category: Unregulated Brokers

Is Worldwide CapitalFX Scam or Legit Broker?

No, it is not safe to trade with Worldwide CapitalFX. Worldwide CapitalFX is owned by Algobit Ltd. which is an offshore company registered in Seychelles.

• Seychelles 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 Hugo's Way, AG Capitals, and more.

What is WorldWide CapitalFX?

WorldWide CapitalFX (CapitalFX) claims to be an online binary option (Check US Regulated Binary Options Brokers), cryptocurrencies, Forex, and Contracts for Difference trading platform provider. The broker claims to be located in the USA and even provides the registration number with IBC. However, the company is not authorized to provide financial services in the USA or any other company.

• Moreover, several regulators have warned the public against Worldwide CapitalFX:
  CySEC, February 11, 2019:
  "The Cyprus Securities and Exchange Commission (‘CySEC’) wishes to inform investors that the worldwidecapitalfx.com, does not belong to an entity which has been granted authorization for the provision of investment services and/or the performance of investment activities."
• Also, the is a warning from the British Columbia Securities Commission (BCSC):
  "We recently became aware of CapitalFX and that it had solicited a British Columbia (BC) resident to trade with the company. CapitalFX is not registered to trade in, or advise on, securities or exchange contracts in BC."

CapitalFX Review Conclusion

We advise all investors and traders to avoid Worldwide CapitalFX and other brokers from Seychelles. Remember that it is not safe to sign in with an offshore broker, as they do not provide a sufficient level of reliability and safety. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as FP Markets and BDSwiss.

Worldwide CapitalFX Update

Our research revealed that the Worldwide CapitalFX 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 TradeInvest90 a Scam or Legit Broker?

No, it is not safe to trade with TradeInvest90. TradeInvest90 is owned by Celestial Trading Ltd. which is an offshore company registered in Seychelles.

• Seychelles is notorious for its easy process of financial or investment firm establishment, through a very low list of requirements, small budgets, and what is more crucial no strict overseeing of the brokers’ operation or history. Therefore, it became an offshore zone for shady forex brokers such as AG Capitals, Swift Bit Options, and more.

What is TradeInvest90?

TradeInvest90 offers a wide range of different assets including Forex, CFDs, stocks, bonds, futures, indices, as well as crypto. According to the terms and conditions on the website, all the payments are processed by CELTIC PAY LTD., based in the United Kingdom, however, the broker is not authorized to provide financial services in the UK. Also, the broker claims to be licensed and regulated by the Montenegro security exchange commission, which is a false claim.

• Moreover, TradeInvest90 has been blacklisted by the Austrian FMA:
  "Celestial Trading Ltd / Tradeinvest90 is not entitled to carry out banking transactions in Austria that require a license. The provider is therefore neither permitted to trade on a commercial basis on its own account or on behalf of others."

TradeInvest90 Review Conclusion

We advise all investors and traders to avoid TradeInvest90 and other brokers from Seychelles. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as eToro and BlackBull Markets.

Tradeinvest90 Update

Recently TradeInvest90 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 ADN Markets Scam or Legit Broker?

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

• However, the fact is that St. Vincent and the Grenadines is an offshore zone, which does register the financial investment firm, but provides very poor if none requirements to the company operation. That means, the broker is not regulated, not overseen and does not comply with strict international rules that provide protective measures to the traders. Therefore, it became an offshore zone for shady forex brokers such as CVC Markets, AAG Markets and more. 

What is ADN Markets?

According to the website, ADN Markets 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, 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.
• ADN Markets offers forex, indices, commodities, stocks, and also cryptocurrency trading. The website provides two contact numbers with the country codes of the UK and Spain, which means the broker has been targeting the residents of those countries. However, ADN Markets is not regulated by local authorities in either the UK or Spain, or actually any other country.
• Moreover, the broker has been blacklisted by Spain's CNMV.
• The pages and official sources of the international regulators’ list alert are shared with the authority directly or by other countries’ supervisory bodies or transmitted centrally. Those tools and the general purpose of the regulatory bodies operate in order to enable stability of the market offerings, protect clients from potential and numerous frauds, enable reliability rules to financial service entities, and more. As Forex Birds got no license to operate within the EU and other regulated jurisdictions, the broker was blacklisted and alerted by the EU authority.

ADN Markets Review Conclusion

We advise all investors and traders to avoid ADN Markets and other brokers from St. Vincent and the Grenadines. Offshore brokers are not always reliable and investing with them 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 FP Markets and BDSwiss.

ADN Markets Update

Our research revealed that the ADN Markets 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 Hugo’s Way Scam or Legit Broker?

It is not safe to trade with Hugo's Way, as it is unregulated. Hugo’s Way is owned by Hugo’s Way Limited which is an offshore company registered in St. Vincent and the Grenadines. 

