category: Unregulated Brokers

Is Forex Grand Scam or a Legit Broker?

According to our research, Forex Grand is a total scam. The broker is not regulated and has no legal right to provide financial services to the public. Moreover, Forex Grand has been suspected of fraud, when pretending to be another company with a better reputation.

• Forex Grand is a forex broker that offers the trading environment through the MT4 platform and proposes access to over 40 currency pairs, indices, futures, indices, shares, metals, and more. The company maintained a very well-designed proposal through a good-looking website and detailed offering.

What is Forex Grand?

Apart from the issue that the broker is based and holds a license of only offshore authority in the Marshall Islands, which we always advise avoiding due to lack of regulation and very low requirements.

• 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.
• The Forex Grand traders complain constantly about a broker’s non-trustful operation. The complaints are about the refusal of withdrawals with no ability either to take any profits or deposits. Actually, this is a typical fraud act to attract clients, get their money, and then find excuses, this is the reason you should always trade only with regulated companies as they are constantly overseen by the regulator in terms of their operation. And of course, the regulated firms are checked on their adequacy before they are able to offer trading in the market.

• The Forex Grand was warned by various authorities that identified an illegal, non-approved offering from the company towards the residents since the particular investment proposal requires authorization. The Bulgarian FSC issued Forex Grand in its alert list in June 2018, while earlier UK’s FCA warned investors by its official blacklist of the company.

  “Almost all firms and individuals offering, promoting or selling financial services or products in the UK have to be authorized by FCA. We strongly advise you to only deal with financial firms that are authorized by us, and check the Financial Services Register to ensure they are.”

  FCA, UK. May 2018.

Forex Grand Review Conclusion

We strongly advise all investors and traders to avoid Forex Grand 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.

Forex Grand Update

Recently Forex Grand 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 BTCHOME Scam or Legit Broker?

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

What is BTCHOME?

BTCHOME, BTCHM or BTCHOME Minning/ BTCHOME Miners is a financial services company authorized and regulated by the IFSC, Belize that offers STP Forex services (Also see STP Account Forex) and trading facilities to retail, institutional and professional clients globally. The broker claims its powerful level cryptocurrency mining strategies, as well as acceptance of forex scalping systems that allows providing unrestricted trading and mining environment to the traders.

• Belize as a gorgeous tourist destination, while also is 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.
• In addition, the BTCHOME broker mentions that “All deposits are 100% guaranteed without limit by the Australian and the United States Securities and Investments Commission with its own Capital and Real partners Across the Globe”. However, first of all, it is not clear what is this organization or commission about, as the fact is that only the particular authorities oversee the brokerages and watch on the implemented security measures.
• The top-tier authorities are ASIC in Australia and CFTC in the US respectively, yet what is the meaning of broker’s “100% guarantee deposit” remains questionable. Actually, the fact that the BTCHOME broker is an offshore entity, with no implemented protection extends and no sharp requirement, for example, to segregate clients funds from the company ones, as well to apply safety scales should put an alert to any potential trader.
• As we always say, the offshore firms should be avoided at any cost (Check the fake forex brokers list here), as it is at the highest risk to fall under scam or to be misled by unprofessional or even fraud offering. Therefore, BTCHOME “attractive” offering may be just a sweet promise of something you never get. Moreover, as the BTCHM does not hold a trusted license from the reputable authority and not permitted to operate in European or their markets, the BTCHM received its warning from an EU regulator.

BTCHOME Review Conclusion

We advise all investors and traders to avoid BTCHOME and other brokers from Belize. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australiaand reliable brokers such as FP Markets and Tickmill.

Is FXtrade777 Scam or Legit Broker?

FXtrade777 has been suspected as a scam broker. This broker is blacklisted by a well-known regulatory authority and should be avoided. FXtrade777 is owned by Silver Wolf 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 MegaTradeFX, Finbitex, and more.

What is FXtrade777?

FXtrade777 is an offshore broker that offers trading in forex, CFDs on commodities, indices and stocks. The brand FXtrade777 is owned by the corporation of Silver Wolf Limited. IT & Finance admimistration services are done by Blond Bear OU, based in Tallinn City, Estonia.

• The broker claims to be one of the most trusted and widely recognized online brokerage firms in the world, however, we have a few concerns that should be mentioned. Firstly, Marshall Island is a popular offshore destination, where forex brokers are not regulated and not overseen by any authorities. Secondly, the company associated with the broker, Blond Bear OU, has been warned against too many times by too many regulators.
• This Estonia-based company has never been regulated or held any license. We have previously reviewed some of the companies affiliated with Blond Bear OU, including Trade111, MarketGBP, Cac400 and its not even half of the list.
• Here are also the warning from Belgian FSMA issued against Blond Bear OU:

"Blonde Bear OU which operates under the trading name of TradeDax, a company that offers investments without complying with Belgian financial legislation. Blonde Bear OU which operates The Financial Services and Markets Authority (FSMA) warns the public against the activities of under the trading name of TradeDax is not allowed to provide banking and/or investment services in or from Belgium."

• Regulated brokers are obliged to follow very strict rules, among which are reporting, keeping all clients funds in segregated accounts, providing traders with a negative balance protection and also maintaining a certain minimum of operational capital. Thus, the only way to engage in Forex trading, is choosing a well-regulated broker with favorable offerings.

FXtrade777  Review Conclusion

We highly recommend traders to stay away from FXtrade777 or companies associated with this broker. There are a lot of other well-regulated brokers to do business with. Traders should trade with well-regulated brokers such as UK brokersor brokers in Australia and reliable brokers such as AvaTrade and XM.

FXtrade777 Update

Based on our research, the FXtrade777 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 AitsFX Scam or Legit Broker?

According to our research, AitsFX is a total scam. The broker is not regulated and has no legal right to provide financial services to the public. Moreover, AitsFX has been suspected of fraud, when pretending to be another company with a better reputation.

• 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 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.

What is AitsFX?

AitsFX is a Forex and CFDs broker. The company is owned and operated by AITS FX Ltd, registered and licensed by the Financial Services Authority of St. Vincent and the Grenadines. However, St. Vincent and the Grenadines is an offshore zone and it does not provide sufficient protection.

• On its website, AitsFX provides the contact number with a British phone code, which is a sign that the company has been targeting UK residents when it is clearly not authorized for providing financial services in the UK.
• Also, FSA 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.

AitsFX Review Conclusion

We keep reminding traders that dealing with offshore brokers is quite risky as clients have no protection for their funds and sometimes such entities turned out to be scams. Instead, we recommend choosing among brokers licensed by FCA in the UK or CySEC in Cyprus. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as FXTM and XM. 

AitsFX Update

Based on our research, the AitsFX 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 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