category: Unregulated Brokers

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. 

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.