Ranking List of Complaints Satisfaction in May Newly Released

While selecting a trading platform, investors tend to focus on factors such as spreads and swap rates but may not give enough consideration to the broker's service attitude, another crucial aspect. Therefore, we monthly update the list of brokers to provide valuable insight into how they value their clients' opinions and the overall level of customer service they provide.

This month's most common complaints we received from investors contained withdrawal scams, fake investment packages, and unreasonable account-blocking. To assist investors, BrokersView publishes the list of brokers involved for reference purposes.

List of specific brokers and their complaints satisfaction:

Brokers                              Complaints Satisfaction

NCE                                                 100%

Avatrade                                         100%

Exness                                             100%

WeTrade                                         100%

Anzo Capital                                   100%

IC Markets                                      100%

Pepperstone                                   100%

EBC Financial Group                    100%

Titan FX                                             18%

HF Markets (DIFC) Ltd                   13%

OmegaPro                                        0%

Fxglory                                              0%

AE Global Link                                 0%

Wintersnow                                     0%

GMG                                                 0%

Trade Bitcoin                                   0%

We would like to draw your attention to three brokers: Fxglory, Titan FX, and HF Markets (DIFC) Ltd. Fxglory is only registered with the Financial Services Authority of St. Vincent and the Grenadines (SVG FSA). We always emphasize that brokers registered with the SVG FSA do not operate under proper supervision or regulation in the forex and derivatives markets because the SVG FSA has explicitly announced that it neither issues forex licenses nor regulates entities involved in such activities. Consequently, we frequently receive complaints about dubious practices from brokers registered with the SVG FSA. Investors are strongly advised against dealing with brokers merely registered with the SVG FSA. 

Turning to Titan FX, it is a brokerage firm regulated by the Financial Service Commission of the Republic of Vanuatu (VFSC). However, the VFSC lacks a verification mechanism that would allow investors to authenticate the registered entity's information or associated domains, thus allowing unscrupulous brokers to exploit the details of authorized entities in order to appear legitimate and deceive unsuspecting investors. As such, investors must exercise extreme caution and carefully evaluate the risks involved before trading with a VFSC-regulated broker. 

Moving on to HF Markets (DIFC) Ltd, it is under the regulation of the Dubai Financial Services Authority (DFSA). However, it is important to highlight that Bank Negara Malaysia (BNM) has added this broker to the Financial Consumer Alert List for operating without their authorization. When making an investment decision, it is crucial to consider not only the licensing data but also warnings issued by recognized financial regulators. While a licensed broker does operate under certain oversight, it just carries a relatively lower risk than a non-regulated one. If a regulated broker receives a warning from a financial regulator, investors must stay vigilant and reconsider the reliability of the trading platform. 

In addition, Trade Bitcoin, GMG, Wintersnow, AE Global Link, and OmegaPro are scam brokers that have no authorization or regulation. We strongly advise investors to avoid these platforms.

BrokersView wants to highlight the importance of staying informed about broker-related complaints which, along with regulatory information, can serve as helpful indicators when it comes to selecting a broker. Taking complaints into account helps reduce risks. In case of any suspected violations, investors can file a complaint through BrokersView. Acting as a third party to protect your rights at no cost, we will assist you in communicating with the broker or help you send emails to the regulator.

Submit a complaint via this link to BrokersView: https://www.brokersview.com/complaint