category: Unregulated Brokers

Is GoldmanCFD Scam or Legit Broker?

No, it is not safe to trade with GoldmanCFD. GoldmanCFD is owned by GOLDMANCFD 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 YFX Capital, Pinprotrade, and more.

What is GoldmanCFD?

GoldmanCFD claims to be one of the leading providers of Online Foreign Exchange (Forex) trading, spread betting companies, and other related services. The company doesn't provide much information about its location or regulation. According to the terms and conditions, the company is under Estonian jurisdiction, however, it is not entitled to operate in Estonia, in Europe, or in any regulated market in general.

• Moreover, Italian regulator CONSOB has blacklisted GoldmanCFD in February 2019:

“The National Commission for Companies and the Stock Exchange has ordered the following company to cease the infringement, consisting of the provision of unauthorized investment services and activities to the Italian public.”

GoldmanCFD Review Conclusion

We advise all investors and traders to avoid GoldmanCFD and other brokers from the Marshall Islands. Based on the information we revealed GoldmanCFD has safety issues, and investing with the broker might put the traders' investments at risk. 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.

GoldmanCFD Update

Our research revealed that the GoldmanCFD 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 GCG Asia Scam or Legit Broker?

GCG Asia 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 GCG Asia?

Guardian Capital AG (GCG) claims to be a leading provider of online foreign exchange (FX) trading, CFD trading, and related services. According to the website, GCG is an authorized and regulated broker under close supervision by FINMA. We didn't find this broker among the FINMA-regulated entities, however, we actually found it in the regulator's warning list.

• Thus, it is not safe to trade with GCG Asia. It is owned and operated by Guardian Capital AG and claims to be located in Zurich, Switzerland. Yet, it does not hold a license from the local authority. 
• Swiss regulator has issued a warning against GCG Asia in March 2019. This is probably the biggest red flag.

• Also, Swiss Bank Dukascopy warned against GCG Asia. In the announcement, Dukascopy Bank cautioned that neither it nor any entities of Dukascopy Group have relations with GCG Asia, although the latter fraudulently claims the opposite:

  “GCG Asia is fraudulently using Dukascopy's name and logo for attracting clients/investors, without Dukascopy Bank's permission. We are taking action against this dishonest organization. We invite to extreme caution toward such an organization basing its promotion on a lie.”

GCG Asia Review Conclusion

We advise all investors and traders to avoid GCG Asia 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 XM and Exness.

GCG Asia Update

Our research revealed that the GCG Asia 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 Trade Global Market Scam or Legit Broker?

Trade Global Market broker 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 Trade Global Market?

Trade Global Market claims to be a leading online trading brokerage specializing to provide individuals and organizations with services in international financial markets. The broker offers to trade with various currency pairs, as well as in Gold (Spot), Silver (Spot), and CFD as well as indices.

However, it is not safe to trade with Trade Global Market. It is owned and operated by TGM Financial LLC, and claims to be located in Tbilisi, Georgia.

• According to the website, Trade Global Market is a regulated entity and it provides a registration number. Since the broker is located in Georgia, we have checked this number with its local regulator register, the National Bank of Georgia. There is no record of Trade Global Market or TGM Financial LLC being registered in Georgia. Also, the broker provides contact numbers with British phone code, which could mean the company is based or somehow associated with the UK and therefore should be authorized by the UK's Financial Conduct Authority. However, it doesn't hold an FCA license and is not authorized to offer its financial services in the country.
• We have also noticed that the company's address provided on the website actually belongs to Zixipay Limited, a Georgian-based Payment Service Provider registered and authorized by the National Bank of Georgia. It means that Trade Global Market has been using the address of the authorized entity to delude the customers.

Overall Trade Global Market Ranking 

With our finds and issues with regulations and safety of Trade Global Market, we do not rank positively Trade Global Market, based on our Expert Opinion with over 10 Years of experience in Forex Trading.

• Trade Global Market 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.

Trade Global Market Alternative Brokers

Based on our revelations on the regulations and safety issues with the Trade Global Market, here are much better Alternatives to Trade Global Market with good regulations and excellent conditions. We select Good Brokers and reliable options for your comparison below: 

• AvaTrade – Good for Currency trading
• FP Markets – Good for CopyTrading
• FXTM – Good for Beginners

Trade Global Market Deposits and Withdrawals

To fund your Trade Global Market account a minimum initial deposit of at least 100 USD is required. Funds should be transferred to Trade Global Market by bank wire, It takes 1-3 business days to process and credit the funds to the client's account by wire transfer.

• To do a wire transfer, clients are required to log in to their Trader Board, fill out the invoice, and present or send the wiring instructions to their bank.

Trade Global Market Review Conclusion

We advise all investors and traders to avoid Trade Global Market 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 and XM.com. Check out the Xtrade review and FXPRIMUS Review.

Trade Global Market Update

We found that Trade Global Market was not active for an extended period. It restarted its activities after a lasting inactivity. 

Is AZ Trades Scam or Legit Broker?

No, it is not safe to trade with AZ Trades. AZ Trades is owned by AZ Markets Ltd., which is an offshore company registered in St. Vincent and the Grenadines. AZ 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.

• St. Vincent and the Grenadines 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 CapitalXP, TraderUR, and more.

What is AZ Trades?

According to the AZ Trades website, the broker is registered with the Financial Commission under the number 24462. 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.

• From our source, it costs €24,000 per year to become a member. However, there is no handbook or guidelines for brokers to run their businesses. Therefore, there is zero protection for traders. You can read our detailed article about the risk of trading with brokers from St. Vincent and the Grenadines.
• AZTrades.com offers over 45 forex currency pairs, indices, CFDs commodities, gold, silver, bitcoin, and other cryptocurrencies for personal investment and trading options. The customer support number on the website has a British country code, however, the broker is not regulated by the UK's Financial Conduct Authority. 

