Liquid Brokers claims to operate in Australia as a Corporate Authorised Representative (CAR) of Pulse Markets Pty Ltd, which holds an Australian Financial Services License (AFSL). While ASIC records confirm the existence of both Pulse Markets Pty Ltd and its CAR, Liquid Markets Pty Ltd, Pulse Markets’ license is strictly limited to serving wholesale clients only, it is not authorized to provide services to retail investors. Since Liquid Brokers openly offers trading accounts to individual (retail) clients, it is operating outside the scope of its principal’s authorization, making its retail activities unlicensed under Australian law. Additionally, ASIC does not disclose AR-linked websites or trading names, so we cannot verify that the Liquid Brokers platform is genuinely affiliated with the registered entity. Given these material regulatory breaches and lack of verifiable oversight, we assess Liquid Brokers as a scam broker.