category: Unregulated Brokers

Is Videforex Scam or Legit Broker?

Videforex is not a secure Forex broker since it does not hold a license from any worldwide serious Forex authority. Meaning the broker is suspected of being a fraud company since it was not checked for its compliance before establishment, was never monitored in terms of its safety, and simply may operate the business in any way it wishes.

• It is not safe to trade with Videforex, as it is an offshore company. Videforex as the Company is operated by INVOLVA CORP - Nr. 104693, Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands. The Marshall Islands is notorious for its practically absent requirements and regulations. Due to the setup cost being low and it does not regulate forex trading. Therefore, it became an offshore zone for shady forex brokers such as CobraCFD, GoldenSkyCapital, and more. 

What is Videforex?

Videforex offers Forex, CFD, and Options trading with more than 100 assets available for trading. The broker guarantees the clients can trade from any device, any time, with the highest level of security, a wide range of funding and withdrawal methods, and 100% secured trading with data protection. However, it seems like the broker is missing the most important, the regulation.

• However, Videforex doesn’t hold any license from a trustworthy and reputable authority. The broker does not provide any trading conditions/details as well as its address. All regulated brokers keep this information transparent for their clients. The lack of these details can indicate that the company is up to something bad. 

Videforex in India

Videforex accepts traders from India. However, Videforex has no mention of complying with any Indian regulators on its website. The broker is not regulated by any regulatory body in India, that’s why money safety may be the issue here.

Videforex in the USA

Videforex nor its agents or partners are not registered and do not provide any services on the USA territory. As per U.S law, brokers regulated by CFTC are the only brokers allowed for USA traders. So, except for Videforex, you are only permitted to trade with the U.S-regulated platforms. 

VideForex Deposit & Withdrawal

The minimum deposit is $250. You can fund your account by credit cards (VISA/MasterCard), Bank wire transfer, Bitcoin, Ethereum, Litecoin, Altcoins, Neteller, Skrill, or Perfect Money. The funds will be available for trading immediately, after confirmation from the payment system.

The minimal amount allowed for withdrawal is $50. Videforex processes all withdrawal requests within 1 hour.

• For security reasons, identification of the person is required for all withdrawals, regardless of the withdrawal amount. For accounts without bonus: trader has to reach a 100% turnover from deposited amount, to claim for withdrawal. For account with bonus: trader has to reach 300% turnover from deposited amount, to claim for deposited amount and profit withdrawal.  

Apps

Videforex CFD and Options offers Android and iPhone based trading platform. It allows to stay connected with the global market and never miss a trading opportunity. The application allows regular CFD and Options trading and direct deposit and withdrawal via APP. It allows for instant execution of trades, shows live charts of every option available on the platform, and enables traders to view their entire trade history. Application is free to download.

Demo Account

To receive demo account access you need to fund your trading account and contact customer support to get demo account credentials. Demo account is a great opportunity to practice strategies and become familiar with the platform with their demo account option.

VideForex Review Conclusion

Overall, there are many questions in regards to the trust of the Videforex company services and the manner they do operate the online trading itself. We strongly advise opening a trading account only with the brokers that are regulated by the respected world authorities and comply with the required set of rules and a good reputation through the delivered timeframe of operations. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as AvaTrade and Admiral Markets.

Videforex Update

Based on our findings, Videforex website is inactive. This means the broker has muted its trading offering and does not operate. However, we recommend avoiding and staying alert in case any proposals. 

Is MetaFinanceTrade Scam or Legit Broker?

MetaFinanceTrade is not a secure Forex broker since it does not hold a license from any worldwide serious Forex authority (See our reviews on Top Regulated Forex Brokers). The broker is suspected of being a fraud company since it was not checked for compliance before establishment, never monitored in terms of its safety, and simply may operate the business in any way it wishes.

What is MetaFinanceTrade?

MetaFinanceTrade offers to trade up to 80 major, minor, and exotic currency pairs with competitive spreads and 0 commission. You can trade as little as 1 share on all share CFDs with no commission. They offer more than 300 popular stocks from the US and the EU. The company also offers a web-based platform with easily customizable watchlists, trading charts, and its own MetaFinanceTrade Trade Assistant.

