category: Unregulated Brokers

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. 

Is KapitalSwiss Scam or Legit Broker?

KapitalSwiss 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 KapitalSwiss?

KapitalSwiss is a social trading and Investing company that offers Forex and CFDs trading. The broker is owned and operated by Orion International Limited. The company claims to be based in Germany, however, they don't provide any regulatory information, so probably the company is not overseen by any authority. Also, we have checked some details about the company behind the brand name, Orion International Limited, and it turned out the company has been blacklisted by the UK's Financial Conduct Authority.

"We believe this firm has been providing financial services or products in the UK without our authorization."

• The terms and conditions on the website state that KapitalSwiss is under the jurisdiction of Cyprus, but we didn't find any proof of it in the regulator's register. Therefore, no regulatory body is acting as a watchdog overseeing that they comply with best practices in the financial market.
• Broker's website supports English, Italian, and German languages which means the company has been targeting residents of the mentioned countries without being authorized there.

KapitalSwiss Review Conclusion

In order to prevent being scammed by such companies as KapitalSwiss, it is better to deal only with reliable and well-regulated entities. For example, those who want to choose an EU-regulated broker should check the lists of the companies regulated by the FCA, FINMA, or Cyprus. These agencies have a set of requirements for financial services providers and see to their compliance. They aim to protect clients' interests and funds. Check the list of the CySEC-regulated brokers here. To succeed in trading, it is always recommended to choose a reputable firm with good standing and favorable conditions, such as FXTM or XM.

KapitalSwiss Update

Based on our research, the KapitalSwiss 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 ZonggangCaifu Scam or Legit Broker?

ZonggangCaifu 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 ZonggangCaifu?

ZonggangCaifu is a Forex and CFDs broker. The company is owned and operated by Zongangguoxin Group Limited and claims to have offices in Hong Kong, the UK, and the USA.

• According to the broker's website, it is regulated by multiple authorities in different countries: Australian Securities & Investment Commission (ASIC), the Securities and Futures Commission of Hong Kong (SFC), China Banking Regulatory Commission (CBRC) and New Zealand's Financial Markets Authority (FMA). However, we have checked the information about all these licenses and it turned out ZonggangCaifu is not regulated by any regulator.
• Moreover, New Zealand's FMA has issued a warning against ZonggangCaifu:
  "ZonggangCaifu is not registered, licensed, or regulated in New Zealand as claimed on its websites. The financial service provider registration numbers FSP1782, FSP1762, FSP488226, and FSP536586 displayed on ZonggangCaifu’s websites belong to the KVB Kunlun group of companies. KVB Kunlun is NOT affiliated with ZonggangCaifu and its websites. ZonggangCaifu could be involved in a scam."
  Also, there is a warning from the Securities and Futures Commission of Hong Kong:
  "The above Hong Kong address belongs to a secretarial company. Suspicious website operators often use names similar to legitimate companies to confuse investors."

ZonggangCaifu Review Conclusion

To sum up, ZonggangCaifu is an unregulated forex broker and it is the biggest concern as the lack of license adds additional risk to forex trading ( Check top 10 forex brokers in the world). On the other hand, those brokers regulated by reputable authorities have to follow a lot of rules that are made to protect clients.

Here are some reliable regulators: UK’s FCA, the Cyprus Securities and Exchange Commission (CySEC), and the Australian Securities and Investments Commission (ASIC). Always make your own research before signing with a broker, and pick a tightly regulated broker such as FXTM and XM. 

ZonggangCaifu Update

Based on our research, the ZonggangCaifu 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 Phy Capital Investments Scam or Legit Broker?

It is not safe to trade with Phy Capital Investments. The company claims to be owned and operated by Direct Trading Technologies Limited. According to the website, the broker is based and regulated in New Zealand.

• However, the broker doesn't provide its registration number, instead, it only tells about the purposes and advantages of being a New Zealand Financial Services Provider. It doesn't seem like the broker is actually regulated. In addition, we have found a company Direct Trading Technologies Limited that is licensed and regulated by the UK's FCA and New Zealand's FMA, however, this company is not associated with Phy Capital Investments Limited.

What is Phy Capital Investments?

Phy Capital Investments Limited is a broker that offers Forex, CFDs, indices, and metals trading.

