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 23 April, 2023 to 28 April, 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

● Floexseat - a purportedly US-based firm but not an NFA-member;

● Mfttrade - a fraudulent broker not providing essential information including office address and regulatory status;

● Admiral Capital Markets - attempting to use details of a VFSC-licensed firm to make itself appear legitimate;

● Iron Gates FX - an unregulated trading platform possibly in Switzerland but warned by local financial regulator FINMA;

● FinFinity Invest - a scam that has been warned by IIROC;

● Wasixcap - a dishonest limited not obtaining authorization from local financial regulator, with a warning by BCSC;

● SSJTCF - an unlicensed brokerage firm claiming to be London-based but not subject to FCA oversight;

● CTRL FX - a deceitful trading platform lying about its FCA regulation, in an attempt to use FinCEN MSB license to appear legitimate;

● Mainet - an unregulated entity not providing information about regulatory status and warned by AMF;

● TheWealthCore - a purportedly Cyprus-based firm whose website is not functioning;

● Zeta Trade - an unscrupulous company lying about its regulatory status and company files;

● Leverage FX - an unlicensed limited purporting to be located in St. Vincent & the Grenadines but no records to prove that;

● BitPrimeFX Markets - an unscrupulous brokerage firm not regulated by any recognized financial authorities;

● Vision FxPro - a fraudulent business providing false information about its regulatory status;

● MBBO - a scam broker without any authorization to engage in forex activities;

● FXOptimax - a non-regulated broker whose website is not functioning properly;

● Crypto Chain Group - a trading platform not subject to any recognized financial regulatory body;

● Metro Fxtrading - a cheater lying about its reliability;

● Officialbitmining - an online trading platform not supervised by any regulators;

● The Unlimited Capital - a tricky brokerage firm falsely claiming to be under various regulations and actually warned by FCA;

● FxAlta - a non-regulated broker being added to the CONSOB warning list.

Other Asked Brokers

In addition to the above-mentioned scam brokers, we've received inquiries about these brokers, including Maxis Investments, ROCK WEST, iFOREX, Trive, CMTrading, and VOYAGE. Although they are providing financial services or products under regulations, they just have a relatively lower risk than those unlicensed ones. At the same time, we want to draw your attention to VOYAGE. As suggested by Australian Securities and Investments Commission (ASIC), this broker holds an AFSAR license, meaning it is an authorized representative appointed by an AFS licensee to provide financial services on behalf of the licensee. This can be considered as a red flag, as it is not directly regulated by the ASIC. On top of that, ASIC doesn't provide authentication details and domains of VOYAGE for investors to verify, and there is no guarantee that the recorded entity is the one running the business under the trading name VOYAGE as a result. Investors are suggested to beware of the risks involved and exercise caution when dealing with VOYAGE.

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 account requirements, account types, and minimum deposit.

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.