category: Unregulated Brokers

Is TBFX Scam or Legit Broker?

TBFX 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 TBFX?

TBFX is owned and operated by TBFX Limited and claims to be located in London, UK. According to the website, it has more than 14 years of experience and is one of the largest stock exchange-listed FX & CFD brokers in the world. They mention their offices in over 13 countries including the UK, Poland, Germany, France, and Turkey. TBFX as a group is also regulated by the world's biggest supervision authorities including the Financial Conduct Authority, KNF, and CMB.

• However, it turned TBFX is just a clone of the regulated financial institution. The license number TBFX has been using belongs to the FCA-regulated XTB Limited that is not associated with TBFX in any way.
• A lot of companies, such as TBFX, purposely use the details of the well-regulated entities to mislead the potential clients. Such companies are called “clone firms” and should be avoided at all costs.
• In addition, the Financial Conduct Authority has blacklisted the broker:

TBFX  Review Conclusion

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

TBFX Update

Recently TBFX 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. 

Is MGM Markets Scam or Legit Broker?

No, it is not safe to trade with MGM Markets. MGM Markets 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 MGM Markets?

MGM Markets is owned by Tube Global Marketing and claims to be located in the United Kingdom. According to the website, Tube Global Marketing is an innovative online trading brokerage firm, providing traders from across the globe the possibility to trade and profit from the global financial markets. The broker offers to maximize your profit potential and constantly develop your abilities with more than 1,000 top-class financial assets from 4 major markets and 3 trading instruments (CFDs and FX).

• MGM Markets doesn't provide any regulation details as well as its address. The only contact detail is the contact phone number with the British country code, which supposedly should be the broker's location. However, the broker is not licensed by the UK's regulator Financial Conduct Authority, which means MGM Markets is not regulated.
• Moreover, the Australian regulator ASIC has issued a warning against the broker:

"ASIC advises this company could be involved in a scam. Do not deal with this business as it is unlicensed in Australia. The business listed below has made unsolicited calls or sent emails about investing, financial advice, credit, or loans and does not hold a current Australian Financial Services (AFS) license or an Australian Credit license from ASIC."

MGM Markets Review Conclusion

We advise all investors and traders to avoid MGM Markets 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. Also, read our Review InstaForex.

MGM Markets Update

Recently MGM Markets 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 OlympusMarkets Scam or Legit Broker?

No, it is not safe to trade with OlympusMarkets. OlympusMarkets is owned by Next Trade Ltd. which is an offshore company registered in Vanuatu. The broker is registered offshore and does not hold any proper license from a well-known reliable financial regulator.

• 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, to pay a fee, and within a 2-3 month, the firm is crisp and registered. Therefore, it became an offshore zone for shady forex brokers such as IC Finance, 70Trades, and more. We have a detailed article explaining the risk of trading with brokers from Vanuatu. 

What is OlympusMarkets?

According to the website, OlympusMarkets offers more than 200 assets, easy-to-use trading tools and indicators, fastest market execution and mobile versions for a trade-on-the-go experience. However, the company doesn't disclose any information about its regulation and it should be the main red flag for the traders. The broker provides contact phone numbers in Malaysia, Luxembourg, and Russia, although it is not regulated in these countries.

• Moreover, OlympusMarkets has been blacklisted by New Zealand's regulator Financial Markets Authority:

"Olympus Markets could be involved in a scam. Olympus Markets is not registered as a New Zealand Financial Service Provider or licensed to provide derivatives products to New Zealand retail investors."

• Also, there is a warning from the German regulator BaFin:

  "The company offers German clients on its trading platform Financial Contracts for Difference ( CFD ) based on commodities, indices, equities and currencies. As a result, the company commercially conducts proprietary trading. However, it does not have the permission of BaFin. It is therefore illegal."

  Check out our Review on BaFin Regulated Legacy FX Broker.

OlympusMarkets Review Conclusion

We advise all investors and traders to avoid OlympusMarkets 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 Alpari broker and FXTM broker. Also check InstaForex Review.

OlympusMarkets Update

Recently OlympusMarkets 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. 

Is Sure Forex Trade Scam or Legit Broker?

No, it is not safe to trade with Sure Forex Trade. Sure Forex Trade is owned by Sure Forex Trade Limited and claims to be located in New York, USA. However, all brokers located in the USA should hold a license from NFA, which is not the case with Sure Forex Trade.

What is Sure Forex Trade?

Sure Forex Trade offers Contracts for Difference (CFDs) on 6 asset classes: Forex, Shares, Spot Indices, Futures, Spot Metals, and Spot Energies. The broker states to provide access to top-tier liquidity and advanced trade execution with no dealing desk intervention.

• According to the website, Sure Forex Trade is authorized and regulated by several regulators, including the UK's Financial Conduct Authority, Cyprus Securities and Exchange Commission, South African Financial Services Board, and Dubai Financial Services Authority. 

• However, we have checked the registers and it turned out the broker is making false claims about all the licenses, as we didn't find any mention of them. It is a popular practice among unregulated brokers that try to delude clients by providing false regulation details.

