category: Unregulated Brokers

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. 

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.