category: Unregulated Brokers

Is CarterFS Scam or Legit Broker?

No, it is not safe to trade with CarterFS. The company is owned and operated by Elit Property Vision LTD. Despite its location, the broker doesn’t provide any information about the regulation/license and we can also confirm that neither CarterFS nor Elit Property Vision LTD are regulated in Bulgaria by the Financial Supervision Commission.

• Previously, CarterFS was owned by Solutions CM which had a bad reputation because it was banned multiple times as an owner of such brokers as Britonprice and Easy Line Pro.

What is CarterFS?

CarterFS is a platform that offers various investment and trading options in stocks, commodities, indices, and currencies for personal use.

• However, CartersFS is not an exception when it comes to warnings. Spain's CNMV has issued a warning against the broker in February 2017:

"CARTER FINANCIAL SERVICES is not authorised to provide the investment services, which includes investment advice, or to provide the auxiliary services relation to the financial instruments, including, to those purposes, foreign currency transactions."

• Also, the broker has recently been banned by Austrian FMA:

"Carter Financial Services is not entitled to carry out banking transactions in Austria that require a licence. The provider is therefore neither permitted to trade on a commercial basis on its own account or on behalf of others."

• And there is also a warning from the Italian CONSOB:

"The National Commission for Companies and the Stock Exchange has ordered the following companies to cease the infringement of art. 18 of the Consolidated Law on Finance, consisting of the provision of unauthorised investment services and activities to the Italian public"

CarterFS Review Conclusion

We advise all investors and traders to avoid CartersFS and other unregulated brokers. The lack of information about the broker’s regulation, 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 eToro and XM.

CarterFS Update

Our research revealed that the CartersFS 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 Option888 Scam or Legit Broker?

Option888 has been suspected as a scam broker. The information the broker provides on its website on its location and regulation is quite confusing. Research shows, that  Option888 simply does not have and license, thus being an unreliable broker for investments. 

What is Option888?

At Option888 is a trading name and brand used by Capital Force Ltd, with its stated location in the Republic of Samoa. The broker stated their combination of a modern, user-friendly platform with the latest advancements in online technology, to give our users a fast, responsive and accurate trading experience with guaranteed execution and accurate times. Moreover, Option888 mentions its run of offices worldwide including offices in London, Sweden, Malta, Germany, Holland, Spain, and France, while the broker has managed to become the largest Forex broker (Read BDSwiss review, which is one of the largest trading companies) serving Europe, Oceania, and the Middle East.

• However let us check closer the states of Option888, what is first that the company writes its ownership and operation by Celestial Trading Ltd, that is licensed and regulated by the Montenegro security exchange commission. While the payments provided via credit cards are processed Celtic Pay Ltd, located in the United Kingdom. That is a quite confusing information, as addresses of incorporation, alleged regulation and payment providers are different. Also, in fact, Montenegro does not establish strict regulation to a Forex business, therefore the Option888 is rather simple non-regulated broker (Find the fake forex brokers list by link) than the one they wish to be.

• In addition, the broker was banned and warned by Europe at authority as they are not authorized to offer their business. 

  “Option888 is not entitled to provide investment services or banking services 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 (Art. 1 para. 1 no. 7 BWG), nor to provide commercial portfolio management

  FMA, Austria. November 2017.

Option888 Review Conclusion

In conclusion, you better avoid Option888 and choose among the brokers that are regulated, while their promises are overseen by the authorities. There are many brokers to choose from, thus select from ASIC Regulated brokers or similar entities (Read about ASIC Regulated GO Markets & Axitrader).

Option888 Update 

Based on our research, the Option888 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 Ibex Technology Group Scam or Legit Broker?

Ibex Technology is not safe to trade with. The broker does not provide any evidence of its regulation. Based on the information on the broker's website, it is an offshore broker, located in Nevis, the British Virgin Islands. It is also important to mention that the broker has changed its name from Parnassus Group to Ibex Technology Group. 

• Ibex Technology Group does not hold any license from any world financial authorities, so it is a great risk to trust and invest with it. We only recommend choosing well-regulated brokers with the necessary amount of protection and safety measures.

What is Ibex Technology Group?

Ibex Technology is a Northern California-based technology company that owns and operates a set of highly specialized technology trading platforms, called IBEX. The broker mentions 8 years of continuous development and testing, while Ibex Technology has produced a software-trading engine, Ibex that achieves stable ROI when trading currency pairs on the FOREX. However, the company was organized and established under the laws of Nevis, the British Virgin Islands an offshore zone.

