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 29 May, 2023 to 2 June, 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

● Fx Gblobal Td - a dishonest broker falsely claiming to be muti-regulated and instead warned by the FCA;

● RubyFinance - a non-regulated brokerage firm lacking regulatory information and licensing data;

● Mishov Forex - an offshore LLC whose provision of financial services or products is not supervised by the SVG FSA;

● FOXITRADE - a Marshall islands registered Ltd. remains unsupervised by relevant financial regulators;

● WHIZ FX - an offshore limited company operating beyond the framework of financial regulators;

● Agartha Asset Management - an untrustworthy trading platform operating in the absence of proper authorization, whose links on the homepage are not functioning;

● VT Index - an unlicensed broker purporting to be registered in St. Vincent and the Grenadines but there are no records of its existence in the SVG FSA;

● Bull Capital Trading Inc Ltd - a fake trading platform unable to display their accreditation and licenses;

● ROIFX - a UK-headquartered company falsely claiming to be licensed for providing financial services;

● Apoliex - an offshore market participant operating in the absence of proper authorization and oversight;

● GROWFUNDSFX - an unscrupulous brokerage lying about its regulatory status and warned by the FCA;

● Tower Bridge - a deceitful trading platform lacking accreditation and licenses;

● Finoptec - an unregulated company falsely claiming to be registered with the SVG FSA;

● Clair Capital - a fake platform without regulatory oversight posing huge risks to investors' funds and personal information;

● swiftglobaltrade - a fraudulent market participant in the futures and derivatives markets in the US but not an NFA member;

● LODEN SERVICESS - a UK-based company operating outside the legal frameworks and warned by the CNMV;

● Digital Finance Global Investment Limited - an unsafe forex broker claiming to be legally registered in Switzerland but no records can prove its legitimacy;

● Ark Code - an unsupervised trading platform claiming to be a crypto trading app, providing zero regulatory information and little company details for users to contact;

● Click Money System - an illegal trading platform not subject to any regulations.

Other Asked Brokers

In addition to the above-mentioned scam brokers, we've received inquiries about these brokers, including Trade Markets, InvestMarkets, Capitalix, APM Capital, and FxPro. Although they are providing financial services or products within regulatory frameworks, they just have a relatively lower risk than those unlicensed ones. At the same time, we want to draw your attention to FxPro. FxPro is a trending broker chosen by investors and a lot of users have come to inquire about matters related to this broker. While it is regulated by several recognized financial regulators, the Securities Commission Malaysia (SC) has issued a warning against FxPro for carrying on unregulated activities. As such, investors are encouraged to reconsider its reliability and exercise extreme caution before engaging with FxPro.

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 withdrawal fees, company information, leverages available, account details, and trading tools.

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.