category: Unregulated Brokers

Is CCM Clearing Scam or Legit Broker?

No, it is not safe to trade with CCM Clearing. The concern about CCM Clearing, is their non-authorized nature of trading and investment services performance. The broker is regulated or authorized by none of the entities, which is, in fact, mandatory for European-based companies. 

What is CCM Clearing?

The CCM Clearing is a trading platform that claims its true multi-bank liquidity and cross-asset margin trading for Forex, CFDs, and Options from one account. CCM Clearing states its operation and management by a multi-national group of seasoned FX professionals, while the office itself is based in Bulgaria.

• As any authority put its efforts to protect traders and to establish true offerings in the market through authorized activity, New Zealand recently flagged CCM Clearing. The company was detected offering trading activities in New Zealand and other entities without its legal permission to do so. Moreover, the broker was revealed in connection to Rocket Consultant Group, United FCG, and World Advisory Group, meaning the broker in fact operated through other names as well.
• As well, the company reviews show negative responses with issues appearing during withdrawal processing or while trading.

“REASON FOR WARNING: It could be involved in a scam; Unreasonable withholding of client funds; It is not a registered financial service provider in New Zealand.”

FMA, New Zealand. November 2018.

CCM Clearing Review Conclusion

As a result, we recommend avoiding trading with CCM Clearing and its associated entities and strongly avoiding any discussion with non-authorized brokerages, due to their highest risks to lose money. In turn, it is much safer to choose among the regulated forex brokers alike UK’s FCA, Australian ASIC, or other similar authorities. There are many trustworthy companies such as FBS and BlackBull Markets recommended to traders as safe and reliable choices.

CCM Clearing Update

Based on our research, the CCM Clearing 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 OriginalCrypto Scam or Legit Broker?

OriginalCrypto 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. Thus, we strongly advise choosing only brokers regulated by top-tier regulators, such as  FCA and ASIC.

What is OriginalCrypto?

OriginalCrypto is a Forex and CFD trading provider which states their address in Bulgaria, as well as established office in Moscow which is provided by the owning company SolutionsCM LTD. The broker offers a variety of over 200 high-liquidity assets to trade through innovative trading tools and world-class execution.

• However, considering the concerns about OriginalCrypto, we tried to check on the legitimate status of the broker, its regulatory status, and operation history. None of the confirmation was found, while there is no link to the broker’s authorization or regulatory status, official registers, or anything else that may lead to the company with a trustable establishment.
• Obviously, the OriginalCrypto offering at high potential is a scam or fraud aiming to attract clients. In addition, we found confirmation of fraud claims from the traders engaged in trading with OriginalCrypto that faced absolutely not fair actions.  Besides, the company had changed its name several times. On top of all, there is an official warning from the CONSOB, Italy (Check the alert by the link).

OriginalCrypto Review Conclusion

We strongly advise avoiding any contact or investment with OriginalCrypto. In order to be successful in trading one of the main priorities is a choice of a reliable broker. As the statistic shows, most of the frauds are non-regulated entities with no specified license or supervision from the authority. Therefore, we recommend choosing among the regulated brokers such as BlackBull Markets, FXGT, and FBS.

• Overall ranking and experience for OriginalCrypto is Negative

OriginalCrypto Update

Based on our findings, OriginalCrypto 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 there are any proposals. 

Is 4xCube Scam or Legit Broker?

4xCube 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 4xCube?

4xCube is a CFD and Forex broker that states their 20-year experience across different markets and clear, true STP/ ECN trading environment, which is accessible through unparalleled safety of trading accounts. The given information about the broker’s registration is rather unclear and confusing than confirming an authorized service delivery, despite the fact that the firm established this year in 2018. The company behind the 4xCube brand is registered in the UK, while the leads going to the Cook Islands also with its claimed registered license.

• However, in fact, the Cook Islands license from FSC (Financial Supervisory Commission) is an offshore one and is a very small Island, not a reputable financial location with the strictest investment firm established standards. Your investment and trading itself might be at risk due to the fact the broker holds an only offshore license and not any other compared to financial service licenses like UK’s DCA or Australian ASIC. Simply offshore firm means there is no strict and high check on the firm's operation before its establishment or along the operating process. The offshore authority does not require high professionalism or follow of customer protection, therefore most often offshore brokers deliver service as they wish. For that reason, it is the highest-risk investment, as the trader never knows what to expect.

Overall 4xCube Ranking 

Regarding our finds and issues with regulations and safety of 4xCube, we do not rank positively 4xCube, based on our Expert Opinion with over 10 Years of experience in Forex Trading.