• However, the fact is that St. Vincent and the Grenadines is an offshore zone, which does register the financial investment firm, but provides very poor if no requirements to the company operation. That means, the broker is not regulated, not overseen, and does not comply with strict international rules that provide protective measures to the traders. Therefore, it became an offshore zone for shady forex brokers such as CVC Markets, AAG Markets, and more. Read more about St. Vincent and the Grenadines regulation.

What is Hugo's Way?

Hugo’s Way offers forex currency pairs, indices, commodities, stocks, and also cryptocurrency trading. It claims to offer a new level of trading and is able to offer market-leading pricing and trading conditions through the MT4 platform by providing clients with true ECN connectivity. Hugo’s Way offers a wide variety of instruments, including 24/7 trading on 35 Cryptocurrency Pairs with leverage of up to 1:100. 

Based on the provided information on the broker’s website, the company is in the process of applying for a license, however, for now, it remains unregulated. As proof, the website states that Hugo’s Way is not directed at any jurisdiction and is not intended for any use that would be contrary to local law or regulation, therefore any of the statements about True ECN or quality trading can not be proved since Broker is never checked by serious audit  Regulators usually do 

Overall Hugo's Way Ranking 

Due to the regulation and safety issues, we found during our research of Hugo’s Way, we do not rank positively Hugo’s Way, based on our Expert Opinion with over 10 Years of experience in Forex Trading.

• Hugo’s Way 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.

Hugo's Way Alternative Brokers

We found that Hugo's Way has a lot of issues, mainly in respect of its safety and customer care. Thus, here are much better Alternatives to Hugo's Way with tight regulations and great trading conditions. We select Good Brokers and trustworthy options for your comparison below: 

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

Hugo's Way in India

Hugo’s Way has no mention of complying with any Indian regulators on its website. It is also worth mentioning that Forex trading is actually prohibited in India. The broker is not regulated by any regulatory body in India, that’s why money safety may be the issue here.

Hugo's Way in the USA

The USA is not on the restricted list of the Broker himself, which means the broker accepts US residents. However, as per U.S law, brokers regulated by CFTC are the only brokers allowed and safe for USA traders. So, in other words, the Hugos Way doesnt follow the US regulatory advise and may be suspended at any times, meaning US traders are only permitted to trade with U.S-regulated trading platforms besides trading with Offshore and non-regulated firms is never advised due to high risks of scam too.

• There are also countries the broker does not accept client from including: Bahamas, Botswana, Burma, Cambodia, Congo, Cuba, Democratic Republic of Congo(DPRK), Democratic Republic of Congo(Republic of Zaire), Ethiopia, Ghana, Iran, Iraq, Japan, Kenya, Lebanon, Libya, Malta, North Korea, Pakistan, Panama, Somalia, Sri Lanka, Sudan, Syria, Trinidad and Tobago, Tunisia, United Kingdom, Vietnam, Yemen, Zimbabwe.

Hugo's Way Deposit & Withdrawal

The minimum Hugo's Way deposit is $50 via Credit/Debit Card and $50 via BitCoin and $10 via VLoad. They are constantly adding new funding sources. The minimum withdrawal amount is $10. There are NO fees to withdraw the funds, however, the additional profits will incur withdrawal fees depending on the additional withdrawal method.

Apps

Hugo's Way gives a trading opportunity by staying up to date with the latest market events with MT4 mobile trading. Smartphone and tablet-optimized, MT4 mobile supports all trading functions and comes equipped with broad analytical capabilities featuring technical indicators among other graphical objects. The broker's availability is 24 hours, from any spot worldwide. The app is supported by iOS and Android OS, it has a full set of trading orders as well as analytics and technical indicators.

Demo Account

Hugo's Way offers unlimited MT4 Demo Accounts to its clients. By opening a demo account, traders are able to improve their trading skills and learn everything about the basics of Forex trading, rules and conditions, and movements and crises of the Forex market.

Hugo's Way Review Conclusion

Overall, the company's offering is among the competitive ones along with its reputation, but generally, options are a high-risk investment due to its nature of trading. Besides, we do not recommend signing in with Hugo's Way as the broker is not regulated by serious regulators like FCA company.

Since the capital and the security of the investors’ funds is a primary goal, it is advisable to choose among well-regulated companies that hold all necessary licenses such as Pepperstone with authorized operations and great customer support. 

• Overall ranking and experience for Hugo's Way is Negative

Is Brokerz a scam or a legit broker?

Brokerz is not safe to trade with it. Brokerz is owned by Brokerz ltd which is an offshore company registered in St. Vincent and the Grenadines.