•  MetaFinanceTrade Ltd claims to be a Luxembourg Investment Firm registered with the Commission de Surveillance du Secteur Financier and under CIF authorization number 357/18. The Company's registered office is at 51 Boulevard Grande-Duchesse Charlotte, 1330 Luxembourg.
• The broker also claims to have offices in the US and Luxembourg. However, this broker is not mentioned in the online registers of the Commission de Surveillance du Secteur Financier (CSSF) and the Cyprus Securities and Exchange Commission (CySEC). The broker is not regulated and has been misleading its clients with false regulatory information.
• In simple words, MetaFinanceTrade is a perfect example of a clone firm. Clone firms use some or all of the details of a genuine entity, aiming to convince investors they are indeed the authorized company or that they work with them. Fraudsters usually use this tactic when contacting people out of the blue, so you should be especially wary if you have been cold-called. They may use the name of the genuine firm, the ‘firm reference number’ (FRN) we have given the authorized firm or other details. Such companies should be avoided at all costs.

• Moreover, the Cyprus Securities and Exchange Commission has included MetaFinanceTrade in its warning list:

  “The Cyprus Securities and Exchange Commission (‘CySEC’) wishes to inform investors that the following websites do not belong to an entity which has been granted an authorization for the provision of investment services and/or the performance of investment activities.”

• The pages and official sources of the international regulators' list alert are shared with the authority directly or by other countries' supervisory bodies or transmitted centrally. Those tools and general purpose of the regulatory bodies operate in order to enable stability of the market offerings, protect clients from potential and numerous frauds, enable reliability rules to financial service entities and more. As MetaFinanceTrade got no license to operate within the EU and other regulated jurisdictions, the broker was blacklisted and alerted by numerous EU authorities.

MetaFinanceTrade in India

MetaFinanceTrade allows Indian traders to open accounts and trade. However, MetaFinanceTrade has no mention of complying with any Indian regulators on its website. It is also worth mentioning that Forex trading is actually prohibited in India. The broker is not regulated by any regulatory body in India, that’s why money safety may be the issue here.

MetaFinanceTrade in the USA

The United States is one of the countries that is not accepted by MetaFinanceTrade. As per the U.S law, brokers regulated by CFTC are the only brokers allowed for the USA traders. So, except for MetaFinanceTrade, you are only permitted to trade with the U.S regulated platforms.

Deposits and Withdrawals

The minimum deposit for all methods of deposits in a trading account with MetaFinanceTrade is Euro 50.

• Deposits by Debit card or Credit card take approximately 3 business days, often less to process into your trading account. As much as MetaFinanceTrade shall ensure immediate action to process and clear deposits by bank wires, these may take approximately up to one 1 business day to receive and process into your trading account.
• MetaFinanceTrade has funding methods for multiple currencies. If you deposit funds in a currency other than the denomination of your trading account, they will automatically convert it to the denominated currency at an exchange rate applicable on the date and time of the transaction. MetaFinanceTrade does not charge any administrative fees for depositing funds.
• The minimum withdrawal amount is EUR 50.00 for all payment methods.

Apps

MetaFinanceTrade provides its traders with a Trade Assistant. It is a unique educational tool designed to help you place your trades. It has been developed with beginners in mind(Best Forex Trading Platforms for Beginners) but can be used by anyone who wants to understand core trading concepts - such as CFDs, leverage, margin, exposure - through short and easy-to-understand explanations, contextual examples, and built-in dynamic calculators.

MetaFinanceTrade Review Conclusion

We advise all investors and traders to avoid MetaFinanceTrade and other unregulated brokers. The lack of information about the broker’s regulation, trading conditions and contact details should be the biggest red flag for those who plan to invest with the entity. Usually, such companies run investment scams. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as Alpari and XM.

MetaFinanceTrade Update

Recently the MetaFinanceTrade website remains inactive, meaning the broker has muted its trading offering and does not propose account openings. However, we still advise the traders to be alert and careful, in case they receive trading proposals. 

