Mar 18-22, 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 18 March, 2024 to 22 March, 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

• PARKFINCORP - a suspicious impersonate website that has been flagged by the CNMV;
• Sigma Brokers (sigmabrokers.pro) - a clone firm flagged by the FCA;
• GlobalFxp - an unlicensed trading platform that has been warned by the BCSC;
• FXBV - a fake financial website whose domain is currently up for sale;
• Forex Optimum - an alleged offshore entity whose website only features a "Contact Us" web form;
• HexMarkets - an offshore brokerage firm solely registered with the SVG FSA;
• SEVEN STAR FX - an unregulated forex trading broker in the absence of the required authorization;
• Ultimate Mining Expert Trade - a fraudulent trading platform using a website template commonly linked to to fraud schemes;
• Isports Trader - an unlicensed sports CFDs trading platform outside of the regulatory framework;
• Appex Finance - a fraudulent brokerage firm flagged by the FSMA;
• CFX Fund - a non-regulated online investment platform flagged by the FSMA as a fraudulent platform in the Belgian market;
• Fxsadmiral.com (admiralfx.com) - a clone firm flagged by the FCA;
• BTTGMM Limited - a scam platform that uses a website template commonly linked to fraudulent activities; Warned by the FCA;
• 24XPLOITTRADE - an unethical platform falsely claiming to be regulated by multiple regulators; 
• MULTIFXINCOME - a crook online financial service provider purporting to be regulated by the FCA;
• Aden Markets - a swindler not authorized to offer financial service in forex trading;
• JSS Investments - a suspicious online platform flagged by the FSMA;
• CryptoGlobalx - an unknown platform flagged by the BaFin as unauthorized entity;
• INVESTIPRO - an FCA-flagged unauthorized firm in the UK's financial market;
• FOREX - an unverified platform devoid of regulatory oversight;
• Majormarkettrade - an allegedly US-based company, not a member of the NFA;
• Arrow Assets - an untrustworthy broker that has been warned by the FCA;
• FXDEAL ONLINE - a non-supervised online financial service provider warned by the FCA;
• ULTRA BOOSTER TRADING - a shady company using fake regulatory information to dupe investors; Red-flagged by the FCA;
• JP PRO - an SVG-FSA registered brokerage firm whose offerings are literally not licensed;
• Price Prime Fx - an unreliable online brokerage firm warned by the FCA;
• Lennoxtraders - a part of group scammers who use the identical web templates, flagged by the FCA;
• RONTOXM - an unsupervised trading platform on the warning list of the CNMV;
• FazoFX Liquidity - an offshore forex brokerage firm whose offerings are not licensed;
• Xmdeficotd.net - a shady broker intentionally choosing a brand name and a logo identical to those of a legitimate broker; Warned by the FCA;
• QuantumTrade - a fake trading platform misappropriating details of an authentic company to appear legitimate; Warned by the BCSC;
• Chronovalor - a clone firm flagged by the FCA;
• Trademay - an unverified online platform on the FSMA's warning list as a fraudulent one.

Therefore, we strongly advise conducting thorough research when selecting a trading platform. Choose brokers that are under stringent supervision by governmental financial bodies to ensure your investments are secure. 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 Wealth World Markets, ECG Brokers, and Aeron. 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 Islamic accounts, reputation, and available protective measures.

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.