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 24 July, 2023 to 28 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

● GlobalFXMiningHub - an illegal trading platform using information of another company to appear real, warned by the FCA;

● TIH Lmtd (Taylor Investment and Trading) - a supposedly Switzerland-based company failing to enter in the commercial register of the FINMA;

● Mbl Markets - a deceitful broker falsely claiming to be multi-regulated and having received a warning from BaFin;

● KaiaFX - an offshore LLC unsupervised by any governing body;

● Blink Trades - an unregulated trading platform claiming to be incorporated in an offshore center;

● NovaTech - an unregulated Ltd engaging in forex trading brokerage activities without license;

● CentFX - an offshore company under no oversight;

● BRAGA CAPITAL FX LLC - an entity engaging in forex trading and brokerage without license from SVG FSA;

● FCF Markets - an unlicensed investment services provider warned by the CNMV;

● Encounter Finance Ltd - a con artist posing as an established broker, warned by the CNMV;

● FP Europe - a swindler falsely claiming to be operated by a legitimate firm, and warned by the CONSOB;

● UNFXB - an unsafe trading platform for investment unsupervised by any regulator;

● Fin Tech Platform - an OSC-warned fraudulent platform posing as a regulated broker by claiming to be regulated by a fake supervisory body;

● Lagrand Group - an unreliable company warned by the FINMA for not commercially registered;

● ANUBIS LTD - a UK-headquartered firm engaging in forex trading without FCA authorization;

● Onecapital - a fraudster posing as a legitimate broker by coping details of another company, warned by the FCA;

● Fortresscapital - an FCA-warned firm lacking oversight by the CFTC and the NFA;

● Bit - an untrustworthy website not subject to any supervision;

● DURBAN TRADEFX - a supposedly UK-headquartered firm red-flagged by the FCA;

● Dowmarkets - an IRI-registered company not regulated by any financial regulators.

Other Asked Brokers

In addition to the aforementioned scam brokers, we've received inquiries about these brokers, including ThinkMarkets, Tixee, and VCG Markets. Although these brokers are providing financial services or products within regulatory frameworks, 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.

Additionally, we would like to draw your attention to VCG Markets, a broker licensed by the Mauritius Financial Services Commission (Mauritius FSC).

Compared to other financial regulators, such as the Financial Conduct Authority (FCA), the Mauritius FSC provides less information regarding entities licensed by them. Typically, the details available of registered firms on the Mauritius regulator's website are restricted to basic information like company name, license type, and occasionally, an address (if available). This lack of comprehensive information can potentially create a vulnerability for identity theft and other fraudulent activities. Shady brokers may exploit this situation by using the details of real companies registered with the Mauritius FSC to appear legitimate. As a result, it is challenging for investors to conduct thorough research as they may not have sufficient data to ensure they are dealing with legitimate entities. Therefore, we strongly suggest investors exercise extreme caution when dealing with brokers that are registered with the Mauritius FSC.

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 assets available, minimum deposit, 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.