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 15 May, 2023 to 19 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

● CapMar - a non-regulated broker misrepresenting itself to deceive investors, carrying a warning by the SCB;

● Pip Signal - a purportedly US-based trading platform lacking information about its regulatory status;

● Fin Art Media - an offshore limited literally subject to no regulations;

● ProfitiX - a dishonest firm misrepresenting itself to fool investors;

● UK Buy Sell - an unscrupulous broker lying about its regulatory data and warned by the FCA;

● CIBfx - an offshore trading platform carrying an FCA warning;

● StocksExclusive - an unreliable entity failing to provide regulatory information and licensing data;

● POWER 2 FX - a deceitful brokerage carrying a warning by the FCA;

● MEGA CRYPTO EXCHANGE - an-FCA warned broker whose website is currently down;

● Bnbtgroup - an unsupervised platform lacking essential information including company details and regulatory data;

● TrendFX PNS - an untrustworthy firm falsely using a CH certificate as a financial license to fool investors and warned by the FCA;

● Apex Signals - a UK company not licensed by any regulatory body to offer services or products in the forex and derivatives markets;

● Quantum Accruefx - an illegal brokerage firm giving a flawed statement about its regulatory status and carrying an FCA-warning;

● FOREXPRUDENT - a non-supervised platform warned by the FCA for illegal operation;

● ESPTrader - a tricky broker displaying nothing about its company details and regulatory status, putting traders at risk;

● Coiken - an offshore LLC under no valid regulations to provide investment services;

● CMV Capital - an unreliable LTD using a false registration certificate from the SVG FSA to trick innocent investors;

● XTB Empire - A UK-based firm not regulated by the FCA and warned by the CONSOB for illegally providing financial services or products;

● FisherForex - a fraudster displaying logos of various regulatory bodies to create a false impression of being regulated;

● TEAMTRUSTFX - an unlicensed broker operating in the absence of appropriate authorization and warned by the FCA;

● Headway - a trading platform whose investment services or products are not regulated.

Other Asked Brokers

In addition to the above-mentioned scam brokers, we've received inquiries about these brokers, including Goldenburg Group Limited, IronFX, FxPro, SmartFX, and Juno Markets. 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 IronFX, FxPro, SmartFX, and Juno Markets. While IronFX and FXPro are subject to certain regulations, they have received regulatory warnings for illegally soliciting investors in some countries, which is not good for a broker's reputation. Regarding SmartFX and Juno Markets, both of them are regulated by the Vanuatu Financial Services Commission (VFSC), an agency not providing authentication details and domains of the registered entity for investors to verify. Therefore, there is a possibility that some unscrupulous brokers would exploit details of genuine firms to appear legitimate. In conclusion, Investors are suggested to beware of the risks involved and exercise caution when dealing with IronFX, FxPro, SmartFX, and Juno Markets.

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 details, payment details, tool issues, and commission problems.

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.