Dec 18-22, 2023 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 18 December, 2023 to 22 December, 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

● TradeTech Solutions - an offshore company involved in forex trading brokerage activities, operating outside of the regulatory framework enforced by the SVG FSA;

● ZH1 Capital - a merely SVG FSA-registered LLC whose offerings are not licensed in St. Vincent and the Grenadines;

● tranquiltradefx - an unlicensed trading platform that has been added to the FCA's warning list;

● AES - a fraudulent trading platform that has been red-flagged by the Belgian FSMA;

● FFC MARKET - an unauthorized firm that has been red-flagged by the FCA;

● Tide Technologies Group - an unregulated investment website that has received warnings from two financial authorities;

● Bitrade Market - an unregulated entity concealing information about its operator, having been flagged by the BCSC;

● XTBCO - a case of identity theft where it has been misusing information of a licensed counterpart to appear legitimate, and its website has been ordered to be blacked out by the CONSOB;

● MT GESTION - an allegedly France-domiciled company red-flagged by French AMF;

● Option Trade Live Fx - an entity supposedly in the UK without the authorization from the FCA;

● ROBOFX24 - a bogus investment website that has been flagged by the FCA;

● UniversalTrade - an unsupervised trading platform having been added to the AMF's warning list;

● HYANB GLOBAL - a dishonest broker misusing another company's MSB registration to appear legitimate;

● FIRE PHOENIX - an illegal forex broker only possessing an MSB registration with the FinCEN;

● AezaTrade - a non-regulated trading platform not authorized to offer financial services;

● Mauli Capital Limited - an online forex trading platform operating in the absence of the necessary authorization;

● Bronte FX - a fraudulent entity misappropriating details of a New Zealand-registered company;

● Billionaire Trade Limited - an online financial service provider that gives fake regulatory information and has been warned by the CONSOB;

● DEGIROCFD - an investment website that has been ordered to be blacked out by the CONSOB for its unlicensed financial services in Italy;

● Crytomerge - an untrustworthy entity operating without proper authorization, on the AMF's warning list;

● InterActive - a shady broker using a licensed counterpart's details to appear legitimate;

● Realex Trading - an unscrupulous trading platform falsely claiming to be supervised by the FCA;

● marketsxp - an unethical Ltd falsely claiming to be licensed by the Belize FSC;

● MIDASFX - an unlicensed forex broker despite the claim of having registration with SVG FSA;

● SmartfxExperts - an emerging unregulated broker falsely claiming to be licensed by the SEC in the US;

● Ocean Trade - an illicit platform creating an additional 12 websites under different brand names to deceive investors;

● FxcCoin Ltd - a fraudulent trading platform using a series of fake certificate images to create the illusion of legitimacy;

● Interland Asset management - a supposedly Maltese company not registered with the MFSA;

● RAVENFX - a trading platform of high-risk not regulated in both the US and the UK; 

● Strifor - an unsupervised broker only registered with the SVG FSA;

● Powerwealth - an unlicensed entity flagged by Swiss FINMA;

● CorsairControl Investment - a fraudulent trading platform in the Belgian market identified by the FSMA.

There are telltale signs of investment scams, including promises of unusually high returns, or websites full of glowing testimonials from alleged customers and unknown awards, yet lacking crucial regulatory information. Fraudsters employ a series of sophisticated tactics to defraud victims gradually, so one should not be greedy or blindly believe that they can outsmart these con artists. people engaging with unlicensed trading platforms is risky as they are not protected by rules and regulations. If the platform were to shut down or disappear, victims would have little legal recourse to recover their funds. Moreover, the personal information provided may also be exploited by scammers.

Some fraudulent trading platforms may provide incorrect contact details, such as postal addresses, telephone numbers, and email addresses, which may change over time. They may also offer details that belong to another business or individual, making the information appear genuine. Therefore, regardless of how authentic these details seem, due diligence is crucial. If you’re unsure how to verify a broker’s licenses, 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 those scam brokers, we've received inquiries about these brokers, including Klips, XSMarkets, and OnEquity. Although these brokers are providing financial services or products in accordance with relevant regulations, 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.

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 regional restrictions, transaction fees, and funding methods.

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.