category: Unregulated Brokers

Is Vital Markets Scam or Legit Broker?

No, Vital Markets cannot be considered a reliable broker. The broker is registered in the Commonwealth of Dominica, but it lacks a license from the local financial authority, the Financial Services Unit. This indicates that the broker operates without adhering to established rules and guidelines, allowing it to conduct business without following any rules and restrictions.

• Trading with unregulated or offshore brokers poses a substantial risk, increasing the likelihood of investment losses. On the contrary, regulated brokers are typically required to follow to specific rules and guidelines to ensure fair and transparent practices, protect clients' interests, and maintain the financial system's integrity.

What is Vital Markets?

Vital Markets has been operating since 2022 offering its clients access to Forex, Commodities, Indices, Shares, and Cryptocurrencies. Traders have the option to execute their trades on the widely used MT4 and MT5 platforms, providing access to a diverse range of trading tools, chart indicators, hedging capabilities, social trading features, and more.

Through our research, we have uncovered supplementary information about the broker, gaining valuable insights into different facets of Vital Markets's operations.

• Lack of serious registration: Given the essential role of regulation in Forex trading, our investigation has uncovered that Vital Markets operates as an unregulated broker. Vital Markets Group Ltd (“VITAL MARKETS”) is a corporation with company number 2020/IBC00102, organized under the laws of the Commonwealth of Dominica. However, the broker does not mention its registration with the Financial Services Unit. This absence of licensing implies that the broker operates without regulatory approval, posing potential risks for those engaging with it. Besides, research shows that Vital Markets mainly targets traders from the UK, Canada, and South Africa. Thus, caution is advised when considering involvement with such a broker.
• Market manipulation: The absence of transparency and regulatory oversight in trading environments, particularly with unregulated and offshore brokers, can create a setting where market manipulation becomes a concern. This manipulation might involve the broker's platform not executing trades directly to the market but instead operating solely on the broker's servers. As a result, market data may not be accurate, orders may be manipulated, and the overall trading conditions could work against the trader, potentially leading to losses in investments and account balances.
• Client Feedback: The significant volume of negative reviews regarding Vital Markets is concerning. Traders' complaints encompass challenges in withdrawing funds, a perceived lack of transparency from the broker, unfavorable trading conditions, and inadequate service. These concerns raised by traders should be taken seriously, as they indicate potential issues with the broker's reliability and customer satisfaction.
• Withdrawal Issues: In the process of evaluating a broker, we meticulously examine the withdrawal procedures, a crucial element in Forex trading. If the withdrawal process falls short, traders might encounter difficulties in accessing their investments and profits. The fact that Vital Markets has gained numerous complaints regarding its withdrawal process is a substantial ground for concern. 

Overall Vital Markets Ranking

Based on our comprehensive research, we've uncovered significant concerns regarding the reliability and compliance of Vital Markets with regulatory standards. Due to these issues, we are unable to provide a positive rating for Vital Markets.

• Vital Markets Overall Ranking is 3 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.

Vital Markets Alternative Brokers

Considering the reservations about the reliability and security of Vital Markets, we strongly advise traders to explore alternative options that provide stronger regulatory oversight and enhanced trading conditions. Below is a list of reputable brokers that offer reliable choices, ensuring a secure trading environment for your consideration:

• Dukascopy – Excellent for Shares, Futures Trading
• ThinkMarkets – Competitive Spreads
• Go Markets – Good for Beginners and Good Fees

Deposits and Withdrawals

Vital Markets offers a variety of payment solutions including Bitcoin, ETH, XRP, LTC, DOGE, and USDT. However, the broker doesn't provide funding options like Credit/Debit cards, or e-wallets. 

• Vital Markets does not charge any deposit fees when using BTC to fund your account, however, a 2.5% applies to all other cryptos.
• The withdrawal process becoming more complicated and requiring additional wallet confirmation can indeed be a cause for concern. It may lead to increased expenses for the traders, and the added steps could be seen as an inconvenience. In some cases, such practices might be intended to discourage or delay withdrawals, raising questions about the broker's transparency and user-friendliness.
• We highly advise traders to exercise utmost caution when entrusting their funds to the broker. Unfortunately, it is a common occurrence in Forex trading for traders to experience losses due to dealing with unregulated brokers.

Account Types

Vital Markets enables its clients to trade Forex, Crypto, Stocks & Commodities across a variety of account types: O Commission account, VIP account, and Fixed Spread Account. The main differences across the account types are in commissions and spreads that the company is offering.

• All the account types offer high leverage up to 1:500. For Fixed spreads accounts the spreads start from 0.05 pips, while for the VIP account, the broker offers very tight spreads. The minimum deposit with 0 Commission account starts from $10. To fund a VIP account, traders need to make a $25,000 initial deposit. 

Vital Markets Review Conclusion

The information gathered about Vital Markets indicates that the broker offers some appealing advantages, including favorable features and trading conditions. However, it is crucial to acknowledge significant concerns about the broker's trustworthiness and credibility, primarily because it is not regulated.

Moreover, the risk of falling victim to market manipulations when trading with this broker is high. As a result, traders are strongly advised to exercise caution when contemplating Vital Markets as their choice, taking into account these potential risks and concerns about the broker's regulatory status.

We recommend traders consider brokers with licenses from reputable authorities such as  FCA, ASIC, or CySEC. Numerous regulated brokers offer favorable terms and conditions that adhere to top-tier regulations, creating a trading environment that prioritizes safety and aims to minimize risks. Some noteworthy options include Eightcap, HFM, and  Interactive Brokers.

