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 7 August, 2023 to 11 August, 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

● Wise Crypto Capital - a supposedly UK-based firm without FCA's authorization, warned by the OSC;

● Keystone Market - a deceitful broker without any license to offer investment services/products, warned by the OSC;

● Wealth Kasse - an illegal firm in Belgium where forex and derivatives trading are banned, warned by BaFin;

● FRXE - an unlicensed broker without any license;

● goldfx - an offshore LLC remains unsupervised by the relevant regulator, whose LFSA's license is suspicious;

● PRIMHUB MARKET - a supposedly US-registered company yet not subject to NFA and CFTC's regulations, warned by the CNMV;

● Edge Markets - an unregulated broker illegally providing trading services;

● The Active Trades Ltd - an unlicensed trading platform ordered to be blacked out by the CONSOB;

● Cryptoxphere - a con artist lying about its regulatory status, having drawn an FCA warning;

● UNICORN FX - a UK-based company failing to obtain authorization from the FCA;

● SupremeMarkets - a non-supervised platform placed at the warning list by the CNMV;

● Optionfinmax - an untrustworthy trading services provider warned by both FCA and CNMV;

● CapitalInvestOption - a CFTC-warned trading platform, lying about its regulatory status;

● UBMCapital - an unscrupulous platform operated by unknown individuals, sitting in CNMV warning list;

● Market Radar - a fake trading platform holding no valid financial licenses and warned by the NZ FMA;

● Elite Share Broker - a phony broker falsely claiming to be regulated by the FCA;

● Interactive Financial Investment - an illegal platform using fake regulatory information, drawing a warning from MFSA;

● Jukebox Capital Inc - a BCSC-warned Canadian business, not a member of IIROC;

● Grease Wallet - a shady broker giving details of another real company to appear real, warned by the FCA;

● Smpfxtrade - a fraudulent platform posing as a legal firm by forging regulatory information, warned by the CFTC;

● Wayven FX Limited - a clone of an FCA-authorized firm;

● Trade Bitcoin - an unlicensed brokerage firm pretending to be a legal entity with fake regulatory information;

● FUNDSTRADEFX - a scammer having drawn warnings from the FCA and the CNMV;

● TRESORFX - an unreliable company warned by the FCA;

● AW FX Bank - a fake trading website ordered to be blacked out by CONSOB, on the CNMV warning list either;

● CryptoBinaryTrade - an illegitimate entity on the RED list of CFTC;

● Comovest - a fraudster warned by the BCSC, the OSC and the FSMA for illegal operations.

Other Asked Brokers

In addition to the aforementioned scam brokers, we've received inquiries about these brokers, including Baazex, GWTrade, OffersFX, Tredero, BethleAsterFX, and PlusMarkets (has ceased operations). 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 BethleAsterFX, which is operated by Bethle Aster Global Investments Pty Limited, an Australian Financial Services Representative.

Because the limited information provided by the Australian Securities and Investments Commission (ASIC) restricted you from verifying the ownership of website https://blafx.com, there is no guarantee that the ASIC-registered company, Bethle Aster Global Investments Pty Limited, is the one offering financial services/products through the trading name BethleAsterFX at https://blafx.com. Numerous cases have indicated that some shady brokers would exploit details of real companies to appear legitimate and the absence of authentication details and domains increase the odds of fraud. Therefore, Please beware of the risks involved and exercise extreme caution when dealing with BethleAsterFX.

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 social accounts, trading platforms, and withdrawal fees.

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.