category: Unregulated Brokers

Is AnyTrades Scam or Legit broker?

AnyTrades 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. AnyTrades is authorized, licensed, and regulated by the VFSC (Registration N: 14691), which means AnyTrades is an offshore company registered in Vanuatu and registered with a Vanuatu Financial Services Commission license.

• 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 FX NextGen, Titan FX, and more. 

 

What is AnyTrades?

AnyTrades was established in 2016 and claims to be one of the best CFD providers in the world with an innovative award-winning trading platform. This Forex brokerage company provides a wide range of trading options, platforms, and strategies for investors in today’s exciting and rapidly expanding Foreign Exchange Market. AnyTrades offers Contracts for Difference (CFDs) on 5 different asset classes: Forex, Shares, Indices, Futures, and Commodities. The broker also claims to provide a variety of trading tools to the trader's advantage, offer the latest trading platforms to ensure your strategy implementation, and provide 24/5 multilingual support tailored to your needs. Despite all these claims, the main question is always the broker’s authorization.

• Also, the broker claims to have offices in Denmark, Liechtenstein, Gibraltar, and Malta. However, the firm is not regulated in these countries and is not allowed to offer financial services. All the reputable brokers in Europe have licenses from such popular authorities as the German Federal Financial Supervisory Authority, Swiss Financial Market Supervisory Authority, or Cyprus Securities and Exchange Commission.

• Last, but not least, the awards mentioned on the website are fake as there are no such nominations and this broker was never nominated for any Forex award.

 

Deposits and Withdrawals

The required minimum deposit is exceedingly high at $500. Deposit or withdraw can be made via the standard Visa and MasterCard, Wire Transfer, or e-wallet Skrill. 

• As to the withdrawals, the broker does not mention any withdrawal fees, but since it is unregulated we can’t be sure the information provided on the website is true. They also state each account gets a bonus promotion and a trader has to achieve a certain trading volume in order to be eligible for withdrawal. This really looks like another scam. Licensed brokers do not usually offer such promotions or if they do, they are very transparent about it on their website/ trading conditions. 

 

Apps

AnyTrades mobile app is available to its traders. Mobile trading allows traders to manage their accounts from portable devices like smartphones, pockets, and tablet PCs. In MetaTrader 4, mobile trading offers a great variety of analytical options and a graphical display of quotes in addition to complete trade account management. Using mobile terminals in daily activities offers a convenient way to keep up with accounts when traders don’t have access to a desktop computer. AnyTrades mobile app is compatible with all Android and iOS devices. 

Demo Account

AnyTrades demo accounts. It allows you to experience some risk-free trading to get you prepared for the real thing. No matter your trading level, Spectre.ai demo accounts are the perfect place to practice your skills and become a better trader without spending any of your own money.

AnyTrades Review Conclusion

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 Alpari and FXTM.

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AnyTrades Update

Based on our findings, the AnyTrades 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 FX NextGen Scam or Legit Broker?

It is not safe to trade with FX NextGen as it is an offshore broker. According to the broker's website, FX NextGen Ltd is registered in the Republic of Georgia with Company ID 404574769 and carries a business license from Hualing Free Industrial Zone with License Number 0110/290. However, as the main Forex license issuer in Georgia is the National Bank of Georgia, we haven’t found any information about this broker on the regulator’s website. Also, a license from the Hualing Free Industrial Zone doesn’t mean anything since it is not the regulatory authority in the country.

What is FX NextGen?

FX NextGen is a Forex and CFDs broker. Its business model is geared towards offering the most competitive spreads (Find out brokers with the lowest spreads here) and market conditions for traders. The company claims to be licensed in Georgia and founded by industry veterans who bring a combined experience of more than 50 years. FX NextGen offers 77 currency pairs, 12 precious metals, 10 indices, 4 energy instruments, 39 cryptocurrencies, 37 US shares, and 30 EU shares. According to the website, their trading servers are located in London and offer traders fast access for execution with minimal slippage. This broker specializes as a multi-asset FX fund and our STP model of execution means that traders get the very best conditions that the market has to offer (Check STP Trading Account).

