category: Unregulated Brokers

Is Tradepro Capitals Scam or Legit Broker?

No, it is not safe to trade with Tradepro Capitals. Tradepro Capitals is owned by Tradepro Capital Markets Limited, which is an offshore company registered in St. Vincent and the Grenadine.

• 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 CapitalXP, Welkron, and more.

What is Tradepro Capitals?

According to the Tradepro Capitals website, the broker is registered with the Financial Commission under the number 34452 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.

• 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.
• Tradepro Capitals offers its clients a variety of products and trading options, including Forex, Commodities, Stocks, Indices, and Crypto. The broker claims to be located in London, UK. However, it is not licensed by the local regulator Financial Conduct Authority (FCA). In fact, the UK's FCA has recently issued a warning against Tradepro Capitals Limited:

Tradepro Capitals Review Conclusion

We advise all investors and traders to avoid Tradepro Capitals 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. Also check the FXPRIMUS broker review.

Tradepro Capitals Update

Our research revealed that the Tradepro Capitals 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 KayaFX Scam or Legit Broker?

No, it is not safe to trade with KayaFX. KayaFX delivers options for trading in some of the most popular liquid assets, including currency pairs, stocks, CFDs, most major financial indices, and commodities. It is owned and operated by AlphaTec Ltd., and claims to be located in Leeds, England. However, it does not carry a license from the UK regulator– Financial Conduct Authority (FCA).

What is KayaFX?

According to the terms and conditions, the clearing and billing services are done by Hermes Solution DOO, based in Montenegro. Also, they mention that the relations between the broker and clients are governed by, and interpreted in accordance with the laws of Estonia. However, KayaFX is not regulated by the local regulators in the mentioned countries.

• Moreover, the UK's regulator FCA issued a warning against KayaFX in March 2018:

"This firm (KayaFX) is not authorized by us and is targeting people in the UK. Based upon the information we hold, we believe it is carrying on regulated activities which require authorization."

• There is also a more recent warning, issued by Spain's CNMV:

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

   

KayaFX Review Conclusion

We advise all investors and traders to avoid KayaFX 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.

KayaFX Update

Recently KayaFX Invest 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 PTBanc Scam or Legit Broker?

No, it is not safe to trade with PTBanc. PTBanc doesn't disclose the name of the company behind the brand's name, as well as its regulation details. However, the terms and conditions on the website state that the company is under the Marshall Islands Governing laws.

• 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 Dax300, Finbitex, and more.

What is PTBanc?

According to the website, PTBanc provides sophisticated Forex and CFD solutions to institutional and private investors. It claims to be located in Luxemburg, however, the company is not regulated by its local regulator Commission de Surveillance du Secteur Financier (CSSF).

• Moreover, the CSSF has issued a warning against PTBanc in September 2018:

"The Commission de Surveillance du Secteur Financier (CSSF) warns the public of the activities of an entity named PtBanc (website: https://ptbanc.com/) which claims to be established at 2 A rue Albert Borschette, 1246 Luxembourg. The CSSF informs the public that PtBanc is unknown to it and that the entity has not been granted any authorization to provide investment or other financial services in or from Luxembourg."

• There is also one more warning, more recent, issued by the UK's Financial Conduct Authority:

"PT Banc is not authorized by us and is targeting people in the UK. Based upon information we hold, we believe it is carrying on regulated activities which require authorization."

PTBanc Review Conclusion

We strongly advise all investors and traders to avoid PTBanc and other brokers from the Marshall Islands. Brokers with offshore licenses do not provide a sufficient level of safety and security, and signing with them might mean risking your funds. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as City Index and eToro.

PTBanc Update

Our research revealed that the PTBanc 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 Millennium FX Scam or Legit broker?

No, it is not safe to trade with Millennium FX. Millennium FX is the commercial name of the authorized and regulated company, which operates with the liquidity provider of CXMTrading, 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 and it does not regulate forex trading. Therefore, it became an offshore zone for shady forex brokers such as CapitalXP, Welkron, and more.

What is Millennium FX?

Millennium FX offers Forex, Indices, Cryptocurrency, and Raw Materials trading. The company claims to be based in the UK, however, it is not licensed by the local regulator Financial Conduct Authority (FCA).

• Moreover, Spain's regulator CNMV has issued a warning against Millennium FX: According to the Millennium FX website, the broker is registered with the Financial Commission under the number 24912 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.

• "MILLENNIUM FX LIMITED www.mnmfx.com is not authorized to provide the investment services, which include investment advice, or to provide the auxiliary services in relation to the financial instruments for those purposes, foreign currency transactions."

Millennium FX Review Conclusion

We advise all investors and traders to avoid Millennium FX 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.

Millennium FX Update

Recently Millennium FX website remains inactive and unavailable to reach, meaning the broker mutes its trading offering and does not propose account openings. 

Is Kapitalfx Scam or Legit Broker?

No, it is not safe to trade with Kapitalfx. Kapitalfx is a social trading and Investing company that allows its users to watch the financial trading activity of other users, copy them, and make their trades. It is owned and operated by Altea Investments Limited, and claims to be located in Frankfurt am Main, Germany. However, it does not carry a license from the German regulator – Federal Financial Supervisory Authority (BaFin).

What is Kapitalfx?

All the brokers based in Germany that offer their financial services to the German public have to be authorized by its local regulator BaFin. Those who don't have such licenses are usually considered to be frauds as the investments are not protected by the local authority. You can read our detailed article about why traders should choose BaFin-regulated brokers.

