category: Unregulated Brokers

Is CryptoNetto Scam or Legit Broker?

No, it is not safe to trade with CryptoNetto, as the broker is suspected of being a fraud. The CryptoNetto company is a suspicious entity, as the mentioned address states London, UK while there is no proof of address provided or even the registered name of the firm. A serious firm will always include all necessary legal information, which also can be confirmed through official sources, like the FCA Regulated entities list or other authority-regulated firms' online listing.

• This means, that the broker does not have any license and the services and signing with it might put the trader's investments at risk.

What is CryptoNetto?

In the recent stage, many platforms appearing that offer vast trading opportunities with Cryptocurrencies, for both investors beginners (Best Forex Broker for Beginners), and professionals with convenient confidence and trust. Many of those platforms propose high guaranteed returns and services as well on derivative assets that include CFDs and Forex instruments.

• However, the concern about potential incomes and opportunities should go in parallel with real facts about trust in the offeree company. In order to be sure the broker is a firm that will deliver what is promised the trader at the first step should look for its legitimate status and check on the registrations.

• In conclusion, the CryptoNetto trade appears to be just another “attractive” Crypto trading proposal which is rather a fraud than the company. Moreover, the broker received its warning from an EU regulator, while other authorities followed a concern.

  “The FSMA has received numerous complaints about this trading platform CryptoNetto that claims to be active in the cryptocurrency sector. Consumers who have invested in them complain, in particular, that they never recover the funds invested or that they simply have heard nothing further from the company with which they invested their money.”

  FMSA, Belgium. October 2018.

CryptoNetto Review Conclusion

We strongly advise choosing among the regulated companies, which in fact is a mandatory rule for all financial firms incorporated in the UK, so check the list of FCA Regulated Brokers. There are many companies that are licensed by UK’s FCA brokers such as FBS and BlackBull Markets recommended as the best trading company provider.

CryptoNetto Update

Based on our research, the CryptoNetto 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 Daiju Commodity Markets Scam or Legit Broker?

No, it is not safe to trade with Daiju Commodity Markets. The broker is not regulated, which means that it does not follow any strict rules and guidelines. Unregulated brokers can lead their business however they like, which might often put traders' investments at risk. 

What is Daiju Commodity Markets?

Daiju Commodity Markets is a financial investment firm, a trading provider, and a broker that claims its most comprehensive commodity-trading platform with outstanding support provided. Daiju Commodity Markets also mentions its location in Tokyo Japan, its expertise in the market for many years of operation, and its strictest philosophy to manage clients' accounts.

• However, the main concern is that the broker is a non-authorized entity. Being a financial investment firm, the broker should take care of its reputation, as well as show proof of their reliability and necessary capital requirements that will protect clients. The purpose of international authorities is to give licenses to those companies that comply with the level allowing them to offer financial investment safely along with the protective rules. As long as the broker does not hold any authorization, this is definitely the highest risk, which may involve losses. Therefore, we recommend staying far from the companies that just offer a sweet and attractive proposal without legal confirmation and choosing a broker among regulated entities.
• In regards to Daiju Commodity Markets, its unregulated nature does not provide trust to us and to the respected authorities as well. The firm received its legal warning from the EU authority, as the firm was detected as offering services and targeting particular residents.

 “The Financial Services and Markets Authority (FSMA) warns the public against the activities of Daiju Commodity Markets, a company that offers investment services. Moreover, according to the information available to the FSMA, the activities proposed could be of a fraudulent nature, i.e. boiler room fraud. The FSMA therefore strongly advises against responding to any offer of financial services made by Daily Commodity Markets and against transferring money to any account number it might mention.”

FMSA, Belgium. November 2018.  

Daiju Commodity Markets Review Conclusion

We advise traders to stay away from Daiju Commodity Markets and sign in with Regulated Brokers only that hold a reliable license and are constantly overseen. There are many companies that are licensed by the regulators like UK’s FCA brokers such as FBS and BlackBull Markets recommended as the best trading company provider.

Daiju Commodity Markets Update

Based on our research, the Daiju Commodity 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 GWIT Scam or Legit Broker?

No, it is not safe to trade with GWIT. The website states that GWIT is regulated by the US National Futures Association (NFA) under supervision number 0513937. We have checked this information and it turned out there is a company Giant Wave Information Technology Limited registered with the NFA, however, it has nothing to do with the GWIT broker that probably just uses the information and name of the regulated entity to get clients' trust.

• Thus, we do not recommend GWIT, as only scam brokers use fake information to attract new clients.

What is GWIT?

