Sep 2-6, 2024 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 2 September 2024 to 6 September 2024 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

● Tradesmart - an offshore forex broker not licensed to solicit investors;
● GenesisPlusAI - a supposed Swiss firm warned by the FINMA;
● BFM Group - an unknown online investment website flagged by the BaFin;
● WealthFX - an untrustworthy broker providing financial services without licenses;
● FOREXMAVERICK - a fake broker flagged by the FCA;
● HPK Trade - an unregistered brokerage firm allegedly in Dubai;
● FX Cartage - an unregulated broker presenting substantial risks;
● Coinoverse - an offshore company that is not licensed in the forex market;
● Paperorcoin - an unlicensed broker supposedly in Anguilla;
● Neuron Markets - a suspicious financial website lacking the required authorization;
● Monstrade - a dubious investment site not authorized to induce investors;
● Cryptograph Limited - an overseas fx broker not properly registered;
● Blue Martin Ltd - a non-regulated broker, an untrustworthy trading platform;
● Altex Group - an unreliable broker whose mere registration has been canceled;
● AFC Live LTD - an unauthorized broker solely claiming to be registered with the IRI;
● CBHandLife - a dishonest broker misleading investors with fake regulatory information; Flagged by the Swiss FINMA;
● Alpha Coin Pro - a fake broker warned by the BCSC;
● FX INVESTMENT CAPITAL GROW - a scam broker on the FCA's warning list;
● Trade Room 24 - a dangerous trading platform carrying a warning from the FINMA;
● Finkea - a fraudulent trading platform blacklisted by the Belgian FSMA;
● FX Tampa - an illicit brokerage firm warned by the FSMA;
● Bit4EU - an unsafe broker without licenses for its business;
● Oxtrades - an offshore brokerage firm flagged by the FSMA as fraudulent;
● Profit Gainer - a fraudulent financial website on the FSMA's warning list;
● Profitmarkets - a risky investment site that is marked by the FSMA as fraudulent;
● Coineuro Capital - a fake online platform warned by the BaFin;
● Trading Wave - a non-regulated broker having received a warning from the FSMA;
● Trilophun Incoporations - a quite new investment website, flagged by the FSMA as a scam;
● Wavestrader - an unsupervised online trading platform carrying an FSMA warning;
● UltraTrend - a supposedly offshore entity, not licensed to operate as a broker;
● BILUXFITEX - an illegitimate broker using fake profits to allure investors; Warned by the FCA;
● Pipspool - a non-supervised forex broker posing substantial risks.

Other Asked Brokers

In addition to the aforementioned scam brokers, we've received inquiries about these brokers, including Fortrade and FXOpen.  Although these brokers are providing financial services or products within regulatory frameworks, they just have a relatively lower risk than those unlicensed ones. To safeguard your interests at best, it is critical to bear in mind that licenses and oversight cannot completely eliminate investment risks and the possibility of violations.

Also, keep an eye on Vantage FX.

Vantage FX is a multi-regulated broker, but also be warned by several financial watchdogs such as CNMV in Spain, CONSOB in Italy, and SFC in Hongkong. You'd better check the portal of your local financial regulator and make sure your choice is full supervised in your region.

If you’re unsure whether a license is valid or if the issuing authority has legal oversight, don’t hesitate to visit our website. We currently have over 5,000 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 - "whether a broker is licensed/safe or not," we have noticed that our users are particularly interested in broker reviews and deposit bonus withdrawal conditions.

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.