• 4xCube 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.

4xCube Alternative Brokers

Based on the issues we revealed regarding the safety of 4xCube here are much better Alternatives to 4xCube with good regulations and excellent conditions. We select Good Brokers and reliable options for your comparison below: 

• FP Markets – Powerful trading technology and ECN environment
• InteractiveBrokers – Good for Trading Real Stocks
• XM – Wide Range of Trading Opportunities

Deposits and Withdrawals

The broker offers various deposit and withdrawal options – Bank Transfer, Credit/Debit Card, and e-wallets such as Skrill, Neteller, Perfect Money, Sticpay, etc.

• Deposits and withdrawals may be made 24 /7. When a deposit or withdrawal is not carried out instantly, it will be completed within 24 hours.
• The company will not accept direct payments or payments to third parties.
• Withdrawals are limited to one per day per account.
• Withdrawals processed within 48h after the deposit, will be debited by the full amount of deposit charges incurred by 4XC.

4xCube Review Conclusion

Unfortunately, we can’t recommend 4xCube due to the lack of serious regulation, as long as safety measures always go first in trading. We advise choosing among the Regulated brokers from the resected and reputable entities that prove their status with the constant check on the operation by the industry authorities, such as BlackBull Markets, Dukascopy, and FBS.

• Overall ranking and experience for 4xCube is Negative

Is Bitalong Scam or Legit Broker?

No, it is not safe to trade with Bitalong. The broker is suspected to be a scam. The reason is that Bitalong tries to hide details about its regulation. However, if it held a license from a reputable authority as it tries to position itself, the facts about the regulation would surely be on the broker's website. 

• Signing in with an offshore or unregulated broker might put your investments at risk. Thus, we only recommend choosing a well-regulated broker with favorable offerings and years of experience. 

What is Bitalong?

Bitalong is a brokerage firm that states its world-leading digital asset trading platform that has independent service agencies in Auckland and Hong Kong. The broker also mentions its commitment to providing safe, professional, trustworthy, and high-quality services for users all over the world 

• The concerns about Bitalong started at the stage to find its legal documentation, as it was quite hard to reveal the registration of the company, its legal address, or any information. Normally, a reputable firm presents this sort of data to confirm its legitimate status. Whenever any entity hides its history it simply means the firm is most probably an offshore or non-legal state.
• Moreover, it was revealed, the traders engaged in trading with Bitalong submit various complaints against the performance provided, while in the end the funds were lost. In addition, the New Zealand regulatory body FMA has blacklisted Bitalong broker, while the company was detected in their claims to be associated with FMA-registered firm Jazz Finance Limited. In fact, the authority claimed its false state of the association, while another entity's performance and business are also rather suspicious than legitimate. Therefore, the broker received a legal warning and investors were informed not to interact with this company. (Check the official FMA statement by the link)

Bitalong Review Conclusion

In conclusion, as we always advise traders should choose among the regulated brokers only, like UK’s FCA, Australian ASIC, or other similar regulated companies. The funds of security always go first, and the authorized entities only can guarantee the follow of operation with implemented customer protective measure rules, as the regulator constantly checks on it. We recommend signing in with reliable brokers such as BlackBull Markets, FXGT, and FBS.

Bitalong Update

Based on our research, the Bitalong 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 Your Trade Choice Scam or Legit Broker?

Your Trade Choice is not a legit broker as it does not hold any serious license. The broker is registered only with St. Vincent and the Grenadines. 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 Your Trade Choice?

Your Trade Choice is a broker that offers trading in Forex and CFDs on metals, futures, and shares. The company is owned and managed by Trade Choice FX Limited, the entity name of Your Trade Choice (Trading name), and is registered as an IBC in St. Vincent and the Grenadines.

• However, offshore registration usually doesn't guarantee the safety of funds and clients' protection, especially in St. Vincent and the Grenadines, where the local authority doesn't issue forex licenses. The website supports the Spanish language, which means Your Trade Choice has been targeting Spanish-speaking clients mostly. As proof, there is a warning from Spain's regulator CNMV issued against the broker:
  "Your Trade Choice http://yourtradechoice.com is not authorised to provide the investment services detailed in Article 140 of the Securities Markets Law, or provide the auxiliary services detailed in letters a), b), d), f) and g) of Article 141 of said Law, which includes investment advice, in relation to the financial instruments detailed in article 2 of the said Law, including, to those purposes, transactions on foreign currency."

