category: Unregulated Brokers

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. 

Is Uniglobe Markets Scam or Legit Broker?

It is not safe to trade with Uniglobe Markets, as it is an offshore company. The website is owned and operated by Uniglobe Markets Limited. Uniglobe Markets is authorized to provide the financial Services as offered through this Website under Regularity Laws of the Marshall Islands, registration #78101. 

• The Marshall Islands is notorious for its practically absent requirements and regulations. Due to the setup cost is low and it does not regulate forex trading. Therefore, it became an offshore zone for shady forex brokers such as CobraCFD, Swissinv24, and more.

What is Uniglobe Markets?

Uniglobe Markets claims to offer their clients direct access to interbank liquidity, tight spreads (Also see No Spread Brokers), fast and quality execution and exceptional customer service. Uniglobe Markets was founded by a group of traders and financial professionals having significant experience in the Forex, CFD and Equity markets in Asia, Europe and North America. This has enabled them to select the best solutions to accomplish the main goal - to make available transparent Forex trading to clients from all walks of life, easy accessibility and security. Of course, it all looks good on paper, but is it actually so?

• In fact, Marshall Islands is an offshore zone attracting various firms that for the reason or another escape from the serious regulation or compliance to international service providing. However, in the case of financial investment or trading firms, the company should be a very respected entity, as the statistics show that the majority of non-authorized firms never recovered the sums of investors' investments. Therefore, we always advise avoiding offshore or companies with no license as there are too many frauds around.

• As most of the unregulated offshore companies, Uniglobe Markets provides its London address and contact phone number, however, we already know for a fact that this broker is not regulated and isn’t allowed to offer its financial services in the UK or any other country.

Overall Uniglobe Markets Ranking 

Based on the revelations about Uniglobe Markets safety and regulations issues, we do not rank positively Uniglobe Markets, based on our Expert Opinion with over 10 Years of experience in Forex Trading.

• Uniglobe Markets Overall Ranking is 4 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.

Uniglobe Markets Alternative Brokers

Taking into consideration our finds and issues with the safety of Uniglobe Markets here are much better Alternatives to Uniglobe Markets with good regulations and excellent conditions. We select Good Brokers and reliable options for your comparison below: 

• AvaTrade – Good for Currency trading
• InteractiveBrokers – Good for US Trading and Trading of Real Stocks
• XM – Good for Beginners

Uniglobe Markets in India

Uniglobe 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.

Uniglobe Markets in the USA

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

Deposits & Withdrawals

Micro trading account with Uniglobe Markets and start with the smallest investment of minimum USD100. ECN trading account with a lower initial deposit of $1000

• UniglobeMarkets does not apply any deposit or withdrawal fee,charges may occur depending on your payment provider. 

Apps

Popular platforms MetaTrader4 and MetaTrarder5 are available for the traders use on the Uniglobe Markets. For the mobile version they need to download MetaTrader4 or MetaTrader5 on their iOS or Android devices and start trading currencies with CFDs. MetaTrader 5 for Android allows you to trade and check your account from anywhere. Access to the main features of the platform using your smartphone.

The new MetaTrader 5 for iOS devices offers online mobile trading on the Forex and CFD’s. Now trade online Forex and CFDs directly from your iPhone and iPad supported for all iOS versions.

MT4 is now available for your iOS/iPhone/iPad. Login Enjoy the opportunity to trade from anywhere in the world via Metatrader 4 for your iOS device(s).

Demo Account

Demo account is available on the Uniglobe Markets website. It allows beginner traders (Find out the Best Forex Broker for Beginners) to start practicing with zero initial payment and become a perfect trader, play with real-time conditions, test all functions that a real account gives access to, in real-time. Also, they can learn to analyze the most effective tool and trading chart by experts to make trading more profitable. Demo account gives you a chance to polish your trading skills and use different strategies in real conditions.

