category: Unregulated Brokers

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).

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).

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).

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. 

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. 

Is RickGlobal Scam or Legit Broker?

No, it is not safe to trade with RickGlobal. RickGlobal is owned by RickGlobal 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 establish capital which is $2,000 only, pay a fee, and within a 2-3 months, the firm is crisp and registered. Therefore, it became an offshore zone for shady forex brokers such as RCM FX, OlympusMarkets, and more. 

What is RickGlobal?

According to the website, "RickGlobal is a licensed world-class stock exchange broker, which provides high-quality financial and investment services to customers around the world. All the services and financial operations of our company are regulated by the Financial Services Commission (VFSC)."

• 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 company doesn't provide any details about its location or contact phone number. We can judge from the map on the website that RickGlobal is located in the United Kingdom. However, there is no proof from the local regulator the FCA (Read about Fortrade minimum deposit, which is an FCA-regulated broker) that broker is allowed to provide financial services. 

RickGlobal Review Conclusion

We advise all investors and traders to avoid RickGlobal and other brokers from Vanuatu. It is not safe to trade with offshore and unregulated brokers, as usually they turn out to be investment scams. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as XM and FXTM (Read about FXTM trading conditions).

RickGlobal Update

Recently the RickGlobal 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 RCM FX Scam or Legit Broker?

No, it is not safe to trade with RCM FX. RCM FX is owned by Regal Core Markets 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 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 IC Finance, OlympusMarkets, and more. 

What is RCM FX?

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 company doesn't provide any contact address or phone number. Clients or potential investors can only contact the support team through the online request form, which doesn't seem very reliable. Also, besides the English language, the website supports the Chinese language. Most probably RCM FX has been targeting Chinese residents (without being authorized in the country). 

RCM FX Review Conclusion

We advise all investors and traders to avoid RCM FX and other brokers from Vanuatu. Very often unregulated or offshore brokers run investment scams. Thus, we advise traders not to trust attractive offerings and promises and instead find a reliable broker with tight regulations. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as Alpari and FXTM (See the Forextime Review).

RCM FX Update

Recently RCM 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 247SmartFx Scam or Legit Broker?

No, it is not safe to trade with 247SmartFx. 247SmartFx is owned and operated by Game Capital Ads Limited and claims to be located in Frankfurt am Main, Germany. However, the broker does not mention its regulations. Brokers located in Germany should hold a license from the local authority - BaFin. 

What is 247SmartFx?

According to the website, 247SmartFx is an emerging global market leader in financial trading. Game Capital Ads Limited provides premium-quality trading services, which have fulfilled the trading needs of clients since the creation of the company in 2013.

• As we have already mentioned, 247SmartFx claims to be located in Frankfurt, and the contact phone number provided on the website has a British country code. The broker also claims to be licensed by the British regulator Financial Conduct Authority (reference number 723385). However, the FCA reference number 723385 is registered for www.smartfixuk.com, not 247smartfx.com. It seems like the broker is just another clone firm.
• Clone firms use some or all of the details of a genuine entity, aiming to convince investors they are indeed the authorized company or that they work with them.
• In addition, 247SmartFx has been blacklisted by the Cyprus Securities and Exchange Commission:

"The Cyprus Securities and Exchange Commission (‘CySEC’) wishes to inform investors that the following websites (including 247smartfx.com) do not belong to an entity which has been granted authorization for the provision of investment services and/or the performance of investment activities."

247SmartFx Review Conclusion

We advise all investors and traders to avoid 247SmartFx 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 Group, and FXTM (Check out FXTM broker).

247SmartFx Update

Recently 247SmartFx 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 Traderia Scam or Legit Broker?

It is not safe to trade with Traderia. Traderia is owned by Pro Star Griffith Corporate Limited, which is an offshore company licensed in 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 Capital TradeFX, JustForex, and more. You can read our detailed article about the risk of trading with brokers from St. Vincent and the Grenadines.

What is Traderia?

Traderia claims to be a leading foreign exchange broker with competitive trading conditions. The broker offers accounts with high liquidity and reliable execution, Fixed, Floating & Raw spread offerings, and leverage of up to 400:1. Traderia is offering you a safe and secure place to trade the most lucrative market in the world. With all these positive sides, there is still one side that is quite questionable - the lack of proper regulation. We are going to talk more about it in this Traderia Review.

