarkertstmg - a scam broker not authorized to offer financial services; On the FCA's warning list;
● XEENICEFXM- a broker lying about its regulatory status; Warned by the FCA;
● UnoCoin - an anonymous company investigated by BaFin;
● aorthoinc - a fraudster whose claim of being authorized by the SCB has been refuted;
● FMD Expert Trade - an unreliable broker having been warned by the FCA.

The Financial Conduct Authority is the reputable financial regulator in the UK. The watchdog updates its warning news almost every day, exposing the potential scams that pose significant risks to financial consumers. In fact, a number of questions asked this week on BrokersView are related to the FCA-warned entities. Combining the reviews of our team and the warnings from regulators, investors are able to avoid most of the scams that cause financial loss to victims.

Other Asked Brokers

In addition to the aforementioned scam brokers, we've received inquiries about these brokers, including HFM, ATFX, and LiteForex. Although these brokers are 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 promotions, trading conditions, and account details.

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.