• This means that the company operation is overseen by none of the authorities, as well as the broker carries on the strategy and management of the client's funds and an opening of trades themselves in a way they see right. In a financial world that is full of fraud, this is an unacceptable luxury to trust just the word of mouth of a particular broker when the firm does not devote appropriate settlement tools to comply with reputable authorities.
• In addition, the Ibex Technology Group received a warning and was alerted by the ASIC authority since there is no applicable permission to offer its service.
• The broker used to go under Parnassus Group, yet now it has completely switched to Ibex Technology, with almost no mention of Parnassus Group on its website.

“ASIC advises the company Ibex Technology (Parnassus Group) 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”

ASIC, Australia. May 2017.

Overall Ibex Technology Group Ranking 

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

• Ibex Technology 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.

Ibex Technology Group Alternative Brokers

We revealed that Ibex Technology has a lot of issues, especially in respect of its safety and customer care. Thus, here are much better Alternatives to Ibex Technology with tight regulations and favorable 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

Ibex Technology Group Review Conclusion

In conclusion, we should point out the lack of regulation of Ibex Technology. Besides, the broker has lately changed its name from Parnassus Group to Ibex Technology. Following advice from reputable regulators, we do recommend choosing brokers among ASIC Regulated brokers or similar entities and not to involve in the highest risk with an offshore broker alike Ibex. 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.

• Overall ranking and experience for Ibex Technology Group is Negative

Is Prime Scam or Legit Broker?

Prime has been suspected as a scam broker. According to the website, the broker is a part of the ADS Dahui Group as a part of ADS Securities LLC. ADSS is a limited liability company registered under the laws of the UAE (Check out Forex Brokers in UAE) and licensed by the Central Bank of the United Arab Emirates and the Financial Conduct Authority in the United Kingdom. All the information about ADSS is correct and the company is legal, however, Prime broker has nothing to do with the regulated entity.

What is Prime?

Prime is a Forex and CFDs broker. It turned out the broker has been using the details of the ADSS in order to delude the traders.

• It is called a 'clone firm'; and fraudsters usually use this tactic when contacting people out of the blue, so investors should be especially wary if they have been cold-called. They may use the name of the genuine firm, the 'firm reference number (FRN) that was given to the authorized firm, or other details. The Prime broker is just one of these "clone firms", so it definitely should be avoided.
• Moreover, the FCA in the UK has issued a warning against Prime by ADS Securities (a clone of FCA authorized firm):
  "This firm (Prime) is not authorized or registered by us but has been targeting people in the UK, claiming to be an authorized firm. Fraudsters are using or giving out the following details as part of their tactics to scam people in the UK. This FCA-authorised firm (ADS Securities) that fraudsters are claiming to work for has no association with the ‘clone firm’. It is authorized to offer, promote or sell services or products in the UK."

Prime Review Conclusion

FCA warns about suspicious brokers and urges investors to consult its website prior to investing with any forex broker that claims to be regulated in the UK. Prime is evidently a scam that should be avoided to trade with. We highly recommend only dealing with regulated forex brokers, authorized by reputable regulatory institutions like CySEC, FCA, or ASIC, and brokers such as FBS and BlackBull Markets 

Prime Update

We found that the Prime 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 UBCFX Scam or Legit Broker?

It is not safe to trade with UBCFX as it is an offshore unregulated broker. UBCFX is owned and operated by the United Ventures LTD, registered in the St. Vincent and the Grenadines. 

• However, 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 to the company operation. That means, the broker is not regulated, not overseen and does not comply with strict international rules that provide protective measures to the traders. Therefore, it became an offshore zone for shady forex brokers such as CVC Markets, AAG Markets and more. Read more about St. Vincent and the Grenadines regulation by the link.

What is UBCFX?

UBCFX is a global online forex broker, which offers some of the tightest spreads in the market for forex trading, through its innovative and user-friendly trading platforms. The broker promises easy access to profits and trading itself through a diversified range of trading instruments and innovative software. It also offers its traders interactive courses for learning trading strategies, 24/5 customer support service and end-to-end execution with some of the world's premier banks/financial institutions.

• UBCFX is a trading name of the company incorporated in Saint Vincent and the Grenadines, which is an offshore zone with no implemented regulation for Forex business. In regards to the company background, in order to establish a business in SVG, the company should just register firm with a very small capital and then to perform business in a way they see it right. That means that UBCFX delivers financial trading service with no supervision of international authority, there are no operational standards implemented or not regulated by the entity.

UBCFX in India

UBCFX allows Indian traders to open accounts and trade. However, UBCFX has no mention of complying with any Indian regulators on its website. It is also worth mentioning that Forex trading is actually prohibited in India. The broker is not regulated by any regulatory body in India, that’s why money safety may be the issue here.

UBCFX in the USA

The United States is one of the countries that is not accepted by UBCFX. As per the U.S law, brokers regulated by CFTC are the only brokers allowed for the USA traders. So, except for UBCFX, you are only permitted to trade with the U.S regulated platforms.

