category: Unregulated Brokers

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Due to our finding Aisa website is inactive, so it means Broker ceased its operation and no longer active.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

Is PBN Trade Scam or Legit Broker?

PBN Trade is a 100% fraud company. The broker is registered offshore and does not hold any proper license from a well-known reliable financial regulator. It is NOT SAFE to trade PBN Trade. We never advise trading with an offshore broker, since the financial investment service they deliver is not trustable.

• The reason is simple, the broker may promise the most ever competitive trading conditions or the trading environment, yet the trader has no guarantee from the official entities that oversee the Forex industry. Thus the engagement in trading with such a company means the trader will believe only in the broker’s words, and of course, it is a high risk.

What is PBN Trade?

PBN Trade is a trading name used by Capital Tech Ltd. Company located in an offshore zone in the Marshall Islands. The broker operates two domain addresses www.pbntrade.com; www.pbninvest.com while targeting internationally worldwide clients and promises the opportunity to trade in the safest way through segregated accounts and high execution performance. 

• However, our main concern is that the broker is an Offshore, the one we do not recommend trading with, as simply that kind of license does not provide the necessary tools to guarantee a safe trading environment.

• The pages and official sources of the international regulators' list alert are shared with the authority directly or by other countries' supervisory bodies or transmitted centrally. Those tools and the general purpose of the regulatory bodies operate in order to enable stability of the market offerings, protect clients from potential and numerous frauds, enable reliability rules to financial service entities, and more. As PBN Trade got no license to operate within the EU and other regulated jurisdictions, the broker was blacklisted and alerted by numerous EU authorities.

   “The Austrian Financial Market Authority (FMA), may disclose to the general public by publication on the Internet, in the official gazette “Amtsblatt zur Wiener Zeitung”, or in any other newspaper with nationwide circulation, that a particular natural PBN Trade is not entitled to carry out certain banking transactions that require a license.”

  FMA, Austria. October 2018.

PBN Trade Review Conclusion

We strongly advise against signing with PBN Trade. The safety of funds is always first in trading, for that reason we recommend choosing among the regulated brokers and those companies who are entitled to maintain their business legally. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as FP Markets and TMGM.

PBN Trade Update

Our research revealed that the PBN Trade 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 Morgan Newfield Scam or Legit Broker?

It is not safe to trade with Morgan Newfield. The broker does not provide any information about its regulation. However, being located in Belgium, brokerage firms should be licensed by the local financial authorities. 

• Being unregulated is an immediate red flag, as brokers that do not hold any license are not overseen by any legal entity, which means they can operate their business however they wish. 

What is Morgan Newfield?

Morgan Newfield is a full-service commodity brokerage and wealth investment management company. The company claims to provide high-quality investment services to individuals and institutions that demand more from their broker. The broker mentions their address in Taiwan, as well as additional offices in the major financial center that might allegedly include a Belgium office too.

• However, it was revealed that the broker delivers and offers their financial investment services without preliminary and mandatory authorization from the respected authorities. Since Forex and Online Trading Market itself is a decentralized area, reputable jurisdictions around the world established regulatory bodies that will oversee the market offering, with the purpose to protect clients and their funds.
• Therefore, as the current company is authorized by none, the Belgium regulator FSMA issued a warning against Morgan Newfield, as detected the company activity in Belgium, thus included the firm to their alert list. Moreover, the information about broker’s illegal nature and caution on dealing with them spread further and the EU regulation bodies followed Morgan Newfield blacklisting.

“The Financial Services and Markets Authority (FSMA) warns the public against the activities of Morgan Newfield, a company that offers investment services.”

FSMA, Belgium. July 2018.

“The AFM warns consumers not to accept offers from Morgan Newfield. This company is probably a boiler room.”

AFM, Netherlands. April 2018.

Morgan Newfield 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. That’s why 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.

Morgan Newfield Update

Our research revealed that the Morgan Newfield 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. 

• Company name: 

BY Trading Limited.

• Registration Address/ License:

Wien, Austria. No License, No Regulation. 