Sure Forex Trade Review Conclusion

We advise all investors and traders to avoid Sure Forex Trade 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 FXTM and Alpari.

Sure Forex Trade Update

Our research revealed that the Sure Forex Trade 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 CFreserve Scam or Legit Broker?

No, CFreserve is not safe to trade with because of its unregulated nature. CFreserve is owned by Richfield Limited and claims to be located in Dublin, Ireland. CFreserve doesn't provide any information about its regulation and doesn't seem to be authorized in Ireland by its local Central Bank of Ireland or any other EU authority. 

What is CFreserve?

According to the website, the broker gives an opportunity to trade over 72 asset classes from across the globe with instant, high-speed access to Forex, Metals, Commodities Gold, Silver, and CFDs through the unique trading platform. It also claims to be secure and reliable. However, in order to secure clients' funds, the company needs to be regulated.

• CFreserve does not provide any information on its website, which means that the broker does not hold a license from a top-tier authority. Trading with an unregulated broker might put your investments at risk, this it is much better to sign with a licensed and trustworthy broker with favorable trading conditions.
• We have also found a lot of negative reviews about CFreserve on the net. Deceived clients accuse the company of misleading ads, cheating, and refusing to withdraw the invested funds. 
• An important fact is that the broker was inactive for a while and stopped its services. FIn Forex this is a common phenomenon when brokers cease their offerings for a while and disappear and then appear again after a while. More often this is a usual tactic of scams. 

Overall CFreserve Ranking 

We found multiple regulation and safety issues with CFreserve, thus we do not rank positively CFreserve, based on our Expert Opinion with over 10 Years of experience in Forex Trading.

• CFreserve 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.

CFreserve Alternative Brokers

We revealed that CFreserve has a lot of issues, especially in respect of its safety and customer care. Thus, here are much better Alternatives to CFreserve with tight regulations and great trading conditions. We select Good Brokers and reliable options for your comparison below: 

• AvaTrade – Good Instruments and CopyTrading
• Pepperstone – Low Spreads and Competitive Trading Conditions
• XM – Wide Range of Trading Opportunities

Deposits and Withdrawals

When opening an account with CFreserve the payment will be debited from the trader's credit card immediately.

• If traders decide against trading with the company it is possible to apply for a refund of the remaining balance.
• The approval for opening an account with the broker might take up to four business days. 
• Before requesting a withdrawal, traders should make sure that all requirements are met, such as account verification, the minimum trading of the bonus volume, sufficient usable margin, correct withdrawal method, etc.

CFreserve Review Conclusion

We advise all investors and traders to avoid CFreserve 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. Another important red flag is that the broker ceased int services for a while, and now it is back again. 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 HYCM and Alpari. 

• Overall ranking and experience for CFreserve is Negative

Is Fern Scam or Legit Broker?

No, it is not safe to trade with Fern. Fern 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 Fern?

Fern is owned by FERN GROUP NZ LIMITED and claims to be located in Auckland, New Zealand.  According to the website, FERN GROUP NZ LIMITED is a global foreign exchange investment and industry solutions provider based in New Zealand and regulated by the New Zealand regulator FSP (FINANCIAL SERVICE PROVIDER). As a leading global investment service provider, they provide 24-hour continuous Forex and CFD products to global financial institutions, corporations, and individuals.

• However, it turned out the broker has just been using the name of the New Zealand-regulated entity without having the actual license to provide financial services. 

• Moreover, the local Financial Markets Authority in New Zealand has issued a warning against Fern:

  "We are concerned that www.fuerfx.com may be operating a scam. The website www.fuerfx.com is not associated with nor authorized by the New Zealand registered company Fern Group NZ Limited."

   

Fern Review Conclusion

We advise all investors and traders to avoid Fern 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 ForexTime (FXTM) and Alpari. Also, read about InstaForex Bonuses.

Fern Update

Recently the Fern 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 Capital TradeFX Scam or Legit Broker?

It is not safe to trade with Capital TradeFX since Capital TradeFX is an offshore company licensed in St. Vincent and the Grenadine. Besides the fact that Capital TradeFX is solely offshore broker with a lack of proper regulations, it is also quite unstable in its operations. We found that the Capital TradeFX website was inactive for some time and now it is back to operate again. Generally, this is a common practice among scam brokers to go inactive and then appear after a while. 

• St. Vincent and the Grenadines is notorious for its practically absent requirements and regulations. Therefore, it became an offshore zone for shady forex brokers such as 4xincome, Monfex, and more. You can read our detailed article about the risk of trading with brokers from St. Vincent and the Grenadines.

What is Capital TradeFX?

According to the website, Capital TradeFX Ltd is an International Foreign Exchange broker offering tailored trading services to clients from all over the world. However, the company doesn't provide any regulation information besides the offshore one. It claims to be registered and located in Hong Kong, but it is not authorized by its local Securities and Futures Commission (SFC).

• Moreover, the broker has been blacklisted by the Spanish regulator CNMV (the National Securities Market Commission):

"Capital TradeFx Ltd is not authorized to provide the investment services of the Securities Markets Law, which include investment advice, or to provide auxiliary services in relation to the financial instruments including, for those purposes, foreign currency transactions."