• Overall ranking and experience for Vital Markets is Negative

Is Genetrade Scam or Legit Broker?

No, Genetrade cannot be considered a reliable broker due to its absence of a top-tier license. GeneTrade operates under the regulation of the Financial Services Commission (FSC) in Belize with the license number IFSC 270/195.

• Brokers located in Belize may attract interest because of favorable trading conditions. However, it's important to note that the Financial Services Commission (FSC) in Belize doesn't impose stringent regulations or set strict guidelines. Additionally, Belize is considered a tax haven, offering robust privacy for brokers. As a result, brokers within this jurisdiction may have a history of involvement in financial scams. The highest level of protection and rigorous guidelines are often associated with top-tier regulatory authorities such as ASIC, CySEC, and FCA.

   

  About Genetrade

  🏢 Registered in	the Financial Services Commission (Belize)
  🗺️ Type of License	Offshore
  🛡️ Is Genetrade safe to trade?	No
  🗺️ Recommended Licenses	FCA in the UK 🇬🇧 and ASIC in Australia 🇦🇺
  🖥 Alternative Broker	FP Markets - licensed by ASIC in Australia

What is Genetrade?

GeneTrade is a trading platform founded in 2017 and based in Belize. The broker enables access to trading Forex, Equity indices, and Precious Metals.  GeneTrade offers maximum leverage of up to 1:1000. The platform employs variable spreads, ensuring transparency, and provides access to the highly regarded MT4 trading platform for advanced charting capabilities. Additionally, users can utilize a demo account to practice and refine their trading strategies.

Through our research, we have discovered additional information about the broker and have gained insights into various aspects of GeneTrade's operations.

• Lack of serious registration: Given the paramount importance of regulation in Forex trading, our investigation has revealed that GeneTrade functions as an offshore broker. The company is registered by the Financial Services Commission (FSC) in Belize. This suggests that the broker operates without strict adherence to substantial regulatory rules or guidelines, providing it with a significant degree of operational autonomy. Seeing that regulatory oversight is an essential aspect of a broker's trustworthiness, investors must conduct thorough research on any broker, before investing with it. Other factors, such as the broker's reputation, client reviews, transparency, and compliance with industry standards should also be considered when determining trustworthiness. 
• Market manipulation: In general, the lack of transparency and regulatory oversight can foster an environment prone to market manipulation, introducing risks to market integrity and investor confidence. For this crucial reason, opting for a well-regulated broker is essential to ensure a secure trading environment. Choosing a broker with lax regulations could result in falling victim to market manipulations.
• Client Feedback: The volume of negative reviews about GeneTrade is notable. Traders' complaints encompass difficulties in withdrawing funds, the broker's perceived lack of transparency, unfavorable trading conditions, and insufficient service.
• Withdrawal Issues: When researching a broker, we closely scrutinize the withdrawal process, a critical aspect of Forex trading. If the withdrawal process is inadequate, traders may face challenges accessing their investments and profits. In the case of GeneTrade, numerous complaints about the withdrawal process raise significant concerns. Given that the broker holds only offshore licenses, we strongly advise exercising caution when entrusting your funds to this broker.

Overall GeneTrade Ranking

Following thorough research, significant concerns have emerged regarding the reliability of GeneTrade and its compliance with regulatory standards. As a result, we are unable to provide a positive rating for GeneTrade.

• GeneTrade 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.

GeneTrade Alternative Brokers

Given the reservations concerning the reliability and security of GeneTrade, we strongly recommend traders explore alternative options that offer stronger regulatory oversight and improved trading conditions. Below is a list of reputable brokers providing reliable choices, ensuring a secure trading environment for your consideration:

• HFM – Competitive Spreads
• XM– Education
• FP Markets – Wide Range of Trading Instruments

Deposits and Withdrawals

Depositing funds into your trading account can be done through various methods, and it's important to note that certain options may involve additional charges. Some of the funding methods are Credit/Debit cards, Wire transfers, and e-wallets such as Skrill and Neteller. The minimum deposit is $5. The processing of the funds is mostly instant. 

Is TeleTrade Scam or Legit Broker?

TeleTrade cannot be regarded as a reliable broker as it lacks a top-tier license from a prominent regulatory authority. The company is registered in St. Vincent and the Grenadines, a jurisdiction known for its limited regulatory oversight and protection measures and for now operates only via this license. Even so, TeleTrade operates in the market for quite a while long time, there are some concerns on transparency and whether TeleTrade is trustable to invest money or not. 

• Brokers based in St. Vincent and the Grenadines often offer appealing trading conditions, yet they commonly lack stringent regulatory scrutiny. Consequently, brokers in this jurisdiction have a track record of being involved in financial scams. The highest level of protection and stringent guidelines are typically found under the supervision of top-tier regulatory authorities such as ASIC, CySEC, and FCA.

What is TeleTrade?

TeleTrade offers its clients the chance to engage in Forex, CFDs, Metals, and Futures trading, utilizing either the MetaTrader 4 or MetaTrader 5 platforms. Clients have access to a fully featured demo trading account for practice. Additionally, the broker provides training seminars, educational support, market news, and expert forecasts. Their customer service operates around the clock to assist traders. Trading can be conducted via Windows, iOS (iPad, iPod touch, and iPhone), and Android platforms.

Our research uncovered additional information about the broker and gained insights into various aspects of TeleTrade’s operations. 