Is Capital GMA Scam or Legit Broker?

No, it is not safe to trade with Capital GMA as it is not regulated. Capital GMA is owned and operated by Equalizer LTD. Registered address: 8009 Burgas City, Burgas Region; Burgas Municipality Transportna Str., No. 15, Floor 2, Apt. Office 1. Bulgaria. However, we didn't find this company in the register of the Bulgarian Financial Supervision Commission.

What is Capital GMA?

Capital GMA is a financial services provider, offering a selection of more than 70 financial assets as CFDs to traders from almost all around the globe. The broker claims to give its clients access to the world’s most exciting and volatile exchange market via their desktop, smartphone, or tablet device. Capital GMA also states they help clients make the most out of online trading, access liquidity, and manage risk effectively, their practical expertise, comprehensive technology, and unparalleled network allow them to deliver an unforgettable trading experience. However, it doesn't actually look that promising.

• The company mentions a British contact phone number without having an office there or more importantly, without being regulated in the UK.
• Moreover, Capital GMA has been blacklisted by the Italian regulator CONSOB:

“CONSOB  availed itself of the powers deriving from the “growth decree” regarding the blackout of the sites (including Equalizer Ltd. (website www.capitalgmafx.com) of abusive financial intermediaries, as well as the new power introduced by Law no. 8 of 28 February 2020, regarding the blackout of the site through which the abusive bid is made.”

Capital GMA Review Conclusion

We advise all investors and traders to avoid Capital GMA and other unregulated brokers (See our Fake Forex Brokers List South Africa). The lack of information (or false information) about the broker’s regulation, trading conditions, and contact details should be the biggest red flag for those who plan to invest with the entity. Usually, such companies run investment scams. Traders should trade with well-regulated brokers such as UK brokers or brokers in Cyprus and reliable brokers such as FP Markets and Alpari.

Capital GMA Update

Recently the Capital GMA website remains inactive, meaning the broker has muted its trading offering and does not propose account openings. However, we still advise the traders to be alert and careful, in case they receive trading proposals. 

Is Finq Scam or Legit Broker?

Finq is not a secure Forex broker (see the list of Best Forex Brokers) since it does not hold a license from any worldwide serious Forex authority. Meaning the broker is suspected of being a fraud company since it was not checked for its compliance before establishment, was never monitored in terms of its safety, and, simply may operate the business in any way it wishes.

• Finq.com is operated by Dilna Investments Ltd which is the primary payment provider and website operator. Dilna Investments Ltd is acting on behalf of its mother company, Leadcapital Corp Ltd is regulated as a Securities Dealer by the Seychelles Financial Services Authority.

The point is that Seychelles offers an easy process of financial or investment firm establishment, through a very low list of requirements, small budgets, and what is more crucial with no strict supervision of the brokers' operation or history. For that reason, offshore zones attract vast non-scrupulous, or shady brokerages such as Hugo’s Way, and Prime XBT that aim to attract clients, grab their funds, and disappear.

What is Finq?

Finq provides trading in CFDs by offering tried and tested reliable platforms for web and mobile with over 2100 assets – stocks, commodities, forex, ETFs, indices, and bonds. According to the website, Finq takes no commission and has multi-lingual client support standing by 24/5 to assist account holders. On Finq, they guarantee some of the lowest spreads (Check out lowest spread forex brokers) in the market and zero commission, whilst offering leverage up to 1:300. 

Among the platforms offered by Finq the WebTrader is one of the most up-to-date popular platforms allowing clients to trade over 2,100 assets backed by 90 edit tools, Trending tools, Analysis Recommendation tools and Events & Trade tool. The MT4 platform is also available to Finq traders.

• However, despite the fact that Finq  atates it is regulated, it is not monitored by any governmental agency, which makes the broker a dangerous place for investing.

Overall Finq Ranking 

With our revelations in regard os Finq security and regulations issues, we do not rank positively Finq, based on our Expert Opinion with over 10 Years of experience in Forex Trading.

