Jun 3-7, 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 3 June 2024 to 7 June 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

● The Revenue Center Pro - an unverified online broker due to the lack of transparency;

● Reltex Group - an unlicensed broker warned by the OSC;

● ActivFX - a suspicious brokerage firm flagged by BaFin;

● TradingProFinancial - an unauthorized financial website warned by BaFin;

● RobinTrov - an allegedly Swiss entity on the warning list of the FINMA for the lack of authorization;

● CRIB FX OPTIONS - a supposedly US company not subject to the NFA's oversight; Red-flagged by the FCA;

● 365MARKETOPTIONS - a bogus trading platform carrying a warning from the FCA;

● 365 ACORNTRADES - a dishonest firm flagged as unauthorized by the FCA;

● Olacco - a broker that claims to be based in Switzerland yet is absent from the FINMA's register;

● Everest Trust - a Swiss entity whose address is suspicious; Flagged by the FINMA;

● NETOPTIONTRADE - a trading platform in the absence of the required authorization;

● ALGORITHM DEFI - an untrustworthy broker neglecting essential regulations; Warned by the FCA;

● Cosmo Traders - an unauthorized brokerage firm detected by the CNMV;

● PrimeLtd Inc. - a crook financial provider providing false regulatory information;

● 24 CFDCAP - an unknown firm on the CNMV's warning list for the absence of the required authorization;

● FXTradePro - a shady broker providing misleading registration information;

● Winstone Investment Group - an unregulated broker flagged by the BCSC;

● FNX Network - a dubious entity on the BaFin's warning list;

● ScroMarket - a non-supervised online brokerage services provider;

● ICFM - an illicit broker operating from the UK;

● ALIFEXTRADE - a British company not subject to the FCA's regulation;

● IGinvest - an unlawful brokerage firm in the forex market, flagged by the BCSC;

● ZDQ Capital - a shady broker misusing information from legitimate companies to appear genuine;

● Smart Invest 24 - an unreliable broker warned by BaFin;

● Flextrader - an offshore entity flagged by BaFin for the lack of authorization;

● iTrustExpertfX - an unlawful broker falsely claiming to be globally regulated;

● External Coins - a clone of an FCA-authorized firm;

● Fx Trade Pro - an investment services provider operating in the absence of regulatory oversight;

● Gmgfxltd.com - a fake forex brand flagged by the FCA as a clone;

● JK Analytics - an unlicensed forex brand not authorized to solicit investors;

● OTC 500 -an untrustworthy broker operating outside of the regulatory frameworks;

● Swiss KMS - a non-regulated broker not authorized by regulators in its target markets; Warned by the CNMV;

● Propine Invest - a newly registered investment website falsely claiming to be regulated in the UK.

Other Asked Brokers

In addition to the aforementioned scam brokers, we've received inquiries about these brokers, including B Investor、Virtual Wealth Exchange, and M4Markets. 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.

We would like to draw your special attention to Virtual Wealth Exchange, a broker that has recently been warned by the UK Financial Conduct Authority (FCA). This entity is regulated by the Mauritius Financial Services Commission (Mauritius FSC), whose license does not disclose the domain name of the licensee and is therefore subject to further verification, and this offshore license itself has low supervisory effectiveness. Please also note that M4Markets has been warned by the Securities Commission Malaysia (SC) and BrokersView recommends caution.

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 negative balance protections.

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.