Dec 25-29, 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 25 December, 2023 to 29 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

● MakroFX - an unsafe trading platform that falsely claims to be associated with a regulated forex broker;

● 247Tradelifestyle - a supposed US company not licensed to offer financial services;

● Ultimate Global Exhange - an unregulated firm ridiculously stating that MFSA is in the US;

● ArgoFX - an untrustworthy forex broker presenting vague statements about its operators, offering financial services in the absence of authorization;

● Wizifx - an unlicensed forex brokerage firm using fake registration information to deceive investors;

● ElastosTrade - an unreliable investment website running without the required authorization;

● CripMarkets - a blockchain investment company allegedly domiciled in the UK yet not authorized by the FCA;

● TangoTrading - an unsupervised international company claiming to be based in St. Vincent and the Grenadines;

● TRADE INSTANTFX - a non-regulated firm not regulated in the UK and the US;

● TopMax - a shady broker that is not supervised by the IIROC, despite the claiming of being in Canada;

● pipstrading - a non-NFA member in the US, whose website is currently experiencing maintenance issues;

● CEREMOS - a deceitful investment brand uses a website template that is often employed by scammers, red-flagged by the FCA as an unauthorized firm;

● NEXOTRADES - an unethical entity falsely claiming to be associated with a CySEC-licensed company;

● Expeditebricsfx - a fraudulent investment platform red-flagged by the FCA as an unauthorized entity in the UK;

● Binomo Fx Trading - a suspicious brokerage firm misappropriating details of other legitimate companies, having eliciting a warning from the FCA;

● Ambow Markets - a dubious broker that only has MSB registration with the FINTRAC, lacking licenses from the IIROC and the FCA;

● LOXLEY FX - an illicit broker only possessing MSB registration, on the FCA's warning list as an unauthorized firm;

● Phoenix FX Trade - a phony investment website lacking licenses, having been warned by the FCA;

● ExtonGlobal - a website that has been identified as a fraudulent platform by the FSMA in the Belgian market;

● CBERRY WT - an unlawful financial service provider in forex market, on the FCA Warning List;

● Finquotes Financial - a recently established website that projects an image of legitimacy and being a seasoned brand, whose unauthorized financial operations have triggered a warning from CySEC;

● Elbitrader - a fraudulent trading platform operating in the Belgian market;

● AllOptions Int - an investment website that has been ordered to be blacked out by the CONSOB for illegal provision of financial services;

● WiseWealth - a clone of an FCA-authorized entity, leading to fraud and identity theft;

● Fx2 Funding - a suspicious broker falsely claiming to be a brilliant ASIC-licensed entity, flagged by the FCA;

● Crypto Mining Desk - an unregulated forex broker soliciting investors in the US and the UK without authorization from the NFA or the FCA;

● UFXONE - a potential scam broker in the absence of authorization, warned by the CySEC;

● SKYTRADESHOW - a bogus forex broker having no necessary licenses to be legitimate, flagged by the FCA;

● SXHJAS GLOBAL LIMITED - a questionable broker, whose NFA ID is for tracking purposes only;

● Money Wave - an unlicensed broker not having any necessary financial licenses;

● AlphaTradings - a limited company whose mere IRI registration was annulled, operating in the absence of any necessary financial licenses;

● TRADERSPAYOUT - an illegal investment site guaranteeing unreasonable high profits, flagged by the FCA;

● BULLSTASHES - an unauthorized firm illegally providing financial services in the UK;

● Swe CSM - a case of identity theft, according to the CSSF.

LOXLEY FX and Ambow Markets are examples of unlicensed brokers that merely possess MSB (Money Services Business) registration.

Forex brokers often announce their ownership of an MSB license issued by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) or the U.S. Financial Crimes Enforcement Network (FINCEN). It’s important to understand that both FINTRAC and FINCEN are national financial intelligence units. Their primary aim is to protect their respective financial systems from illicit activities such as money laundering and terrorist financing, not to license or oversee the forex market.

Both FINCEN and FINTRAC have explicitly stated that MSB registration does not imply their endorsement or licensing of the business. Therefore, MSB registration should not be mistaken for authorization from a financial regulator. If you come across a forex broker or trading platform that only has MSB registration, it’s advisable to avoid it. Regardless of how secure the broker claims the MSB registration to be, these claims are not reliable. Many victims have unfortunately discovered that platforms with only MSB registration lack credibility and may result in financial loss.

At BrokersView, we consistently emphasize the importance of verifying a forex broker’s licenses. 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 those scam brokers, we've received inquiries about these brokers, including ATM Capital and Moonance. 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 withdrawal processing time and asset types.

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.