• Finq Overall Ranking is 2 out of 10 based on our testing and compared to 500 other brokers, see Our Ranking below compared to other popular and industry Leading Brokers.

Finq Alternative Brokers

As we have found safety issues with Finq here are much better Alternatives to Finq with tight regulations and great trading conditions. We select Good Brokers and trustworthy options for your comparison below: 

• XM – Best Broker for Low Minimum
• Interactive Brokers – Good for Real Stock trading
• Plus500 – Good for Futures Trading

Finq in India

Finq has no mention of complying with any Indian regulators on its website.  The broker does not own any license issued by the regulatory body in India. Thus, traders' investments may be at risk here.(forex trading brokers in india)

Finq in the USA

The United States is one of the countries that is not accepted by Finq. As per the U.S law, brokers regulated by CFTC are the only brokers allowed for the USA traders. So, except for Finq, you are only permitted to trade with the U.S regulated platforms.

Finq Deposits & Withdrawals

The minimum deposit in FINQ.com is $/€/£ 100. The broker offers several payment methods: debit/credit cards, bank transfers, Neteller, FasaPay and Skrill. 

Apps

Finq provides its traders with mobile trading through its iOS and Android apps. The traders can trade on the branded Finq WebTrader to access 2,100 assets from the world’s financial markets with free apps for mobile trading. They can view the Traders Trend Bar, see the Trending Now asset list, and use Stop Loss, Take Profit, Entry Limit and Entry Stop as they trade.

• Most importantly, the broker's technical team constantly updates its app to give traders the best solution for trading anytime anywhere, so they never have to miss an opportunity to trade.

Demo Account

Finq offers a demo account so you can try the Finq platform with virtual trading before you put down a payment. This FREE demo account comes loaded with $10,000 of virtual money. Demo account is a great opportunity to practice strategies and become familiar with the platform with their demo account option. Also check info on FBS Broker Demo account.

Finq Review Conclusion

In any case, we never advise trading with a non-licensed broker, since the financial investment service they deliver is not trustable. The reason is simple: the broker may promise the most competitive trading conditions or the trading environment, yet the trader has no guarantee from the official entities that oversee the Forex industry. Thus signing with such a broker means risking your money. 

We strongly advise opening a trading account only with the brokers that are regulated by the respected world authorities that comply with the required set of rules and a good reputation through the delivered timeframe of operations. Traders should trade with well-regulated brokers such as UK brokers or Australian Forex Brokers and reliable brokers such as AvaTrade and XM.

• Overall ranking and experience for Finq is Negative

Finq Update

We discovered that the Finq website is unavailable. It is unclear whether the broker changed its name, or is gone altogether. Since money safety goes first, we recommend avoiding any proposals from Finq and staying alert in case of any proposals. 

Is AAG Markets Legit or a Scam?

It is not safe to trade with AAG Markets as it is an offshore broker. AAG Markets is a trademark of AAG Ltd., registered and located in St. Vincent and the Grenadines.

• The fact is that St. Vincent and the Grenadines is an offshore zone, which does register the financial investment firm, but provides very poor if none requirements for the company operation. That means, the broker is not regulated, not overseen, and does not comply with strict international rules that provide protective measures to the traders. Therefore, it became an offshore zone for shady forex brokers such as CVC Markets, PrimeXBT, and more. Read more about St. Vincent and the Grenadines regulation by the link.

What is AAG Markets?

AAG Markets is a market leading trading platform, offering leveraged trading on digital as well as traditional assets. The company was founded in 2019 and has spent a long time acquiring the trust of its clients and partners. We currently serve clients in more than 75 countries by providing access to some of the world’s most lucrative trading markets.

• AAG Markets offers an intuitive trading system for both first time traders as well as professional traders that demand accurate market data and order performance.

AAG Markets in India

AAG Markets allows Indian traders to open accounts and trade. However, AAG Markets has no mention of complying with any Indian regulators on its website. It is also worth mentioning that Forex trading is actually prohibited in India. The broker is not regulated by any regulatory body in India, that’s why money safety may be the issue here.

