Nov 4-8, 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 4-8, 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

● Performance investment pte ltd - a scam broker using fake profits to deceive investors; Warned by the BaFin;
● Mega Copy Trade - an unauthorized firm marked by the FCA;
● Crypto Elite Markets - a tricky platform using a fabricated certificate to fool people;
● EVIRON TRADE - an anonymous broker flagged by the FCA;
● Goldbysell - an abusive financial website blacklisted by the CONSOB;
● Kings Option Trade Ltd - a fraudulent entity lying about its regulatory status;
● Artosnomics - an unverified trading platform not authorized to offer financial services or products;
● Iginvest247 - a deceitful company misleading investors using a fake regulatory body; Flagged by the CONSOB;
● 6ixmarkets ltd - a crook platform capitalizing baseless regulatory assertions to defraud investors;
● AdmiralsUnited - a shady broker pretending to be a licensed one; Marked by the CONSOB as a scam;
● Sable Fx Global - a dubious website presenting false regulatory statements;
● MaxifyFX - a dishonest broker falsely claiming to be registered with the NFA;
● Maunto - an allegedly offshore registered financial company, not licensed to offer services or products;
● Dexonplatenetry - a risky trading platform flagged by the FCA;
● 8xtrade - an unauthorized trading platform supposedly in an offshore area;
● BCRPRO - a malicious financial website in the absence of regulatory supervision;
● Corpteck - an unregistered firm allegedly in Switzerland, blacklisted by FINMA;
● FXT Market Tradex - an unregulated trading platform illegally operating out of the US;
● FOGO - a hastily established financial website using a generic template;
● Amxer Markets - a supposed offshore broker not licensed properly;
● IBMEX - an unverified company baselessly purporting to be reliable;
● Markets Trading Ltd - a new online platform flagged by the FCA for the absence of authorization;
● MTrading - an offshore forex broker whose legitimacy and credibility are questionable;
● Imax Point Market - an allegedly Cyprus-based company, not authorized to offer financial services or products;
● FizmoFX Markets - an unreliable broker solely claiming to be registered in St. Lucia;
● IFSinvesting - an illicit trading platform flagged by the BaFin;
● NorthUnion - a malicious trading platform marked by the BaFin;
● Mango Trade - a suspicious investment website without any valid licenses;
● Binacefx - an abusive online trading platform allegedly based in the U.A.E.;
● Heritageoptiontrade - a newly-registered website claiming to have years of experience;
● DiamondWhale - a new trading platform lacking transparency and licenses; Warned by the BaFin;
● KapitalWert - an unethical investment website flagged by the BaFin;
● Procopy Trade Ltd - a scam platform falsely claiming to be regulated by Seychelles FSA.

Other Asked Brokers

In addition to the scam brokers above, Envi FX and FXNovus were also mentioned by users. 

Although these brokers are providing financial services or products within regulatory frameworks, they only 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 "withdrawal issues” and "FSCA 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.