category: Unregulated Brokers

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 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

Is Circleforex Scam or Legit Broker?

It is not safe to trade with a Forex broker Circleforex. It claims to be owned and operated by Huanying International Limited and regulated and located in New Zealand. Circleforex 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.

What is Circleforex?

Circleforex (Yuanhui Finance) is a Forex broker that offers a wide variety of investment products, such as currency pairs, precious metals, and other investment products.

• According to the website, the broker is holding a New Zealand financial service provider license (number: FSP476086). However, there is no such company in the regulator's register. Huanying International Limited actually exists anf the license number shown on the platform does belong to the FMA-regulated Huanying International Limited that has nothing to do with  Circleforex (Yuanhui Finance).
• Moreover, New Zealand's financial regulator Financial Markets Authority has recently issued a warning against Circleforex/ Yuanhui:

"We recommend exercising caution before dealing with www.circleforex.com as this website claims to be associated with FSP476086 in New Zealand which is incorrect. Circleforex / Yuanhui is not registered on the FSPR."

• Also, the only language available on the broker's website is Chinese, which points out the "market" that Circleforex has been targeting. 

 

Circleforex Review Conclusion

We advise all investors and traders to avoid Circleforex 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 AvaTrade and FXTM (Read about FXTM trading platform).

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Circleforex Update

Recently the Circleforex website remains inactive and unavailable to reach, 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 First BTC FX Scam or Legit Broker?

First BTC FX 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.

 

What is First BTC FX?

First BTC FX is a Forex, CFD, and cryptocurrency broker. According to the website, the company has been providing premium-quality commodities and Forex trading services since 2013. It is not safe to trade with a Forex broker First BTC FX. It claims to be owned and operated by First Global (UK) Limited and located in the UK. 

• On its website, the broker provides regulatory information about the licenses it holds, the license from the Financial Conduct Authority, and the Cyprus Securities and Exchange Commission. However, it turned out First BTC FX is just a clone of the regulated financial institution. It has been using the name and license numbers of the FCA-regulated (Check out FCA-regulated company Fortrade Limited) First Global (UK) Limited which is not associated with First BTC FX in any way.
• First Global (UK) Limited is an international, full-service securities house that was established in 1998. The company provides services to mainly institutional clients throughout the United Kingdom and Continental Europe.
• Many companies, such as First BTC FX, purposely use the details of well-regulated entities to mislead potential clients. Such companies are called “clone firms” and should be avoided at all costs.
• In addition, First BTC FX has been blacklisted by the FCA:

 

First BTC FX Review Conclusion

We advise all investors and traders to avoid First BTC FX 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, Alpari and FXTM (Learn about FXTM minimum deposit).

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First BTC FX Update

Recently the First BTC FX website remains inactive and unavailable to reach, 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 EssenceFX Scam or Legit Broker?

No, it is not safe to trade with EssenceFX, because it is an offshore broker. The Company is wholly owned by Essence Markets Limited under registration number 40309, regulated by the Vanuatu Financial Services Commission, and incorporated in the Republic of Vanuatu.

• Vanuatu is the easiest jurisdiction to open a brokerage, as the opening requires the company to submit a register online, prove initial establish 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, RickGlobal, and more.

 

What is EssenceFX?

EssenceFX is a global broker providing online currency trading services. The company provides access to a large choice and range of financial markets to trade, including Forex markets, Indices, and Commodities, all on the MT4 platform.

• As to the broker’s VFSC license, from our source, it costs €24,000 per year to become a member. However, and 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.

• The broker provides a Hong Kong contact phone number, however, it is not located or authorized by the local Securities & Futures Commission of Hong Kong. This usually means the broker has been targeting locals, illegally offering them financial services. 

EssenceFX Review Conclusion

We advise all investors and traders to avoid EssenceFX and other brokers from Vanuatu. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as AvaTrade and FXTM (Read about FTXM Trader).

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EssenceFX Update

Recently the EssenceFX website remains inactive and unavailable to reach, 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 EvisionFX Scam or Legit Broker?

It is not safe to trade with a Forex broker EvisionFX. EvisionFX is owned and operated by EvisionFX Group and claims to have offices in Canada, New Zealand, and the United Kingdom. We have checked the company and there is no authorization or registration of the address, therefore the company seems to be highly suspicious while might operate its services from an absolutely different location.

What is EvisionFX?

According to the website, EvisionFX is a Leader in the trading market and it provides trading services with a range of assets, including commodities, stocks, currencies, and indices.

• EvisionFX Group claims to be a holding company for several branches: Capital.V Ltd, authorized and regulated by Claims Management Regulator of the UK, A.C.F Ltd., which is authorized and regulated by the Investment Industry Regulatory Organization of Canada, and Morgan.S.F.S Ltd., which authorized and regulated by the Financial Markets Authority OF New Zealand.
• However, the mentioned authorities are not responsible for the forex broker licenses and are not considered regulatory entities. It seems that all the regulatory information provided by EvisionFX is fake and has nothing to do with the real regulators.
• In addition, the broker mentions some other offices that are based in Germany, the Netherlands, and Australia, but there is no information about EvisionFX being regulated by local authorities. 

EvisionFX Review Conclusion

We advise all investors and traders to avoid EvisionFX 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 AvaTrade. 

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EvisionFX Update

Recently EvisionFX website remains inactive and unavailable to reach, 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.