AAG Markets in the USA

The United States is one of the countries that is not accepted by AAG Markets. As per the U.S law, brokers regulated by CFTC are the only brokers allowed for the USA traders. So, except for AAG Markets, you are only permitted to trade with the U.S regulated platforms.

Deposits & Withdrawals

AAG Markets offers three account types: classic, platinum and VIP.

Minimum funding and the minimum deposit on the platform is for the Classic account and is rather high - USD 10,000, USD 200,000 for Platinum and USD 1,000,000 for the VIP one. 

Apps

TraderGO is an award-winning trading platform. Supports one-screen setup (chart can be dragged to the second screen). Access through both mobile and desktop. Traders can access stocks, mutual funds, ETFs, bonds, forex, CFDs, futures, commodities, forex options, listed options, trading strategies and managed portfolios.This platform is enhanced trade tickets, fundamental and technical analysis tools, extensive charting package, options chain, performance analysis and comprehensive account overview.

TraderPRO is a fully customisable, professional-grade platform that offers a fully customisable across six screens, with advanced workspace management and multi-channel linking between modules. Access on PC and MAC. The key features of the platform are ​​algorithmic orders, one-click trading, options chains and charting packages. Analyse your performance in detail with our revamped account section.

Demo Account

Demo account is not available.

AAG Markets Review Conclusion

We never advise trading with an offshore broker, since the financial investment service they deliver is not trustable. The reason is simple, the broker may promise the most competitive trading conditions or the trading environment, yet the trader has no guarantee from the official entities that oversee the Forex industry. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as AvaTrade and XM.com.

AAG Markets Update

Based on our findings, the AAG Markets website is no longer active. This means the broker has muted its trading offerings and does not operate, however, we recommend avoiding and staying alert in case of any proposals. 

Is CVC Markets Scam or Legit Broker?

No, it is not safe to trade with CVC Markets as it is an offshore broker. CVC Markets is incorporated in St. Vincent & the Grenadines as an International Broker Company with registration number 25380 BC 2019.

• St. Vincent and the Grenadines is notorious for its practically absent requirements and regulations. Due to the setup cost being low, it does not regulate forex trading. Therefore, it became an offshore zone for shady forex brokers such as FTE FX, PrimeXBT, and more. You can read our detailed article about the risk of trading with brokers from St. Vincent and the Grenadines.

What is CVC Markets?

CVC Markets claims to be a leading online broker for trading Forex and CFDs on stocks, indices, metals, and more. It provides one of the highest leverage ratios in the Forex industry, up to 1:1000 for traders with MetaTrader 4 accounts. Their industry-leading spreads are as low as 0 pips (Also check Low Spread Brokers and No Spread Forex Brokers) on the «Pro» trading accounts on MetaTrader 4 platform. Stocks and Commodities CFDs offer traders an opportunity to profit from price movement without owning the asset. As stated on the website, all accounts come with a «no dealing desk» execution, which guarantees minimal slippage and lightning-speed execution. 

• The broker doesn’t provide any information about its regulation as well as its location. It provides the contact phone numbers with UK country codes, however, CVC Markets is not regulated in the UK or any other country. 
• In addition, CVC Markets has been blacklisted by the Spanish regulator CNMV:

“CVC Markets is not authorized to provide the investment services, which include investment advice, nor to provide the auxiliary in relation to the financial instruments, including, for those purposes, foreign currency transactions.”

CVC Markets Review Conclusion

We advise all investors and traders to avoid CVC Markets and other offshore brokers. The problems we revealed about the broker's regulations and reliability are a big red flag to avoid it and sign in only with trustworthy brokers. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as FXTM and XM.com.

CVC Markets Update

Recently the CVC Markets website remains inactive, meaning the broker mutes its trading offering and does not propose account openings. However, we still advise the traders to be alert and careful, in case they receive trading proposals. 

Is JustProForex Scam or Legit Broker?

