category: Unregulated Brokers

Is ZeegosFX Scam or Legit Broker?

ZeegosFX broker is a Non-Regulated Broker. It is NOT SAFE to trade with this company. We have checked the company and 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 ZeegosFX?

ZeegosFX is a Forex and cryptocurrency broker. The company is owned and operated by ZeegosFX Ltd. It claims to be located in California, USA, and licensed by the International Financial Services Commission (IFSC) in Belize. However, in order to provide financial services in the United States, brokers have no carry license from the local regulator National Futures Association. We didn't find any proof of the ZeegosFX authorization in the USA. 

• Belize is a gorgeous tourist destination, while also a tax haven with a zero tax structure that established its own regulation for financial investment and Forex firms licensing due to high demand and necessity of regulation.
• Ever since Belize became a known offshore zone and Forex hub, the destination attracted thousands of brokerages seeking an opportunity to be a legitimate firm, yet to skip complicated and costly established procedures. We have a detailed article explaining the risk of trading with brokers from Belize.
• We recommend traders to exclude such risks in trading and choose the brokers regulated by prestigious regulatory agencies, such as the FCA and CySec. These regulators have certain requirements and strict rules the firms have to comply with. One of the rules is the segregation of accounts, as it lowers the risk of possible money loss. Another rule is the participation in compensation schemes which guarantee that the client’s losses will be covered in case the broker goes bankrupt or tries to scam traders.

ZeegosFX Review Conclusion

We keep reminding traders that dealing with offshore or unregulated brokers is quite risky as clients do not have protection for their funds and sometimes such entities turned out to be scams. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as FP Markets and XM. 

ZeegosFX Update

Based on our research, the ZeegosFX 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 Citifxmarkets Scam or Legit Broker?

Citifxmarkets is not a secure Forex broker since it does not hold a license from any worldwide serious Forex authority. The broker is suspected of being a fraud company since it was not checked for compliance before establishment, was never monitored in terms of its safety, and simply may operate the business in any way it wishes.

What is Citifxmarkets?

Citifxmarkets is a Forex and CFDs broker that also specializes in financial spread bets (See Spread Betting Brokers UK), sports fixed odds bets, and casino bets, which is quite unusual for a forex broker. Among the assets offered by the broker are indices, shares, forex, commodities, interest rates, bonds, EFTs, options and Speed Markets.

• The company is owned and operated by Citifxmarkets Ltd. It claims to be based in Bedfordshire, UK and regulated by its local regulator Financial Conduct Authority. However, the reference number mentioned on the website belongs to another company that is not associated with Citifxmarkets. It seems like the company has been using the registration number of a legit and regulated entity to delude investors.
• To sum up, Citifxmarkets is just another unregulated broker, which also offers a weird combination of the common assets and spread and sports bets. The lack of regulation is the first and main reason why we wouldn't recommend dealing with this brokerage. Investing with a properly regulated broker is crucial for the safety of any investment.
• All the regulated brokers report to the financial authorities, supervising them (Check reliable forex brokers list here). They have to maintain a certain level the capital and also be able to protect clients' funds and keep them in segregated accounts. For example, the Financial Conduct Authority (FCA) in the United Kingdom provides the Financial Services Compensation Scheme, which guarantees a compensation of up to GBP 50,000 in case the broker goes bankrupt.

Citifxmarkets Review Conclusion

We strongly recommend to stay away from unregulated brokers, such as Citifxmarkets. Not to risk their funds, traders should invest with only reliable brokers authories by top-tier reculatory bodies. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as AvaTrade and XM.com.

Citifxmarkets Update

Based on our research, the Citifxmarkets 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 Finbitex Scam or Legit Broker?

Finbitex 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.

• 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.

What is Finbitex?

Finbitex is a forex, CFDs and cryptocurrency broker. The company is owned and operated by Tempolex LTD., based in the Marshall Islands. Yet, it is not advisable to trade with an offshore broker, as its offerings are not protected legally.

• In addition, the terms and conditions on the website state that Finbitex is under the jurisdiction of Bulgaria, although the broker is not regulated by the local Financial Supervision Commission (FSC). Considering all the mentioned above, we would not recommend choosing Finbitex as a broker.
• In order to control fraudulent activities, most countries have dedicated agencies to monitor the financial services sector. For example, there is a Financial Conduct Authority in the United Kingdom, Cyprus Securities and Exchange Commission, and the Australian Securities and Investments Commission. All of the brokers registered with them are obliged to follow a lot of rules and meet certain requirements. The brokers would have to be able to provide segregated accounts for the investors. Some of the regulators offer brokers to participate in Compensation Schemes that guarantee the client will be able to withdraw his investments even if the broker goes bankrupt. 

Finbitex Review Conclusion

We strongly advise all investors and traders to avoid Finbitex 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.

