category: Unregulated Brokers

Is InvestTeck Scam or Legit Broker?

It is not safe to trade with InvestTeck, because it is an unregulated broker. Besides, the company has been suspected to be a fraud. We checked the company and found that 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 InvestTeck?

 InvestTeck is owned by GreenRiver OU and claims to be located in Dublin, Ireland. According to the website, InvestTeck is a world-renowned financial services provider offering a range of investment products, including Online Trading and FX. However, the company doesn't provide any information about its regulation, and also the reputation of the owner-company is quite questionable. 

• As stated, InvestTeck is owned and operated by GreenRiver OU, with a registered address in Tallinn, Estonia. GreenRiver OU operates some other brokers that we have previously reviewed (GCC Investing, Jones Mutual) and has been blacklisted in Estonia by its local regulator Estonian Financial Supervisory Authority, and also banned in Australia by the Australian Securities and Investments Commission. Obviously, all the brokers associated with the GreenRiver OU should be avoided.
• We have heard brokers operated by GreenRiver OU deny traders withdrawing funds. We have feedback from traders that they cannot withdraw money. 

InvestTeck Review Conclusion

We advise all investors and traders to avoid InvestTeck 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 (Read FXTM Review and Alpari Review).

InvestTeck Update

Recently InvestTeck 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 Aduno Capital Scam or Legit Broker?

Aduno Capital is a non-regulated Broker. It is NOT SAFE to trade with this company. We have checked the company and 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 Aduno Capital?

Aduno Capital is owned by ADUNO Capital Group Ltd. and claims to be located in Stuttgart, Germany. Aduno Capital is a European investment services company established in 2011 that offers global multi-asset financial services, including direct access to a wide range of financial markets in the US, European Union, and Asia-Pacific. Aduno Capital provides online trading access to over 50 markets worldwide.

• According to the website Aduno Capitals holds Cat. III Licence No. IS/52182 issued by the Malta Financial Services Authority (MFSA) as well as Licence No. 165/12 by the Cyprus Securities and Exchange Commission (CySEC). Aduno Capital is an SFC-licensed broker in Hong Kong (license No. BNN565). Aduno Capitals is also authorized to provide services in the United Kingdom by the Financial Conduct Authority (FCA) in terms of license No. 620980 (Also check Fortrade UK which is also an FCA Regulated Broker).
• However, the provided license numbers belong to other regulated brokers, that has nothing to do with Aduno Capital. This means the broker has been using the details of the regulated entities and has no legal rights to provide financial services. 
• Moreover, the Austrian regulator Financial Markets Authority has blacklisted Aduno Capital:

"ADUNO Capital Group Ltd is not entitled to carry out banking transactions in Austria that require a license. The provider is therefore not permitted to trade in instruments on its own account or on the account of others pursuant."

Aduno Capital Review Conclusion

We advise all investors and traders to avoid Aduno Capital 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 and Alpari.

Aduno Capital Update

Recently Aduno Capital 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 S&P Broker Scam or Legit Broker?

No, S&P Broker is not safe to trade with because of its unregulated nature. The broker doesn’t provide any information about the company behind the brand’s name as well as any regulatory information. It claims to be located in Luxemburg.

What is S&P Broker?

According to the website, S&P Broker enables quick direct access to trading in stocks, CFDs, indices, and cryptocurrencies. Despite its Luxemburg address, the broker provides the contact phone number with the British country code. However, the company doesn't seem to be regulated by the UK's Financial Conduct Authority or any other regulator. 

• Moreover, S&P Broker has been brokers blacklisted by Luxembourg regulator CSSF:

  "The Commission de Surveillance du Secteur Financier (CSSF) warns the public of the activities of an entity named S&P Broker (website: https://snpbroker.io), which claims to be established at 2 rue Edward Steichen, 2540 Luxembourg. The CSSF informs the public that S&P Broker is unknown to it and that the entity has not been granted any authorization to provide investment services or other financial services in or from Luxembourg."