• Lack of serious registration: When it comes to the regulation of TeleTrade, some serious questions arise. The broker is now regulated in an offshore zone - St. Vincent and the Grenadines, which does not provide adequate safety measures for the clients. However, what is more concerning is that the broker was once regulated by CySEC. Yet, the website registered with CySEC now leads to another website - www.earn.eu, which has started operating quite recently. According to the website, Earn operates under the brand name of Top Markets Solutions Ltd, a private limited company registered with the Department of Registrar of Companies and Intellectual Property of the Republic of Cyprus. The company holds registration number HE272810 and is authorized by the Cyprus Securities and Exchange Commission (CySEC). We found that the previous name of Top Market Solutions Ltd operating under the brand name Earn was TeleTrade-DJ International Consulting Ltd operating under the brand name Teletrade Europe before. The information above is, to say the least, troubling and provides a solid reason for traders to reconsider before signing with the broker since company changing names and operates under various Names while main jurisdiction remains offshore.
• In fact, TeleTrade operates for many years, with its previous focus on mainly Russian Speaking countries like Russia, Ukraine, Georgia etc. However, company operated under the offshore licensing so serious concerns on how operations were provided are in place. 
• Market manipulation: Overall, the absence of transparency and regulatory oversight can create an environment conducive to market manipulation, posing risks to market integrity and investor trading performance. This may include Broker Platform is not really executing trades to the market but runs only on Brokers servers, therefore Market Data is not accurate, Positioning of orders may be removed or generally failing in a negative direction towards the trader, which may result in loss of investment and accout. Actually this is the very reason why offshore brokers are suspicious and not considered safe, since no one oversee how Platform and Broker operations are running this kind of manipulation may occurs not in favor of trader but the company itself, so it is essential to choose a well-regulated broker that will ensure a safe trading environment. 
• Client feedback: We cannot say that there is solely negative feedback about the broker, there are positive feedback too. However, we found strong evidence from traders who lost their investments and accounts due to manipulations detected, like removal of stop-loss orders and price spikes which happened to be deeper than in real markets shown. Also, most of the reviews refer to different problems traders faced with the broker, from minor to larger issues. Numerous traders have raised concerns about their inability to withdraw funds from the broker. Additionally, there are reports of the broker unexpectedly closing traders' accounts, leading to the loss of their investments without prior notice.

Overall TeleTrade Ranking

After conducting comprehensive research, notable concerns have surfaced regarding the reliability of TeleTrade and its adherence to regulatory standards. Consequently, we are unable to give a positive rating to TeleTrade.

• TeleTrade 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.

TeleTrade Alternative Brokers

In light of the reservations surrounding the reliability and security of TeleTrade, we highly recommend traders consider alternative options that offer more robust regulatory oversight and enhanced trading conditions. Below is a list of reputable brokers that provide dependable choices and ensure a secure trading environment for your consideration:

• HFM – Competitive Spreads
• FXTM – Good for Beginners and Good Fees
• FP Markets – Wide Range of Trading Instruments

Deposits and Withdrawals

To fund their accounts, TeleTrades offers its clients a range of funding methods, including Credit and Debit cards, wire transfers, Skrill, Web Money, Perfect Money, Tether, bitcoin, etc. Typically deposits are instant.

• The processing time for the withdrawal request on TeleTrade may range from two to three business days, depending on the chosen payment method.
• However, considering the negative feedback regarding the withdrawal process of the broker, and overall, the lack of regulatory oversight, we recommend being careful while making financial investments with the broker. 

Account Types

Is Golden Brokers Scam or Legit Broker?

No, Golden Brokers cannot be considered a reliable broker as it lacks a top-tier license. Golden Brokers Ltd. is authorized and regulated by the Labuan Financial Services Authority (LFSA) with license number MB/19/0030. LFSA is a financial authority in Labuan (Malaysia) responsible for developing and administrating the Labuan International Business and Financial Centre (Labuan IBFC).

•  LFSA is a local regulator and does not hold enough power and intricate regulatory oversight to ensure a risk-free trading environment. The regulatory standards set by LFSA do not match the rigorous criteria established by well-respected authorities such as ASIC and FCA. As a result, participating in trading activities with offshore or unregulated brokers is generally regarded as unsafe.

What is Golden Brokers?

Golden Brokers provides trading in Contracts for Difference (CFDs) across major products such as forex, commodities, indices, and shares to both beginner and professional traders. Traders have the opportunity to speculate on over 700 products using the MT5 platform, without incurring any commission fees. Additionally, they have the flexibility to choose from a variety of international payment methods. Golden Brokers enables access to leverage of up to 1:100 when trading major forex pairs. The broker also provides technical analysis. 

Through our research, we uncovered additional information about the broker and gained insights into various aspects of Golden Brokers' operations. 

• Lack of serious registration: Golden Brokers Ltd. is authorized and regulated by the Labuan Financial Services Authority (LFSA) under license number MB/19/0030. Accordingly, Golden Brokers Ltd. is permitted to engage in business as a Money Broker and conduct specific categories of financial investment activities as allowed by the Labuan Financial Services and Securities Act 2010. This means Golden Brokers operates as an offshore broker. While some offshore brokers have quite good trust records, it's essential to conduct thorough research and carefully consider the risks before entrusting your funds to any offshore or unregulated broker.
• Mostly negative client feedback: Golden Brokers does not stand out for its positive reviews from clients. The negative reviews are mostly about the unfavorable conditions of the broker, lack of transparency, bad customer service, impossibility of withdrawing money, etc. 
• Market Manipulations: Typically, when there is a lack of transparency and regulatory supervision, it creates conditions that are susceptible to market manipulation, posing threats to both market integrity and investor confidence. Therefore, it is imperative to select a broker that operates within a well-regulated framework to guarantee a secure trading environment. 
• Insufficient withdrawal process: Prioritizing the withdrawal process is essential as it is a vital aspect of the trading experience. Numerous traders have reported encountering similar issues with Golden Brokers, expressing concerns that when attempting to withdraw profits, the support team encourages further investments. This scenario often results in the loss of their funds and is typical to many offshore brokers.

