category: Unregulated Brokers

Is Circle Markets Scam or Legit Broker?

Circle Markets 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 Circle Markets?

Circle Markets is a forex broker and trading service provider that offers over 140 instruments through a comprehensive cTrader platform and pure STP connectivity (Check out STP Trading) to execution.

• Appointing the facts about Circle Markets' offering important to mention that the broker states its head office in New Zealand, as well as its registration as a New Zealand Financial Services Provider. However, while looking closer it was revealed that the company is only registered in New Zealand, but not regulated.
• That means that the firm indeed has a registration number with a respected FSP, yet its register allows only to trade financial products or foreign exchange on behalf of other persons. Therefore, financial services, broking services, and the offering of trading and providing are not permitted or regulated. (Check the Circle Markets FSP registration by the link.)
• Another license of the Circle Markets company, which indeed allows the processing of the trading service to international clients is a Vanuatu license issued by VFCS. Since Vanuatu's registration is an offshore one, the company has very low establishment standards and is never checked in regard to its reliability of service delivery. As we always recommend not to engage or sign-up with non-regulated or offshore brokers, Circle Markets receives the same “recommendation”.
• Besides, the broker was inactive for a while, and then it is again available, yet the website of the broker seems not to offer its general services. It only provides Forex Compounding Calculator services. So, we recommend checking the availability of the broker's services before engaging with it. 

Overall Circle Markets Ranking 

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

• Circle Markets 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.

Circle Markets Alternative Brokers

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

• AvaTrade – Good Instruments and CopyTrading
• Pepperstone – Low Spreads and Competitive Trading Conditions
• XM – Wide Range of Trading Opportunities

Circle Markets Review Conclusion

Besides the issue that the Circle Markets broker misleads about its regulatory status, you never know which sort of surprises may occur while trading with them. In this instance, fraudulent brokerages are at every corner and you should be extremely careful while choosing a trading provider, verify its information, and always keep in mind that regulated by trusted authorities brokers deliver much safer trading conditions along with protection. Besides, the broker seems to have ceased its general offerings, so we advise you to be careful.

Thus, 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 forex broker), and Alpari.

• Overall ranking and experience for Circle Markets is Negative

Circle Markets Update

Based on our research, the Circle Markets website was temporarily inactive. Now the website is active but it offers Forex Compounding Calculator services. Thus, we recommend avoiding and staying alert in case of any proposals. 

Is Pinprotrade Scam or Legit Broker?

No, it is not safe to trade with Pinprotrade. Pinprotrade is an offshore broker registered in the Marshall Islands. The fact is that the Marshall Islands is an offshore zone, which does register the financial investment firm, but provides very poor if no requirements for the company operation. 

• This means, that traders are likely to put their investments at risk with Pinprotrade, as there is no sufficient legal protection from the side of the authority. Thus, we recommend starting forex trading only with well-regulated brokers with proven experience. 

What is Pinprotrade?

Pinprotrade is an unregulated broker that offers to trade with Forex, Stocks, Bonds, Indices, and Commodities. The website services are provided by Pinnacle Strategies LTD., based in the Marshall Islands. Payment services are provided by Pinnacle Strategies Group LLP, based and registered in Edinburgh, Scotland.

• The first thing that is not quite fine with the broker is that the main company is based offshore. There are definitely some pros of opening an account with an offshore entity (no leverage restrictions, better spreads (Find lowest spread forex brokers and also find the list of zero spread brokers here), and no taxes).
• The offshore zones are popular among forex brokers as it is easy and cost-effective to get a license there. However, sometimes brokers registered offshore but don't hold any license, even from an offshore regulator. It means that the client's funds are not protected by any laws and there's a huge risk of losing them. Also, many such brokers are pure scams.
• Another problem with Pinprotrade is that the contact numbers provided on the website are with the phone codes of the UK, New Zealand, and Australia. The broker also claims to have offices in Singapore, Tokyo and Hong Kong and investment conduits in Australia and Zurich Switzerland. However, the firm is not regulated to provide financial services in any of the mentioned countries.

Pinprotrade Review Conclusion

Concluding all the above, we wouldn't recommend investing with Pinprotrade. Investing with a properly regulated broker is crucial 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). Always make your own research before signing with a broker, and pick a tightly regulated broker such as FXTM and XM. 