Deposits and Withdrawals

UBCFX offers a wide range of secure online payment options for deposits and withdrawals, making funding easy, fast, and secure. UBCFX covers all fees for Deposit. Traders can deposit with Credit/Debit Cards, NETeller, Skrill, DixiCard, Interac, Bpay and Wire Transfer. 

Apps

The MetaTrader 5 platform (Find out MetaTrader 5 brokers here) integrates a broad variety of assets and financial instruments. Its broad functionality allows for the implementation of multiple investment strategies at current market prices, supports pending orders with a present lifetime, and boasts compatibility with various analytical instruments such as Elliot tools, Fibonacci and Gann.

The MetaTrader 5 custom trading app condenses the core features of the desktop platform into a simple and user-friendly smartphone interface. Trade on the go in your iOS or Android device and access current price quotes, analyze data with customizable candlestick and line graphs with the tap of a finger.

Demo Account

UBCFX also offers a demo account.The Demo Account is provided to give traders a demonstration of the broker’s trading platform and to offer traders the opportunity to trade on simulated real trading conditions. This further allows the trader to gain more experience prior to trading with real funds and facing actual risk. Traders may test their trading strategies and become familiar with the trading platform at their own pace.

UBCFX Review Conclusion

Even though the trading offering might seem attractive, but an offshore status of the company does not guarantee the provision of services at the necessary level of client and funds protection. For that reason, we would advise choosing the broker more carefully and check on at the first step the broker's regulation status. The reputable firms that hold FCA, FINMA or other licenses are established in accordance to the international standards, protecting clients at every step and even compensating the trader in case if the things go wrong with the company. Traders should trade with well-regulated brokers (Top 10 Forex Brokers in the World) such as UK brokers or brokers in Australia and reliable brokers such as FP Markets and TMGM.

UBCFX Update

Our research revealed that the UBCFX 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 Zeurcher Capital Scam or Legit Broker?

It is not safe to trade with Zeurcher Capital. The broker is suspected to be a scam. On its website,  Zeurcher Capital does not provide any official information about the company address, location, registration or even the legal name of the entity. This might mean only one thing -  that the broker is a non-regulated and, therefore, illegal entity.

What is Zeurcher Capital?

Zeurcher Capital is an online trading provider that promises the simplest way to trade the top Cryptocurrencies through a modern and latest advancements in online technology. ZUERCHER CAPITAL mentions their worldwide coverage through offices including leading locations London, Germany, Spain and France, while the company has managed to become the largest Cryptocurrency broker serving Europe, Oceania, and the Middle East.

• However, there is no any official mentioning about the company address, location, registration or even the legal name of the entity, which is rather suspicious than presentable for the investment firm. Considering abovesaid, it just seems that the broker is a non-regulated and, therefore, illegal entity, or maybe an offshore company, which is still not the one to trust.
• In addition, the Austrian authority FMA issued warning against Zeurcher Capital, as the entity showed their activity without its legal permission, with a further follow-up of other European regulators in parallel.

“Zeurcher Capital is not entitled to carry out banking transactions in Austria that require a license. The provider is therefore not permitted to trade in financial futures contracts (futures) on its own account or on the account of others, including equivalent instruments settled in cash as well as call and put options on the instruments.”

FMA, Austria. November 2017

Zeurcher Capital Review Conclusion

In conclusion we recommend to avoid Zeurcher Capital and to choose among the CySEC regulated brokers or similar European Brokers, that enable customer and trading protective tools in order to deliver the sufficient environment. 

Traders should trade with well-regulated brokers (Top 10 Forex Brokers in the World) such as UK brokers or brokers in Australia and reliable brokers such as FP Markets and TMGM.

Zeurcher Capital Update

Our research revealed that the Zeurcher Capital 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 CFDStocks Scam or Legit Broker?

CFDStocks is not a safe broker. CFDStocks states that its address is in London UK. It also provides several phone lines including New Zeland, Norway, and Austria in addition to multilingual offerings through the website. However, the financial service broker of investment firms incorporated in the UK in order to be fully legal should be licensed by the local authority FCA (Financial Conduct Authority). Yet, this is not the case with CFDStocks.

What is CFDStocks?

CFDStocks is a brand name used by the Pacific Sunrise UK Ltd company, also known to operate other names Aaoption that offers CFD Stocks trading, as well as Binary Options and other instruments.

• Apart from the legal issue, the broker was caught by offering its service in other jurisdictions that also includes Australia, Asia regions and more. The firm was warned by the Australian authority ASIC and listed as a company to avoid since the firm might be involved in a scam.

“The business listed below Pacific Sunrise UK Ltd, or CFDStocks also known Aaoption has made unsolicited calls or sent emails about investing, financial advice, credit or loans. The company does not hold a current Australian Financial Services (AFS) license or an Australian Credit license from ASIC. ASIC advises this company could be involved in a scam. Do not deal with this business as it is unlicensed.”