Overall Golden Brokers Ranking

Thorough research showed significant concerns regarding the reliability of Golden Brokers and its compliance with regulatory standards. Consequently, we are unable to provide a positive rating for Golden Brokers.

• Golden Brokers 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.

Golden Brokers Alternative Brokers

Given the apprehensions regarding the reliability and security of Golden Brokers, we strongly advise traders to explore alternative options that provide stronger regulatory oversight and improved trading conditions. Below, we have compiled a list of reputable brokers that offer dependable choices and a secure trading environment for your consideration:

• ThinkMarkets – Competitive Spreads
• FXTM – Good for Beginners and Good Fees
• Go Markets – Wide Range of Trading Instruments

Deposits and Withdrawals

Users have the flexibility to make deposits to and withdrawals from their Golden Brokers accounts using various methods, including bank wire transfers, credit cards, debit cards, and online wallets such as Neteller. There is a minimum deposit limit of $100.

• There is not much information regarding the broker's withdrawal process. Given Golden Brokers' offshore registration, we recommend being very careful while considering investing with the broker. 

Account Types

Golden Brokers facilitates trading through the widely used MT5 platform, which offers a plethora of tools and instruments that users can customize to conduct comprehensive technical analysis and manage their positions effectively.  This platform is accessible on both Windows and Mac operating systems. When conducting trades through the MT5  platform, traders have access to Copy Trading, technical analysis, automated trading, hedging, trading signals, and other favorable features and strategies.

Golden Brokers Review Conclusion

Based on the information we have gathered regarding Golden Brokers, there are notable concerns about the broker’s trustworthiness and credibility. The primary apprehension revolves around the absence of tight regulation. Golden Brokers is only regulated by the Labuan Financial Services Authority, lacking a top-tier license.  Besides, along with the lax regulation,  there is a multitude of complaints and negative reviews related to the broker’s withdrawal process, insufficient customer support, transparency, etc. 

Our recommendation is to prioritize brokers that hold licenses from reputable authorities such as FCA, ASIC, or CySEC. Most regulated brokers offer excellent services and favorable trading conditions, at the same time following top-tier regulations, thus ensuring a secure trading environment. Some of the regulated brokers with good standing in the market are Eightcap, OANDA, and FP Markets. 

• Overall ranking and experience for Golden Brokers is Negative.

Is Moon4Traders Scam or Legit Broker?

No, Moon4Traders cannot be considered a reliable broker due to its absence of a top-tier license. Moon4Traders LLC is incorporated in St. Vincent & the Grenadines as an international business company with registration number 1925 LLC 2022. The broker also claims to be regulated by the MWALI International Services Authority (Licence Number:T2023270). 

• It is a known fact that St. Vincent & the Grenadines is an offshore zone and brokers registered there cannot be considered safe to conduct Forex trading. As a result, brokers operating in this jurisdiction often have a history of being implicated in financial fraud or engaging in fraudulent activities. To avoid the risk of losing financial investments, our advice is to trade only with well-regulated brokers with good standing in the market. Brokers like Moon4Trades, ProsperityFX, FxBitCapital, and other brokers registered in St. Vincent & the Grenadines are not the most trustworthy choice. 
• Another important fact is, that Moon4Traders claims to be regulated by the MWALI International Services Authority. However, it has been revealed that M.I.S.A. is a fake regulation, as in Moheli island (a constituent of the Union of Comoros)  all the financial activities are overseen solely by the Central Bank of Comoros. 

What is Moon4Traders?

Moon4Traders is a funding proprietary trading firm that specializes in identifying skilled and profitable traders worldwide. Their approach involves assessing traders based on their consistent performance throughout the challenge and verification stages. Successful candidates are awarded funded accounts, with traders receiving 90% of the profits, while Moon4Traders retains the remaining 10%.

Moon4Traders provides access to a comprehensive range of six trading instrument categories, encompassing Foreign Exchange, Metals, Indices, Cryptocurrencies, Shares, and Commodities. This diverse selection offers traders the flexibility to expand their investment portfolio and select their preferred trading products. with Moon4Traders clients can conduct their trades via Android, Windows, or their iPhones. 

We went further with our research revealing more information about the broker and getting insights into different aspects of Moon4Traders' activity. 

• Insufficient Regulation: Our investigation reveals that Moon4Traders is registered as an international business company in St. Vincent & the Grenadines under registration number 1925 LLC 2022. Additionally, the broker asserts that it is regulated by the MWALI International Services Authority, with license number T2023270. However, it has come to light that M.I.S.A. is not a legitimate regulatory authority. Besides, it's crucial to remember that offshore brokers typically operate under less stringent regulations and oversight. Therefore, entrusting your investments to such brokers can involve substantial risks.
• Customer feedback: Moon4Traders does not stand out for the positive feedback from customers. Many traders point out problems regarding insufficient customer support, lack of information, and other aspects that are crucial for profitable trading.
• Market Manipulations: In general, the absence of transparency and regulatory oversight creates an environment vulnerable to market manipulation, jeopardizing market integrity and investor confidence. Consequently, it is crucial to choose a broker operating within a well-regulated framework to ensure a secure trading environment.
• Withdrawal issues: Flawless withdrawals are one of the most important aspects to ensure profitable and safe trading. Based on the research, the withdrawal process of Moon4Traders needs enhancement, as among other problems the withdrawal methods are limited to crypto deposits only, excluding any other trusted methods, such as bank wires, credit and debit cards, etc. 

