Sep 9-13, 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 9 September 2024 to 13 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

● METRO WEALTH INVESTMENT COMPANY - an unauthorized firm flagged by the FCA;

● AlmondFX - an unlicensed broker allegedly in the UK;

● SOLARAIRSFX - an unreliable trading platform using fake profits to lure investors; Warned by the FCA;

● soleideas.net - a suspicious investment site on the FCA's warning list;

● EEL Financial Services Ltd - an offshore-registered forex broker, not supervised by any regulator;

● Finanzen300 - a case of identity theft flagged by the NZ FMA;

● TP Global FX - a dubious forex broker whose key figures have been booked by the police;

● Wadplus fx - an online website not authorized to offer investment services;

● Fexsi - an unregulated online broker that investors should steer clear of;

● FORE XF - a dubious investment site flagged by the BaFin for the lack of authorization;

● INVEST FREEDOM - an unauthorized firm in the UK, flagged by the FCA;

● HXQNA - a non-supervised financial services provider marked by the BaFin as unauthorized;

● ExAI Trade - an imposter website red-flagged by the NZ FMA;

● SFM Global - a non-regulated offshore forex broker;

● Green Ultra - an unscrupulous company flagged by the OSC, misleading investors using fake regulatory information;

● Walfiner - a risky forex broker due to its unlicensed status;

● Multixban - an unethical entity flagged by the NZ FMA, a case of identity theft;

● Metastocs - an illicit online trading platform on the NZ FMA's warning list;

● Bost Technology - a dangerous FX broker not properly authorized;

● Global Gold and Currency Corporation - an alleged offshore entity not authorized to offer financial services;

● ENFOGEN LIMITED - an unverified trading platform coming with substantial risks;

● FX Cartage - a fraud scheme having defrauded money out of victims;

● Combat Capital Markets - a crook broker from which investors should stay away;

● The WhiteCrow Market - a newly registered investment website, not licensed to solicit investors;

● Monex EU Group - an unregistered trading platform warned by the Swiss FINMA;

● MondFX - an offshore forex broker operating in an unregulated environment;

● Grey CM - a brokerage firm not authorized to provide financial services;

● FourPro Market - a crook broker not licensed in the financial sector;

● Market ExpertHub - a shady brokerage firm flagged by the FCA;

● CRYPTO EVIDENCE - a potential scammer, flagged by the FCA;

● MarketsCo - an unlicensed broker operating by unknown operators;

● Magna FX - an unreliable trading platform that is not allowed to operate in the financial market.

Last week's Q&A from traders raised serious concerns about unregulated brokers, some of which claim to be located in certain jurisdictions but do not provide license details to prove their legitimacy. For example, FX Cartage, a broker allegedly based in the UAE, is not regulated by the UAE SCA, Dubai FSA, and the Central Bank of the UAE, posing a threat of fraud to traders. BrokersView has received reports of clients being scammed by this broker and strongly recommends performing due diligence before trading.

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.

Other Asked Brokers

In addition to the aforementioned scam brokers, we've received inquiries about these brokers, including XS, BlackBull Markets, Interactive Brokers, and Warren Bowie & Smith. 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.

BrokersView would like to draw your special attention to Warren Bowie & Smith, which claims to be licensed by the Mauritius Financial Services Commission. It is important to note that offshore supervision provides minimal protection. In addition, the platform has been the subject of numerous client complaints about its improper and even fraudulent practices. BrokersView always underscores the importance of trading with brokers regulated by top-tier financial regulators.

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 account details, TradingView connection, and account opening process.

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.