• Besides Georgian regulation and location, FX NextGen is incorporated in Vanuatu, but there is no information on its regulation there. We would like to remind the traders that Vanuatu is one of the popular offshore destinations for Forex brokers. All the investments with such brokers may be put at risk since there is literally zero protection provided by the Vanuatu authorities. We have a detailed article explaining the risk of trading with brokers from Vanuatu. 
• On top of all that, there is one more license FX NextGen holds, the Belize license. It is also an offshore zone same as Vanuatu. You can read more about Forex Trading: Why Avoid IFSC Brokers from Belize in our article. 

Moreover, Austria’s FMA has recently issued a warning against FX NextGen stating that:

“FX NextGen Ltd is not entitled to carry out banking transactions in Austria that require a license. The provider is therefore not permitted to trade on a commercial basis.”

 

Overall FX NextGen Ranking 

Based on the findings of our research there are multiple issues in respect of FX NextGen regulation and reliability, we do not rank positively FX NextGen, based on our Expert Opinion with over 10 Years of experience in Forex Trading.

• FX NextGen 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.

FX NextGen Alternative Brokers

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

• Trade.com – Wide Range of Trading Instruments
• Capital Index – Good Trading Conditions
• ThinkMarkets – Competitive Spreads

FX NextGen in India

FX NextGen allows Indian traders to open accounts and trade. However, FX NextGen 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.

FX NextGen in the USA

FX NextGen 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 FX NextGen, you are only permitted to trade with U.S-regulated platforms. 

Fx NextGen does not offer its services to residents of certain jurisdictions such as Austria, Iran, Cuba, Sudan, Syria, Japan, and North Korea.

Deposits and Withdrawals

The minimum deposit requirement is 100$ (Also read about Fortrade broker minimum deposit here). Deposits can be made via online payment or bank transfer. In order to make a deposit, log into the broker’s Client portal and select the ‘Deposit’ area. Within the processes, you can choose your deposit source e.g. bank transfers, or bitcoins. Also, traders should note that bitcoin payments are immediate while bank transfers can take up to 2-5 working days to be processed depending on the method used.

Withdrawals are usually processed within 1 working day. 

Apps

Fx NextGen offers its traders MT4 and MT5 platforms (Find out the Best MT5 Platform). The mobile trading platform interface allows you to stay in control of your trading no matter where you are. All you need is connectivity from your mobile phone and get access to real-time market news and monitor and manage your positions.

Demo Account 

Fx NextGen gives an opportunity to open a demo account. Demo trading is a simulation of real trading on Forex, which is made for practicing and training. The demo account does not require investments, it is free. It allows you to gain experience in online trading, and practical skills in working with MetaTrader and test your strategy without any risks.

Fx NextGen Review Conclusion

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.

• Overall ranking and experience for Fx NextGen is Negative

Is Titan FX Scam or Legit Broker?

It is not safe to trade with Titan FX, as it is an offshore broker (Forex Broker). Titan FX is owned by Titan FX Limited which is an offshore company registered in Vanuatu and claims to be registered with a Vanuatu Financial Services Commission (VFSC) license.

• 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 RCM FX, EssenceFX, and more. 
• 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. 

 

What is Titan FX?

Titan FX is a foreign exchange broker serving both institutional and retail clients across the globe. Titan FX offers a CFD trading environment to our customers. CFDs include FX currency pairs, stock indices, metals, and energy. Titan FX customers can trade those CFD products using MetaTrader 4 and MetaTrader 5 (for PC, Apps, or Web Trader). Titan FX was created in 2014 to provide a stable no dealing desk forex broker to service a global client base.

