category: Unregulated Brokers

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. 

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.