• Also, the terms and conditions on the website state that Kapialfx is under the jurisdiction of Cyprus, however, it is not regulated by the Cyprus Securities and Exchange Commission or probably any other regulator.

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

Kapitalfx Review Conclusion

We advise all investors and traders to avoid Kapitalfx 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.

Kapitalfx Update

Our research revealed that the Kapitalfx 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 PRIMEXQ Scam or Legit Broker?

No, it is not safe to trade with PRIMEXQ. The broker doesn’t provide any information about the company behind the brand’s name as well as any regulatory information and contact details. They superficially mention on the website that the company is licensed, however, they don't provide any registration numbers or any names of the regulatory authorities.

What is PRIMEXQ?

PRIMEXQ offers its customers an opportunity to trade in Shares, Indices, Forex, Commodities, and Cryptocurrencies with CFDs. According to the website, the broker's location address is Kärntner Ring 11- 13/2/7/3, Wien, Austria.

• We have conducted research and it turned out that the provided address belongs to the Citibank International Plc Austria Branch, which definitely has nothing to do with PRIMEXQ. Moreover, the brokerage is not authorized to provide financial services in Austria or probably any other country.

PRIMEXQ Review Conclusion

We advise all investors and traders to avoid PRIMEXQ 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.

PRIMEXQ Update

Our research revealed that the PRIMEXQ 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 Obsbit Scam or Legit Broker?

No, it is not safe to trade with Obsbit. Obsbit is owned by Setonix Holding Ltd., 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 MegaTradeFX, Finbitex, and more.

What is Obsbit?

Obsbit offers its clients a variety of products and trading options, including Forex, Commodities, Stocks, Indices, and Crypto. The broker claims to be registered in the Marshall Islands, however, the terms and conditions state the company is under the jurisdiction of Vanuatu. Anyway, most of the brokers operating in such offshore zones are not regulated and are not to be trusted in general.

• In addition, the company provides contact numbers with the phone codes of the UK, Germany, and Spain, when it is not actually regulated in any of them. It also means that Obsbit has been mainly targeting European residents. Moreover, Spain's regulator CNMV has issued a warning against this broker:

"SETONIX HOLDING LTD is not authorized to provide the investment services detailed in Article 140 of the Securities Markets Law, which include investment advice, or to provide the auxiliary services detailed in letters a), b), d), f) and g) of Article 141 of the said Law in relation to the financial instruments detailed in Article 2 of the said Law, including, for those purposes, foreign currency transactions."

Obsbit Review Conclusion

We strongly advise all investors and traders to avoid Obsbit and other brokers from the Marshall Islands. Offshore or unregulated brokers are not reliable for investments. In forex trading, money safety is the key, and lack of regulations is the greatest red flag. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as City Index and eToro.

Obsbit Update

Our research revealed that the Obsbit 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 SwiftCFD Scam or Legit Broker?

No, it is not safe to trade with SwiftCFD. SwiftCFD is owned by Digital Enterprise Ltd., 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 SwiftCFD?

According to the website, SwiftCFD is an innovative consumer trading company offering clients an easy and intuitive way to trade all the major financial markets including Forex, Commodities, Indices, or Stocks. There is another company behind the brand's name, Digital Worldwide OU, registered in Estonia. However, the company is not authorized by Estonia's Financial Supervision Authority.

• The other brand of the Digital Worldwide OU, RoyalCFDs, that we have previously reviewed, along with the company been banned by the UK's Financial Conduct Authority in October 2018.

• Both brands' websites (RoyalCFDs and SwiftCFD) interfaces look quite the same, no wonder, the regulator has also blacklisted SwiftCFD:

  "This firm (Swift CFD, a trading style of Digital Worldwide OU) is not authorized by us and is targeting people in the UK. Based upon information we hold, we believe it is carrying on regulated activities which require authorization."

   

SwiftCFD Review Conclusion

We strongly advise all investors and traders to avoid SwiftCFD or any other brand of the Digital Worldwide OU. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as BlackBull Markets and BDSwiss.

SwiftCFD Update

Our research revealed that the SwiftCFD 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 BlueMax Capital Scam or Legit Broker?

No, it is not safe to trade with BlueMax Capital. BlueMax Capital is owned by BlueMax CapitalGlobal Ltd. which is an offshore company registered in Belize.

• Belize 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 Trading Epic, BTCHOME, and more. We have a detailed article explaining the risk of trading with brokers from Belize.

What is BlueMax Capital?

BlueMax Capital doesn't provide much information about its trading conditions as well as its regulation. It claims to have offices in Belize, Hong Kong, and the UK. However, we couldn't find any records of this company in the regulators' registers, which means that the broker most probably doesn't have a license to provide financial services in any of the mentioned countries.

• According to the website, the broker provides PAMM "Percentage Allocation Money Management" accounts that should guarantee the reliability, security, and transparency of all the activities within the system. However, the terms and conditions state that BlueMax Capital will not be held responsible for any of the investment decisions made on PAMM Accounts. This statement is actually the opposite of the "safety and security of funds" that the company promises and it usually means that the company will not compensate investors' losses in any case. 

BlueMax Capital  Review Conclusion

We advise all investors and traders to avoid BlueMax Capital and other brokers from Belize. 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.

BlueMax Capital Update

Recently BlueMax Capital 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.