category: Unregulated Brokers

Is UKFinvest Scam or Legit Broker?

UKFinvest 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 UKFinvest?

UKFinvest is a trading provider that offers a range of over 250 trading instruments including Forex, Commodities, Stocks, and Indices, yet mainly offers trading Bitcoins and Cryptocurrency. The broker mentions its high liquidity access and cross-platform trading through unparalleled quick execution and API solutions.

• However, the broker's address mentions the beautiful islands of Seychelles, which is a rather good place for vacation, not the financial investment firm.

• The point is that Seychelles offers an easy process of financial or investment firm establishment, through a very low list of requirements, small budgets, and what is more crucial no strict overseeing of the brokers' operation or history. For that reason, offshore zones attract vast non-scrupulous, or shady brokerages that aim to attract clients, grab their funds, and disappear.

• In regards to UKFinvest, as the company is relatively young in the market, still there is no cruel history of fraud or negative reviews from traders. Yet, the lack of regulation is a serious issue, when talking about trading and choosing a reliable broker. Besides the mentioned implemented security and protection the only thing trader remains is a good word from a broker.

UKFinvest Review Conclusion

We strongly recommend to our readers and traders community carefully check on the broker and choose Forex brokers such as FXPrimus (Read about FXPrimus minimum deposit) and XM (Read about XM global) that are strictly overseen by sharp legit authorities in charge of smooth and fair offering to investors. For instance, CySEC or FCA Forex Brokers are rated among popular brokers and deliver various benefits towards clients with segregation of funds, and participation into compensation schemes besides its regular reporting on every operation to the authority in terms of misleading. 

UKFinvest Update

Based on our research, the UKFinvest 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 Emporio Trading Scam or Legit Broker?

Emporio 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 Emporio Trading?

Emporio Trading is a trading provider that offers an STP execution (Also check STP Brokers) through a range of assets and market-leading platform MetaTrader4. The broker mentions their worldwide, internationally recognized business position, while the company serves hundreds of thousands of traders from Europe, Asia, and Latin America.

• However, once we got closer to the points about Emporio Trading the facts revealed that the company was first of all located and established in the offshore zone of Vanuatu. As general advice, we do not recommend trading with offshore brokers, as recently offshore brokers naturally most often scammers, or poorly funded companies that can easily establish their business only in a location like Vanuatu and perform their dim businesses. The registration of such a brokerage requires only 2,000$ while no further overseeing of operation or service follows. Therefore, an offshore zone is a perfect place, with no strict regulation and easy legislation that attracts and produces many frauds.
• In addition, Emporio Trading, in particular, indicated shady performance and service as the traders' responses and reviews show, while the main target of the broker is residents of Latin America.

Emporio Trading Review Conclusion

The funds' security always stands first, thus it is advisable to choose among the companies that set regulation requirement in place. For instance, CySEC or FCA Forex Brokers mandated to segregate clients funds from the company money, participate into compensation scheme and regularly report on every operation. Always make your own research before signing with a broker, and pick a tightly regulated broker such as FXTM and XM. 

Emporio Trading Update

Based on our research, the Emporio 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 EasyTrade Scam or Legit Broker?

EasyTrade 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 EasyTrade?

EasyTrade is a trading name used by the Estonian company that offers a high-tech trading platform and provides a gateway to the world’s top financial markets including CFD trading, currency pairs, stocks, commodities, indices, and cryptocurrencies. Yet, the issues stated made us check on the company's reliability, while the first thing to check is the legitimate status of the broker. First of all, EasyTrade is not regulated by any of the authorities, that supervise the operation of the forex brokers and submit a reliable level for them to operate.

• Moreover, EasyTrade has received negative reviews from the traders, while the complaints were concerned about the broker’s behavior once the withdrawal request was submitted or manipulations during the trading sessions. Afterward, the complaint mentions that EasyTrade blocked an account and did not respond to emails or contacts, therefore, the trader couldn’t reach out to get the funds back.

EasyTrade Review Conclusion

As the reality and statistics show, the majority of non-regulated brokerages are typical frauds that most often work with the same scenario while attracting clients and then withholding accounts for any withdrawals. Therefore, we keep strongly advising traders to sign in only with regulated and trustworthy brokers. Check our list of Regulated Forex Brokers with the reviews. Among the reliable brokers are BlackBull Markets, XM, and other well-regulated brokers.

EasyTrade Update

Based on our research, the EasyTrade 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 Chrono FM Scam or Legit Broker?

No, it is not safe to trade with Chrono FM.  Chrono FM is located in Bulgaria, thus it should hold a license from the local authority to be able to provide legal financial services. However, this is not the case with Chrono FM as it is an offshore company registered in St. Vincent and the Grenadine.

• 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 Chrono FM?

Chrono FM is a trading name operated by the mentioned companies Sanata Group Eood and Pentacle Group Ltd, which claims a world-class trading experience in over 160 countries. The broker offers to trade about 175 products including currencies, CFDs, commodities, indices, and stocks. The company mentions its location in Sofia Bulgaria, as well ita owning a company based in St Vincent and the Grenadines, an offshore zone. Moreover, there is no response to the regulation or authorization status.