Overall Moon4Traders Ranking

After conducting our research, we have encountered substantial concerns regarding the reliability of Moon4Traders and its adherence to regulatory requirements. Consequently, we are unable to assign a positive rating to Moon4Traders.

• Moon4Traders 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.

Moon4Traders Alternative Brokers

In light of the concerns surrounding the reliability and security of Moon4Traders, we highly recommend traders to consider alternative options that offer stronger regulatory frameworks and enhanced trading conditions. Presented below is a list of reputable brokers that offer dependable choices and a secure trading environment for your evaluation:

• BlackBull Markets– Low Pricing
• HFM– Competitive Trading Conditions
• Go Markets – Wide Range of Trading Instruments

Deposits and Withdrawals

Moon4Traders claims that it is very easy to get started with them. Clients just need to sign up, browse the broker's challenges and pick one that fits their trading, deposit cryptocurrency into their Moon4Traders wallet, purchase a challenge, and start trading.

• As to withdrawals, a specific timeframe is assigned for each account when clients can withdraw their funds.  This information can be found in the metrics on trader Moon4Trader’s user profile.
• It should be mentioned, that there is very little information about the withdrawal process. Considering that Moon4Traders is registered in an offshore jurisdiction, we strongly advise exercising utmost caution when entrusting your funds to such a broker. Frequently, brokers with offshore registrations have been associated with financial scams.

Account Types

The broker offers a range of account types to start trading: 5K, 10K, 20K, 50K, and 100K. Each account type has different conditions, enabling traders to choose the one that meets their expectations the best. With the 5K accounts, traders can start their trading by investing $600. The broker does not allow the use of advanced trading tools or Copy Trading. 

• The initial stage with this company involves successfully completing one of its challenges. Once you've successfully passed this evaluation process, you'll be eligible to proceed to the next phase, which is the verification process. It's only after successfully passing the verification step that you can obtain a fully funded account.

Moon4Trader Review Conclusion

Based on the data we have gathered about Moon4Traders, there are significant reservations regarding the broker’s credibility. Moon4Traders' lack of serious registration (also registration with a doubtful regulatory authority - M.I.S.A.) raises substantial concerns. Additionally, the numerous negative reviews from clients are serious grounds for concern.  Further, the services and trading conditions are average and limited, thus it is certainly advisable to give preference to tightly regulated brokers with good standing in the market and transparent trading conditions. 

To avoid risks typical in trading with unregulated or offshore brokers, we always recommend choosing a reliable broker with licenses from reputable authorities like FCA, ASIC, or CySEC. Many regulated brokers are both reliable and have exceptional offerings, such as BlackBull Markets, Go Markets, and HFM.

• Overall ranking and experience for Moon4Traders is Negative

Is ProsperityFX Scam or Legit Broker?

No, ProsperityFX cannot be considered a trustworthy broker because it lacks a top-tier license. ProsperityFX is managed by EnviLLC, which is an international broker for CFDs trading securities registered by the MWALI International Services Authority in Comoros (T2023238), and with the Financial Services Authority in Saint Vincent and the Grenadines.

• Although brokers based in St. Vincent and the Grenadines or MWALI International Services Authority in Comoros often offer appealing trading conditions, they commonly lack robust regulatory scrutiny and investor protection. Consequently, brokers in this jurisdiction have a track record of involvement in financial fraud or fraudulent activities. For enhanced protection and stringent standards, it is advisable to seek brokers regulated by top-tier authorities such as ASIC, CySEC, and FCA, which typically provide the highest levels of supervision and guidelines.

What is ProsperityFX?

ProsperityFX positions itself as an ECN/STP broker that offers its services to both professional and beginner traders. The broker caters to over 50 thousand active traders,  providing a selection of over 200 trading assets. The broker offers high leverage up to 1:500. It also gives access to Expert Advisors,  as well as such strategies as scalping and hedging.

However, upon closer examination, noteworthy concerns about ProsperityFX have surfaced that every trader should be aware of before deciding to invest with the broker:

• Insufficient Regulation: To conduct safe and profitable trades it is essential to choose a tightly regulated broker with licenses from top-tier authorities. We found that ProsperityFX is managed by EnviLLC, an international broker for CFDs trading securities. ENVI LLC holds a license from the MWALI International Services Authority in Comoros, bearing license number T2023238. Additionally, EnviLLC is registered in Saint Vincent and the Grenadines. Both of the entities are offshore and do not provide stringent regulations. This is the reason brokers operating in these jurisdictions have a track record of being implicated in financial fraud or scams.
• Customer Reviews: ProsperityFX has gained many unfavorable reviews due to a number of reasons, including the broker’s lack of transparency, challenges related to withdrawal processes, and unsatisfactory customer support. 
• Withdrawal Issues: While clients often highlight the favorable conditions provided by ProsperityFX, there are also reviews expressing concerns about the broker’s inadequate withdrawal process. When contemplating involvement with this broker, it is crucial to assess potential drawbacks that could impact the trading process and its outcomes.

