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 8 May, 2023 to 12 May, 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

● ARIEL - A Luxembourg-based broker not authorized and regulated by the CSSF;

● VIRGOBANC - a CNMV-warned trading platform illegally providing financial services or products;

● Primus FX - a dishonest limited misleading investors with false information and carrying warnings from the CNMV and the CONSOB;

● Activeassets24 - a scam broker not providing any regulatory information;

● FTMO PipsPRO - a fraudster using a false UK business license to deceive investors;

● KRYPTO FM - a brokerage firm falsely claiming to be regulated by the CySEC and carrying a FINMA warning;

● Bitfx Investments - an unregulated company misrepresenting itself to fool investors;

● Global Earnings - a UK-based entity soliciting potential investors using false information about regulatory status;

● WavFx - an unlicensed Ltd without any licenses in trading in forex markets;

● Cryptoslark - a fraudulent platform providing no information about its regulatory status with its website unavailable currently;

● VZA FX Limited - an unknown trading platform lacking regulatory information;

● Intercontinental Securities Limited - an offshore LLC literally not subject to any valid regulations in forex markets;

● StonewallFX - a merely SVG FSA-registered limited company basically under no oversight;

● Innovative IT Traders - a UK company falsely claiming to be regulated by the NFA;

● bnbfastmining AUS Capital Pty Ltd - an untrustworthy trading platform using details of another legitimate firm to fool investors;

● ACTION SURE - a non-regulated brokerage presenting little information about its company details and listing among the blacklist of AMF;

● Swift Coin - an unscrupulous company mixing fake information with details of other genuine firms to appear legitimate and deceive investors;

● Status Code - a crypto-trading system not regulated by any governing body, providing zero details about its company and regulatory status;

● Allpips - an unregulated auto-trading system comes with significant risks such as loss of funds and identity theft;

● XMarket - a purportedly HK-based broker added to the AMF warning list;

● EIE Trading Market - an untrustworthy broker in the US without oversight by NFA, carrying a CNMV warning for illegal operations.

Other Asked Brokers

In addition to the above-mentioned scam brokers, we've received inquiries about these brokers, including Unicoin Markets, TNFX, XB Markets, CTRL Investments, and CDG Global. 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 CDG Global. Although it is authorized and regulated by the Labuan Financial Services Authority (Labuan FSA), this broker carries a warning issued by the Securities Commission of Malaysia (SC) for carrying on unlicensed capital market activities of dealing in securities. Investors are suggested to beware of the risks involved and exercise caution when dealing with CDG Global.

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 system allowed, funding methods, transaction fees, and minimum deposits.

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.