Oct 14 - 18, 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 14 October 2024 to 18 October 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

● Green Vest - an illicit trading platform operated by an anonymous firm; Flagged by BaFin;

● EvincoInvest - a suspicious investment website warned by the FCA;

● Clone GKFX - a phishing website red-flagged by the FCA;

● Xeohandel - a scammer impersonating a legitimate company, exposed by the FCA;

● Clone HKEX - a crook platform pretending to be HKEX, flagged by the HKSFC as fraudulent;

● Quotex - a notorious platform warned by many financial regulators;

● W-Bull - a dubious financial website having a warning from the BCSC;

● Deltafx - a shady broker not authorized to provide financial services or products;

● CRYPTOFUSETRADE - an unknown entity not authorized to operate as a trading platform;

● Vtros - an unauthorized firm illegally providing financial services or products out of the UK;

● Alphacoinpro - an unregistered entity presenting substantial risks;

● MAXIMARKETS - an offshore registered firm operating without authorization;

● MarcoFX - a risky trading platform that investors should stay clear;

● Vestor - an unlicensed trading platform warned by the FCA;

● WellVest - a scam broker warned by the CNMV;

● Investperify - an illegitimate brokerage firm blacklisted by the CNMV;

● CRESCENTHUB - an unregistered company labeled by the FCA as unauthorized;

● New Goal Investment - an unreliable trading platform that the FCA has warned;

● HF Investments - an anonymous firm warned by the CONSOB;

● CHALANFX - an abusive website flagged by the FCA;

● NANOVESTOR - an unknown financial firm on the FCA's warning list;

● LUMINATOX - a fraudulent platform misleading investors with false registration information; Flagged by the FCA;

● MARKETS ADV - a risky online trading platform lying about its regulatory status; Warned by the CNMV;

● RoxoFX - an untrustworthy trading platform warned by the FCA;

● TEDX - a fake trading platform not properly licensed;

● 2139 Exchange - a fraudster lying about its regulatory status; Blacklisted by CONSOB;

● VictoryXcap - an unlicensed trading platform on the CNMV's blacklist;

● PJP Invest - a scammer red-flagged by the FCA;

● Fargo Consulting - an unethical company fooling investors with fake regulatory information;

● JDR - an unscrupulous trading platform finding new excuses to demand more money;

● Spec Capitals -an allegedly offshore registered firm not licensed to offer financial services or products;

● FourPro Market - an unlicensed entity claiming to be registered in St. Lucia;

● Investingoperation - a fraudulent trading platform identical to other scammers; On the CNMV's warning list;

● GoldenLevel - an unlicensed firm flagged by the BaFin.

The past week has seen an influx of trader questions regarding scam brokers, highlighting the increasing sophistication of fraudulent activities targeting traders. From withholding of withdrawals to blatant fraudulent practices, the landscape of financial scams is becoming more complex and dangerous. 

Before entrusting your funds to a broker, always check if the broker is registered with the relevant financial authorities. As scammers’ tricks continue to evolve, staying informed and vigilant is your best defense.

Other Asked Brokers

In addition to the aforementioned scam brokers, we've received inquiries about these brokers, including BDSwiss and Pepperstone. 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.

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 leverage.

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.