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 5 June, 2023 to 9 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

● Advancia - a trading platform claiming to operate in Switzerland but warned by the Swiss FINMA for being unauthorized;

● 24htrading - an unlicensed broker whose website is down;

● Safetrade - an illegal brokerage offering investment services in the absence of authorization;

● Gridingrows FX Signal - a scam broker claiming to be located in the US but not an NFA member, and warned by the FCA;

● etrading account - a fake platform purporting to be registered with the SVG FSA but no matching entries can be found in the SVG FSA registry;

● eForex Markets - a dishonest financial company falsely claiming to be regulated by BVI FSC;

● APOLO Trading - an offshore entity remains unsupervised by the SVG FSA;

● expresstrade.org - a New Zealand-based company not authorized by the NZ FMA;

● Bitnexltd - a supposedly UK entity literally not regulated by the FCA;

● Fx Plannet - a non-regulated platform having offices in Singapore and the UK, offering investment services in the absence of proper authorization, and carrying a warning by the FCA;

● 24fxtrades - an unsupervised firm not regulated by relevant financial watchdogs;

● Kingston Trading - an untrustworthy market participant not subject to any regulator's oversight;

● Smart Contract - an unscrupulous platform lying about its regulatory status, whose website is currently down;

● target Growth Investment - a deceitful platform using a confusing and contradictory statement on its regulatory status to fool investors;

● LUXE CAPITAL - a non-regulated firm warned by the FCA;

● PRIVE FINANCE - an unregulated broker carrying a warning issued by the FCA;

● Legends FX Markets - an LLC falsely claiming to be registered with the SVG FSA;

● Erzinex - an offshore LLC being added to the FSMA warning list as a fraudulent platform;

● SRFx Trades - a fake trading platform providing investment services or products in the absence of proper authorization and outside the regulatory framework;

● ETHBTC - an unreliable Limited falsely claiming to be overseen by the NFA.

Other Asked Brokers

In addition to the above-mentioned scam brokers, we've received inquiries about these brokers, including Techfin Markets Limited, TradeEU.com, and ST Global Markets. 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 ST Global Markets. ST Global Markets is registered with the Financial Services Commission of Mauritius (Mauritius FSC), an authority not providing authentication details, such as phone numbers and email addresses, and domains of the registered entity for investors to verify. This leaves a chance for some shady brokers to exploit the details of the real company to appear real and legitimate, in an attempt to deceive unsuspecting investors. Consequently, there is no guarantee that the Mauritius FSC-registered firm is the one that ST Global Markets claims it belongs to. Investors must beware of the risks involved and exercise extreme caution when dealing with ST Global 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 trading commissions, restricted regions, and account details.

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.