The financial regulatory authority in the Bundesrepublik (BaFin) blacklisted Wise Banc, operated by Orion Service EOOD, which according to the official statement is targeting German customers without proper authorization.
Wise Banc is a forex and CFD broker, offering a variety of crypto CFDs, which is based offshore and is not regulated by any official financial regulator,
BaFin warns potential investors to regard any promises of too- good- to- be true returns with extra caution, because too often such offers are simply scams.
Olympus Markets says to be owned and operated by Next Trade Ltd., a company registered offshore, in Vanuatu. Vanuatu is a small country in the middle of the Pacific Ocean. Although forex brokers in this offshore area are formally licensed, they are still not entitled to provide their services on properly regulated financial markets such as the EU, USA, Australia, etc.
Most brokers are a scam, even if they donât âstealâ from you. Just pull a chart of oanda eur/usd on the uk election result. You ll see a 1 minute bar upthrust without wick to the downside. Now pick broker of choice and check if thereâs a wick down. The bigger the wick, the bigger the scam youâre facing. VantageFx had a 26 pip wick⌠total scam.
etoro does it show to be one of the worst platforms iâve never seen without positive comment ⌠nevertheless it is regulated in fca ⌠how can i trust those who are ragulated in fca then?
Doesn´t matter if licensed by FCA or Cysec, the vast majority of them will deceive you one way or another. If not processing withdrawal requests, or executing your trades without mandate.
Pay special attention to those claiming to be 100% STP or ECN, they are not, the will deal you and stop you out.
One to avoid now, a CYSEC regulated that is about to go bust, Traders-trust ltd. Formerly tradingforex.*com, every two or 3 years they close down shop and reopen under another name, using the same license. If you are using that one, move your money now (while you can).
AVA FX is also having some liquidity issues.
2019 was a bad year for the industry, expect some more to go down in the European industry
It actually does matter. The broker quality is a mirror from its regulator. ASIC is one of the strictest regulator in the world hence the mentality and standard of the broker would be quite different from those other dodgy regulators. If they try to mess with their customers, the company can be shut down by the regulator. AND not just that, for more information read this: https://asic.gov.au/about-asic/news-centre/speeches/redefining-conduct-in-fx-markets/
I believe FCA is similar to ASIC as itâs from the UK, but iâm not quite sure. However, since I live in Australia I know how strict ASIC is.
Pretty much I would avoid all brokers from different regulators except ASIC and FCA.
You should be also aware of HowToPay and MacroPay. MacroPay and HowToPay are connected by a mutual contract, with HowToPay being a service provider of Macropayâs. It is enough for someone to search them for their executives on LinkedIn and their company profiles on social networks, so to raise you a scam alert flag.
Sorry about your experience. These people give a bad name to the prop funding space as a whole.
I escaped them but I tried a similar one like them that offers a demo account to test you on first before finding Blufx. Blufx is much better by far. They gibe you access to a real account immediately you sign up so you can start trading and making your money. I have been with them for about 8 months + and I havenât regretted the decision.
Unregulated âForexâ brokerage Luxstar Group has been blacklisted by the The Commission de Surveillance du Secteur Financier (CSSF). The countryâs main financial regulatory suspects them being involved in scam operations.The brokerage Luxstar Group claims to be a CFD broker and further purports to be regulated by the authorities in Luxembourg. However, the information the âbrokerâ provides about itself is false, including its supposed Luxembourg address.