Your Trade Choice Review Conclusion

It is obvious that Your Trade Choice is an unregulated offshore forex broker, just like many others. The wiser choice is picking a broker regulated by UK's FCA or the ASIC. Also, we recommend signing in with reliable brokers such as BlackBull Markets, FXGT, and FBS.

Your Trade Choice Update

Based on our research, the Your Trade Choice 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 FinmarkFX Scam or Legit Broker?

No it is not safe to trade with FinmarkFX, as the company is suspected of being a scam. FinmarkFX is owned and operated by Finmark Ltd located in Kingstown, Saint Vincent, and the Grenadines. Saint Vincent and the Grenadines is known for being an offshore zone. 

• St Vincent is an attractive solution among financial companies and those businesses that for one reason or another choose to operate through an offshore company. The jurisdiction itself offers easy-to-achieve setup demands through a very quick, simplified process, while the firm does not necessarily need an office in SVG. There are no strict establishment rules or requirements, giving an opportunity to run a global business. Furthermore, there is no sharp regulation or overseeing of the company operation implemented. Read more about why avoid brokers from St Vincent & The Grenadines. 

What is FinmarkFX?

FinmarkFX is a Forex, CFDs, and cryptocurrency broker. The company is owned and operated by Finmark Ltd (Kingstown, Saint Vincent, and the Grenadines). The services are provided by Financial Markets FX OU, based in Tallinn, Estonia.

• According to the broker's website, it is a regulated entity, however, we didn't find any information about its regulation. If they meant FinmarkFX is regulated by the Financial Services Authority (FSA) of St. Vincent and the Grenadines, then we have to remind that 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. Moreover, the broker has been banned by the CNMV in Spain in October 2016:
  "Financial Markets Limited https://finmarkfx.com is not authorised to provide the investment services detailed in Article 140 of the Securities Markets Law, or provide the auxiliary services detailed in letters a), b), d), f) and g) of Article 141 of said Law, which includes investment advice, in relation to the financial instruments detailed in article 2 of the said Law, including, to those purposes, transactions on foreign currency."

FinmarkFX Review Conclusion

We recommend avoiding doubtful offerings like FinmarkFX and signing with only tightly regulated brokers that follow strict guidelines from authorities such as  UK’s FCA or Australian ASIC. Traders should trade with well-regulated brokers such as such as BlackBull Markets and XM.

FinmarkFX Updates

Based on our research, the FinmarkFX 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 LiteFinTech Scam or Legit Broker?

No, it is not safe to trade with LiteFinTech as the broker seems to be a scam. LiteFinTech states to be located in London, UK, yet, it is not authorized to provide financial services in the UK. On the website, there are also listed contact numbers with the phone codes of Germany, Denmark, Sweden, South Africa, and Singapore, while the broker is not authorized to provide services in those locations because of a lack of regulation. 

What is LiteFinTech?

LiteFinTech is a Forex, cryptocurrency, and CFDs broker. The company doesn't provide any information about its regulation or the entities behind the brand's name. LiteFinTech claims to be located in London, UK, however, it is not authorized to provide financial services in the UK. Also, the website lists the contact numbers with the phone codes of Germany, Denmark, Sweden, South Africa, and Singapore, when the broker is not regulated in either of those countries as well. In addition, the terms and conditions state that LiteFinTech is under the laws of Vanuatu, a popular offshore destination for unregulated brokers. It seems that broker might be actually based offshore, which means a high risk for the funds of the traders.

LiteFinTech Review Conclusion

Considering all the mentioned facts, we don't recommend investing in LiteFinTech. There are a lot of other well-regulated brokers to do business with. 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.

Some regulators, like FCA and CySEC, give an opportunity to participate in traders' compensation schemes. Check the list of FCA-regulated brokers. 

LiteFinTech Update

Based on our research, the TradeLTD 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 TradeLTD Scam or Legit Broker?

No, it is not safe to trade with TradeLTD. Despite its Estonian location and registration, the broker is not authorized to provide financial services by the local Financial Supervision and Resolution Authority in Estonia or any other country.

• This means, that it is not safe to sign with TradeLTD, as the lack of regulation is something clients should be very cautious about in Forex trading. 

What is TradeLTD?

TradeLTD is a Forex, Commodities, Indices, Stocks, and Cryptocurrency broker. The company is owned and operated by Currency Board OÜ with a registered address in Tallinn, Estonia.