Uniglobe Markets Review Conclusion

We advise choosing a broker carefully and check on the broker’s regulation status first. The reputable firms that hold FCA, FINMA or other licenses are established in accordance with international standards, protecting clients at every step and even compensating the trader in case things go wrong with the company. Sig in with reliable brokers such as ForexTime and XM, and  InstaForex. 

• Overall ranking and experience for Uniglobe Markets is Negative

Is CobraCFD Scam or Legit Broker?

No, it is not safe to trade with CobraCFD, as it is an offshore company. Cobracfd is owned and operated by Cobracfd Ltd and Kings Power Ltd. registered in Trust Company Complex, the Marshall Islands.

• The Marshall Islands 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 MegaTradeFX, Swissinv24, and more.

What is CobraCFD?

CobraCFD claims to deliver options for trading in some of the most popular liquid assets, including currency pairs, stocks, most major financial indices, and commodities. CobraCFD operates around the globe and places great emphasis on providing professional and reliable services to all its customers. They offer several trading platforms that have been designed to meet the needs of investors from beginners to advanced. However, we have some concerns about the reliability of this broker (Best Forex Brokers for Beginners). 

• According to the website, Cobracfd operates in accordance with international financial and money laundering laws. However, they do not provide any specific information about the regulation and it doesn’t seem CobraCFD is regulated by any authority. The broker provides British contact number without having an actual office there or being regulated in the United Kingdom.
• Moreover, CobraCFD 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 CobraCFD Ltd (website www.cobra-cfd.biz) 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.”

CobraCFD Review Conclusion

We strongly advise all investors and traders to avoid CobraCFD 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 City Index and eToro.

CobraCFD Update

Recently the CobraCFD 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 Elite Trading Scam or Legit Broker?

No, it is not safe to trade with Elite Trading as it is not regulated. Elite Trading is owned and operated by Netbit services and solutions limited, Reg. Number 14718830, Address: Harju County, Tallinn, Estonia. 

• The broker doesn’t provide any information about its regulation or license and it actually seems it doesn’t have any. As it claims to be registered in Estonia, it was supposed to be regulated by the local regulator Estonian Financial Supervision Authority. We didn’t find the mentioned above registration number in the FSA’s register, which means Elite Trading is not regulated to provide its financial services in Estonia as well as other EU countries.

• The company mentions Austrian and British contact phone numbers without having offices there or more importantly, without being regulated in those countries. Also, the broker has been blacklisted by the Belgian regulator Financial Services and Markets Authority

What is Elite Trading?

Elite Trading claims to be a world-renowned financial services provider offering a range of investment products, including Online Trading and FX. Its high-tech trading platform offers clients across the globe an opportunity to invest in over 1,000 world-class assets including forex, stocks, commodities, and indices. Elite Trading allows trading forex, stocks, commodities, and indices with zero commissions and fees on its unique next-generation trading platform (desktop, mobile, or tablet).

Elite Trading Review Conclusion

We advise all investors and traders to avoid Elite Trading  and other offshore brokers. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as FXTM and XM.

Elite Trading Update

Based on our findings, the Elite Trading 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 Arum Trade Scam or Legit Broker?

No, it is not safe to trade with Arum Trade as it is an offshore entity. ARUM Trade LTD is a Vanuatu Investment Firm incorporated and registered under the laws of the Republic of Vanuatu. T

• The Vanuatu jurisdiction gained its popularity among the investors and business owners in the Forex industry looking to become a regulated broker, yet obtain its status through a simplified process and operate almost without supervision. The VFSC regulator does not require strict proof of the company background and does not check on the implementation of the secure fund management or operation guidelines. Also, it does not require regular reporting and never imposes fines in case of fraud operation. You can read more about Forex Trading: Why Avoid Brokers from Vanuatu in our article.

What is Arum Trade?

Arum Trade is an international investment company, providing access to a wide range of trading instruments: currency pairs, stock market indices, precious metals, share and cryptocurrency CFDs. The Company gains liquidity from the biggest liquidity providers, ensuring extra-high speed of transaction execution. The broker offers the MetaTrader5 platform (Find MetaTrader 5 brokers by the link).