• The company doesn't disclose its regulation or address details. They have only provided the phone number with a British code, which is supposed to mean the company is located in the UK. Although, in order to provide financial services in the UK the broker should get a license from its local regulator the Financial Conduct Authority (FCA) (Read about FCA-regulated broker Fortrade). As to the Traderia, it is not regulated by the FCA or any other respectable regulator. 

• Moreover, the Spanish regulator CNMV (National Securities Market Commission) has issued a warning against Traderia:

  "Traderia Pro Star Griffith Corporate Limited is not authorized to provide the investment services, which include investment advice, or to provide the auxiliary services in relation to the financial instruments, including, for those purposes, foreign currency transactions."

Traderia in India

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

Traderia in the USA

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

Deposits & Withdrawals

Traderia does require a minimum deposit but that amount does vary by funding type. The minimum deposit amounts are as follows:

• Credit card:$250/€250/£250
• Electronic payment:$250/€250/£250
• wire transfer:$500/€1000/£1000

Deposits or withdrawals can be made via credit cards and wire transfers, as well as e-wallets such as Neteller and Skrill. Withdrawals can be made to your credit card, through a wire transfer, or through selected online payment systems. For platinum and diamond account holders every withdrawal is free. Gold account members can make one withdrawal for free each month. Silver and basic account holders can make one withdrawal for free, with charges each time they withdraw from then on.

Fees:

• Credit card: 3.5%
• Debit card: 3.5%
• Wire transfers: $30, €25, £20

Trading Apps

The MetaTrader 4 web platform allows trading Forex from any browser and operating system (Windows, Mac, Linux) with no additional software. The MetaTrader 4 mobile applications allow trading on financial markets via iOS and Android-powered smartphones and tablets. 

You will certainly appreciate the functionality of the mobile trading platforms that include full support for the trading functions, and broad analytical capabilities with technical indicators and other graphical objects. Of course, all these features are available from anywhere in the world 24 hours a day.

Demo Account

You can open as many demo accounts with Trader as you wish and have the chance to become familiar with the platform (Forex Trading Platforms for Beginners) and its suite of functionality for an unlimited period of time. For beginners, demo trading is the recommended starting point. We are able to provide screen-sharing demos of how to use the software with a member of our technical team. More experienced traders might also find our demo account useful to understand our trading conditions, pricing, and the symbols we offer.

Traderia 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. Based on our revelations, it is not safe to sign in with Traderia. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as AvaTrade and XM.com.

Traderia Updates

Recently Traderia 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 FX Options24 Scam or Legit Broker?

It is not safe to trade with FX Options24, because it is an unregulated broker. In addition, the company has been suspected to be a fraud. While we checked the company there is no authorization or registration of the address, therefore the company seems to be highly suspicious and might operate its services from an absolutely different location.

What is FX Options24?

No, FX Options24 is not safe to trade with it. FX Options24 is owned and operated by FX Options24 Group Ltd and claims to be located in Cyprus.

FX Options24 offers to trade FX, metals, CFDs (on shares, indices, commodities, bonds, ETF, cryptos) and exchange-traded Physical Stocks. According to the website, the broker is licensed by the Cyprus Securities and Exchange Commission, the Vanuatu Financial Services Commission, the German Bundesanstalt für Finanzdienstleistungsaufsicht, the British Financial Conduct Authority, and the French Autorité de Contrôle Prudentiel et de Résolution.

• However, it turned out the broker has just been using the license numbers of the regulated entity JFD GROUP LTD., that is not associated with FX Options24 in any way. We have also discovered another broker that uses JFD Group Ltd. license details, CBFX Global, and has an identical website interface as FX Options24. Neither of them is authorized to provide financial services. Both FX Options24 and CBFX Global seem to be clone firms which just delude customers. You can read our full JFD Brokers review here. 

FX Options24 Review Conclusion

We advise all investors and traders to avoid FX Options24 and other unregulated brokers. The lack of information about the broker’s regulation, trading conditions, and contact details should be the biggest red flag for those who plan to invest with the entity. Usually, such companies run investment scams. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as Alpari (See Alpari Review) and FP Markets.

FX Options24 Update

Recently FX Options24 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 their receive trading proposals.