AZ Trades Review Conclusion

We advise all investors and traders to avoid AZ Trades 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 IG Markets and BlackBull Markets. Read also about FXPRIMUS.

AZ Trades Update

Our research revealed that the AZ 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 IC Finance Scam or Legit Broker?

No, it is not safe to trade with IC Finance. IC Finance is owned by IC Finance Limited 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 Circle Markets, 70Trades, and more.

What is IC Finance?

As to the broker's VFSC license, from our source, it costs €24,000 per year to become a member. However, there is no handbook or guidelines for brokers to run their businesses. Therefore, there is zero protection for traders. We have a detailed article explaining the risk of trading with brokers from Vanuatu.

• According to the website, IC Finance is an international Forex broker, that provides high-quality financial and investment services to customers all around the world. The company doesn't disclose its address or contact numbers.
• We have heard brokers from Vanuatu deny traders withdrawing funds. We have feedback from traders about their negative experience with IC Finance. You can read the feedback here.

IC Finance Review Conclusion

We advise all investors and traders to avoid IC Finance and other brokers from Vanuatu. Offshore brokers are not reliable, and signing with them might put your investments at risk. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as eToro and XM.com.

IC Finance Update

Our research revealed that the IC Finance 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 69Brokers Scam or Legit Broker?

No, it is not safe to trade with 69Brokers. The broker doesn’t provide any information about the company behind the brand’s name as well as any regulatory information. According to the provided information, the broker is located in London, however, it is not regulated by the local financial authority, which means the broker is unregulated and provides illegal services. 

What is 69Brokers?

69Brokers presents its users with the optimal platform for investing in Forex, Futures, and Commodities. The company's HQ is located in Matam, London, Sydney, Limassol, and Sofia. They also provide a British office address and British contact numbers, however, the broker does not carry a license from the British regulator - Financial Conduct Authority. It is not regulated by any other authority as well, which means the company has been targeting people without a legal right for that.

• In addition, the Swiss Financial Market Supervisory Authority (FINMA) has issued a warning against 69Brokers.
• We have also found out that 69Brokers have been known for withdrawal issues and downtime of their trading platform and website, which is actually full of spelling errors.

69Brokers Review Conclusion

We advise all investors and traders to avoid 69Brokers 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 BDSwiss. See the Xtrade broker and FXPRIMUS broker Reviews.

69Brokers Update

Our research revealed that the 69Brokers 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 TraderUR Investments Scam or Legit Broker?

No, TraderUR is not safe to trade with it. TraderUR is owned by TEChNORIC Ltd. which is an offshore company registered in St. Vincent and the Grenadines. TraderUR 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.

• 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 Millennium FX, Brokerz, and more.

What is TraderUR?

According to the website, TraderUR is a member of the International Financial Commission (FinaCom), as they mention the registration number. 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.

• From our source, it costs €24,000 per year to become a member. However, and there is no handbook or guidelines for brokers to run their businesses. Therefore, there is zero protection for traders. You can read our detailed article about the risk of trading with brokers from St. Vincent and the Grenadines.
• TraderUR offers Forex, Crypto, and CFDs trading. The company doesn't provide any information about its location, only the contact phone numbers which are German and Swedish. However, the broker is not authorized by local regulators in Germany and Sweden.

TraderUR Review Conclusion

We advise all investors and traders to avoid TraderUR and other brokers from St. Vincent and the Grenadines. In Forex trading finding a reliable and well-regulated broker is essential, not to risk your investments. 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. Also can check Exness Review.

TraderUR Update

Our research revealed that the TraderUR 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 WandaFx Scam or Legit Broker?

No, it is not safe to trade with WandaFx. The broker doesn’t provide any information about the company behind the brand’s name, regulatory information, or contact details.

What is WandaFx?

WandaFx provides Forex, Crypto, and CFD solutions to institutional and private investors. However, without disclosing essential 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 Estonian jurisdiction, but it is not actually regulated by its local regulator.

• We have heard WandaFx broker denies traders withdrawing funds. We have feedbacks from traders that they cannot withdraw money. You can read the feedback here.

WandaFx Review Conclusion

We advise all investors and traders to avoid WandaFx 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, Exness broker, and XM.

WandaFx Update

Our research revealed that the WandaFx 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 SeRex Investments Scam or Legit Broker?

No, it is not safe to trade with SeRex Investments. It is owned and operated by SRX Investment Limited and claims to be located in London, UK. SeRex Investments 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 SeRex Investments?

SeRex Investments offers Forex trading and flexible and low cost of our Execution-Only service (Online Stocks & Shares, Stocks & Shares New ISA). According to the website, SRX INVESTMENTS LIMITED is registered in England and Wales under the number 11201243 with the Registered Office: 3 Holmfield Road, Fulwood, Preston, PR2 8EN  United Kingdom, and is authorized and regulated by the Financial Conduct Authority, Firm No. 466868. A Member of the London Stock Exchange.

• However, we have checked the above information provided on the firm's website and haven't found any records of SeRex Investments in the FCA register. Moreover, according to the FCA’s recent statement, the broker was not just providing misleading regulation information, but it was also using the details of the FCA-licensed company.

• In its notice, the UK regulator states that “clone firms” – fraudsters usually use this tactic when contacting people out of the blue, so clients should be especially wary if they have been cold-called. They may use the name of the genuine firm, the ‘firm reference number’ (FRN) the regulator has given the authorized firm, or other details.

SeRex Investments Review Conclusion

We advise all investors and traders to avoid SeRex Investments 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 and XM.

SeRex Investments Update

Our research revealed that the SeRex Investments 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.