category: Unregulated Brokers

Is GoldFxTrading Scam or Legit Broker?

GoldFxTrading 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.

• GoldFxTrading is owned by GFT, which claims to be located in London, UK. However, the company's office is based 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 is low and it does not regulate forex trading. Therefore, it became an offshore zone for shady forex brokers such as CapitalXP, TraderUR and more. You can read our detailed article about the risk of trading with brokers from St. Vincent and the Grenadines.

What is GoldFxTrading?

Gold Fx Trading offers its customers online trading of currencies, commodities, and of major stocks via CFDs (Contracts for Difference) in a sophisticated trading platform called PROfit. According to the website, GFT is authorized and regulated by the Financial Conduct Authority (Reg.438879).

• However, the regulator's website states that: "This is a firm that can no longer provide regulated products and services, but was previously authorized by the PRA and/or FCA."

• It gets more confusing with the terms and conditions of the company that state it is under Australian jurisdiction. GoldFxTrading is not authorized in Australia or any other country.

• Moreover, the broker has recently been banned by Italy's regulator CONSOB:

  "The National Commission for Companies and the Stock Exchange has also ordered the following company GoldFxTrading (Gft) to cease infringement of art. 18 of the TUF"

GoldFxTrading Review Conclusion

We advise all investors and traders to avoid GoldFxTrading 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 HYCM.

GoldFxTrading Update

Recently GoldFxTrading 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 GoTechFx Scam or Legit Broker?

No, it is not safe to trade with GoTechFx. GoTechFx is not a secure Forex broker since it does not hold a license from any worldwide serious Forex authority and is located in the Marshall Islands. 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.

• 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 TurboForex, Swissinv24, and more.

What is GoTechFx?

According to the website, GoTechFx is a forex broker, dedicated to providing its clients with tailor-made trading solutions, including Metatrader 4, regardless of prior knowledge or experience. The company provides a contact phone number with a British code, which should make traders think the broker has something to do with the UK and maybe regulations there. However, GoTechFx is not authorized in the UK or in any other country.

• In fact, the broker has recently been blacklisted by Austrian Financial Market Authority:

  "Go T limited (GoTechFx) 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."

GoTechFx Review Conclusion

We advise all investors and traders to avoid GoTechFx and other brokers from the Marshall Islands. It is not safe to sign with unregulated or offshore brokers, as often such brokers turn out to be scams. 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.

GoTechFx Update

Our research revealed that the GoTechFx 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 Ultrontradefx Scam or Legit Broker?

No, it is not safe to trade with Ultrontradefx. The company is owned and operated by Ultrontradefx Limited and claims to be located in the United States. Ultrontradefx 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 Ultrontradefx?

According to the website, Ultrontradefx is legally registered with all the relevant authorities as an online investing firm, with the goal of providing profits from investing. However, we have found that the "About us" section mentions and is literally identical to the section on the 247TradesOption website. The terms and conditions on both websites are also identical as well as their interfaces.

• Also, the terms and conditions state the Company is licensed and regulated under e-gaming in the British Isles by the Isle of Man GSC (which is a British territory). However, Gambling Supervision Commission is not the regulator that authorized brokers in the UK. Obviously, Ultrontradefx is not regulated in the UK by the Financial Conduct Authority or the USA, despite its US location (Find forex brokers in the US). 

• In addition, the identical 247TradesOption has been blacklisted by The Financial Services Commission (FSC), the Mauritian regulator.

Ultrontradefx Review Conclusion

We advise all investors and traders to avoid Ultrontradefx 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 eToro, RoboForex, and XM.

Ultrontradefx Update

Our research revealed that the Ultrontradefx 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 FXIG Trades Scam or Legit Broker?

No, it is not safe to trade with FXIG Trades. FXIG Trades is owned and operated by FXIG Trades Inc. and claims to be located in London, UK. However, FXIG Trades 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 FXIG Trades?

According to the website, FXIG Trades offers such services as sales and trade, financial planning, business development, marketing analysis, strategic planning, and wealth management. Although, the broker doesn't disclose any information about its regulation and trading conditions (as it provides sales and trade services).

• Since the website mentions the UK location, the broker was supposed to be authorized in the United Kingdom by its local Financial Conduct Authority. However, we didn't find any records of the FXIG Trades in the regulator's register, which means the broker is not allowed to provide its financial services in the country.
• In addition, the website seems to be off, as the "signup" option doesn't work as well as the live chat on the website. Also, FXIG Trades claims to have 24 years of experience in financial consulting, however, we couldn't find any reviews about this company, which means it is new on the market.

FXIG Trades Review Conclusion

We advise all investors and traders to avoid FXIG Trades 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 BlackBull Markets and XM. 

FXIG Trades Update

Our research revealed that the FXIG Trades 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 4xpremium Scam or Legit Broker?

No, it is not safe to trade with 4xpremium. 4xpremium is owned and operated by Index Limited. The broker doesn’t provide any information about its regulation as well as its contact details.

What is 4xpremium?