• However, the fact is that St. Vincent and the Grenadines is an offshore zone, which does register the financial investment firm, but provides very poor if none requirements for the company's operation. That means, the broker is not regulated, not overseen, and does not comply with strict international rules that provide protective measures to the traders. Therefore, it became an offshore zone for shady forex brokers such as CVC Markets, AAG Markets, and more. Read more about St. Vincent and the Grenadines regulation by the link.

• In any case, we never advise trading with an offshore or non-licensed broker, since the financial investment service they deliver is not trustable. The reason is simple, the broker may promise the most ever competitive trading conditions or the trading environment, yet the trader has no guarantee from the official entities that oversee the Forex industry. Thus the engagement to trading with such companies means the trader will believe only in the broker’s words, and of course, it is a high risk.

What is Brokerz?

Brokerz offers trading with Forex, CFDs, stocks, commodities, and indices (Find out on the list of the Best Forex Brokers for you). Brokerz was founded in 2013 by a group of professional traders, investment managers, and software engineers. The broker doesn’t disclose any information about its regulation and we suppose it does not fall under any regulatory oversight.

• Moreover, Brokerz has been blacklisted by the Austrian Financial Market Authority (FMA):

"Brokerz Ltd is not entitled to carry out banking transactions in Austria that require a license. The provider is therefore not permitted to trade in financial futures contracts (futures) on its own account or on the account of others"

• The pages and official sources of the international regulators’ list alert are shared with the authority directly or by other countries’ supervisory bodies or transmitted centrally. Those tools and the general purpose of the regulatory bodies operate in order to enable stability of the market offerings, protect clients from potential and numerous frauds, enable reliability rules to financial service entities, and more. 

Brokerz in India

Brokerz has no mention of complying with any Indian regulators on its website. It is also worth mentioning that Forex trading is actually prohibited in India. Check the list of Forex Trading Brokers in India.

Brokerz in the USA

The United States is one of the countries that is not accepted by Brokerz. As per U.S law, brokers regulated by CFTC are the only brokers allowed for the USA traders. So, except for Brokerz, you are only permitted to trade with the U.S-regulated platforms.

Brokerz Deposits & Withdrawals

The minimum amount to open a Brokerz account is $/€/£ 250. Brokerz accepts a wide variety of payment methods, such as Credit/Debit card (Visa, MasterCard or Diners Club), Fast Wire Transfer. 

• Brokerz does not charge clients when they deposit funds into their accounts. However, they recommend you check with your bank or credit card company for any money transfer costs and/or extra charges. 
• If a client deposits over $2,500, any transfer fees will be covered by Brokerz. Funds can be transferred directly to your bank account by wire transfer or returned to your credit card. However, a withdrawal can only be made using the exact same method you used for depositing. Withdrawal requests are usually processed within three business days of receipt of all required documentation.

Apps

All of Brokerz’s mobile trading platforms are completely integrated with their trading software and online trading platforms, made to give traders the flexibility and choice of trading on their desktop, tablet or mobile. The traders get 24 hour dedicated support and trading platforms accessible whenever they need.

Demo Account

The broker offers a time-unlimited Demo account that provides you access to its MT4 demo platform. You can open as many demo accounts as you wish and have the chance to become familiar with the platform and its functionality for an unlimited period of time. For beginners, demo trading is the recommended starting point (Best Forex Trading Platform for Beginners). The broker is able to provide screen sharing demos of how to use the software with a member of their technical team. More experienced traders might also find this demo account useful to understand the broker’s trading conditions, pricing, and the symbols it offers. They might also be interested to conduct back-testing or try out manual or automated strategies, all of which are supported. Also, check the info on the FBS Broker Demo account by link.

Brokerz Review Conclusion

We strongly advise opening a trading account only with brokers that are regulated by respected world authorities and comply with the required set of rules and a good reputation through the delivered timeframe of operations. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as AvaTrade and XM.com.

• Overall ranking and experience for Brokerz is Negative

Brokerz Update

Based on our findings, the Brokerz 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 Trading Epic Scam or a Legit Broker?

Trading Epic 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 Trading Epic?

Trading Epic is a broker that offers forex, commodities, stocks, indices, futures, and cryptocurrencies like Bitcoin. Their website also mentions binary options (See Licensed Binary Options Brokers). They don't disclose the company behind the brand's name, which is the first red flag for the traders as the hidden information about the company doesn't usually mean anything reliable and promising.

• According to the website, Trading Epic is regulated by the CFTC ( Commodity Futures Trading Commission) and is based in New York. The website also says that Trading Epic is regulated by the International Financial Services Commission of Belize, as well as the Cyprus Securities and Exchange Commission, licensed by the Financial Services Board (FSB) of South Africa, and is also registered with the Financial Conduct Authority of the UK. However, none of the regulators actually have this broker in their registers, so all these details are fake and Trading Epic has no license to provide financial services.
• Moreover, the Financial Conduct Authority has issued a warning against the broker:
  "This firm (Trading Epic) is not authorised 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 authorisation."