• Its veteran management and support team comprises highly experienced forex and fin-tech professionals with combined decades of experience providing the best possible trading conditions and client support to both retail and institutional clients. The broker offers high leverage on all currency pairs (Check out our list of High Leverage Forex Brokers), zero pip spreads, and zero latency (See 0 Pip Spread Forex Brokers). This all sounds quite good, but let’s have a closer look at Titan FX. 
• Titan FX has previously been registered and regulated in New Zealand, but the license was suspended. According to the website, the company has offices in New Zealand and the United States, however, this same website states "United States, New Zealand or Vanuatu residents are welcome to browse our website but please note due to regulatory limitations we are unable to accept any United States, New Zealand or Vanuatu resident as a client." This means Titan FX is not regulated in the mentioned countries and is not allowed to offer its financial services in other countries due to the lack of regulation. 
• In addition, the broker has been blacklisted by Japan's Financial Services Agency (FSA). The website has targeted potential clients across the globe, including Japan, so the FSA was right to pay attention to the broker: "being a licensed investment entity overseas does not automatically translate into authorization for the Japanese market."

Overall Titan FX Ranking 

Taking into consideration the issues with regulations and safety of Titan FX, we do not rank positively Titan FX, based on our Expert Opinion with over 10 Years of experience in Forex Trading.

• Titan FX Overall Ranking is 3 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.

Titan FX Alternative Brokers

Based on our revelations in respect of Titan FX unregulated nature, here are much better Alternatives to Titan FX with good regulations and favorable conditions. We select Good Brokers and reliable options for your comparison below: 

• OANDA – Good for Currency trading
• InteractiveBrokers – Good for US Trading and Trading of Real Stocks
• Trading 212 – Good for Beginners

Titan FX in India

Titan FX allows Indian traders to open accounts and trade. However, Titan FX 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.

Titan FX in the USA

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

• Other restricted countries: Aland Islands, Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, United Kingdom, Germany, Greece, Hungary, Ireland, Italy, Japan, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, China, Hong Kong, Israel, Macao, Singapore, United Arab Emirates, Turkey, Canada.

Deposits and Withdrawals

The minimum deposit to open an account in Titan FX is $200 for all available accounts. Titan FX does not charge any account maintenance fees on inactive accounts. You can fund your trading account using our Secure Client Cabinet and through a wide variety of payment options: Visa, Mastercard, AMEX, Neteller, Skrill, STICPAY, Local Japanese Bank Transfer, and bitwallet.

• Withdrawals are normally automatically processed within 1 business day, however, receipt of funds into your account can depend on the withdrawal method used as it may rely on the payment being processed by your payment provider. Titan FX enables clients to withdraw funds from their forex trading account via the following: Visa, Mastercard, Neteller, Skrill, STICPAY, Local Japanese Bank Transfer, bitwallet.

Apps

Titan FX offers its clients the world’s leading trading platforms, including MetaTrader 4 (MT4) and MetaTrader 5 (MT5), as well as a Mobile trading applications. With the Titan FX Metatrader application, available for iPhone, iPad and Android, you can control your account, trade in financial markets and use 30 technical indicators for market analysis, as well as get financial news and emails. It also includes real-time quotes of financial instruments, the full set of trade orders, including pending orders, full trading history with search.

Demo Account

All Titan FX clients have access to their customised version of the industry standard trading platform, MetaTrader 4 and MetaTrader 5 (MT5 Forex Brokers).

The broker gives an opportunity to trial the platform for free with a demo account, valid for 30 days and with USD$50,000 of virtual funds included. Other equity amounts and account currencies are available by request. Its demo account uses a live price feed from Titan FX servers and is as close to the real trading experience as you can get. Whether you want to expand your trading knowledge or prove your trading strategy, MetaTrader platforms from Titan FX are the perfect tool.

Titan FX Review Conclusion

Overall, there is not a sustainable trust to the delivered Titan FX trading environment since there are many complaints from the broker’s clients along with the official statement from the regulator.

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 brokers in Australia and reliable brokers such as AvaTrade and XM.

• Overall ranking and experience for Titan FX is Negative

Is FTE FX  Scam or Legit Broker?

No, it is not safe to trade with FTE FX as it is an offshore broker. Ftefx is operated by Ace Capital Ltd, with registration number: 25324 BC 2019, St. Vincent and the Grenadines. 

• 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 Binomo, JustForex, and more. You can read our detailed article about the risk of trading with brokers from St. Vincent and the Grenadines.

What is FTE FX?