GWIT (Giant Wave Information Technology) is an online leveraged Forex trading broker. The company is owned and operated by Giant Wave Information Technology Limited, based in Hong Kong and claims to have representative offices in London and Shanghai's major global financial hubs. 

• Yet, this is not the case with GWIT, as the regulation information provided on its website does not correspond to the real regulated status of the broker.
• Moreover, the Securities and Futures Commission (SFC) of Hong Kong has recently banned the broker:
  "www.gwitmarkets.com, The company’s Hong Kong address belongs to a secretarial company. Unlicensed entities often use names similar to legitimate companies to confuse investors"
• In addition, the website of the broker lists the awards it has gotten, however, most of them are not even real. It is obvious that traders should avoid GWIT and choose among well-regulated companies.

GWIT Review Conclusion

In conclusion, we do not recommend trading with GWIT. On the other hand, the companies regulated by the UK's FCA or Australian ASIC are reliable and can be trusted. These regulators guarantee the safety of clients' funds as well as the compensation schemes in case of broker's bankruptcy. Check the list of the FCA-regulated brokers. To avoid possible losses traders should trade with well-regulated brokers such as HFM and BlackBull Markets.

GWIT Update

Our research revealed that the GWIT 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 BrighterTrade Scam or Legit Broker?

It is not safe to trade with BrighterTrade, because it is an unregulated broker. In addition, the company has been suspected to be a fraud. While we checked the company there is no authorization or registration of the address, therefore the company seems to be highly suspicious and might operate its services from an absolutely different location.

What is BrighterTrade?

BrighterTrade is a Forex and CFD and cryptocurrency broker. The website is owned and operated by the Brightertrade™ corporate group. The group includes LOGAMET LTD, a St. Vincent & Grenadines company, owner of the website, and INGOTEN OU, an Estonian company, that operates the clearing and settlement for the group.

• There is no information about the company's regulation and it seems like it is not regulated by any authority. Moreover, one of the companies behind the brand is based offshore, which doesn't make BrighterTrade look more reliable.
• In addition, New Zealand's regulator FMA has issued a warning against the broker:
  "WEBSITE: www.brightertrade.com; REASON FOR WARNING: BrighterTrade could be involved in a scam. We note a recent warning published by the Australian Securities and Investments Commission (ASIC) about Igoten OU also known as BrighterTrade."
• This follows another warning from the Australian Securities and Investments Commission against INGOTEN OU:
  "ASIC advises this company could be involved in a scam. Do not deal with this business as it is unlicensed in Australia. The business listed below has made unsolicited calls or sent emails about investing, financial advice, credit, or loans and does not hold a current Australian Financial Services (AFS) license or an Australian Credit license from ASIC."

BrighterTrade Review Conclusion

As regulation is one of the most important things while choosing a broker, we recommend checking those regulated by reputable financial authorities such as ASIC in Australia, FCA in the UK, or CySec in Cyprus. Check the list of ASIC-regulated brokers. To avoid any risks and losses traders should trade with well-regulated brokers such as IG Markets and BlackBull Markets.

The brighterTrade Update

Our research revealed that the BrighterTrade 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 BK-Coin Scam or Legit Broker?

No, it is not safe to trade with BK-Coin. According to the broker's website, the broker is located in London, UK, as well as mentions full regulation and operation under European regulators with numerous received awards for successful operation. However, this is not the case and the provided information is false. 

What is BK-Coin?

BK-Coin claims its leading position in online trading and crypto-currencies offering, through a transparent and enjoyable way, with millions of clients in more than 50 countries around the world. 

• However, the company does not hold a top-tier regulation. It is important to mention that being a UK financial service firm the company license by FCA is mandatory. Therefore, the colorful and bright side of a BK-Coin broker is absolutely false information.
• In addition, the broker received a warning from a Belgium authority FMSA explaining how frauds work and why traders should be very careful while trusting or planning to engage in Crypto trading. 

“Once the fraudsters have your contact details, they offer you an investment they claim is secure, easy and very lucrative. They try to inspire confidence by assuring you that you don’t need to be an expert in cryptocurrencies in order to invest in them. They claim to have specialists who will manage your investments for you.”

FMSA, Belgium. October 2018.

BK-Coin Review Conclusion

We advise to stay away from BK-Coin and sign in with Regulated Brokers only that hold a reliable license and are constantly overseen, with a report of every open trade along to the scheme coverage or even more. There are many companies that are licensed by the regulators like UK’s FCA brokers such as FBS and BlackBull Markets recommended as the best trading company provider.

BK-Coin Update

Based on our research, the BK-Coin 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 Capital Traders Scam or Legit Broker?

