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 26 June, 2023 to 30 June, 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

● Bit X Tream - an unlicensed firm supposedly in the UK but failing in seeking authorization from the FCA;

● Expotoro (Tratoro) - a clone of an FCA-authorized firm;

● Dutch Rate - an unregulated broker with offices in UAE, Belize and the UK, but unable to be authorized by the relevant regulators;

● Fero Markets - an unscrupulous company falsely claiming to be multi-regulated, copying details of another real company to appear legitimate;

● THE BTC PRO - an unreliable broker whose assertion of being regulated by the FCA has been denied by the UK financial watchdog;

● CLICKFXM - a UK-registered firm warned by the FCA for offering financial services or products outside the regulatory framework;

● ClickproFX - an FCA-warned trading platform for not being authorized to engage in regulated financial activities;

● BANEX CAPITAL LTD - a non-regulated LTD failing in seeking authorization from the FCA and the CBUAE;

● ABX Trade - an offshore LLC remaining unsupervised by relevant regulatory bodies;

● K.O.K Markets - an SVG FSA registered brokerage firm that is not subject to the regulator's oversight;

● Orbit GTM - a deceitful platform added to the FCA warning list;

● Ferri Trade - a supposedly Sweden company yet without registration information in the country's financial oversight authority;

● AXEL HEDGE - an untrustworthy trading platform providing tempting deals to trick investors;

● Without Capital - a fake platform falsely claiming to be legitimate yet no official data proving that;

● MALDOFX - a scam LLC lying about its regulatory status by asserting to be registered with SVG FSA;

● FX Today - an illegal trading platform with most of the links on its website turning dead;

● Max FX Global - an unauthorized firm copying details of a real company and warned by the FCA.

Other Asked Brokers

In addition to the aforementioned scam brokers, we've received inquiries about these brokers, including BUX Markets, FXTB, and RoboForex. Although they are providing financial services or products within regulatory frameworks, they just have a relatively lower risk than those unlicensed ones. 

At the same time, we want to draw your attention to RoboForex. While RoboForex holds a license issued by the Belize Financial Services Commission (Belize FSC), it is important to note that the Securities Commission Malaysia (SC) has placed it on its Investor Alert List for carrying on unlicensed capital market activities of dealing in securities. 

Making an informed investment decision requires investors to gather as much as possible information about a broker, such as its accreditation, licenses, reviews, and any warnings issued by financial regulatory bodies. If a regulated broker receives a warning from a financial watchdog, it is necessary to reconsider its reliability, as a warning signals a violation by the broker. Consequently, investors are advised to proceed with extreme caution and be fully aware of the risks involved when dealing with RoboForex.

We currently have over 3,000 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 these details of brokers this week, including trading platform, funding methods, and restricted regions.

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.