ASIC, Australia. September 2017.

CFDStocks Review Conclusion

The traders are advised to take it seriously while choosing the trading broker, and to choose among regulated companies ASIC regulated brokers or similar. Otherwise, investment and trading turn into very risky business that might cause loss of capital. Traders should trade with well-regulated brokers (Top 10 Forex Brokers in the World) such as UK brokers or brokers in Australia and reliable brokers such as FP Markets and XM.

CFDStocks Update

Our research revealed that the CFDStocks 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 Aisa scam or safe Broker?

Aisa Forex broker is based offshore zone Broker, while the jurisdictions do not required to follow strict rules and are not overseen by any governmental agency, which significantly raises the risks for their clients as many of those offshore companies run investment scams. For this reason we mark Aisa as scam too. 

What is Aisa? 

Aisa is a forex and CFD broker. The trading name AISA, its logo, trademark and website www.aisafx.com is operated by Aisa International Group Ltd., incorporated in St. Vincent and the Grenadines as an International Business Company. 

In the case with Aisa, it doesn't seem too bad as according to the website AISA is a trading name of the Aisa Group comprised of Aisa International Group Ltd. (St. Vincent and the Grenadines) and Aisa International Group Pty Ltd (Australia). Aisa International Group Pty Ltd is actually regulated by Australian ASIC, however, the firm directly operating the Aisa brokerage is registered offshore.

Conclusion

Well respected financial authorities like the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission (ASIC) or the Cyprus Securities and Exchange Commission (CySEC) are effectively enforcing strict financial and ethical rules on all overseen brokers. That’s why we recommend choosing among the brokers regulated with the mentioned authorities. Traders should trade with well-regulated brokers (Top 10 Forex Brokers in the World) such as UK brokers or brokers in Australia and reliable brokers such as FP Markets and TMGM.

Aisa Updates

Due to our finding Aisa website is inactive, so it means Broker ceased its operation and no longer active. Yet, we advise to stay alert and better to avoid any offshore based companies due to their instability and potential fraud. 

Is St Clair Capital Group Scam or Legit Broker?

It is not safe to trade with St Clair Capital Group. The broker is suspected to be a scam. Being located in Japan the financial investment firm should be authorized by the local regulator JFSA (Japan Financial Service Agency) in order to be a legal entity. As this is not the case for St Clair Capital Group we recommend avoiding its offering, as simply there is no supervision under the company that can confirm numerous attractive states of the offering.  

What is St Clair Capital Group?

St Clair Capital Group is a trading name of the firm that claims its address in Japan and is concerned about its trustable trading environment through a world-class leader in portfolio management, stockbroking, and wealth.

• However, being located in Japan, the broker does not hold a license from the local authority. Besides, why would a serious company put their clients at the highest risk and not include protective tools in their proposal with the first step, which is obtaining an official license?
• In addition, the St Clair Capital Group broker’s offering and targets of the residents was detected also beyond its original location, by the European authorities that are constantly checking on the available offerings and secure clients from potential frauds. Therefore, the St Clair Capital Group was listed in an alert list by the Netherlands and followed by numerous regulators around.

“The AFM warns consumers not to accept offers from St Clair Capital Group. This company is probably a boiler room.”

AFM, Netherlands. April 2018.

Overall St Clair Capital Group Ranking 

Because of the regulation and safety issues we revealed during our research of St Clair Capital Group, we do not rank positively St Clair Capital Group, based on our Expert Opinion with over 10 Years of experience in Forex Trading.

• St Clair Capital Group 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.

St Clair Capital Group Alternative Brokers

We revealed that St Clair Capital Group has a lot of issues, mainly in respect of its safety and registration. Thus, here are much better Alternatives to St Clair Capital Group with tight regulations and great trading conditions. We select Good Brokers and reliable options for your comparison below: 

• HFM – Good for Currency trading
• FP Markets – Good for CopyTrading
• XM – Good for Beginners

Deposit & Withdrawal

There is not much information about deposits and withdrawals on the broker's website. Instead, there are a lot of reviews from traders that have invested with St Clair Capital Group.

• The majority of investors claim that it is impossible to withdraw funds from the broker. In fact, the broker is a complete scam, and it is interested only in getting to the client's funds. 

St Clair Capital Group Review Conclusion

Well-respected financial authorities like the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission (ASIC), and the Cyprus Securities and Exchange Commission (CySEC) are effectively enforcing strict financial and ethical rules on all overseen brokers. We recommend choosing among the brokers regulated by the mentioned authorities. Traders should trade with well-regulated brokers (Top 10 Forex Brokers in the World) such as UK brokers or brokers in Australia and reliable brokers such as FP Markets and TMGM.

• Overall ranking and experience for St Clair Capital Group is Negative