Oct 28 - Nov 1, 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 28 October to 1 November 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

● APEX PIP - a fake trading platform falsely claiming to be regulated in the UK;

● Equitymcapital - a ghost broker purporting to be operating across various countries; Warned by the FCA for the lack of authorization;

● SMCAPITALMK - a tricky company using logos of financial regulators to bolster its reputation; Warned by the CNMV for illegal operations;

● TRADING CAPITAL - an unlicensed online trading platform on the CNMV's blacklist;

● Cryptomarkettrade - a dubious financial services provider warned by the FCA;

● Zumotech Finance - a fraudulent entity having an FCA warning;

● DIONE ASSET - a scam platform not licensed to offer financial services or products, leading to a warning from the FCA;

● Ig canada - an allegedly Swiss company flagged by the FINMA for being unregistered;

● ATS Group - an anonymous entity warned by the BaFin;

● BCICapitals - a quite new online platform operating without a license;

● ICONTROLFX - a shady broker falsely claiming to be multi-regulated; Warned by the FCA;

● AONE FX - a suspicious trading website carrying a warning from the FCA;

● FOREX COIN INVESTMENT - an unethical company misleading investors with a fake regulator; Blacklisted by the FCA;

● WAVE INDICES - an illicit financial firm not licensed in the UK;

● Meyer Vermögens Welt Finance - a non-regulated trading platform not licensed to provide financial services or products out of Switzerland;

● DK Global Forex Limited - an unauthorized forex broker flagged by the AMF;

● Performance investment pte ltd - an untrustworthy platform pretending to be registered with the SVG FSA; Warned by the BaFin;

● CRYPTO DAY TRADINGS - an unreliable trading platform put on the FCA warning list;

● Steer Index Ltd - a company falsely claiming to be regulated by the Seychelles FSA;

● DAILYBROKERS - an unscrupulous entity warned by the CNMV;

● TRADE REPUBLICA - a fraudulent company using a fake license to defraud people; Warned by the CNMV;

● MARKET4S - an unregistered firm warned by the CNMV;

● Vitrontrades - an unregistered trading platform soliciting investors without valid licenses;

● FORTUNEX ALGO - a suspicious online financial platform warned by the CNMV;

● Capital Ventures LLC - a scam trading platform presenting substantial risks;

● APEXINVESTMENTS - an illegitimate online trading platform warned by the CNMV;

● GSG Forex - an unlicensed trading platform whose website is currently disabled; Flagged by the HK SFC;

● CENTURYCRYPTO - an unauthorized firm spotted by the FCA;

● AUTO MARKET GLOBAL - a non-regulated financial company included in the FCA warning list;

● E Copy Tradehub - an unverified platform warned by the FCA;

● Imax Point Market - an unknown entity purporting to be based in offshore areas;

● ACQUA Markets - a non-supervised entity allegedly in the UK;

● IMC Capital - an unsupervised financial website flagged by the FCA and the BaFin;

● OTC Europa - a BaFin-flagged broker offering illegal financial services through three sites; 

● Rahal Group Capital - an unlicensed broker using vague regulatory statements to appear legitimate;

● Market Seeker - a deceitful company using false regulatory claims to mislead investors; Flagged by the FCA.

Traders are becoming more aware of potential fraud, which is a positive trend. This week, we’ve received an increased number of inquiries from traders about scam brokers, seeking to verify legitimacy, resolve denied withdrawals, claim compensation, and expose fraudulent practices. New unregulated forex brokers continue to proliferate, like Capital Ventures LLC, whose domain was recently registered in June. This company promises unrealistic high returns in a short time, which is a significant red flag. BrokersView strongly advises against engaging with such entities.

Legitimate brokers do not contact traders to promote their services by guaranteeing profitable trades, especially via social media platforms like Facebook and Telegram, which are clear indicators of scams. For instance, BrokersView has been informed that a client was contacted by GSG Forex on Facebook and promised supervised, successful trades, but was ultimately asked to pay taxes in order to withdraw his funds. It’s clear that GSG Forex is a scam broker, and it has been flagged by the Hong Kong Securities and Futures Commission as unlicensed.

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.

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.