FTE FX offers traders the following 8 groups of financial instruments: Currency Pairs, Precious Metals CFD, Stock CFD, Commodity Futures CFD, Gold Instruments and CFDs on Crypto Futures. The broker also offers risk-free limitless Demo Accounts.

• According to the website, Ftefx is authorized and regulated in various jurisdictions. However, we couldn't find any legal information about its authorization, which means the broker is unregulated and should be avoided.
• In addition, FTE FX has been blacklisted by Italian regulator CONSOB:

"Consob has ordered the black-out of 7 new websites that offer financial services illegally. The commission used the tools provided in the "growth decree", which gave Consob the power to order internet service providers to block access from Italy to websites offering financial services without due authorisation."

FTE FX Review Conclusion

We advise all investors and traders to avoid FTE FX and other brokers from St. Vincent and the Grenadines. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as FXTM and XM.com.

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FTE FX Update

Recently the FTE FX 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 PrimeXBT Scam or Legit Broker?

It is not safe to trade with it, as it is an offshore broker. PrimeXBT is owned and operated by two companies, both registered offshore. Trading Services Ltd is a Seychelles company Reg. nr. 206865 and Prime Technologies Ltd. is registered in St. Vincent and Grenadines company nr. 25369BC2019.

• Both Seychelles and St. Vincent and the Grenadines are notorious for their practically absent requirements and regulations. Due to this, the setup cost is low and it does not regulate forex trading. Therefore, they became offshore zones for shady forex brokers such as Hugo’s Way, JustForex, and more. You can also read our detailed article about the risk of trading with brokers from St. Vincent and the Grenadines.

 

What is PrimeXBT?

PrimeXBT is a Bitcoin-based platform, offering over 30+ assets including Crypto, Forex, Commodities, and Stock Indices. The company provides traders with access to top-tier liquidity and a wide range of trading tools, while maintaining security, liquidity, enabling a safe and efficient trading environment for everyone. PrimeXBT offers a robust trading system for both beginners (See the list of Best Brokers for Beginners) and professional traders that demand highly reliable market data and performance. 

PrimeXBT also claims to provide the highest leverage (See best high leverage forex brokers) across all of the available instruments and platforms and have low trading fees and benefits from the most competitive trading conditions in the market.

• However, PrimeXBT does not provide any information about its location or any contact details. All the reliable and regulated brokers always provide these details and keep contact information transparent for their clients. This is one of the red flags when it comes to trading with the mentioned broker.

 

Overall PrimeXBT Ranking 

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

• PrimeXBT Overall Ranking is 3 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.

PrimeXBT Alternative Brokers

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

• FP Markets – Powerful trading technology and ECN environment
• InteractiveBrokers – Good for Trading Real Stocks
• XM – Wide Range of Trading Opportunities

PrimeXBT in India

PrimeXBT 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.

PrimeXBT in the USA

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

Deposits & Withdrawals

PrimeXBT offers Direct Crypto deposits from your personal crypto Wallets as well as alternative Deposits via Bank/Credit card/SEPA Transfers. Additionally, the in-wallet currency exchange feature allows you to exchange BTC, ETH, USDT and USDC amongst each other directly in your PrimeXBT account.

• Alternative deposits allows you to buy BTC, ETH and erc20 tokens - USDT and USDC - using a Credit Card / SEPA transfers / Gift cards / Alternative Cryptocurrencies via third-party exchange services
• There are two types of fees: Trade fee and Overnight financing. A trading fee is incurred each time you buy or sell assets on the market (i.e. each time you open and close a position). Overnight financing is due for any position that is carried into a new trading day (past 00:00 UTC) and is withheld from the Trading account balance.

Apps

The PrimeXBT trading engine is specially designed to execute over 12,000 orders per second. The PrimeXBT platform enables cross-margin trading and automatically performs full risk checks after every order. PrimeXBT aggregator provides feeds from multiple vendors to ensure high liquidity on all tradable assets.

Demo Account

PrimeXBT offers its traders a demo account that allows them to hone their trading skills on a free demo account. Traders can gain experience and familiarize themselves with all the valuable tools and features offered on the PrimeXBT platform, before opening a live account and investing for real in the global financial markets.