Finbitex Update

Based on our research, the Finbitex 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 Golden Financial Scam or Legit Broker?

Golden Financial 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, never monitored in terms of its safety and simply may operate the business in any way it wishes.

What is Golden Financial?

Golden Financial claims to be one of the world's largest foreign exchange, precious metals, securities, futures, and stock traders. The company is owned and operated by Golden Financial Solutions (Service) Ltd., and according to its website was founded in London, UK - the headquarters of the company.

• The broker claims to be regulated by the UK's Financial Conduct Authority (FCA) and New Zealand's Financial Markets Authority (FMA). However, we didn't find any records of the company in the registers of the mentioned regulator and most probably wouldn't find its license details with any other regulators.
• Moreover, New Zealand's FMA has issued a warning against Golden Financial:

"GFS is not licensed to issue derivative products (CFDs) to New Zealand retail investors; GFS is not regulated in New Zealand as claimed on its websites; GFS could be involved in a scam."

• 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. 

Golden Financial Review Conclusion

Considering false regulation information provided by the broker and a warning from a reputable authority, we don't recommend trading with Golden Financial. Investing with a properly regulated broker is crucial for the safety of any investment (See regulated forex brokers list here). Some of the reliable regulators are UK’s FCA, the Cyprus Securities and Exchange Commission (CySEC), and the Australian Securities and Investments Commission (ASIC). Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as FXTM, eToro (Read about eToro broker), and XM.com.

Golden Financial Update

Based on our research, the Golden Financial 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 MaxiTrade Scam or Legit Broker?

No, it is not safe to trade with MaxiTrade. MaxiTrade is owned by Strategy One 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 it does not regulate forex trading. Therefore, it became an offshore zone for shady forex brokers such as GoldFxTrading, AZ Trades, and more. You can read our detailed article about the risk of trading with brokers from St. Vincent and the Grenadines.

What is MaxiTrade?

According to the website, MaxiTrade was funded in 2008, and Strategy One Ltd has earned the trust of the 2 largest expert organizations in the financial field: the Association of Russian Banks, and the Association of Regional Banks of Russia. Although this kind of information doesn’t mean the broker is regulated in Russia (which is actually the case with the broker). 

• There is one more company behind the brand's name, Spritecoms Ltd., incorporated in Dublin, Republic of Ireland. However, there is no connection between the mentioned companies (Strategy One Ltd and Spritecoms Ltd). Besides, neither of them is regulated in Ireland or any other country.
• Moreover, the Bank of Lithuania has warned against Strategy One Ltd., which means it is better not to deal with any broker, operated by this company:

Overall MaxiTrade Ranking 

During our research we found regulation and safety issues with MaxiTrade, thus we do not rank positively MaxiTrade, based on our Expert Opinion with over 10 Years of experience in Forex Trading.

• MaxiTrade 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.

MaxiTrade Alternative Brokers

We revealed that MaxiTrade has a lot of issues connected with its safety and customer care. Thus, here are much better Alternatives to MaxiTrade with tight regulations and favorable trading conditions. We select Good Brokers and reliable options for your comparison below: 

• Pepperstone – Broker with Good Regulation
• IC Markets – Excellent cTrader Broker
• InstaForex – Good for EAs Trading

Deposit & Withdrawal

With MaxiTrade making deposits and withdrawals is simple and quick. The broker offers multiple funding options, including Bank wire transfers, Visa and Mastercard payment cards, plus Skrill, Perfect Money, Neteller, tether, etc. 

• The company might block an entrance to the private profile, suspend the trade activity on accounts, cancel the demand for input-output, or return money if the source of money or activity of the Client contradicts the Policy of money laundering and financing of terrorism.
• The company might prevent and block both deposits, and withdrawals by third parties of money from the customer account. 

MaxiTrade Review Conclusion

We advise all investors and traders to avoid MaxiTrade 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 AvaTrade and BlackBull Markets.

• Overall ranking and experience for MaxiTrade is Negative

Is FXLinked Scam or Legit Broker?

FXLinked is a 100% fraud company. The broker is registered offshore and does not hold any proper license from a well-known reliable financial regulator. We never advise trading with an offshore 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. 

What is FXLinked?

FXLinked is an offshore broker that offers to trade in Forex, Metals, CFDs, Stocks, Indices, and Energies. FXLinked is a trading name of FXLinked LTD, regulated as a Securities Dealer by the Financial Services Authority of Seychelles with license number (SD011) as a financial and monetary intermediary.

• The broker claims to be based in London, UK and the only language the website supports is English, so probably the company has been targeting UK residents. However, FXLinked is not authorized by the UK's Financial Conduct Authority and so is not allowed to offer its financial services.

• There are a lot of offshore-registered brokers out there claiming that offshore registration is a legit thing that allows them to do business in the financial market (Find scam forex brokers by link). However, most of them are simply registered, and not licensed, nor monitored by any governmental agency, which makes those firms the most dangerous places for investing.