Overall ProsperityFX Ranking

After conducting thorough research, we have identified notable concerns regarding ProsperityFX’s reliability and its adherence to regulatory standards. Consequently, we are unable to assign a favorable rating to ProsperityFX.

• ProsperityFX Overall Ranking is 3 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.

ProsperityFX Alternative Brokers

Based on the safety concerns we revealed regarding ProsperityFX, we strongly recommend exploring alternative options that prioritize strict regulations and offer improved trading conditions. Here is a list of reputable brokers providing reliable choices and a secure trading environment for your consideration:

• AvaTrade – Good Instruments and CopyTrading
• Pepperstone – Low Spreads and Competitive Trading Conditions
• XM – Wide Range of Trading Opportunities

Deposits and Withdrawals

ProsperityFX enables traders to process funding through Bitcoin (BTC), Litecoin (LTC), Ethereum (ETH), Ripple (XRP), Dogecoin (DOGE) and USDT (ERC20). The minimum deposit with the broker is $10. 

• The deposits generally take between 1-3 hours, depending on the Blockchain traffic.
• ProsperityFX does not impose limits on the number of withdrawal requests, and the website does not provide information about a minimum withdrawal amount.
• The processing time for withdrawal applications to banking systems at ProsperityFX ranges from 1 to 3 days. On the other hand, cryptocurrency withdrawals typically take 1 to 3 hours.
• However, numerous complaints regarding the broker’s withdrawal process should not be disregarded. An insufficient withdrawal process can lead to the loss of investments and profits.  

Account types

ProsperityFX offers several account types with different trading conditions and features: Standard, Pro, VAR, Mini, and Islamic.

• The VAR account operates as an STP account, featuring no fixed commission per lot. However, the highest spread is 1.2 pips. 
• For Standard and Islamic accounts the fixed commission is $7, whereas for Pro accounts it is $8. 

ProsperityFX  Review Conclusion

Considering the gathered information about ProsperityFX, there are significant reservations regarding the broker’s reliability and integrity. Therefore, overall, ProsperityFX is not recommended for trading and raises suspicions. The offshore registration adds to the concerns about the broker’s credibility, increasing the potential for association with financial fraud. It is advised to exercise caution in engaging with such a broker.

It is advisable to steer clear of brokers with questionable registrations and, instead, prioritize those with established track records. Focus on brokers recognized for consistently providing exceptional trading conditions and dependable services over time. Traders should prioritize brokers holding licenses such as FCA, ASIC, or CySEC, as these licenses offer elevated levels of security.

• Overall ranking and experience for ProsperityFX is Negative

Is Pu Prime Scam or Legit Broker?

No, PU Prime cannot be considered a secure broker due to its absence of a credible license from a prominent regulatory body. The firm conducts its operations through PU Prime Limited and holds registration with the Financial Services Authority of Seychelles, which is frequently linked to questionable conduct in the industry. 

• The Forex industry in Seychelles operates with relatively limited regulatory oversight. While brokers based in this jurisdiction may provide enticing financial services, their regulatory standards do not match the rigorous criteria established by well-respected authorities such as ASIC and FCA. As a result, participating in trading activities within offshore jurisdictions is generally regarded as less secure.

What is PU Prime?

Based on the information we collected on PU Prime, the broker offers clients access to multiple markets, including Forex, Metals, Indices, Commodities, Shares, ETFs, and Bonds. The broker claims to provide clients with deep liquidity, keeping the trading costs at a minimum. The broker allows clients to conduct trades on its own trading app, also, through the market's popular MT4 and MT5 trading platforms. PU Prime also mentions keeping the clients' funds in segregated accounts. Another pro of the broker is that customer service is available 24/7, to support traders around the clock. 

However, to offer an impartial and thorough overview of PU Prime, we undertook comprehensive research and uncovered the following crucial points:

• Lack of serious registration: PU Prime is registered with the Financial Services Authority of Seychelles. It is widely recognized that Seychelles, being an offshore jurisdiction, has limited oversight and regulatory frameworks in place. As a result, choosing PU Prime or similar brokers registered in this jurisdiction may not be the most advisable option for financial investments. Besides, PU Prime is also licensed by another offshore entity - St. Vincent and the Grenadines (registration number: 271 LLC 2020) operating under www.puprime.net. Furthermore, PU Prime had an FSCA license, which now seems to be exceeded. This means, that unless the FSCA license is resumed, it is not advisable to trade with this broker. 
• Client feedback: During our investigation of the broker, we carefully examined the feedback provided by fellow traders. In the instance of PU Prime, there are many negative reviews. The complaints are about a range of issues, with many traders emphasizing inadequate customer support, withdrawal challenges, and other issues.
• Insufficient withdrawal process: Prioritizing the withdrawal process is essential. Completing withdrawals is a crucial aspect of the trading experience. Many traders state the same issue, claiming that when they make profits and want to withdraw their funds from PU Prime, the broker starts to deny all profits and reject withdrawal requests. Generally, this is a common practice among offshore or unregulated brokers. Thus, our advice is to be very careful and trust your funds only well-regulated brokers with good standing in the market. 

Overall PU Prime Ranking

According to our thorough research, we have identified substantial concerns regarding PU Prime's reliability and compliance with regulatory standards. Consequently, we are unable to assign a positive rating to PU Prime.

• PU Prime Overall Ranking is 3 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.

