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 3 July, 2023 to 7 July, 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

● Instant Globals Trade - an unlicensed broker whose claim that it is regulated by the MFSA is denied by the Maltese watchdog;

● EFSPFX - an Australian company not licensed by the ASIC to offer financial services or products;

● KLMFX - an offshore Ltd under no valid regulations;

● AxianceFX - an unlicensed trading platform warned by the BCSC;

● GULFSHORE TRADING - a purportedly UK-based firm warned by the FCA for not seeking the required authorization;

● Fchain Network - a fraudulent trading platform whose website is inaccessible, warned by the FCA;

● Zenith Experts - a dishonest broker falsely claiming to have registration with the CH and warned by the UK FCA;

● Swiffbit - an unreliable trading platform falsely claiming multiple-regulated, warned by the FCA;

● ProtechFX - a deceitful forex market participant warned by the CySEC;

● Aiwa FX - an untrustworthy limited lacking transparency and under no valid regulations to provide financial services/products;

● OnyxTraders - a supposedly Swiss entity not authorized by the FINMA and warned by the CNMV;

● Softech Trades - a non-regulated trading platform using false company details to fool investors and warned by the CONSOB;

● Fortexs - an unscrupulous entity whose regulatory information is a sham and warned by the FCA;

● Crypto Network Expert - an illegal online trading platform warned by the FCA;

● ID MINING - a fraudulent trading platform without any license;

● Tradeprofits - a non-regulated brokerage firm warned by the FCA for operating in the absence of required authorization;

● Go Future ProMarket - a supposedly Malaysian broker not licensed by Labuan FSA;

● Global Trading Capital - a fraudster whose website is currently down;

● FXCT Investment - a non-regulated trading platform with a website where most of the links are abnormal;

● 101investing - a broker voluntarily renouncing its licenses, whose domain is for sale now;

● TemplerFX - an offshore limited company remaining unsupervised.

Other Asked Brokers

In addition to the aforementioned scam brokers, we've received inquiries about these brokers, including Amana Capital (Cyprus), RCG Markets, and CDO Markets. Although they are providing financial services or products within regulatory frameworks, they just have a relatively lower risk than those unlicensed ones. It is critical to bear in mind that licenses and oversight cannot completely eliminate investment risks and the possibility of violations.

At the same time, we want to draw your attention to RCG Markets and CDO Markets: the former is registered with the Financial Sector Conduct Authority (FSCA), and the latter with the Vanuatu Financial Services Commission (VFSC). It is important to note that these two financial regulators do not provide authentication details and domains of the registered entities for investors to verify, giving shady brokers an opportunity to pose as a regulated trading platform by exploiting the information of authorized companies. As such, there is no guarantee that the registered companies are the actual operators of the platforms. Investors must beware of the risks involved and exercise extreme caution when dealing with RCG Markets and CDO Markets. 

We currently have over 4,000 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 account requirements, available financial assets, and commissions.

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.