Capital Traders has been suspected as scam broker. According to the website, Capital Traders is providing financial services and is located in Estonia. However, the broker does not hold any license in the country, thus being an unreliable broker for investments.

What is Capital Traders?

Capital Traders position themselves as the ultimate choice for crypto traders with a huge variety of assets and elegant trading platform, as well as a professional partnership with 300+ banks. Moreover, the company mentions its authorized and regulated status, however, does not hold any reputable license apart from the establishment certificate. In addition, the legal consultation is provided by the PANAMERA CAPITAL GROUP LTD which is located in St. Vincent and the Grenadines, a known offshore zone.

• As long as the company is incorporated within the EU, the broker should confirm its reliability status along with the necessary proves of safe service, that are crucial for a good trading provider. The above-mentioned issue, as well as other international compliance with a constant overseen of operation,  is provided by the specific authorities that monitor markets. These reputable entities include UK’s FCA Brokers, Australian ASIC Brokers, and other regulated companies, thus it is much safer to choose among those brokers.
• The Capital Traders, yet, cannot be proud of a reliability status, due to lack of serious regulation and therefore the company appeared in a blacklisting of the Belgium FSMA. The authority received complaints from the investors and strongly advises to protect potential traders from a fraud offering. The unregulated firms, in fact, cause highest risks while the trader may fall under the uncertain situation of fund management, market manipulation or typical issue with money withdraws.

“You may be approached after having expressed interest in an advertisement published on social media or other websites that sings the praises of cryptocurrencies. If you click on such an advertisement, you will be asked to fill in a contact form with your email address and phone number. In the next few days, you will first receive a phone call from a telephone salesperson, who will offer you some explanations of cryptocurrencies and direct you to the 'company’s' website.”

FMSA, Belgium. October 2018.

Capital Traders Review Conclusion

We advise to stay away from Capital Traders and sign in with Regulated Brokers only that hold a reliable license and are constantly overseen.  There are many companies that are licensed by the regulators like UK’s FCA brokers such as FBS and BlackBull Markets recommended as the best trading company provider.

Capital Traders Update

Based on our research, the Capital Traders 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 CryptoAllDay Scam or Legit Broker?

It is not safe to trade with CryptoAllDay. It has been suspected as a scam broker. According to the website, CryptoAllDay is located in the Republic of Seychelles with the registered address Suite 19, First Floor, Eden Plaza, Eden, Island, Victoria, PO Box 428, Mahé, Republic of Seychelles. Seychelles is a known offshore zone.

• It is not safe to trade with the offshore zone. Brokers with offshore licenses are not strictly regulated and do not follow certain guidelines and rules. 

What is CryptoAllDay?

CryptoAllDay is a Forex and FX-Crypto trading provider based in Seychelles and managed by the incorporated company  Petrasoul Ltd. The company promises a high potential income from Cryptocurrencies trading through an incredibly flexible trading system with fast execution and the utmost security. With CryptoAllDay diversified account types every сliеnt can dесidе not оnlу their реrfоrmаnсе rеquirеmеnt but аlѕо рrеfеrrеd lеvеl оf risk, as well as trading conditions.

• Even though the offering might seem quite good, we do not advise getting into that trap. First of all, a serious and reliable financial investment firm and trading broker should hold the necessary registration in order to deliver their services. As CryptoAllDay mentions its location in Bulgaria, which is part of the EU, the company should be authorized. However, it is not the case for CryptoAllDay, therefore there are no guarantees that the company is not another fraud.
• In addition, in spite of numerous warnings from world regulators, cryptocurrencies still remain very attractive to potential investors and especially to scammers. As the Crypto industry still not strictly regulated in order not to fall under insolvency and loss of capital, we recommend choosing a broker carefully and considering only those that have been checked previously by the legal authorities. Therefore, traders should consider only firms with specified licenses and check their status through the authority portals.

Overall CryptoAllDay Ranking 

During our research we revealed multiple issues with CryptoAllDay regulations and safety, thus we do not rank positively CryptoAllDay, based on our Expert Opinion with over 10 Years of experience in Forex Trading.

• CryptoAllDay 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.

CryptoAllDay Alternative Brokers

Based on our finds and issues with the safety of CryptoAllDay here are much better Alternatives to CryptoAllDay 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

Deposits and Withdrawals

To open an account with CryptoAllDay, traders need to deposit a minimum of $250 USD. There are two main options for funding: Wire Transfer and Credit Card.

• In order to be able to process withdrawals the trading account should be fully verified within the first 7 days after the first deposit is made.

• The minimum withdrawal for Credit Cards is $100 USD or €100. The minimum of a wire transfer withdrawal is $1000. 