• We have also found numerous negative reviews about the broker, where people state the employees of the company "will take your money and hang up", which means they all have been scammed and lost a lot of money with S&P Broker. 

S&P Broker Review Conclusion

We advise all investors and traders to avoid S&P Broker 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 Alpari and XM.

S&P Broker Update

Recently S&P Broker 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 Capital88 Scam or Legit Broker?

No, it is not safe to trade with Capital88. Capital88 is owned by Capital88 Ltd., which is an offshore company registered in the Marshall Islands.

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

What is Capital88?

According to the website, Capital88 is providing more than 1,000 financial assets from all 4 major markets and 2 trading instruments (CFDs and FX). There is one more company behind the brand's name - BT Ventures Ltd., which claims to be based in Sofia, Bulgaria. We haven't found any records of the broker being regulated by local Financial Supervision Commission, which means the broker is unregulated.

• Moreover, the broker has recently been banned by Spain's regulator the National Securities Market Commission (CNMV):

"BT VENTURES LTD/ CAPITAL88 LTD is not authorised 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."

Capital88 Review Conclusion

We advise all investors and traders to avoid Capital88 and other brokers from the Marshall Islands. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as eToro, RoboForex Broker and FXTM.

Capital88 Update

Recently Capital88 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 4xincome Scam or Legit Broker?

No, it is not safe to trade with 4xincome. 4xincome is owned by Sky Hub Limited, which is an offshore company registered 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 CF Merchants, Monfex, and more. You can read our detailed article about the risk of trading with brokers from St. Vincent and the Grenadines.

What is 4xincome?

According to the website, 4xincome is a social trading and investment company that "allows its users to watch the financial trading activity of other users, copy them, and to make their own trades." It offers a wide range of trading instruments – over 60 currency pairs, CFDs, Spot metals and Indices, and over 180 Share CFDs. 

• However, the broker doesn't provide any information about its regulation and most probably it is not supervised by any authority. One more suspicious thing is that they don't provide any contact information, so the user needs to "request a call" and leave his phone number and probably receive hundreds of calls from the company that looks like one more offshore investment scam. 

4xincome Review Conclusion

We recommend all investors and traders avoid 4xincome and other brokers from St. Vincent and the Grenadines. It is not advisable to trust your funds to unregulated or offshore brokers, as many of them run investment schemes. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as HYCM and BlackBull Markets.

4xincome Update

Recently 4xincome 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 TopTradePro Scam or Legit Broker?

No, it is not safe to trade with Ideas in Motion LTD. It has been suspected as a scam broker. It operates under the brand name TopTradePro - a brokerage firm that provides online currencies and CFDs trading services. The company is registered in the Marshall Islands, an offshore zone, and has no authorization or license to perform financial services. Also, many jurisdictions restrict opening a trading account with TopTradePro.

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

What is TopTradePro?

According to the website, TopTradePro offers the best customer service, superior access to the most useful assets, and trading without commission resulting in last longing profits. However, we have a lot of questions about its reliability. The company doesn’t provide any information about its regulation and is probably not authorized by any regulatory authority.

• The only contact provided on the website is the phone number with a British code. TopTradePro is not regulated to provide its financial services in the UK. Moreover, the broker has gotten into the blacklist of the Austrian regulator Financial Market Authority (FMA):

"TopTradePro / Motion LTD is not entitled to carry out banking transactions in Austria that require a license. The provider is therefore neither permitted to conduct deposit-taking business."

TopTradePro Review Conclusion

We strongly advise all investors and traders to avoid TopTradePro and other brokers from the Marshall Islands. 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 City Index, Exness Forex, and eToro.

TopTradePro Update

Recently TopTradePro 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 Go Capital FX Scam or Legit Broker?

No, it is not safe to trade with Go Capital FX. Go Capital FX is owned by Lancelot Equity Ltd., which is an offshore company registered in Dominica.

• Dominica is notorious for its practically absent requirements and regulations. Due to the setup cost being low and it does not regulate forex trading. Therefore, it became an offshore zone for shady forex brokers such as Global Clearing Group, TradeToro, and more.

