Nov 6-10, 2023 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 6 November, 2023 to 10 November, 2023, 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

● RBFX PRO - a fraudulent platform using fake VFSC license number to pose as a legitimate firm;

● Fortunategetsure - a fake trading platform operates in the absence of the necessary financial licenses;

● WXJTSS - a supposed UK-based company using an MSB number to demonstrate its legitimacy in forex trading;

● NWAYS Capital - a dishonest forex broker falsely claiming to be Mauritius FSC registered;

● AAA Trading - an untrustworthy investment services provider providing false statement about its regulatory status;

● USDC Investment - an investment fraud scheme that has defrauded many victims;

● INFINITECRYPTOLTD.COM - a supposedly UK based company yet not authorized by the FCA;

● DBRS Morningstar - a fake trading website misusing the brand name of a renowned credit rating agency;

● Vertexfinworth - an unauthorized firm illegally soliciting investors in the UK, flagged by the FCA;

● Bit Galaxy - an allegedly UAE headquartered entity not subject to any local financial regulator, having an FCA warning;

● Gain Market Cryptoinvestment - an unlicensed platform red-flagged by the FCA;

● Macro Capital Group - a non-Member of the NFA whose ID is for tracking purposes only;

● TOP MACRO FINANCIAL - an unregulated forex broker falling outside of the regulatory framework;

● Quitrade - an alleged UK entity failing to seek authorization from the FCA;

● Globaltradecommunity - a dishonest broker giving false, vague statements about its regulatory status;

● ParFX - a deceitful forex broker that seems to copy information of an FCA-authorized firm to fool investors;

● V Trades Investment - an FCA-flagged firm not authorized to solicit British customers;

● Global Trade Finance - an unregistered company illegally soliciting customers and investments;

● Morscapital - a non-supervised trading platform posing significant risks to its clients;

● Crystaltradeinvestment - a CH-registered company not authorized by the FCA;

● Ace Prime Capital - an unregulated forex broker falsely claiming to be licensed by the MFSA;

● CRYPTO WAVE FINANCE - a con artist flagged by the FCA;

● CNX Markets - a fake trading platform misleading unwitting investors in their legitimacy;

● Stoctex - an unauthorized firm in the UK, on the FCA warning list;

● APEX FX FINANCE - an untrustworthy investment services provider offering fake certificate to deceive the public;

● Auto Mega Option - a supposedly Mauritius located company, not authorized by the Mauritius FSC;

● BBS Limited - an unregulated financial market participant that has drawn a warning from the BCSC;

● PRIME CAPITALPRO - a CNMV blacklisted platform for lacking the required authorization to operate in forex trading;

● EXITOSOFX - a fraudster concealing information about its actual operator, placed on the CNMV's warning list.

This week, we have received questions from investors who have fallen prey to faudulent investment platforms. We understand the distress and inconvenience these scams have caused. We strongly urge victims to report these incidents to local law enforcement and relevant financial regulatory bodies. Moreover, we advise maintaining a calm demeanor and refraining from making impulsive decisions in response to these losses.

There has been another type of scam, called recovery room scam, especially targeting distressed victims. The scammers present themselves as empathetic and professional individuals or businesses and send unsolicited messages to people, claiming that they can utilize advanced technologies to track or retrieve lost money. However, it is important to remember that their ultimate goal is to exploit the victims further. Once they gain your trust, they will drain your pockets without any mercy. Please stay vigilant and informed to protect yourself from such malicious practices.

Other Asked Brokers

In addition to the aforementioned scam brokers, we've received inquiries about these brokers, including IC Markets, OANDA, Pepperstone, and FXTM. Although these brokers are providing financial services or products in accordance with relevant regulations, 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.

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

In addition to the most commonly asked questions "if a broker is licensed/regulated/safe or not," this week investors are interested in whether IC Markets Accepts Nigerian Customers, OANDA available assets, whether OANDA works with MT5, whether Pepperstone an ECN broker, and if Cryptos available on FXTM.

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.