• It is clear that Arum Trade has been targeting Mexico and Russian residents mostly since the two main languages supported by the website are Russian and Spanish. In addition, the broker provides three contact numbers in Russia, Mexico, and Cyprus. However, there is no information about broker’s offices or regulations in any of these countries. We can surely say Arum Trade is an unregulated broker that cannot be trusted. 

Overall Arum Trade Ranking 

Based on the revelations of our research there are multiple issues with Arum Trade regulation and reliability, thus we do not rank positively Arum Trade, based on our Expert Opinion with over 10 Years of experience in Forex Trading.

• Arum Trade 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.

Arum Trade Alternative Brokers

Taking into consideration the Arum Trade safety issues we found during our research, we suggest much better Alternatives to Arum Trade with good regulations and excellent conditions. We select Good Brokers and trustworthy options for your comparison below: 

• BlackBull Markets – Best for Copy Traders
• XM – Broeker with Low Minimum Deposit
• Interactive Brokers – Good for Stock Trading

Deposits & Withdrawals

Arum Trade offers a large variety of deposit methods: Electronic Payment Methods (Skrill, Neteller, AstroPay), Bank Wire Transfers (National Bank of Vanuatu and Local bank in Dubai), and Credit/ Debit cards (Visa, MasterCard, American Express). 

• Credit cards transfers will be credited only if a copy of the credit card is available as the Company may request it 
• Clients need to inform the company if the corresponding bank and/or other paying details have been changed, at least 3 working days before the withdrawal 

Arum Trade Review Conclusion

We advise all investors and traders to avoid Arum Trade and other offshore brokers from Vanuatu. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as FXTM and FP Markets.

• Overall ranking and experience for Arum Trade is Negative

Is FXprime Scam or Legit broker?

It is not safe to trade with FXprime as it is an offshore broker. FXprime is owned and operated by Royal Gates LTD, registered in St. Vincent and the Grenadines.

However, 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's 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, AAG Markets, and more. Read more about St. Vincent and the Grenadines regulation by the link.

What is FXprime?

FXprime claims to be an industry leader in the Forex and CFD markets. It promises to deliver a powerful, user-friendly, and fair trading platform. Trading at FXprime allows its clients to benefit from tight spreads and low commissions (Low Spread Brokers). FXprime offers a slew of tools for traders to take advantage of, including stop-loss, take profit, entry limit, and entry-stop orders. It provides a web-based platform and a leverage of up to 1:200. On this platform, clients can trade the most popular assets - currencies, commodities, and indices. Fxprime clients benefit from intensive training, dedicated service, and 24/5 professional customer support and assistance.

• 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, FXprime is not regulated in the UK or any other country.
• In addition, the broker has gotten on the warning list of the Belgian regulator FSMA: 

“During the last weeks, the FSMA continued to receive complaints from consumers concerning new fraudulent online trading platforms that are operating in the Belgian market. The FSMA therefore strongly advises against responding to any offers of financial services made by the following trading platform: FX prime (www.fxprime.io)”

FXprime in India

FXprime allows Indian traders to open accounts and trade. However, FXprime 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.

FXprime in the USA

FXprime is not legal in the USA and is not available for American traders. As per U.S. law, brokers regulated by CFTC are the only brokers allowed for USA traders. So, except for FXprime, you are only permitted to trade with the U.S-regulated platforms. 

Deposits & Withdrawals

The minimum deposit is 250 USD for a Basic account. Fxprime supports the standard Visa and MasterCard, however, popular e-wallets Skrill and Neteller are not available.

Withdrawal conditions are not clear as well as possible deposit/ withdrawal fees. 

Apps

The platform is not available for mobile trading via mobile devices. 

Demo Account

FXprime does not provide a demo account for its traders. 

FXprime Review Conclusion

Overall, there are many questions in regard to the trust of the FXprime company services, its trading conditions, and its operations in general. We strongly advise 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.

FXprime Update

Based on our findings, the FXprime 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.