• Moreover, the Estonian Financial Supervisory Authority has issued a warning against TradeLTD:

"Finantsinspektsioon (the Estonian Financial Supervisory Authority) would like to inform clients and investors that Bushido Technologies OÜ (registry code 14377139) does not hold an activity licence for the provision of investment services in Estonia and therefore Bushido Technologies OÜ is not authorised to provide investment services in Estonia. The company offers the possibility to trade different derivatives through web page www.tradeltd.com."

• The broker has also been blacklisted by New Zealand's FMA:

"The FMA recommends exercising caution before dealing with TradeLTD and the website www.tradeltd.com as TradeLTD is not listed on the FSPR and Is not an incorporated company in New Zealand. Individuals from TradeLTD have been contacting New Zealand residents with investment offers and withholding client funds. This has the hallmarks of a scam."

TradeLTD Review Conclusion

To sum up, TradeLTD is an unregulated forex broker and it is the biggest concern as the lack of license adds additional risk to forex trading. On the other hand, those brokers regulated by reputable authorities have to follow a lot of rules that are made to protect clients. For example, there is a minimum capital requirement they need to meet and also, and they need to keep the accounts segregated.

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.

TradeLTD Update

Based on our research, the TradeLTD 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 xChief  Scam or Legit Broker?

xChief previously known as ForexChief is not a legit broker as it does not hold any serious license. As a general rule, we recommend avoid offshore and non-regulated entities as traders who invest in non-regulated firms often cannot recover funds invested or gains received, besides offshore registration is very easy to obtain so you never know for sure if a company follows scrupulous trading business or not.

Thus, we strongly advise against responding to any suspicious offering in regard to trading of financial investments and choosing only among the regulated entities.

• xChief company office previously mentioned its location in Vanuatu, with representative offices around the world, as well as registration and regulation available for ex name ForexChief  with the local authority VFSC (Vanuatu Financial Services Commission). For now xChief shows licenses from another offshore zone Comoros, which is still very poorly regulated and overseeing financial companies. Therefore, there is not much trust in such companies, as offshore registration almost does not oversee the company operation further on which is not safe for traders.

What is xChief?

xChief is a Forex brokerage firm that proposes trading opportunities on 35 currency pairs, including metals, Crypto and other derivatives through an STP execution access to the market.  In order to carry out transactions with currency contracts and metals, the Company's customers are offered the most popular platform in the area of forex trading - MetaTrader 4/5. There are also some alluring opportunities like ForexChief no deposit bonus, now known as xChief Bonus and high leverage, which is typically for offshore brokers. 

There are several account types offered, promising STP and ECN execution, in line of account types there is "cent" accounts, where the balance size can be used not only for the reduction of investment risks but also for testing trading conditions in general.

Overall xChief Ranking 

Regarding our finds and issues with regulations and safety of xChief, we do not rank positively xChief, based on our Expert Opinion with over 10 Years of experience in Forex Trading.

• xChief 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.

xChief Alternative Brokers

Based on our finds and issues with the safety for all the previous name ForexChief scam risk is very high and current xChief serves the same concerns. Here are much better Alternatives to ForexChief with good regulations and excellent conditions. We select Good Brokers and reliable options for your comparison below: 

• AvaTrade – Good for Currency trading
• InteractiveBrokers – Good for US Trading and Trading of Real Stocks
• FXTM – Good for Beginners

xChief Deposits and Withdrawals

The broker offers various deposit and withdrawal options – Bank Transfer, Credit/Debit Card and e-wallets such as Skrill, Neteller, Webmoney. However, due to its unregulated nature, there is no strict guarantees on payment procedures. 

• For Credit/Debit cards deposits are almost instant. However, for other methods, it takes up to 2 working days to transfer the funds into the client's accounts. The minimum deposit of the broker is 10%. 
• The withdrawals take from 2 to 7 working days to be set on the client's account. For electronic payment methods, the withdrawal time is 1 working day. 
• The Company mentions that it will not be responsible for the Client's financial losses if they were caused by a delay in a transfer due to a fault in a payment system. Crediting funds to the trading account will be made only after the Company receives a confirmation from a payment system regarding the remittance of the transfer.

xChief Review Conclusion

Overall xChief previously known as ForexChief reviews company that is solely offshore based. Even conditions seems to be quite pleasant with good choice of platforms and account types as a general rule, we recommend avoid offshore and non-regulated entities. xChief is based under offshore jurisdiction therefore the only safety applied there is just personally to test the company our, which in our view is not reasonable and very very risky. 

We advise firms 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.

• Overall ranking and experience for xChief is Negative