Nov 11-15, 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 11 November 2024 to 15 November 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

● GLOBAL MONEDAS - an unverified broker flagged by the CNMV for the lack of authorization;

● InvestJPM - a fraudulent broker whose websites are currently deactivated; Red-flagged by the FCA;

● SignalPlus24 - a supposedly Switzerland-based company warned by the Swiss FINMA;

● Bakkt Market - an unethical broker using fake regulatory information to fool investors;

● Guru4Invest - a dubious investment website exposed by the BaFin;

● Monix Limited - a deceitful firm warned by the FCA;

● CMC Central - a suspicious financial website carrying a warning from the BaFin;

● Partners Special Capital Limited - a dishonest broker warned by the FCA for not being properly supervised;

● TradeCryptoMasters - a bogus trading platform uncovered by the FCA;

● Capital Trends - a fake investment platform on the FCA's warning list;

● Touchstone Markets - an allegedly UK-based company warned by the FCA;

● Marverickfx - an anonymous company concealing information from the public;

● GlobalCIM - a shady broker using a genuine firm's information to deceive investors; Flagged by FINMA;

● Idealfx Global Markets - a scam broker using a bogus authority to mislead investors;

● Altreserve - an unregistered firm on the FINMA's warning list;

● VTIndex - an offshore entity providing financial services without the required authorization;

● Bitvast Pro - a non-supervised brokerage firm flagged by the BCSC;

● CoinCapit - a swindler using a website template commonly associated with fraud schemes; Warned by the BaFin;

● Clone Rosemount Limited - a phishing website impersonating an FCA-authorized firm; Marked by the FCA as a clone firm;

● PRIMOBULL - an unauthorized firm operating out of the UK; Warned by the FCA;

● PRIME FUTURES TRADE - a supposed British firm, not authorized by the FCA;

● COIN MARKET FINANCE - an unlicensed entity falsely claiming to be operated in multiple countries; Warned by the FCA;

● AWELE FORTUNE FOUNDRY - an illicit financial firm flagged by the FCA;

● XTBFX - a crook trading platform not supervised by any regulators;

● ShenzhouCapital - an alleged offshore forex broker without the required authorization;

● MSG - an abusive investment website defrauding money out of investors;

● FASTEXCHANGE INVESTING - a non-regulated trading platform standing on the FCA warning list;

● Onboard Capital - an illegitimate trading platform marked by the FCA;

● SECURED SIGNALS - an unauthorized entity warned by the CNMV;

● TRADE MAX TECH - an unregulated online investment site carrying a warning from the CNMV;

● Clone CAPITAL RISE - a counterfeit broker warned by both the FCA and the CNMV;

● Clone Trade Capital EU - a clone firm copying other company's information to deceive investors; Warned by the FCA;

● AUTO MARKET GLOBAL - an FCA-warned firm claiming to be operating across different countries;

● ICONTROLFX - a dishonest entity lying about its regulatory status; Flagged by the FCA;

● GLOBALSIGNALSFX - a tricky trading platform included in the FCA warning list.

Traders are always encouraged to verify a broker’s legitimacy before committing funds, which can significantly reduce risks of fraud and financial losses. BrokersView offers insights into the licensing status of brokers to help assess their reliability. For instance, XTBFX and ShenzhouCapital are examples of unauthorized forex brokers. These unregulated entities either register in offshore areas that do not license forex trading or fail to obtain licenses from appropriate regulatory authorities in the jurisdictions where they solicit investors.

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 BelleoFX. 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 special attention to BelleoFX’s regulatory status. BelleoFX holds a license from the Mauritius Financial Services Commission, known for its lenient offshore supervision, leading to a comparatively lower level of investor protection. We always underscore the importance of trading with brokers regulated by top-tier financial regulators.

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 offshore license.

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.