July 29-August 2, 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 29 July 2024 to 2 August 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

● KAIHER - a dishonest broker falsely claiming to be multi-regulated;

● SDFX Global - a fake broker potentially in India;

● Future Flare Finance - an alleged British company, on the warning list of the FCA for lacking the required authorization;

● Novva Capital - an unknown platform warned by the FCA;

● Verbex Group - an unverified trading platform warned by the OSC;

● CRYPTOTECKY - a suspicious company flagged by the FCA as unauthorized in the UK;

● SwissTrading24 - an unauthorized firm flagged by FINMA;

● Vodel Global Equities - an alleged Swiss company warned by the FINMA;

● TruthTag - a broker claiming to be located in The Bahamas, yet warned by the SCB;

● Bullishfx - a suspicious trading platform operating in an unregulated environment;

● GFinMarkets - a supposed British entity, flagged by the FCA for being unauthorized;

● SDSTARFX - a dubious broker flagged by the FCA;

● Fintrexcap - an unlicensed broker warned by FINMA;

● CommonDigital - a deceptive trading platform included on the warning list of CSSF;

● FundexCapitals - an unverified platform warned by BaFin;

● Beat Group Market - an untrustworthy online trading platform;

● Alacom Corporation - a deceitful broker falsely claiming to be regulated;

● SydneyFX - a company supposedly in Cyprus, not regulated by the CySEC;

● TradeStocks24 - a fraudulent broker falsely claiming to be multi-regulated; Flagged by BaFin;

● IMCTradingFX - an unethical company misusing information of a genuine firm to appear legitimate;

● Investmentsity - a supposed US firm not registered as a member of the NFA;

● Arrexpro - a trading platform claiming to be located in Hong Kong, yet not registered with the HK SFC;

● FOREIGNMARKETOPTIONS LIMITED (FMO) - a broker claiming to be operating in the UK; Flagged by the FCA for lacking authorization;

● Europe Investment Group Ltd - a dubious website blacklisted by CONSOB;

● YTL Asset Management - an unreliable broker flagged by the FCA;

● TmFx Trading ltd - an unauthorized broker not regulated by any authority;

● InfixAssetsInvestments - a dishonest broker lacking regulatory oversight;

● RISE TRADING - a shady broker using fake regulatory information to mislead investors;

● JD Market Expo - a crook company defrauding investors with fake regulatory information;

● Mega26 - an illicit broker warned by BaFin.

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 the aforementioned scam brokers, we've received inquiries about these brokers, including Interactive Brokers, Deriv, Forex4you, Tredero, and FXPRIMUS. 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.

BrokersView would like to draw your attention to Forex4you, a broker only holding a license from the British Virgin Islands Financial Services Commission and Tredero, only authorized and regulated by the Mauritius Financial Services Commission. BVI as an offshore financial center offers less protection for investors compared to top-tier regulators like the Financial Conduct Authority, and the Mauritius FSC does not provide the registered domains of licensees, leading to uncertainty in matching brokers with their claimed licenses.

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 fees, withdrawal processing time, license checking, and stock types.

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.