category: Unregulated Brokers

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. 

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.