Nov 18-22, 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 November 18-22, 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

● Assets FX - a dubious broker claiming to be registered with the Mauritius FSC; Warned by the Bank of Russia for illegal activities;
● Max FundFlex - an unlicensed company flagged by the FCA;
● Clone Asteo Trade - a phishing trading platform exposed by the CSSF;
● Capitalassitintl - an unlicensed investment website flagged by the FCA;
● Extremelyproof -  a fraudulent entity uncovered by the FCA;
● Global Investa Capital Pte. Ltd. - a suspicious trading platform offering services without licenses;
● Ollyn Investment PTE LTD - an unregulated trading platform operating out of Singapore without a license;
● Loopring Markets - an anonymous firm not authorized to offer financial services or products;
● Pivot capital - a newly-registered website unauthorizedly providing financial services or products;
● UNIVERSAL ACCESS INVEST - a deceitful trading platform warned by the FCA;
● NortenWay - an unsupervised financial site added to the CySEC warning list;
● Algoproai (Mirabaud Group Ltd) - a suspicious trading platform ordered by the CONSOB to shut down;
● Finance Advice - an illicit financial trading brand blacklisted by the CONSOB;
● WeOnMarket - a fraudulent firm whose claim of being licensed in Cyprus has been refuted by the CySEC;
● Inside Invest - a fake trading platform warned by different financial regulators;
● Octa Market FX - a bogus trading platform warned by the CySEC;
● Handelsrummet - an illegitimate trading platform claiming to be certified by a fake authority; Warned by the FI;
● DBTfinancial - a ghost platform not disclosing useful information; Investigated by BaFin;
● investous.pro - an unsupervised broker copying other companies' information to pretend real; Blacklisted by the CySEC;
● Momentum Pro Capitals - a non-regulated broker flagged by BaFin;
● Blyx Ultra - a shady broker purporting to be regulated by a fictious authority; Uncovered by BaFin;
● Investing Funds - an unregistered entity warned by Swiss FINMA;
● EVIRON TRADE - a crook broker using baseless customer testimonials to create investment frenzy; Warned by the FCA;
● ProfitWave - a fraudulent platform blacklisted by its local authority, CySEC;
● Abnas Global - a deceitful broker whose website is deactivated;
● Fina Nova - an unauthorized trading platform banned by the FSMA;
● Global Prime Treasury PTE. LTD - a risky financial website on the FSMA blacklist;
● Clone Finance Advisory AG - a counterfeit website revealed by the FINMA;
● Equitymcapital - a dishonest broker using fake licensing details to deceive people; Warned by the FCA;
● 247Marketmasterytraders - an unethical platform that might have absconded; Warned by the FCA;
● Clone FXORO - a fake financial website impersonating a real forex brand; Blacklisted by the CySEC;
● Bolsalia - an unethical broker using fake license number to fool people; Warned by the CNMV;
● Optimum Markets - a suspicious trading platform on the FSMA warning list;
● Wealthmaximizertrade - an untrustworthy broker detected by the FCA;
● VALUE FOREX - an unscrupulous firm warned by the FCA.

Scam brokers, such as Assets FX, may claim to be supervised by financial regulators but are always found to be a lie. A regulated broker's details can always be found on watchdog's portal. Therefore, visiting the website of the financial watchdog in your country/region will always be the first step in investment.

Besides, global financial watchdogs often update their warning list against scam brokers for reference. Avoid warned financial service providers such as Inside Invest will be necessary to protect your funds.

Other Asked Brokers

In addition to the scam brokers above,  eXcentral was also mentioned by users. The broker's CySEC license is under examination for voluntary renunciation. It may have ceased operations. Please beware of the risks involved and exercise caution.

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 "withdrawal issues”.

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.