PrimeXBT Review Conclusion

We never advise trading with a non-licensed broker, since the financial investment service they deliver is not trustable. We strongly recommend opening a trading account only with brokers that are regulated by 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 brokers in Australia and reliable brokers such as AvaTrade and XM.

• Overall ranking and experience for PrimeXBT is Negative

 

Is TradersWay Scam or Legit?

TradersWay 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.

Despite its alluring proposal and seemingly favorable offerings, TradersWay is a high-risk trading opportunity that is recommended to avoid.

Indeed, the Dominica governmental guidelines and compliance with the laws mandates financial sector regulation, yet do not cover the Forex business yet and are rather just a registration of an entity without particular settlement standards that may ensure a safe trading environment.

What is TradersWay?

TW Corp. or TradersWay is established in the Dominica offshore Forex broker company that offers various platforms and social trading capabilities while targeting traders worldwide.

Besides that TradersWay operates for over 10 years in the markets and presents itself as a reputable broker with great customer service, wide trading offering, a large selection of trading markets and tools, and account types with low deposits also provided with low spreads (Low Spread Forex Brokers). Mentioning, that the trading performance is established through technological execution on market popular trading platforms MT4 ECN and cTrader.

However, TradersWay is an offshore-based broker and is only authorized under Dominica laws. This means, that TradersWay lacks serious regulation and safety measures.

 

 

 

Overall TradersWay Ranking 

Based on our findings TradersWay has a quite pleasant trading offering suitable for beginner and professional traders. It has a good selection of trading platforms including MT4 and cTrader. 

• TradersWay 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. We do not recommend trading or opening an account with TradersWay because of the high risks involved due to its offshore registration with zero regulatory obligations. 

 

Is TradersWay Scam?

Unfortunately, we can't say that TradersWay is a safe broker, it is a high-risk brokerage firm that does not prove any of its trustable scores since it is not a regulated firm, but just an offshore registered company.

For your better understanding read more Why not trade with offshore brokers.

Therefore, apart from the TradersWay customer service satisfactory proposals that seem to be developed with a dedicated approach and cover clients’ needs, we found that the unlicensed environment of the company does not provide any guarantees to their investors.

• You will never know what you will get in reality, while trading with an offshore or unregulated broker.
• Traders may not get a true ECN environment, proper market execution, and most importantly, proof that accounts are managed properly according to international safety measures.
• In addition, there is no clear state of how exactly the client’s investment and money are managed even though there is a mention on the website about strict safety compliance to money operations. This means you should just believe in the word of mouth.

TradersWay Alternative Brokers

Due to our finds and issues with the safety of TradersWay, we have come up with much better Alternatives to TradersWay Broker with good regulations and excellent conditions. We have selected Trustworthy Brokers with good standing and favorable offerings for your comparison below: 

• AvaTrade – Good for Currency trading
• Dukascopy – Excellent for Shares, Futures Trading
• FXTM – Good for Beginners

TradersWay in the USA

No, TradersWay is not a US Broker (See Forex Brokers for US Clients) and does NOT accept US traders, even though you may find some claims about that! 

TradersWay is a company located in Dominica, while Dominica itself attracted many financial companies or activists to perform and deliver services to international clients, however, the company may not hold any strict, reputable license or comply with the operational guidelines that ensure client safety.

Deposit & Withdrawal

The minimum deposit (You may be interested in reading Alpari Broker's Deposit & Withdrawals information by link) for opening an account with Traders Way is $10 USD/GBP. Traders Way charges deposit fees depending on the payment method which you use to fund the account. 

Traders Way withdrawal fees vary depending on the selected withdrawal payment method. Withdrawal requests are processed within 48 hours on business days. 

Traders Way accepts deposits/withdrawals via the following payment systems: Credit cards, Debit Cards via Vload, Bank Wire transfer, Bank Transfer (Abra), Bitcoin, Ether, Litecoin, Ripple, USD Coin (USDC), Tether (USDT), TrueUSD (TUSD), Skrill, Neteller, Perfect Money, FasaPay.