PU Prime Alternative Brokers

Given the doubts surrounding the reliability and security of PU Prime, we highly recommend that traders explore alternative options that provide stronger regulatory oversight and enhanced trading conditions. Below, you will find a list of reputable brokers that offer dependable choices and a secure trading environment for your consideration:

• Dukascopy – Excellent for Shares, Futures Trading
• ThinkMarkets – Competitive Spreads
• FXTM – Good for Beginners and Good Fees

Deposits and Withdrawals

PU Prime offers a variety of payment methods for funding trading accounts, including Wire Transfers, Credit and Debit cards, Neteller, Skrill, fasapay, etc. The minimum deposit amount is $50. For bank transfers, it takes 2-5 business days to process the funds. Through other methods, funds are processed instantly. 

• Withdrawals also take 2-5 days for bank transfers. 
• There is not much information found regarding withdrawals on the PU Prime website. However, we revealed complaints from other clients regarding the PU Prime withdrawal process, thus our advice is to be extremely careful with financial investments. 

Account Types

PU Prime has several accounts to meet different trading expectations: Standard, Prime, Pro, ECN, and Cent. When signing in with the broker traders also get a $50 No Deposit Bonus. 

• It is easy to open a live account with PU Prime. The minimum deposit for the Cent account is $20. 
• Professional traders can trade through the PU Prime ECN account, granting them direct access to raw spreads, spreads for the ECN account can reach as low as 0.0 pips. For the PU Prime's ECN account, the minimum initial deposit is $10,000.

PU Prime Review Conclusion

Based on the information we have gathered regarding PU Prime, there are notable concerns about the broker's trustworthiness and credibility. The primary apprehension revolves around the absence of tight regulation, along with a multitude of complaints and negative reviews related to the broker's withdrawal process. Besides, the broker was previously regulated by the FSCA. However, it's important to note that the broker's license has expired, and until they successfully regain the license, they are operating as an offshore broker.

Our recommendation is to prioritize brokers that hold licenses from reputable authorities such as FCA, ASIC, or CySEC. Most regulated brokers offer excellent services and favorable trading conditions, at the same time following top-tier regulations, thus ensuring a secure trading environment. Some of the regulated brokers with good standing in the market are Eightcap, OANDA, and FP Markets. 

• Overall ranking and experience for PU Prime is Negative.

Is FxBitCapital Scam or Legit Broker?

No, FxBitCapital cannot be considered a trustworthy broker due to its absence of a top-tier license from a prominent regulatory body. The firm operates under  FXBitCapital Group Ltd and is registered in St. Vincent and the Grenadines. However, the jurisdiction does not provide a high level of regulatory oversight and protection. 

• Brokers operating within St. Vincent and the Grenadines frequently provide attractive trading terms; however, they generally lack stringent regulatory oversight and investor protection. This is why brokers in this jurisdiction have a history of being implicated in financial fraud or scams. The highest level of protection and rigorous guidelines can typically be found under the supervision of top-tier regulatory authorities like ASIC, CySEC, and FCA.

What is FxBitCapital?

FxBitCapital offers Contracts for Difference (CFDs) on 6 asset classes: Forex, Shares, Spot Indices, Futures, Spot Metals, and Spot Energies. FXBitCapital provides a range of account types, trading software, and tools designed to enable both individual and institutional customers to engage in online Forex and Derivatives trading. The broker enables trading with MT4 through Android, and MT4 iPhone. Also, offers PAMM and MAM Programs. With FxBitCapital traders have access to tight spreads from as low as 0.1* (EURUSD), flexible leverage up to 1:500, EAs, Scalping, and Hedging.

Through in-depth research, we have uncovered significant information about FxBitCapital that can assist clients in making well-informed decisions:

• Insufficient Regulation: At first sight, FxBitCapital seems an attractive broker with favorable conditions and diverse offerings. However, one of the biggest drawbacks of the broker is its lack of proper regulation. FXBitCapital Group Ltd is incorporated in St. Vincent & the Grenadines as an International Business Company with registration number 25735 BC 2020. It is important to bear in mind that offshore brokers often function with less rigorous regulations and oversight. Consequently, placing investments in the hands of such brokers may carry significant risks.
• Complaints from customers: According to our research, FxBitCapital reviews are often positive, with traders frequently emphasizing the broker's favorable trading conditions. Nevertheless, the existing negative feedback mainly revolves around issues commonly associated with offshore brokers, such as difficulties with withdrawals and inadequate customer support, among others.
• Withdrawals Issues: Although many clients state about the favorable conditions FxBitCapital offers, there are also reviews regarding the broker's insufficient withdrawal process, stating, that on the portal the withdrawal shows to be processed, but the clients do not receive it. When considering whether to engage with this broker, it is essential to conduct a comprehensive evaluation of the potential drawbacks that may affect the trading process and its results.

Overall FxBitCapital Ranking

Our research has revealed significant concerns about FxBitCapital's reliability and its compliance with regulatory standards. As a result, we cannot provide a favorable rating for FxBitCapital.

• FxBitCapital Overall Ranking is 3 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.

FxBitCapital Alternative Brokers

Given the safety concerns surrounding FxBitCapital, we strongly advise considering alternative options that prioritize stringent regulations and enhanced trading conditions. Below, you will find a list of reputable brokers that provide reliable choices and a secure trading environment for your consideration:

• XM – Excellent Educational Materials
• FXTM – Good for Beginners and Good Fees
• InteractiveBrokers – Good for US Trading and Trading of Real Stocks

Deposits and Withdrawals

FxBitCapital offers clients multiple methods to fund their accounts: bitcoin, litecoin, Ethereum, and tether. The minimum deposit with the broker is $5.