CryptoAllDay Review Conclusion

In the case of CryptoAllDay, the trading they offer is confusing and does not give any trust. To be protected from fraud and doubtful offerings we recommend signing in with a tightly regulated broker.  Check the list of FCA-regulated brokers here. We advise signing in with reliable brokers such as BlackBull Markets, FXGT, and FBS.

• Overall ranking and experience for CryptoAllDay is Negative

Is SpearTrader Scam or Legit Broker?

No, it is not safe to trade with SpearTrader. The broker is suspected of being a scam. The terms and conditions on the website state that the company is under the laws of the United Kingdom, which is supposed to mean the broker is regulated by the Financial Conduct Authority in the UK. However, it is actually not licensed by this or any other regulator.

• This means the services the broker provides are not overseen by any legal authority, thus are very suspicious and might put a trader's investments at risk. 

What is SpearTrader?

SpearTrader is a broker that offers Forex, CFD, and options trading. There is not much information about the company behind the brand or its headquarters on the website, only that SpearTrader was founded in 2009.

• The only contact information provided on the website is a contact number with a Swiss phone code when the company is not regulated in Switzerland. Moreover, Austria's regulator Financial Market Authority (FMA) has issued a warning against SpearTrader in June 2018:
  "SpearTrader is not entitled to carry out banking transactions in Austria that require a license. The provider is therefore neither permitted to trade on a commercial basis on its own account or on behalf of others (Article 1 para. 1 no. 7 BWG)."

SpearTrader Review Conclusion

We advise all investors and traders to avoid SpearTrader and other unregulated or offshore brokers. To avoid any risks and losses traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as IG Markets and BlackBull Markets.

SpearTrader Update

Our research revealed that the SpearTrader 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 TegasFX Scam or Legit Broker?

No, it is not safe to trade with TegasFX. TegasFX is a trading name of the Clover Markets Limited company located in Vanuatu, while regulated by the VFSC to ensure the highest level of client funds protection, as claimed.

• It should be mentioned that Vanuatu is an offshore zone notorious for scam brokers. To be more informed read why to avoid Vanuatu brokers. 

What is TegasFX?

TegasFX also claims its International standards achievement while the client funds are held in segregated bank accounts with international banks. The broker’s ability to offer market-leading pricing and trading conditions through the MT4 platform by providing clients with True ECN/STP environment (True ECN Brokers).

• TegasFX claims to be a new way of true ECN/STP trading with low-latency infrastructure, low market spreads (Best Low Spread Forex Broker), and a wide offer of trading instruments that get extended from time to time.
• However, the main concern throughout the broker’s offering is that Vanuatu is an offshore zone, which in fact does not implement the strictest rules of the financial firm established or constantly overseeing. Therefore, offshore firms claim about their sustainability are rather funny than serious, as may be just sweet words. Therefore, it became an offshore zone for shady forex brokers such as RCM FX, EssenceFX, and more. We have a detailed article explaining the risk of trading with brokers from Vanuatu.
• Furthermore, a lack of regulation seriously hurts the investors’ protection, while the trader cannot be sure how exactly the firm delivers its trading environment and manages funds, apart from its alleged trustful states.
• There are many ways the trader can protect himself and not fall under a number of risks, such as by choosing among the most reputable and of course well-regulated brokers. Since after making the mistake of investing with a company that misses serious regulations, it will be very hard and almost impossible to get the funds back or claim any compensation. And that’s besides the spoiled experience with the trading itself.

Overall TegasFX Ranking 

We disclosed regulation and safety problems with TegasFX, thus we do not rank positively TegasFX, based on our Expert Opinion with over 10 Years of experience in Forex Trading.

• TegasFX 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.

TegasFX Alternative Brokers

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

• ADS Securities – Wide Range of Trading Instruments
• Capital Index – Good Trading Conditions
• InterTrader – Competitive Spreads

Deposit & Withdrawal

Making deposits at TegasFX is easy, as the broker offers multiple funding methods, such as Bank wire transfers, Creditcard (ADVCash), Bitcoin, Ethereum, US Tether (ERC-20), etc. 

• The minimum deposit amount is $200, while for the maximum amount, there is no limitation.
• The processing time for the deposits is usually very short and mainly is done on the same day. However, Bank transfers might take 1-2 business days.
• There is also an inactivity fee - a $5 fee after 6 months of inactivity.
• However, traders claim to face withdrawal problems with TegasFX, thus we recommend taking this fact into consideration before signing with the broker.

TegasFX Review Conclusion

We advise all investors and traders to avoid TegasFX and other brokers from Vanuatu. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as AvaTrade, FXTM, and eToro.

• Overall ranking and experience for TegasFX is Negative