The broker does not seem to be regulated. Phy Capital Investments Limited has been using the address details of the regulated Direct Trading Technologies Limited, which only proves that the broker is a clone of a legit company. It is a popular tactic among scam companies that use the regulation/address/names of the licensed companies in order to get people's trust and make them invest.

• Moreover, Phy Capital Investments has recently been blacklisted by the Securities & Futures Commission of Hong Kong:
  "The company’s address belongs to a secretarial company. Note: Unlicensed entities often use names similar to legitimate companies to confuse investors."

• 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.

Phy Capital Investments Review Conclusion

To sum up, all the mentioned facts show that Phy Capital Investments Limited cannot be trusted and might be one more fraud company. Instead, we advise all investors and traders to avoid Phy Capital Investments Limited 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.

Phy Capital Investments Update

Based on our research, the Phy Capital Investments Limited 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 eMarketsTrade Scam or Legit Broker?

It is not safe to trade with eMarketsTrade, 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 eMarketsTrade?

eMarketsTrade is a Forex, CFDs, and cryptocurrency broker. The company is owned and operated by Kalessica which claims to be located in Cyprus. According to the information on the website, the company is not just based in Cyprus, but it is also regulated there by the Cyprus Securities and Exchange Commission (CySEC) under registration number 380321. However, there is no such entity registered with the regulator.

• The broker provides different contact numbers with phone codes in the UK, Italy, and Germany. It usually means that the company is targeting residents of those countries, but eMarketsTrade is not authorized to provide financial services in any of the mentioned or other countries.

• Moreover, the UK's regulator Financial Conduct Authority has recently issued a warning against eMarketsTrade and Kalessica:
  "This firm (Kalessica t/a emarketstrade.com) 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."

• 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 eMarketsTrade got no license to operate within the EU and other regulated jurisdictions, the broker was blacklisted and alerted by the EU authority.

eMarketsTrade Review Conclusion

It is clear that traders should stay away from unregulated entities such as eMarketsTrade, especially when they use fake registration information to get clients' trust. We strongly advise you to deal only with financial firms that are authorized by reliable regulators like 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 AvaTrade and XM.

eMarketsTrade Update

Based on our research, the eMarketsTrade 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 Esplanade Market Solutions Scam or Legit Broker?

According to our research, Esplanade Market Solutions is a total scam. The broker is not regulated and has no legal right to provide financial services to the public. Moreover, Esplanade Market Solutions 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.

What is Esplanade Market Solutions?

Esplanade Market Solutions is a leading brokerage company that provides the broadest range of services and makes every effort to create a comfortable environment for online trading. The Esplanade states its address and registrar of International Business Companies, registered by the Financial Services Authority of Saint Vincent and the Grenadines. The brokers offer consistent access to trade financial instruments and derivatives on a range of assets, through constant support and lawless settlement.

• 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 addition, the Esplanade MS received a legal warning from a Bulgarian authority FSC while the broker was detected for its active offering toward residents without legal permission to do so. 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 Esplanade got no license to operate within the EU and other regulated jurisdictions, the broker was blacklisted and alerted by the EU authority.

Overall Esplanade Market Solutions Ranking 

We found that Esplanade Market Solutions has multiple regulation and safety issues, thus we do not rank positively Esplanade Market Solutions, based on our Expert Opinion with over 10 Years of experience in Forex Trading.

• Esplanade Market Solutions 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.

Esplanade Market Solutions Alternative Brokers

We revealed that Esplanade has a lot of issues when it comes to its safety and customer care. Thus, here are much better Alternatives to Esplanade with tight regulations and favorable trading conditions. We select Good Brokers and reliable 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

Deposit & Withdrawal

At Esplanade, making deposits and withdrawals is simple and quick. The broker offers multiple funding options, including Bank wire transfers, Visa and Mastercard payment cards, bitcoin, etc. 

• Esplanade allows not more than 5 transactions per day
• There might be payment system restrictions if the e-wallet is not authorized.

Esplanade Market Solutions Review Conclusion

We constantly advise avoiding offshore and unregulated brokers at any cost. Funds safety always goes first, therefore protect yourself and do not engage in the highest risk trading with a non-regulated entity and better consider reputable firms from serious jurisdictions. 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 Esplanade is Negative