4xpremium offers trading with Forex and CFDs, including Indices, Commodities, and Stocks. However, without disclosing important details about the company and its trading conditions the broker usually cannot be trusted and taken seriously. The terms and conditions on the website state that the company is under the jurisdiction of Cyprus. We have checked the registration of the Cyprus regulator CySEC and didn't find any records of 4xpremium or Index Limited. It seems like the broker doesn't have any license to offer its financial services.

• Moreover, the company has been blacklisted by several regulators. In September 2018, the UK's Financial Conduct Authority has issued a warning against 4XPremium/Index Limited. The regulator mentioned that the owner-company Index Limited is a clone of the FCA-regulated Global Market Index Limited:

  "Fraudsters are using or giving out the following details as part of their tactics to scam people in the UK: Index Limited t/a 4XPremium (clone of FCA authorized firm)"

• Also, the broker has recently been banned in Italy by its local regulator CONSOB:

  "The National Commission for Companies and the Stock Exchange has ordered, pursuant to article 7-octies, letter b) of the Consolidated Law on Finance (TUF), the following companies to cease infringement: Index Limited through the website https://4xpremium.com"

4xpremium Review Conclusion

We advise all investors and traders to avoid 4xpremium 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.com. Also, check the Xtrade broker's review.

4xpremium Update

Our research revealed that the 4xpremium 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 TurboForex Scam or Legit Broker?

No, it is not safe to trade with TurboForex. TurboForex is owned by TF Trading 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 GoldmanCFD, Obsbit, and more.

What is TurboForex?

According to its website, TurboForex is an industry-leading provider of forex, commodities, and stocks/indices CFD brokerage services. The company doesn't provide information about its location or, most importantly, regulation, however, there are a lot of contact numbers with the phone codes from the United Kingdom, New Zealand, Australia, Brazil, Norway, Sweden and some more. Obviously, TurboForex doesn't have branches or offices in these countries and is not regulated in any of the mentioned or other countries.

• Moreover, Spain's regulator the National Securities Market Commission (CNMV) has issued a warning against TurboForex/TF Trading Ltd:

  "TURBOFOREX 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."

TurboForex Review Conclusion

We advise all investors and traders to avoid TurboForex and other brokers from the Marshall Islands. Although offshore brokers are not always scams, it is still risky to sign with them. In Forex trading, safety is crucial. Thus, 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.

TurboForex Update

Our research revealed that the TurboForex 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 Swissinv24 Scam or Legit Broker?

No, it is not safe to trade with Swissinv24. Swissinv24 is owned by Swissinv24 Markets, 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 MegaTradeFX, Finbitex and more.

What is Swissinv24?

Swissinv24 Markets has positioned itself as one of the best spread betting brokers, a leading provider of Online Foreign Exchange (Forex) trading, and other related services. However, we have a lot of questions about its reliability. The company doesn't provide any information about its regulation and most probably is not authorized by any regulatory authority.

• The only contact information provided on the website is the phone number with the Swiss code. Swissinv24 is not regulated in Switzerland to provide financial services. Moreover, the Swiss regulator has recently issued a warning against the broker:

Swissinv24 Review Conclusion

We strongly advise all investors and traders to avoid Swissinv24 and other brokers from the Marshall Islands. In Forex trading finding a reliable and well-regulated broker is essential, not to risk your investments. Thus, traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as City Index and eToro.

Swissinv24 Update

Our research revealed that the Swissinv24 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 Golden Key Pro Scam or Legit Broker?

No, it is not safe to trade with Golden Key Pro. Golden Key Pro is owned by United Limited, 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 PTBanc, Pinprotrade, and more.

What is Golden Key Pro?

Golden Key Pro offers trading with over 800 high-liquidity assets, including Stocks, Commodities, Indices, Currencies, and much more. The company doesn't disclose any information about its location or regulation, which we consider one of the reasons to avoid this broker.

• 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.
• Another red flag is the warning from Spain's regulator CNMV (The National Securities Market Commission):

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

Golden Key Pro Review Conclusion

We advise all investors and traders to avoid Golden Key Pro and other brokers from the Marshall Islands. It is not safe to sign in with offshore brokers, as they are not reliable in the terms of regulations and safety. 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.

Golden Key Pro Update

Our research revealed that the Golden Key Pro 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 UproFx Scam or Legit Broker?

UproFX 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 UproFX?

UproFX claims to utilize the latest trends in the world of Forex, offering its clients a transparent and accurate representation of the most up-to-date trading technologies. 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 the mentioned above registration number in the FSA's register, which means UproFX is not regulated to provide its financial services in Estonia as well as other EU countries.

• According to the website, UproFx is owned by Yield Enterprise Currency Software OÜ (company number: 14484668), Tallinn, Estonia, and operated from Riga, Latvia.

• The company's website supports English, German and Spanish languages, probably the countries it has been targeting. In fact, the broker has been blacklisted by Spanish regulator CNMV earlier this month:

  "UPROFX is not authorised to provide the investment services detailed in Article 140 of the Securities Markets Law, which includes investment advice, or to provide auxiliary services in relation to the financial instruments, including, for those purposes, foreign currency transactions."

UproFX Review Conclusion

We advise all investors and traders to avoid UproFX 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 BDSwiss. 

UproFX Update

Recently UproFX 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.