Apps

The broker provides a big range of trading instruments used on top of the popular and well-known MetaTrader 4 and  MetaTrader 5 platforms with Standard and ECN accounts available. Moreover, its traders can enjoy fast and convenient one-click trading in MT4 and MT5 with their QuickDeal tool.

There is also a cTrader platform for ECN trading. Trader’s Way cTrader provides full ECN access to the markets for professional and new traders with the help of cTader.

TradersWay Review Conclusion

It is always a choice of a trader to open a Live or Demo account and engage in trading with Traders’ Way or any other offshore licensed company and involve themselves in a high risk to lose money. However, it is highly recommended to choose a better broker and give preference to the Regulated Brokers that comply with the sharp operational requirements, deliver the client’s safety of funds and manage the risks.

Besides the competitive trading conditions, reliability and sufficient safety always come first, therefore, we advise all traders to open an account only with the authorized by the respected regulation companies which you may find through our lists of Regulated Forex Brokers.

So you better trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable Forex companies such as BDSwiss and BlackBull Markets.

• Overall ranking and experience for TradersWay is Negative

Is MidasGlobe Scam or Legit Broker?

MidasGlobe is a 100% fraud company. The broker is registered offshore and does not hold any proper license from a well-known reliable financial regulator. It is NOT SAFE to trade MidasGlobe. 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 ever competitive trading conditions or the trading environment, yet the trader has no guarantee from the official entities that oversee the Forex industry. Thus the engagement in trading with such a company means the trader will believe only in the broker’s words, and of course, it is a high risk.

 

What is MidasGlobe?

MidasGlobe offers hundreds of available assets to trade Forex, Energies, Metals, Futures with expanding the possibility of instant access and complete account management. The broker is a trademark of Valley Marketing Ltd that shows its address in Bulgaria and claims to be fully compliant with EU Regulation (EU) 2016/679 (GDPR). 

• Generally investing or trading with an unregulated firm is a very high risk, as the company is simply not overseen by any serious body and not authorized to deliver its service within various jurisdictions. For that reason, we always advise to avoid such an “investment” and choose among the reputable firms with necessary licensing according to their registration.
• In addition, the MidasGlobe terms and conditions revel some absolutely unfair conditions in regards to trading, withdrawals or even the pricing. Means the broker didn’t even bother to pretend to be a trustable company.
• Besides, traders submitted numerous negative reviews of facing issues when withdrawing funds or were claimed to deductions or closing of an account.
• Considering all the above said, it is a definite conclusion to avoid MidasGlobe offering in any possible way while even the reputable regulatory authorities placed warnings against the company as well.

“Make public, even by way of a precaution, the circumstance that the party is not authorized to carry out the activity indicated. To order the cessation of the infringement of articles of Legislative Decree also performed via the midasglobe website, consisting in the provision of investment services and activities to the Italian public.”

CONSOB, April 2018

MidasGlobe Review Conclusion

We strongly advise opening a trading account only with the brokers that are regulated by 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 brokers in Australia and reliable brokers such as BlackBull Markets and BDSwiss.

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MidasGlobe Update

Based on our findings, the MidasGlobe 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 Kronosinvest Scam or Legit Broker?

It is not safe to trade with a Forex broker Kronosinvest. It claims to be owned and operated by KRONOSINVEST Ltd, however, it doesn't provide any information about its regulation or location, no contact phone numbers as well. The lack of these details should be considered the main red flag, as all the regulated and reliable brokers keep this information transparent. 

What is Kronosinvest?

Kronosinvest is an international company that has been providing a range of services, in Forex and CFDs in commodities, indices, and stocks since 2010. 

• According to the terms and conditions on the website, the broker is overseen by the Estonian jurisdiction. Although we haven't found any information about Kronosinvest in the Estonian regulator's Financial Supervision Authority (FSA) register.
• Moreover, Kronosinvest has been blacklisted by Italian regulator CONSOB:

"CONSOB has availed itself of the new powers resulting from the "growth decree", ordering internet providers to inhibit access from Italy to 5 new websites (including Kronosinvest) offering financial services without the proper authorization."