What is Go Capital FX?

According to the website, Go Capital FX provides an opportunity for traders of different skills level to earn money in the financial market through a wide range of trading tools. Among the assets, they offer CFDs on metals, energy, indices, and shares of companies; Forex, and Future. Although, the broker doesn't provide any information about its regulation. There is no specific license for the forex brokers in Dominica (Read about Dominica located TradersWay), so it means Go Capital FX has no legal rights to offer its financial services. 

• Moreover, the company has been blacklisted by the Cyprus Securities and Exchange Commission:

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

Go Capital FX Conclusion

We advise all investors and traders to avoid Go Capital FX and other brokers from Dominica. 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 IG Markets and BlackBull Markets.

Go Capital FX Update

Recently Go Capital 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 Swiss Investment Fx Scam or Legit Broker?

No, it is not safe to trade with Swiss Investment Fx. Swiss Investment Fx is owned by Swiss Investment Corporation LTD., which is an offshore company registered in the Marshall Islands. 

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

What is Swiss Investment Fx?

Swiss Investment Fx offers Forex, crypto, and CFDs trading. The broker doesn't provide any contact details and gives the option of contacting only via emails. We also couldn't find any information about broker's regulation. On the contrary, we have found several warnings from different regulators. 

• The UK's Financial Conduct Authority has issued a warning, where stated that Swiss Investment FX is a clone of FCA authorised firm Swiss Investment Corporation Limited:

"This FCA authorised firm that fraudsters are claiming to work for has no association with the ‘clone firm’. It is authorised to offer, promote or sell services or products in the UK".

• Also, there is a warning from Austrian Financial Markets Authority:

"Swiss Investment Corporation Ltd/ Swiss Investment Fx is not entitled to carry out banking transactions in Austria that require a licence. The provider is therefore neither permitted to conduct deposit-taking business".

Swiss Investment Fx Review Conclusion

We advise all investors and traders to avoid Swiss Investment Fx and other brokers from the Marshall Islands. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as HYCM and XM.com.

Swiss Investment Fx Update

Recently Swiss Investment 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 their receive trading proposals. 

Is Smartoptionfx Scam or Legit Broker?

No, it is not safe to trade with Smartoptionfx. Smartoptionfx is owned by B.O. TradeFinancials Ltd and claims to be located in Florida, United States. This broker is blacklisted by a well-known regulatory authority and should be avoided.

What is Smartoptionfx?

According to the website, Smartoptionfx is a safe and secured binary (See Regulated Binary Options Brokers) and forex trade site, with a well-regulated trading platform and real-time results. The company is operated by B.O. TradeFinancials Ltd, a company located in the Republic of Cyprus and licensed by the Cyprus Securities and Exchange Commission: License Number 216/13. They also state that "Our license is valid in all Member States of the European Union under the provisions of the European Parliament’s Markets in Financial Instruments Directive (MiFID) which harmonizes financial legislation throughout the EU."

• However, a company located in the United States should be regulated by one of the local regulators and Smartoptionfx doesn't carry this kind of regulation. Another concern is the recent warning from the CySEC, stating that "the website smartoptionfx.com, does not belong to an entity which has been granted authorization for the provision of investment services and/or the performance of investment activities". They also add that the license number provided on the website is no longer valid, as it was withdrawn by the regulator on the 25th of June 2018. 
• Moreover, the terms and conditions on the website state the company is under the supervision of the British authorities, which is also a false claim. Smartoptionfx is not authorized to provide its financial services in the UK or any other country. 

Smartoptionfx Review Conclusion

We advise all investors and traders to avoid Smartoptionfx 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 City Index and BlackBull Markets. Also, check RoboForex Broker Review.

Smartoptionfx Update

Recently Smartoptionfx website remains inactive and unavailable to reach, meaning the broker has muted its trading offering and does not propose account openings. However, we still advise the traders to be alert and careful, in case they receive trading proposals.