It is not safe to trade with JustProForex, as it is an offshore company (Regulated Forex Brokers in Europe). Justproforex Overseas Ltd is authorized and regulated by the Vanuatu Financial Services Commission with license number 17933, is a subsidiary of Justproforex Group Ltd, and shares the “Justproforex Brokers” trading name. 

• Vanuatu is the easiest jurisdiction to open a brokerage, as the opening requires the company to submit a register online, prove initial established capital which is $2,000 only, pay a fee, and within 2-3 months, the firm is crisp and registered. Therefore, it became an offshore zone for shady forex brokers such as IC Finance, 70Trades, and more.

What is JustProForex?

JustProForex offers its clients to trade FX, metals, CFDs (on shares, indices, commodities, bonds, ETF, cryptos), and exchange-traded Physical Stocks. It promises trading at core spreads (Brokers with Low Spreads) paying very low commissions according to the order size. Positive slippage is also enabled; trading on MT4+, MT5+ desktop, web (Explore Best MT5 Brokers), and other third-party platforms equipped with custom add-ons and indicators. The broker claims to use world-class, renowned auditors, and all clients’ funds are fully segregated and kept secure within the UK and German banking institutions. Let’s have a look at what JustProForex statements are true and what are false.

• As to the broker’s VFSC license, from our source, it costs €24,000 per year to become a member. However, there is no handbook or guidelines for brokers to run their businesses. Therefore, there is zero protection for traders. We have a detailed article explaining the risk of trading with brokers from Vanuatu.

• According to the website, JustProForex Group Ltd operates under strict European regulations, is regulated and licensed by CySEC (Cyprus) (You can check CySEC regulated broker's review by the link Triumph FX), is MIFID II compliant, and is also registered with Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) (Germany) (Read LegacyFX Review that is also a BaFin regulated forex broker), the FCA (UK) (Read about FCA Regulated Fortrade LTD)and the ACPR (France). JustProForex Group Ltd is also a member of the ICF (Investor Compensation Fund). However, the registration details provided by the broker belong to another regulated company that has no association with JustProForex. 

• The broker is not regulated and has been misleading its clients with false regulatory information. Moreover, the Cyprus Securities and Exchange Commission has included JustProForex in its warning list:

  "The Cyprus Securities and Exchange Commission (‘CySEC’) wishes to inform investors that the following websites do not belong to an entity which has been granted authorization for the provision of investment services and/or the performance of investment activities."

• We have also noticed that JustProForex has the same website interface as the blacklisted and suspended FX Premium, and there is a chance JustProForex is a “new face” of FX Premium, therefore it should be avoided at all costs. You can read our full FX Premium review here.

JustProForex in India

JustProForex allows Indian traders to open accounts and trade. However, JustProForex has no mention of complying with any Indian regulators on its website. It is also worth mentioning that Forex trading is actually prohibited in India. The broker is not regulated by any regulatory body in India, that’s why money safety may be the issue here.

JustProForex in the USA

The United States is one of the countries that is not accepted by JustProForex. As per U.S. law, brokers regulated by CFTC are the only brokers allowed for USA traders. So, except for JustProForex, you are only permitted to trade with U.S-regulated platforms.

Deposits and Withdrawals

The broker offers the following payment methods: Visa, Mastercard, Wirecard, Barclays, Skrill, Sofort, Bitcoin, Litecoin, Ethereum, Bank Deposits, Western Union, and MoneyGram.

• The minimum deposit requirement is 500 USD. 
• The broker does not provide any information about withdrawals.

Demo Account

We couldn’t find any information about the Demo Account on the JustProForex platform. 

JustProForex Review Conclusion

We strongly advise avoiding unregulated brokers such as JustProForex and opening a trading account only with brokers that are regulated by respected world authorities that comply with the required set of rules and have a good reputation through the delivered timeframe of operations. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as AvaTrade and XM.com.

JustProForex Update

Recently the JustProForex website remains inactive, meaning the broker has muted its trading offering and does not propose account openings. However, we still advise traders to be alert and careful, in case they receive trading proposals. 

Is GoldenSkyCapital Scam or Legit Broker?