Kronosinvest Review Conclusion

We advise all investors and traders to avoid Kronosinvest and other unregulated brokers. The lack of information about the broker’s regulations, 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 FP Markets and Alpari.

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Kronosinvest  Update

Recently the Kronosinvest website seems to be 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 Binomo Scam or Legit Broker?

Based on our research Binomo is not a legit broker. It is owned by Dolphin Corp., which is an offshore company registered in St. Vincent and Grenadine.

• The fact is that St. Vincent and the Grenadines is an offshore zone, which does register the financial investment firm, yet provides very poor if none requirements to 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, AAG Markets, and more. Read more about St. Vincent and the Grenadines regulation by the link.
• In addition, the broker has recently been blacklisted by the Cyprus Securities and Exchange Commission (‘CySEC’):

"CySEC wishes to inform investors that the website binomo.com, does not belong to an entity that has been granted authorization for the provision of investment services and/or the performance of investment activities."

What is Binomo?

Binomo works with clients all over the world, guaranteeing the most advantageous terms and providing high-quality access to the world's financial markets. Binomo is an offshore broker that offers assets of the following asset classes: currencies (FOREX), cryptocurrencies, stocks, and commodities. The broker states that their priority is to offer the highest quality brokerage services and support, including professional-level tutorials, analytical services, and client support.

• According to the website, Binomo is a member of the International Finance Commission. Nevertheless, the company operates without a proper license from the industry authorities like FCA (UK) (Also Read about Fortrade, an FCA Regulated Broker) or ASIC (Australia) that protect clients and delivers necessary regulation to the service providers along with the convenience to the users and, of course, their investments.
• Unfortunately, it is not the case with Binomo since the company only holds membership in the international Financial Commission (FinaCom). Even though FinaCom is a well-respected organization, it is a self-regulatory organization that cannot guarantee the safety of the trading environment and does not regulate the daily operations of the company, therefore can’t provide necessary protection to the client. 

 

Overall Binomo Ranking 

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

• Binomo 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.

Binomo Alternative Brokers

Taking into consideration our finds and issues with the safety of Binomo here are much better Alternatives to Binomo 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

Binomo in India

As per the Binomo website, it is legal to trade Binary Options (Check The List of Binary Options Brokers) with Binomo from India. Now, the addition of Indian payment systems like PayTM, UPI, NetBanking, IMPS, and Globe Pay assures its legal status in India.

Binomo in the USA

Binomo doesn’t accept traders from the United States (Find out Best Forex Brokers for US Clients) and European countries.

Deposit & Withdrawal

The minimum deposit required depends on the type of account traders want to open. They can get started trading with $10 with a Standard account, but for a VIP account, the minimum deposit is at least $1000. There might be a 10% fee for the withdrawal of the funds if a minimum number of trades were not made. 

• There are several payment methods available to Binomo’ clients: Bank Wire and the following Credit cards: Visa, MasterCard, and VPay. Popular e-payment systems like Skrill, Neteller Webmoney, Yaand ndex.Money, QIWI, Neand teller are also supported by this broker.

Apps

Binomo offers a mobile trading platform. It can be found in the Apple Store for iOS or the Google Play Store for Android. One feature available on the app that is not available on the web platform is the option to receive notifications. Notifications can help maximize thofits by alerting traders to market trends and letting them know when they meet certain trade preconditions.

Demo Account

Binomo offers traders the opportunity to practice strategies and become familiar with the platform with their demo account option. To create a demo account, all you need to do is sign up with your email, and you will receive $1000 in virtual money.

These risk-free funds will allow you to see if Binomo meets your needs as a trader. If not, it's easier to opt out than it is to close an account you've already invested in.

Binomo Review Conclusion

Overall, the cocompany'sffering is among the competitive ones along with its reputation, but generally, options are a high-risk investment due to its nature of trading, as well as the unlicensed environment of the Binomo company puts some question marks either to enter the trading or not. 

We advise all investors and traders to avoid Binomo and other brokers from St. Vincent and the Grenadines. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as ForexTime Limited and XM.com. Read about InstaForex too. 

• Overall ranking and experience for Binomo is Negative