• It is unclear how much FXBitCapital charges for withdrawals, as the broker does not provide information in this regard. However, the specific withdrawal fees charged by FXBitCapital may vary depending on factors such as the withdrawal method used, the account type, and any terms and conditions. 

Is Gerchik & Co Scam or Legit Broker?

No, Gerchik & Co is not a safe broker as it lacks a reputable license from a leading regulatory authority. The company conducts its operations under Gerchik & CO Limited and is registered in Vanuatu, a jurisdiction often associated with questionable practices.

• The Forex industry in Vanuatu functions with limited regulatory supervision. While brokers located there may offer various appealing financial services, their oversight falls short of the stringent standards introduced by renowned authorities like ASIC and FCA. Consequently, engaging in trading within offshore jurisdictions is generally considered less secure. Read more about why avoid brokers from Vanuatu.

What is Gerchik & CO Limited?

Based on the information we collected Gerchik & Co provides access to over 400 assets and tight spreads that begin at 0 pips. The trading platforms are powered by the Equinix LD4 data center, ensuring high-performance trading experiences. Gerchik & Co provides traders with fundamental and technical analysis, financial news, and video analytics. 

• The broker also mentions that the interests of traders at Gerchik & Co are safeguarded by the International Financial Commission, FinaCom. This means that in the event of any disputes, FinaCom assesses the situation from both technical and legal perspectives and there is a compensation fund guaranteeing payments to traders up to €20,000 covered per claim.

Nonetheless, to provide an unbiased and comprehensive overview of Gerchik & Co, we conducted an extensive research and revealed the following key points:

• Lack of serious registration: Gerchik & Co is registered in Vanuatu (Dauphiné Street, Numbatu area, Port-Vila). It is a well-established fact that Vanuatu, being an offshore jurisdiction, lacks adequate oversight and regulatory guidelines. Consequently, Gerchik & Co and other brokers registered in this jurisdiction may not be the optimal choice for financial investments. However, the broker mentions its cooperation with the International Financial Commission, that ensures compensation of €20,000.
• Clients reviews: Traders are often uncertain about a broker’s trustworthiness. In this case seeking guidance from authentic trader reviews is crucial. Based on our research, it is evident that Gerchik & Co reviews are mostly positive, with traders frequently highlighting the broker's tight spreads and favorable trading conditions.
• Withdrawals Issues: Hassle-free withdrawal of funds from a trading account ranks among the utmost priorities in Forex trading. Based on the fact that Gerchik & Co is an offshore broker, the withdrawal process with the broker might turn out to be intricate, potentially leading to financial losses for traders. When contemplating whether to engage with this broker, it's crucial to thoroughly assess the potential drawbacks that could impact the trading process and its outcomes.

Overall Gerchik & Co Ranking

Through research, we have uncovered noteworthy apprehensions regarding Gerchik & Co's trustworthiness and its adherence to regulatory standards. Consequently, we are unable to offer a favorable rating for Gerchik & Co.

• Gerchik & Co Overall Ranking is 3 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.

Gerchik & Co Alternative Brokers

Considering the safety concerns surrounding Gerchik & Co, we strongly recommend exploring alternative options that prioritize robust regulations and improved trading conditions. Below is a list of reputable brokers that offer reliable choices and a secure trading environment for your consideration:

• Dukascopy – Excellent for Shares, Futures Trading
• AvaTrade – Good Instrument and CopyTrading
• InteractiveBrokers – Good for US Trading and Trading of Real Stocks

Deposits and Withdrawals

Gerchik & Co provides over 10 convenient methods for deposits and withdrawals, through Credit/Debit Cards, Bank Transfers, Perfect Money, Bitcoin, Ripple, Ethereum, Litecoin, Tither, etc.

• For some deposit methods the funds are processed to the client's account instantly, for other funding methods, the process might take from 1-2 working days.
• Withdrawals are generally processed within 24-48 hours.
• Based on the fact that Gerchik & Co is an offshore broker, our advise is to be very careful in investing with this broker. 

Account Types

Gerchik & Co offers 6 types of trading accounts: Zero, Mini, Simple, Silver, Gold and Platinum. Traders can also open a Demo account. The minimum deposit starts from $100 for Zero accounts ranging up to $100 000 for Platinum account clients. With Gerchik & Co traders can conduct their trades through the market popular MT4 and MT5 platforms. 

• For Silver, Gold and Platinum accounts the spreads start from 0.0 pips. 
• The maximum leverage for all the account types is 1:100.

Gerchik & Co Review Conclusion

Based on the information we have gathered about Gerchik & Co, it is evident that this broker does offer enticing benefits, such as tight spreads and favorable features. However, it is essential to acknowledge substantial concerns regarding the broker's trustworthiness and credibility. The fact that Gerchik & Co is registered in an offshore jurisdiction (Vanuatu) raises significant red flags. As a result, traders are strongly advised to exercise caution when contemplating this broker as their choice.

Traders should prioritize brokers holding licenses from reputable authorities like  FCA, ASIC, or CySEC. Numerous regulated brokers offer excellent terms and conditions that align with top-tier regulations, providing a risk-free trading environment. Some noteworthy options include Fortrade, HFM, and FP Markets.

• Overall ranking and experience for Gerchik & Co is Negative