No, it is not safe to trade with GoldenSkyCapital, as it is an offshore company. The Website is owned by Golden Point LTD, a company incorporated under the laws of Marshall Islands, Registration Number: 99835, with its registered office at Trust Company Complex Ajeltake Road Ajeltake Island, Majuro Marshall Islands MH 96960.

• The Marshall Islands is notorious for its practically absent requirements and regulations. Due to the low setup cost it does not regulate forex trading. Therefore, it became an offshore zone for shady forex brokers such as CobraCFD, Swissinv24, and more. As we already know, offshore registration usually doesn’t guarantee the safety of funds and clients’ protection, especially in the Marshall Islands, where the local authority doesn’t regulate forex businesses. 

What is GoldenSkyCapital?

GoldenSkyCapital is an international trading platform that provides innovative and safe trading in FOREX, Commodities CFDs, and Crypto Currencies. According to its website, GoldenSkyCapital provides a friendly, transparent, and safe environment for its traders, GoldenSkyCapital is pushing the envelope in building a custom-made trading program for each trader. The broker offers over 250 asset classes from across the globe with instant, high-speed access to Forex, Commodities, Indices, Stocks, and Crypto Currencies through the unique trading platform preferred access for traders around the world.

• The only contact information provided on the website is the phone number with the Swiss code. GoldenSkyCapital is not regulated in Switzerland to provide financial services. Moreover, the Swiss regulator has recently issued a warning against the broker:

GoldenSkyCapital Review Conclusion

We strongly advise all investors and traders to avoid GoldenSkyCapital and other brokers from the Marshall Islands. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as FP Markets and eToro.

GoldenSkyCapital Update

Based on our findings, the GoldenSkyCapital website is inactive. This means the broker has muted its trading offering and does not operate. However, we recommend avoiding and staying alert in case of any proposals. 

Is Swissquotes Scam or Legit Broker?

It is not safe to trade with a Forex broker Swissquotes, as it is an unregulated clone firm. 

• According to the website, the broker is owned and operated by MIG Capital LTD. It claims to have offices in London, United Kingdom, Zurich, Switzerland, and Frankfurt am Main, Germany. Also, the terms and conditions state that the company operates under the Swissquotes brand according to the United Kingdom, Switzerland, German laws.

What is Swissquotes?

According to the broker's website, Swissquotes is an established forex broker that is focused on offering outstanding client services and personalized account management accompanied by the most advanced technology in the industry. Swissquotes’s international reputation comes from its devoted service, technology, and client focus. However, after completing some research, the broker's reputation seems quite questionable.

• It turned out that Swissquotes is not regulated in any of these countries and is not mentioned in the registers of the local regulators. Moreover, the broker has been blacklisted by the UK’s Financial Conduct Authority for being a clone firm of the FCA-regulated entity Swissquote Ltd. and has been using the name of this entity to delude potential clients. 

  “Swissquotes Ltd (Clone of FCA authorized firm). Almost all firms and individuals carrying out financial services activities in the UK have to be authorized or registered by us. This firm is not authorized or registered by us but has been targeting people in the UK, claiming to be an authorized firm.”

• Clone firms use some or all of the details of a genuine entity, aiming to convince investors they are indeed the authorized company or that they work with them. Fraudsters usually use this tactic when contacting people out of the blue, so you should be especially wary if you have been cold-called. They may use the name of the genuine firm, the 'firm reference number' (FRN) we have given the authorized firm, or other details. Such companies should be avoided at all costs.

Swissquotes Review Conclusion

We advise all investors and traders to avoid Swissquotes and other scam brokers. The lack of information (or false information) about the broker’s regulation, trading conditions, and contact details should be the biggest red flag for those who plan to invest with the entity. Usually, such companies run investment scams. Traders should trade with well-regulated brokers such as UK brokers or brokers in Cyprus and reliable brokers such as FP Markets and Alpari.

Swissquotes Update

Recently the Swissquotes website remains inactive, meaning the broker has muted its trading offering and does not propose account openings. However, we still advise the traders to be alert and careful, in case they receive trading proposals.