• We keep reminding traders to exercise caution when dealing with firms that are not registered to trade nor regulated by reliable authorities. 

FXLinked Review Conclusion

In Forex trading the most important part is the security of investments. Thus, avoiding doubtful offerings such as FXLinked is essential. We advise traders to choose among the legit brokers with licenses from respected financial authorities, such as well-regulated brokers including UK brokers or brokers in Australia, and reliable brokers such as FP Markets and eToro.

FXLinked Update

Based on our research, the FXLinked 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 Ideal Global Trading Scam or Legit Broker?

Ideal Global Trading 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 Ideal Global Trading?

Ideal Global Trading is a Forex and CFDs broker. The Company's major services involve providing clients with up-to-the-minute quotes and market information on several investment products such as foreign exchange, precious metals, and crude oil. The company is owned and operated by Ideal Global Trading Limited. The broker claims to be located in New York, USA, and regulated by the National Futures Association (NFA).

• According to the website, the business scope covers many countries and regions in the world such as the United States, Australia, New Zealand, Singapore, Shanghai, Hong Kong, and Taiwan. However, we have checked the broker's license in the NFA's register and it doesn't seem like the company is registered to provide the services it claims on the website. Ideal Global Trading Limited is registered as an Exempt Commodity Pool Operator, which is not an actual NFA-regulated broker.

Ideal Global Trading Review Conclusion

Financial regulation is one of the most important factors when choosing a forex broker (Find the list of top 10 forex brokers in the world here). Those brokers who are not overseen by any regulator are not obliged to follow the general rules or meet the financial requirements. The most dangerous part is that such brokers can accept deposits without providing access to any financial markets. Therefore, the clients will not be able to control their funds or withdraw them. Our best advice is to invest only with reputable well-regulated brokers. Traders should trade with trustworthy brokers such as IG Markets and BlackBull Markets.

Ideal Global Trading Update

Based on our research, the Ideal Global 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. 

Is VolumeFX Scam or Legit Broker? 

VolumeFX 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 as 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 VolumeFX?

VolumeFX is an offshore broker that offers to trade in Forex, Crypto, CFDs, Stocks, Commodities, and Indices. The company is owned and operated by VolumeFX Ltd., based in St. Vincent & the Grenadines. There is no information about broker's regulation, which could be the biggest concern, as unregulated entities have no legal rights to provide financial services.

• Also, St. Vincent & the Grenadines location doesn't mean the broker is regulated there as we have already mentioned that St. Vincent & the Grenadines Financial Services Authority has announced that it does not issue any licenses for forex trading or brokerage nor does it regulate, monitor, supervise or license international companies, which engage in such activities.
• Considering all the mentioned facts, we don’t recommend investing in VolumeFX. There are a lot of other well-regulated brokers to do business with. Regulated brokers are obliged to follow stringent rules, including reporting, keeping all clients' funds in segregated accounts, providing traders with a negative balance protection, and maintaining a certain minimum of operational capital.

VolumeFX Review Conclusion

We don't recommend investing with VolumeFX. Investing with a properly regulated broker is essential for the safety of any investment. Here are some reliable regulators: UK’s FCA, the Cyprus Securities and Exchange Commission (CySEC), and the Australian Securities and Investments Commission (ASIC). Also, it is advisable to make your own research before signing with a broker and pick a tightly regulated broker such as FXTM and XM. 

VolumeFX Update

Based on our research, the VolumeFX 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 The55thFx Scam or Legit Broker?

No, it is not safe to trade with The55thFx. The broker doesn't disclose much information about the company behind the brand's name, only that it is owned and operated by The55thFx Limited and located in California, USA. According to the website, The55thFx Limited is licensed and regulated by the Cyprus Securities and Exchange Commission (CySEC) under license number 278/07.

• However, there is no record of this company or license number in the regulator's register. It seems like the broker's regulation details are false, which puts clients' investments at high risk. It is not only because the broker lacks regulation, but also because false regulation claims usually mean the broker is a fraud.

What is The55thFx?

The55thFx is a broker that offers to trade in Forex, binary options, and cryptocurrency.

• Anyway, the broker does not provide any reliable information on its regulations. Based on the provided information, The55thFx Limited is licensed and regulated by the Cyprus Securities and Exchange Commission (CySEC) under license number 278/07, yet this information seems to be fake. 
• In addition, ESMA has prohibited binary options (Check out Binary Options Regulated Brokers) trading throughout Europe and the EEA, so those brokers who still offer binary trading can be considered pure scams.

The55thFx Review Conclusion

We advise all investors and traders to avoid The55thFx 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 Alpari and XM.com.

The55thFx Update

Based on our research, the The55thFx 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.