category: Unregulated Brokers

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. 

Is MegaTradeFX Scam or Legit Broker?

No, it is not safe to trade with MegaTradeFX. MegaTradeFX is owned by Macro Projects Ltd. 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, TraderUR, and more.

What is MegaTradeFx?

According to the website, MegaTrade Fx is a leading provider of online foreign exchange trading, CFD trading, and other financial services. However, we have a few valid concerns about it. The broker mentions two addresses on the website, they are both offshore (as the second one is on the Marshall Islands). They also mention contact numbers with British phone codes, however, the broker is not regulated in the UK.

• Moreover, the UK's Financial Conduct Authority has recently issued a warning against the broker:

  "MegatradeFX (a trading style of Guide Universal LP) 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."

• Also, the company has been banned by Spain's CNMV:

  "MACRO PROJECTS LTD is not authorized to provide the investment services, which include investment advice, or to provide auxiliary services in relation to the financial instruments, including, for those purposes, foreign currency transactions; or to perform the activities reserved for collective investment institutions, on Collective Investment Institutions."

MegaTradeFX Review Conclusion

We advise all investors and traders to avoid MegaTradeFX 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.

MegaTradeFX Update

Recently MegaTradeFX 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 ProFxPremium Scam or Legit Broker?

It is not safe to trade with ProFxPremium, because it is an unregulated broker. In addition, the company has been suspected to be a fraud. While we checked the company there is no authorization or registration of the address, therefore the company seems to be highly suspicious and might operate its services from an absolutely different location.

What is ProFxPremium?

ProFxPremium is an offshore Forex and CFDs broker. The company is owned and operated by Black Parrot Limited, based in Marshall Island. According to the terms and conditions, IT & Finance administration services are done by Blonde Bear OU, based in Tallinn, Estonia. However, none of the mentioned companies is regulated by financial authorities. Moreover, Black Parrot Ltd has been banned by numerous regulators throughout Europe (Norway, Poland, Netherlands, Denmark, and Italy). We have also reviewed some brokers (Trade111, TradeX1, TradeDAX, TradesPrime) that should be avoided and those are owned/operated by either Black Parrot Ltd or Estonian Blonde Bear OU.

• In fact, the Marshall Islands is an offshore zone attracting various firms that for one reason or another escape from serious regulation or compliance to international service providing. However, in the case of financial investment or trading firms, the company should be a very respected entity, as the statistics show that the majority of non-authorized firms never recovered the sums of investors’ investments. Therefore, we always advise avoiding offshore or companies with no license as there are too many frauds around.
• This time it is a warning from Spain's regulator CNMV:
  "BLACK PARROT LTD www.profxpremium.com is not authorized to provide the investment services detailed in Article 140 of the Securities Markets Law, which includes 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."
• Obviously, ProFxPremium seems to be just one of those scam companies and there is enough information to prove that (See forex trading scams). We advise traders to choose from UK, Australian, or other well-regulated brokers, where their funds will be protected. For example, the license from the UK’s Financial Conduct Authority requires EUR 125,000 of capital for the STP license (See STP Forex Brokers) aside from client deposits. 

ProFxPremium Review Conclusion

We strongly advise all investors and traders to avoid ProFxPremium and other brokers from the Marshall Islands. Even if the offering is good, offshore brokers do not provide the necessary protection for the client's funds. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as FP Markets and eToro.

ProFxPremium Update

Recently ProFxPremium 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 they receive trading proposals. 

Is Dax300 Scam or Legit Broker?

It is not safe to trade with Dax300, because it is an unregulated broker. In addition, the company has been suspected to be a fraud. While we checked the company there is no authorization or registration of the address, therefore the company seems to be highly suspicious and might operate its services from an absolutely different location.

What is Dax300?

Dax300 is an offshore Forex and CFDs broker. The company is owned and operated by Brown Fox Limited, based in Marshall Island.