Pinprotrade Update

Based on our research, the Pinprotrade 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 NewSolid Scam or Legit Broker?

No, it is not safe to trade with NewSolid as the broker might be a scam. The strange thing about the broker is that once it provided information that the company is owned and operated by Solid Global Investment Limited and based in New Zealand.

Now, the contact information on the broker's website is different. On its website, it says that the broker is registered in Samoa (registration number: 84459, registered office address: Vistra Corporate Services Centre, Ground Floor NPF Building, Beach Road, Apia, Samoa, Tel: +852 6773 8846, Flat B, 1/F, House of Corona 50 Hung to Road Kwun Tong, Kowloon, Hong Kong, Tel: +852 3908 7900).

• This change of contact information is confusing and certainly gives solid ground for doubts. 

What is NewSolid?

NewSolid is a broker that claims to provide trading with crude oil, indices, currency pairs, precious metals, cryptocurrencies, and other assets. Formerly, the broker claimed that the company was owned and operated by Solid Global Investment Limited and is based in New Zealand. However, it didn't seem to be regulated by New Zealand's regulator FMA. Moreover, the broker had been blacklisted by the FMA in New Zealand. According to the official notice published on the regulator's website, the company could be involved in a scam as it is offering its services in New Zealand without holding the proper licenses or authority:

"Solid Global Investment Limited could be involved in a scam. We note a recent alert published by the Securities and Futures Exchange of Hong Kong in relation to Solid Global Investment Limited. The website www.newsolid.com is not associated with nor authorized by the NZ company Digital Asset Coin Exchange NZ Limited (formerly Solid Global Investment Limited)."

• As we can see from the warning, it also seems that Solid Global Investment Limited is a clone firm of the Digital Asset Coin Exchange NZ Limited, an FMA-regulated company. We have checked the mentioned warning from the Securities and Futures Exchange of Hong Kong and it states that Solid Global Investment Limited has been using a name of an SFC-regulated entity:

  "Unlicensed entities often use names similar to legitimate companies to confuse investors."

• However, the most confusing part that gives good ground for doubts, is that the location and registration information on the broker's website has been changed recently. It is mentioned that NewSolid is registered in Samoa, with the registration number: 84459.

Overall NewSolid Group Ranking 

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

• NewSolid 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.

NewSolid Review Conclusion

It is best to avoid dealing with NewSolid, as well as any other firms flagged by the regulators. We advise investing with brokers regulated by well-respected financial institutions 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). Traders should trade with well-regulated brokers such as IG Markets and BlackBull Markets.

• Overall ranking and experience for NewSolid Group is Negative

Is Cointeck Scam or Legit Broker?

No, it is not safe to trade with Cointeck. The broker is located in Estonia and it should have a license from the local authority to be able to offer financial services in the country.

• However, despite the fact that Cointeck positions itself as a regulated broker, it does not registered by the Estonian Financial Supervision Authority (EFSA).

What is Cointeck?

Cointeck is a broker that offers CFDs and cryptocurrency Forex trading. Cointeck.io is operated by CCLR Limited. According to the terms and conditions that can be found on the website, "CCLR Limited is registered in Estonia under the Companies Law, with a license to provide financial and crypto services. The license number is 14447182. Its registered office is at 4 Parda St., downtown district, Harju county, Tallinn, 10151", however, we have checked the register of the Estonian Financial Supervision Authority (EFSA) and there is no record of Cointeck's license. It can be considered the main problem with this brokerage.

• In addition, Cointeck claims to be based in Leicester, UK, but again, it doesn't hold a license from UK's Financial Conduct Authority that would let it provide financial services in the UK.

What is Cointeck?

We highly recommend trading only with entities regulated by well-respected institutions such as the Financial Conduct Authority in the UK or the Cyprus Securities and Exchange Commission (CySEC). As the safety of funds should be a priority for all investors as well as brokerages.

Well-regulated brokers are required to follow strict rules which include protection of the money in segregated accounts and providing compensation schemes. For example, the FCA ensures up to 50,000 GBP and CySEC's compensation scheme covers up to 20,000 EUR. Check the list of FCA-regulated brokers. In order to succeed in trading, it is always recommended to choose a reputable firm, such as FXTM or XM. 

Cointeck Update

Based on our research, the Cointeck 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 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.