category: Unregulated Brokers

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. 

Is Globalix Scam or Legit Broker?

Globalix 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.

• Globalix is owned by Globalix 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 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 Globalix?

Globalix was founded in 2013 and has been offering Forex, CFDs, indices, stocks, and cryptocurrency trading. The company doesn't disclose any information about its regulation, so we suppose it doesn't have a reliable authority behind it. According to the website, the broker holds all client money with the top-tier banks in Europe, however, it is not located or authorized by any EU regulator, therefore, has no legal right to offer its financial sources to European residents.

• In addition, Globalix has been banned in Spain by its regulator CNMV in May 2019:

"GLOBALIX LTD is not authorised to provide the investment services, which include investment advice, or to provide auxiliary services in relation to the financial instruments, including, for those purposes, foreign currency transactions."

Globalix Review Conclusion

We advise all investors and traders to avoid Globalix 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 BlackBull Markets and BDSwiss. Do not miss our Exness Broker Review. 

Globalix Update

Recently Globalix 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 Libra Markets Scam or Legit Broker?

Libra 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 Libra Markets?

Libra Markets is owned by Yield Enterprise Currency Software OÜ, Tallinn, Estonia, and operated from Riga, Latvia.

• According to the website, Libra Markets provides industry-leading forex brokerage to enable secure investment and trading across multiple asset classes. The broker doesn’t provide any information about its regulation or license and it actually seems it doesn’t have any.

As it claims to be registered in Estonia, it was supposed to be regulated by the local regulator Estonian Financial Supervision Authority. We didn’t find any mentions about the broker in the FSA’s register, which means Libra Markets is not regulated to provide its financial services in Estonia as well as other EU countries.

• In addition, Libra Markets has been blacklisted by Austrian Financial Markets Authority:

  "Libra Markets is not entitled to carry out banking transactions in Austria that require a licence. The provider is therefore neither permitted to trade on a commercial basis on its own account or on behalf of others."

• We have also reviewed one more broker UproFx, operated by Yield Enterprise Currency Software OÜ. This broker has been banned by several regulators and has a lot of negative reviews.

Libra Markets Review Conclusion

We advise all investors and traders to avoid Libra Markets 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 FP Markets and BDSwiss. You may be interested reading  RoboForex Review.

Libra Markets Update

Recently Libra 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 their receive trading proposals. 

Is Monfex Scam or Legit Broker?

No, it is not safe to trade with Monfex. Monfex is owned by TENB Ltd., an offshore International Business Company incorporated under the laws of Saint Vincent and the Grenadines.

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

What is Monfex?

Monfex is a broker that Forex and cryptocurrency trading. There is no confirmation about the regulatory compliance and the necessary protection of the clients, which enables international investors to trade assured that their funds are protected. The broker doesn't provide its address, but only the contact phone number, which has a British country code. This is supposed to mean that the company is located in the UK, however, we have got no proof from the local regulator Financial Conduct Authority.

• According to the terms and conditions, the broker is registered with the Financial Commission under the number 25024 IBC. 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 Monfex Ranking 

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

• Monfex 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.

Monfex Alternative Brokers

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

• Trading 212 – Good for Low Costs Trading
• Dukascopy – Excellent for Futures Trading
• InteractiveBrokers – Good for Trading Real Stocks

Deposit & Withdrawal

At Monfex, making deposits and withdrawals is simple and quick. The broker offers multiple funding options, including Bank wire transfers, Visa and Mastercard payment cards, WireTransfer, etc. 

• All the deposits should be made from a single source 
• As a client, one can create any number of accounts and can make deposits in any of the real accounts.
• Traders can deposit funds using a variety of funding methods, such as Bank transfers, credit/debit cards, etc.

Monfex Review Conclusion

We advise all investors and traders to avoid Monfex 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 eToro and BlackBull Markets.

• Overall ranking and experience for Monfex is Negative

Is iFXOPTION Scam or Legit Broker?

No, it is not safe to trade with iFXOPTION. The broker doesn’t provide any information about the company behind the brand’s name as well as any regulatory information. Signing with the broker is risky because of its unregulated nature. Often, brokers without any licenses turn out to be scams. 

What is iFXOPTION?

According to the website, iFXOPTION is a member of the Financial Services Compensation Scheme (FSCS). The company participates and is a member of the Investor Compensation Fund (ICF) which covers the clients of investment companies and is governed by the laws of the Republic of Cyprus. The website also mentions that the broker is based in London, UK. Both FSCS and ICF protect customers when authorized financial services firms fail. However, we couldn't find any information about iFXOPTION authorization, which means the broker is not allowed to provide its financial services and cannot be a member of compensation schemes.

• Moreover, iFXOPTION has been banned in Spain by the local regulator CNMV:

  "IFX OPTION is not authorized to provide the investment services, which include investment advice, or to provide auxiliary services in relation to the financial instruments, including, for those purposes, foreign currency transactions."

• There is no information or any kind of reviews about iFXOPTION broker on the net, which probably means it is a brand new company, that has already gotten into the warning list.

iFXOPTION Review Conclusion

We advise all investors and traders to avoid iFXOPTION 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 XM.

iFXOPTION Update

Our research revealed that the iFXOPTION 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.