• Another red flag about the broker is numerous negative feedback from the customers. We found that clients are dissatisfied by the way the broker conducts its business, especially when it comes to the money withdrawal process. As you know the safety of founds is essential in Forex trading, thus, this is not an issue to overlook while choosing a broker. 

Overall Capital TradeFX Ranking

Based on our informed Expert Opinion, supported by over a decade of hands-on experience in Forex Trading, we have revealed certain concerns regarding Capital TradeFX's regulation and overall reliability. As a result, we are unable to offer a favorable ranking of Capital TradeFX.

• Capital TradeFX 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.

Capital TradeFX Alternative Brokers

Due to the considerable safety concerns associated with Capital TradeFX, we strongly recommend exploring superior alternatives known for their stringent regulations and exceptional trading conditions. Below, we have a selection of reputable brokers and reliable options for your comparison:

• OANDA – Good Broker with Low Deposit
• XM– Low Spread Broker
• Go Markets – Good for High Leverage and Online Banking

Account Types

Capital TradeFX offers 3 main types of accounts: Mini, Micro, and Standard. The account types have many features in common, however, there are some differences such as leverage, and deposit amount. 

• The minimum deposit for Micro and Standard accounts is $100. For Mini accounts the minimum deposits start from $300. 
• Standard accounts in comparison to Mini and Micro ones offer a lower leverage ratio - 1:200. Traders have access to up to 1:500 leverage if they choose Micro or Mini accounts. 

Deposits and Withdrawals

Capital TradeFX informs on its website that Telegraphic Transfer (TT)/Wire Transfer fees are waived based on the transferred fund's amount. If a deposit is equal to or exceeds USD 500, Capital TradeFX will cover the expenses incurred from Intermediary Bank charges.

• For deposits that are equal to or exceed USD 3,000, Capital TradeFX provides reimbursement for both Local and Intermediary Bank charges.
• However, it is worth mentioning that there are some complaints about the broker's withdrawal process. This needs to be considered before making a decision to sign with Capital TradeFX. 

Capital TradeFX Review Conclusion

Based on the information we were able to reveal regarding Capital TradeFX, significant concerns arise regarding the broker's reliability and ethical standards. Consequently, the broker is not advisable for trading. 

We advise all investors and traders to avoid Capital TradeFX 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 HYCM and BlackBull markets.

Is FX PREMIUM Scam or Legit broker?

No, it is not safe to trade with FX PREMIUM. FX PREMIUM is owned by FX PREMIUM Group Ltd. 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, 70Trades, and more.
• Based on our research the broker is not regulated and has been misleading its clients with false regulatory information. Moreover, the Cyprus Securities and Exchange Commission has included FX PREMIUM in its warning list.

What is FX Premium? 

FX PREMIUM is a Forex and CFDs broker. According to the website, FX PREMIUM Group Ltd operates under strict European regulations, is regulated and licensed by CySEC (Cyprus), is MIFID II compliant, and is also registered with Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) (Germany) (Read BaFin regulated LegacyFX Review), the FCA (UK) and the ACPR (France). FX PREMIUM Group Ltd is also a member of the ICF (Investor Compensation Fund).

• However, the registration details provided by the broker belong to another regulated company that has no association with FX PREMIUM. 

FX Premium Review Conclusion

We advise all investors and traders to avoid FX PREMIUM 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 Alpari and FXTM, Avatrade (Read about Avatrade by link).

FX PREMIUM UPDATE

Recently based on our research FX PREMIUM website remains inactive and unavailable to reach, meaning the broker mutes its trading offering and does not propose account openings. So we would recommend avoiding and staying alert in case of any proposals. 

Is Pari Fx Trade Scam or Legit Broker?

No, it is not safe to trade with Pari Fx Trade. Pari Fx Trade is owned by EXPERT Markets which is an offshore company registered in Seychelles. 

• Seychelles 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 Hugo’s Way, Worldwide CapitalFX, and more.

What is Pari Fx Trade?

According to the website, Pari Fx Trade is one of Europe’s leading financial institutions specializing in Forex/CFD trading. However, it turned out Pari Fx Trade is just a clone of the regulated financial institution. 

• The broker claims to be licensed by the U.S. National Futures Association NFA, the Financial Services Commission, and the Cyprus Securities and Exchange Commission (CySEC). The only license that we found belongs to a CySEC-regulated broker BDSwiss, which is not associated with Pari Fx Trade in any way. Other licenses do not even exist.
• A lot of companies, such as Pari Fx Trade, 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.
• Moreover, the Cyprus regulator CySEC has issued a warning against Pari Fx Trade:

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

Pari Fx Trade Review Conclusion

We advise all investors and traders to avoid Pari Fx Trade and other brokers from Seychelles.  Usually, unregulated or offshore brokers run investment scams. Thus, we recommend 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 eToro and BlackBull markets.

Pari Fx Trade Update

Recently Pari Fx Trade 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.