• It is a fact, that every financial investment firm and trading provider should be registered and regulated as long as the company is located in the EEA zone and generally has the legal power to offer investment services. Chrono FM trading name being established allegedly in Bulgaria should be then respectively registered by the local authority, yet it is not. Therefore, the broker Chrono FM can be classified as a non-regulated or offshore firm. The traders should strongly consider all risks involved in trading with such companies, and as per our advice should be avoided.
• The reason is that the funds' security goes first in trading, and you should trust only those companies that strongly comply with the set of necessary protective tools applied and controlled only by the industry authorities. Thus, we recommend choosing broker carefully and only from the list of Regulated Forex Brokers. In addition, Chrono FM was detected in its illegal offering towards residents of various jurisdictions and been warned to this action.

“Having established that, according to the information available, people operating in the name of 'Chronofm' have contacted investors by telephone and target population through its website in order to persuade them to open an account and trade on this website. In the fact that Sanata Group EOOD and Pentacle Group Ltd are not authorized to provide investment services to the Italian public, insofar as these companies are not registered in the dedicated register he order is issued to cease the infringement”

CONSOB, Italy. May 2018.

Chrono FM Review Conclusion

We always 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.

Chrono FM Update

Based on our research, the Chrono FM 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 OMC Markets Scam or Legit Broker?

No, it is not safe to trade with OMC Markets. It is owned and operated by Eventuall Limited, and claims to be located in Montenegro.

• Being located in Montenegro, the OMC Markets does not hold any financial license to offer its service across major markets. Apart from the legitimate status, the unauthorized nature of trading inflicts the highest risk to lose funds due to the fact that none of the authorities check on the implemented safety measures and protective tools. Therefore, the OMC Markets or any other non-regulated broker may use and manage the client’s money in any manner with no imposed consequences.

What is OMC Markets?

OMC Markets offers a forex trading platform with access to trade over 20 currency pairs, stocks, indices, commodities, CFDs, also including Cryptocurrencies. Even though the possibilities of the company seem to be quite attractive and promising, there are concerns about the legit status of the firm.

• However, the broker is not regulated, and signing with it might put the trader's investments at risk. The evidence from the engaged traders shows a negative side from the OMC Markets offering, while traders faced issues requesting withdrawals or manipulations on the price feeds.
• In addition, the company uses hard targeting tactics to attract potential clients to their trading rows.

OMC Markets Review Conclusion

We advise all investors and traders to avoid OMC Markets 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 BlackBull Markets and XM.com.

OMC Markets Update

Based on our research, the OMC Markets website is inactive. This means the broker has muted its trading offering and does not operate. However, we recommend avoiding and staying alert in case of any proposals. 

Is CFD Trend Scam or Legit Broker?

No, it is not safe to trade with CFD Trend. CFD Trend is owned by Red Bird Ltd., which is an offshore company registered in St. Vincent and the Grenadine.

• The main concern about CFD Trend is that the company is located in an offshore zone SVG, which in fact does not implement stricter overseeing of the financial firm operation and didn’t impose hard-to-achieve requirements for firm establishment. In other words, the broker may operate a business in any manner they wish and of course, this fact includes the highest risk to lose money. You can read our detailed article about the risk of trading with brokers from St. Vincent and the Grenadines.

What is CFD Trend?

The offering, in general, doesn’t seem to be very much attractive (Best Forex Brokers for Beginners), yet designed in a manner to deliver the necessary tools and all what is needed for a beginner or regular trader.

• CFD Trend seems to be another trading company that appeared recently at the market offering and claims its reliable business environment through a safe and fast trading environment. The broker proposes generous bonuses, multiple asset trading with ECN accounts on MT4, as well designed mobile application for a constant monitor of the market.
• In the world of trading full of frauds and non-trustable companies, it stands at top priority to choose only this company that proved its status, operates brokerage service with necessary license and constantly overseen by the independent authority. In this case, the trader can trade assured that his protective rights are enabled and controlled at all times.

CFD Trend Review Conclusion

Even though the CFD Trend is a quite new offering and still didn’t gain a cruel reputation with negative reviews, yet the lack of regulation imposes no trust in them. In order to succeed in trading, it is always recommended to choose a reputable firm, such as FXTM and XM. Check carefully any broker before you sign in while the list of Regulated Forex Brokers will help to choose the suitable one.

CFD Trend Update

Based on our research, the CFD Trend 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 Easy FX Trade Scam or Legit Broker?

Easy FX Trade is not a legit broker. The company is owned and operated by Easy FX Trade Limited and claims to be FCA and ASIC-regulated. It also claims to have offices in London, Tokyo, Hong Kong, Sydney, Auckland, Dubai, and Mauritius. However, our biggest concern is the company's regulation or actually the lack of it. It turned out that the information about FCA and ASIC is nothing, but deception. Easy FX Trade is not licensed by the Financial Conduct Authority in the UK or Australian Securities and Investments Commission or any other regulator.

