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 10 July, 2023 to 14 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

● Management Group - an illegal trading platform warned by the FINMA;

● GasTrade Company - a dishonest broker falsely claiming to be multi-regulated and warned by the FCA;

● niketradefx.com - an untrustworthy company whose claim it is regulated by the FCA is denied by the UK watchdog;

● Bistroklub - an unlicensed broker lying about its regulatory status, warned by the FCA;

● HSE Trust - a supposedly UK-based company without official records to prove its location, carrying an FCA warning;

● IM Market - a several-month registered trading website falsely representing itself as an established broker;

● TC Limited - an offshore Limited while remaining unsupervised by relevant regulatory bodies;

● TLM Markets - a fraudulent trading platform whose website is down;

● Cash FX Group - a supposedly Panama-based firm having received 18 warnings from financial regulators;

● UBFX - a scammer who used to claim to be regulated by VFSC yet without evidence supporting the claim, with a currently unavailable website;

● LonghornFX - an untrustworthy LLC unregulated by any financial watchdog;

● Fair Forex - an unreliable trading platform whose website is down, with lots of negative feedback;

● Capital invest - a deceitful market participant not licensed by any regulatory body, warned by the FCA;

● Diluxmoon - an unscrupulous broker using information of another real company to fool investors and having received an FCA warning;

● Ultranovas - a scam artist failing to provide regulatory information, having been placed on the FCA warning list;

● Tierra500 - an unsupervised trading platform having been warned by the BCSC;

● MintFX247 - a supposedly US-based company yet not subject to oversights of the CFTC and NFA;

● TRADE ONE FX - a swindler falsely claiming to be regulated by the UK FCA;

● PhoenixTB - an IRI-registered company, carrying a warning issued by the FCA;

● Finance Trade Capital - an unsafe platform marking itself as a leading provider for fx trading yet being warned by the CFTC.

Other Asked Brokers

In addition to the aforementioned scam brokers, we've received inquiries about these brokers, including Banxso, FXOpulence, and Fusion Markets. Although these brokers 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. For instance, let's consider Fusion Markets. While we have verified its regulatory status, it is worth noting that this broker has received a warning issued by the Spanish National Securities Market Commission (CNMV) for providing investment services in the absence of the required authorization. Therefore, investors are advised to carefully reconsider Fusion Markets' reliability and exercise extreme caution when dealing with Fusion Markets. All in all, warnings from financial regulators are equally significant as regulatory information, as they assist investors in making informed decisions.

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 types, max leverage, and contact information.

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.