Trading Epic Review Conclusion

We advise all investors and traders to avoid Trading Epic and other unregulated brokers. The lack of information about the broker’s regulation, 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 Alpari and XM.com.

Trading Epic Update

Recently Trading Epic 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 FXNobels Scam or Legit Broker?

No, it is not safe to trade with FXNobels. The broker doesn’t provide any information about the company behind the brand’s name as well as any regulatory information. It claims to be located in Malta. FXNobels 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 FXNobels?

FXNobels is a Forex Brokerage that allows customers to trade Forex, Stocks, and Cryptocurrencies online. The broker doesn't disclose any information about the company behind the brand name. It claims to be located in Malta, but the confusing thing is that the contact phone number that the customers can call is British, but they also can text the Maltese number. Despite the Maltese location and British contact number, the FXNobels is not regulated in Malta or the UK.

• Moreover, the Maltese regulator Financial Services Authority has recently issued a warning against FXNobels:

"The Malta Financial Services Authority (“MFSA”) has become aware of an entity operating under the name of FXNobels which is known to have an internet presence at https://www.fxnobels.io/. Although this entity purports to operate from an address in Malta, the MFSA confirms that this is not the case. From information available to the MFSA, FXNobels claims to be a forex brokerage that allows customers to trade in Forex, CFDs, Stocks and Cryptocurrencies online."

FXNobels Review Conclusion

We advise all investors and traders to avoid FXNobels 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.

FXNobels Update

Our research revealed that the FXNobels 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 Lockwood Investments Scam or Legit Broker?

No, it is not safe to trade with Lockwood Investments. Lockwood Investments 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 Lockwood Investments?

Lockwood Investments is an offshore broker that offers Forex and CFDs trade. The map on the website in the 'Contact Us' section shows the location in Sofia, Bulgaria. Probably, they haven't changed it while changing the name of the owner company. As we know, Lockwood Investments has previously been owned and operated by Solutions CM LTD, which also owns such unregulated brokers as OriginalCrypto, Britonprice, and Easy Line Pro.

• In fact, Solutions CM, as well as the brands owned by this company, have been blacklisted multiple times by different regulators.  In order to avoid a bad reputation, brokers just change their names from time to time to delude their new customers.
• In addition, Lockwood Investments has been blacklisted by Spain's CNMV:

"http://lockwoodinv.com 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."

• The most recent warning is from the French regulator AMF:

"The Autorité des Marchés Financiers and the Autorité de Contrôle Prudentiel et de Résolution warn the public against the activities of several websites (including www.lockwoodinv.com) and entities proposing forex investments or proposing online investment services in France for derivatives whose underlying include crypto assets."

Lockwood Investments Review Conclusion

We advise all investors and traders to avoid Lockwood Investments and other brokers from the Marshall Islands. Brokers with offshore regulations are not reliable, due to the lax regulations and almost non-existent rules. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as FXTM, eToro (Check our review on eToro), and XM.

Lockwood Investments Update

Our research revealed that the Lockwood 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 CFDpremium Scam or Legit Broker?

No, it is not safe to trade with CFDpremium. CFDpremium is owned by Silver Wolf 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 Dax300, Finbitex, and more.

What is CFDpremium?

CFDpremium is an online Forex broker, focusing on Commodity, Index, and Forex trading. The company doesn’t provide any regulation info, only that it’s “safe and regulated”, without any reference to a specific regulatory entity. The company claims to be located in the UK, however, the contact number provided on the website is German. Obviously, the broker is not regulated by the UK's FCA or German BaFin. 

• Moreover, the company has been blacklisted by Spain’s regulator CNMV:

“cfdpremium.com 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 of the said Law in relation to the financial instruments, including, for those purposes, foreign currency transactions. “

• Also, Italy's regulator CONSOB has issued a warning against CFDpremium:

“The National Commission for Companies and the Stock Exchange has ordered the following company (CFDpremium) to cease the infringement of art. 18 of the Consolidated Law on Finance – TUF consisting of the provision of unauthorized investment services and activities to the Italian public.”

• In addition, we have previously reviewed companies (FXtrade777, TradeBNP, MarketGBP) affiliated with Silver Wolf Limited that have been warned against by several regulators, which doesn’t look trustworthy at all.

CFDpremium Review Conclusion

We strongly advise all investors and traders to avoid CFDpremium and other brokers from the Marshall Islands. It is not a secret that many offshore brokers are scams and signing in with them might put all your funds at risk. Instead, traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as City Index and BlackBull Markets.

CFDpremium Update

Recently CFDpremium 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 of receiving trading proposals.