• In fact, Marshall Islands is an offshore zone attracting various firms that for the reason or another escape from the serious regulation or compliance to international service providing. However, in the case of financial investment or trading firms, the company should be a very respected entity, as the statistics show that the majority of non-authorized firms never recovered the sums of investors’ investments. Therefore, we always advise avoiding offshore or companies with no license as there are too many frauds around.
• Dax300 doesn't provide any information about its regulation as well as its location or contact numbers. The lack of this kind of information is a red flag for the investors. The website supports English, German, Spanish, Italian, Indonesian, Polish and Arabic languages. Usually, it means the company has chosen these countries as its target. However, Dax300 is not authorized in any of the mentioned countries.
• Moreover, Spain's regulator CNMV has issued a warning against Dax300 and Brown Fox Limited:
  "BROWN FOX LTD www.dax300.com is not authorised 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 the Article 141 of the said Law in relation to the financial instruments, including, for those purposes, foreign currency transactions."

Dax300 Review Conclusion

We strongly advise all investors and traders to avoid Dax300 and other brokers from the Marshall Islands. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as FP Markets and eToro.

Dax300 Update

Recently Dax300 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 Fxleader Scam or Legit Broker?

FXLeader is a 100% fraud company. The broker is registered offshore and does not hold any proper license from a well-known reliable financial regulator (See our Regulated Brokers' reviews). It is NOT SAFE to trade FXLeader. We never advise trading with an offshore broker, since the financial investment service they deliver is not trustable.

What is FXLeader?

FXLeader is a forex broker operated by Leadernet OU, based in Tallinn, Estonia. However, FXLeader is not regulated by the Estonian Financial Supervisory Authority. The terms and conditions of the company mention the service provider company FXLEADER LTD., based in Saint Vincent and the Grenadines.

• It seems that the company actually operates from the offshore area. The offshore areas are quite beneficial for the brokers because of the low-cost licenses and minimum taxation. For traders, offshore zones are dangerous because of the little focus on customer protection. Moreover, UK's FCA has issued a warning against FXLEADER, which is one more reason to avoid this broker.
• That is why we advise dealing with brokers regulated by the UK's FCA or any other reputable regulator. For instance, The license from the UK’s Financial Conduct Authority requires EUR 125,000 of capital (aside from client deposits) for the STP license (Find out the best STP forex brokers). The regulator also protects customers when authorized financial services firms fail. Check the list of FCA-regulated brokers here. 

FXLeader Review Conclusion

We strongly advise opening a trading account only with brokers regulated by respected world authorities that 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 FP Markets, BDSwiss, or  FBS.

FXLeader Update

Our research showed that the FXLeader Website is inactive. Since money safety in forex goes first we recommend avoiding any proposals from FXLeader and staying alert. 

Is Blue Trading Scam or Legit Broker?

No, it is not safe to trade with Blue Trading. Blue Trading is owned by BluVenture Group Ltd., a company registered in Japan.  The company is not registered with the reputable authorities, yet states its memberships in various initiatives and associations since at this time major regulators do not regulate this type of trading:

What is Blue Trading?

Blue Trading serves numerous offices globally, and offers financial trading and investment opportunities on a range of instruments, but mainly focuses on Cryptocurrencies (Read HYCM broker review, which offers cryptocurrency trading).

• “Blue Trading is a signatory to the IFMRRC, Foreign Exchange Global Committee. A new initiative was created by the Foreign Exchange Global Committee, a signatory of the International Decentralized Association of Cryptocurrency and Blockchain (IDACB). And is a full member of the Crypto Valley Switzerland ethics organization. At this time major regulators such as the British FCA or German BaFin do not regulate this type of trading, therefore, registration opportunities still remain unavailable. We look forward to pursuing new registration opportunities as they become available.”
• Nevertheless, that statement sounds not very reliable to us and recently the company even lost its membership, which means the unregulated nature of their business fail to its promised obligations. In addition, the regulatory authority in the UK Financial Conduct Authority (Check out FCA Regulated Eightcap & LegacyFX brokers ) has issued its warning to the public investors since the company target UK residents without its legal permission to do so.

"BluVenture Group Ltd and its affiliated brands BlueBroker and BlueTrading were expelled from membership with the Financial Commission due to repeated violations and failures to adhere to membership Rules and Guidelines."

The Financial Commission. September 26, 2018.

"We believe this firm Blue Trading / Bluetrading.com / Blue Group has been providing financial services or products in the UK without our authorization."

FCA, September 2018

Blue Trading Review Conclusion

In conclusion, it is advised to avoid trading with the broker even though their offering might seem competitive and attractive. The safety of funds is always first, therefore we recommend choosing among regulated brokers. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as FP Markets and TMGM.

Blue Trading Update

Based on our research, the Blue Trading 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.