What is Easy FX?

Easy FX Trade is a broker that offers Forex, CFDs, and Bullion trading. 
However, according to the FCA's recent statement, the broker was not just providing misleading regulation information, but it was also using the details of the FCA-licensed company. To be precise, Easy FX Trade has been using the registration number that belongs to the regulated firm Hantec Markets Limited.

• In its notice, the UK regulator states that "clone firms" - fraudsters usually use this tactic when contacting people out of the blue, so clients should be especially wary if they have been cold-called. They may use the name of the genuine firm, the 'firm reference number' (FRN) the regulator has given the authorized firm, or other details.
  "Fraudsters are using or giving out the following details as part of their tactics to scam people in the UK: Easy FX Trade/Easy Trade Global (clone of FCA authorized firm). This FCA-authorised firm that fraudsters are claiming to work for has no association with the ‘clone firm’"

Easy FX Review Conclusion

Considering the above, we highly recommend avoiding Easy FX and selecting a decent and licensed broker instead. Investing with a properly regulated broker is crucial for the safety of any investment. It is much safer to trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as BlackBull Markets, FXGT, and FP Markets.

• Overall ranking and experience for Easy FX is Negative

Easy FX Update

Based on our findings, the Easy FX 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 United FCG Scam or Legit Broker?

No, it is not safe to trade with United FCG. The broker does not provide any regulation on its website and most often brokers that don't provide much information about their location, the company behind the brand as well as its regulation turn out to be unregulated, and often scams. 

What is United FCG?

United FCG is a broker that offers trading with multiple asset classes including Forex, cryptocurrencies, commodities, indices, and stocks.  The terms and conditions state that the card payment and billing services are processed by the subsidiary company in Bulgaria.

• Also, we have found that all the terms and conditions are governed by the laws of Bulgaria. However, the Bulgarian Financial Supervision Commission or any other regulator does not regulate the broker. Usually, those brokers who do not disclose its location/regulation details are not regulated, not comply with the international standards and do not guarantee the safety of clients' investments.
• In addition, the British Columbia Securities Commission has issued a warning against United FCG:
  “UFCG claims to be a commodities trading consultancy firm, offering an online trading platform for Forex, cryptocurrencies and other securities. We recently became aware of United Financial Commodity Group/United FCG and that it had accepted funds from a British Columbia (BC) resident to trade with the company. United FCG is not registered to trade in, or advise on, securities or exchange contracts in BC.”

United FCG Update

We keep reminding traders to exercise caution when dealing with firms that are not registered to trade nor regulated by reliable authorities. Choose among the legit brokers with licenses form respected financial authorities, such as the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission (ASIC) or the Cyprus Securities and Exchange Commission (CySEC) as they have to follow strict financial and ethical rules. Sign in only with reliable brokers such as BlackBull Markets, FXGT, and FP Markets.

United FCG Update

Based on our research, the United FCG 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 Financial.org Scam or Legit Broker?

Financial.org is not a legit broker as it does not hold any serious license. As a general rule, we recommend avoiding offshore and non-regulated entities as traders who invest in non-regulated firms often cannot recover funds invested or gains received. 

What is Financial.org?

Financial.org is a UK-established company that claims its leading position in trading and financial services with a simple and straightforward process. Even though Financial.org mentions its educational nature of a business, as a nonprofit organization of the platform while the costs are covered by the referral programs and membership fees or educational activities, while the company does not handle any investments. The facts revealed thousands of investors that fall into a scam through financial.org, while the clients were targeted mainly across the Middle East and Asia region.

• The company and its asset manager were red-flagged by numerous regulators including UK’s FCA, Singapore, and other authorities, while investors were warned to not engage in any programs or offerings coming from Financial.org. The authorities received complaints from customers that contributed to investment schemes operated by financial.org, while all transactions were processed through a Blockchain system.
• Despite the statement that the company is not a broker, but only educates traders, any financial investment advice or service should be performed by a legitimate firm or company. Otherwise, the traders might fall at high risk to be scammed if not by an advisory company itself but by their affiliated “partners”. In a scenario it became obvious already with the financial.org performance, therefore traders are strongly recommended to choose among regulated entities and trading providers.
• The licensed company is constantly supervised and monitored by the authority, while fraud risks are minimized, as the company will be dismissed or sharply fined by the regulator. Along with that, the educational sources or trading environment should be operated through a number of protective tools that also delivers safe conditions for trade.

Financial.org Review Conclusion

We recommend avoiding offshore and non-regulated entities. Instead, we advise to trade and invest only with brokers that are regulated by reputable authorities alike UK’s FCA, Australian ASIC, or other similar regulators, that for instance apply for compensation and are supervised at every step they do. We recommend signing in with reliable brokers such as BlackBull Markets, FXGT, and FBS.

Financial.org Update

Based on our research, the Financial.org 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.