Oct 23-27, 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 23 October, 2023 to 27 October, 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

● BACUNDA LIMITED - an unlicensed trading platform lying about its regulatory status, having been warned by the FCA;

● Sardis Markets - a UK company not financially registered with the FCA;

● Capital Ex Pro - a shady broker brainwashing potential clients into believing that licenses are not necessary;

● PentaForex - a dishonest online trading services provider unsupervised by any governing body;

● EVEST - an unsafe trading platform not financially registered;

● RBFX PRO - an unreliable forex broker falsely claiming to be VFSC-licensed;

● PROTON INVEST CORP - an SCB-flagged fake trading platform misleading unsuspecting investors with false regulatory information;

● Massivesignalfx - a fake brokerage firm whose return on their investment packages is directly proportional to the amount invested;

● Maxus Global Market - a fraudulent platform copying a real firm's license details to mislead unwitting traders;

● Algo Management - an AMF-flagged company illegally dealing in forex;

● STOCK BASE CORP - unscrupulous firm misusing the license information of a counterpart to deceive potential clients;

● Lendowl - a BaFin-flagged broker concealing information about its operator;

● Cloud Mining City - an illegal firm operating in the UK without the FCA's authorization;

● FXTRATEGY - an unregulated forex broker posing risks of fraud and identity theft;

● Exc24optxtrade - an allegedly BVI-registered company warned by the FCA;

● GATEWAYCAPITALCG - a CNMV-flagged forex broker falsely claiming to be SVG FSA registered;

● Godlight trading - an unscrupulous brokerage firm using a shoddy website design, a platform the FCA has cautioned the public to stay away from;

● CCLOUDFX - an untrustworthy website on the CNMV's alert list;

● Tradex.live - an allegedly Indian trading platform without any license to offer financial services or products in India;

● EXPERT MARKETS (XPERT MARKETS) - a suspicious website carrying on unlicensed investment activities, sitting on the CNMV's alert list;

● Oxygen Trade Solutions - an unauthorized firm falsely claiming to be an established trading platform, warned by the FCA;

● ST5 - an absolute scam that has swindled a lot of money from victims;

● CRYPTO INGER - a shady forex broker using fake certificates to fool the public, carrying a warning from the FCA;

● CY Sureus - an untrustworthy trading platform falsely claiming to be multi-regulated, not commercially registered at FINMA;

● Fake Spreadex - an unlicensed entity falsely claiming to be licensed by SFC;

● unisnowfx - a poorly designed platform that strongly exhibits scam traits.

We want to draw your attention to ST5.

BrokersView has received numerous complaints from ST5 victims. They received unsolicited messages on social media enticing them to invest with this fraudulent platform. Fraudsters lure unwitting investors, in particular newcomers, with small returns at first and then persuade them into pouring more money on their platform. When investors try to make a withdrawal, however, tricks come.

Scammers often resort to common excuses to request more money from victims, such as claiming the need for tax payments or fees to recover money implicated in alleged money-laundering activities. Some individuals comply with these demands, only to realize later that they have fallen for a scam and their money has gone forever.

We strongly suggest investors conduct thorough research before making any investment decision. It is always the top priority to verify a platform's licenses. 

Other Asked Brokers

In addition to the aforementioned scam brokers, we've received inquiries about these brokers, including OANDA, ThinkMarkets, Avatrade, EightCap, FP Markets, Ridder Trader, RoboForex, and VENTURYFX. 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.

It is critical to stay vigilant when dealing with VENTURYFX.

While it claims to be operated by Smart Trade Limited, a company licensed by the Mauritius Financial Services Commission (Mauritius FSC), it is crucial to note that there isn't any record provided by the Mauritius financial regulator to suggest that the website https://venturyfx.com/ is run by the licensee. As such, we cannot exclude the possibility that VENTURYFX misuses a legitimate company's license to deceive unwitting investors. Traders should exercise extreme caution.

What's more, please be advised of the regulatory warning from the Comisión Nacional del Mercado de Valores (CNMV). This Spanish financial regulator has added VENTURYFX to its warning list for providing unlicensed investment services. This suggests that VENTURYFX is not a reliable trading platform.

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 - "if a broker is licensed/regulated/safe or not," we have noticed that our users are particularly interested in withdrawal processing time, available assets, ThinkMarkets' restricted regions, EightCap's restricted regions, Avatrade's withdrawal instruction, as well as RoboForex's withdrawal instruction.

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.