BY Trading is a brokerage firm established in Wien, Austria while claims conduct of trading services on over 15 market destinations. The company offers includes clearing services to institutional and professional traders with specialization in commodities, stocks, options, futures, forex, bonds, CFDs and funds.

There is also mentioning about BY Trading experience and professional providing of practice for 20 years. However, the main question is why the company promises allegedly professional trading service while located within reputable EU jurisdiction and is a non-authorized firm. Still, remains unclear if the state about 20 year of operation is true or false, yet what is definitely the fact that the company which does not hold an FMA, Austria license and is Austrian financial service firm means the entity operates illegally.

In addition to that, of course, the BY Trading firm caught an attention of the respected FMA authority, while the warning to investors was issued and followed by other authorities within EU to spread the state around. (Please check the information hereby)

The regulators' purpose to protect the population from a fraud investment and risky business conclude those particular companies that are not entitled to carry out certain financial transactions or services. That causes for an action and informing the general public is deemed necessary and reasonable with regard to possible disadvantages of the company concerned.

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.

Is GSI Markets Scam or Legit Broker?

No, GSI Markets is not safe to trade with. The company is not regulated by any of the authorities which means that traders should be cautious when investing with the firm. 

What is GSI Markets?

GSI Markets is a Forex and CFDs broker (Read Forex and CFDs trading Broker HYCM Review). Gsimarkets.com is operated and owned by Media Force Limited (registered in the Marshall Islands). IT and Financial administration services by Netmedia Markets OU, based in Tallinn, Estonia.

• There is no information about the broker's regulation and it seems like neither of these companies is licensed or regulated by any authority, which is a big red flag for the traders. The website states that the firm has several contact phone lines in the United Kingdom, South Africa, Australia or Canada, however, there is a small chance the GSI Markets has offices in those countries. Moreover, the broker has a few warnings from well-known regulators:
• A warning from Spain's CNMV in July 2017: "MEDIA SOFT LIMITED/NETMEDIA MARKETS OU/www.gsimarkets.com is not authorised to provide the investment services, which include investment advice, or to provide the auxiliary services in relation to the financial instruments detailed in article 2 of the said Law, including, for those purposes, foreign currency transactions."
• One more warning from the UK's FCA in June 2017:
  "This firm is not authorised by us and is targeting people in the UK. Based upon information we hold, we believe it is carrying on regulated activities which require authorisation."

GSI Markets Review Conclusion

We recommend avoiding doubtful offerings, such as GSI Markets, instead choosing among the brokers regulated by top-tier 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.

GSI Markets Update

Our research revealed that the GSI 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 RichmondFG Scam or Legit Broker?

It is not safe to trade with RichmondFG. The broker is suspected to be a scam. The company is owned and operated by Elit Property Vision LTD with a registered address in Sofia, Bulgaria. However, the broker is not authorized or regulated by the Financial Supervision Commission in Bulgaria or any other regulator.

• Choosing an unregulated broker is very dangerous, as unregulated brokers do not provide any ground for safe and secure trades. The investments and funds with unregulated brokers are in jeopardy. 

What is RichmondFG?

No, it is not safe to trade with RichmondFG. RichmondFG is a broker that offers forex currency pairs, stocks, commodities, CFDs, and indices. 

Forex and CFD brokers are required to have a license from the local financial authorities in order to offer and provide financial services. RichmondFG doesn’t carry such a license, so it cannot be considered a reliable broker to invest with.

• Moreover, RichmondFG has recently been blacklisted by Italy's regulator CONSOB:

  "The National Commission for Companies and the Stock Exchange has ordered the following company to cease the infringement, consisting of the provision of unauthorized investment services and activities to the Italian public."

• Also, previously the broker has been banned by German BaFIN, however, back in 2018, there was a different company behind the brand's name, Terraquest Media Ltd.

RichmondFG 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. That’s why 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.

RichmondFG Update

Our research revealed that the RichmondFG 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 FxMarket247 Scam or Legit Broker?

FxMarket247 is not safe to trade. It is suspected the broker is a scam, as it does not hold any serious license. In fact, the broker does not mention anything about its regulation on the website. There is no indication of the FxMarket247 address 

The FxMarket247 is an online trading provider that claims its user-friendly trading interface with trust management and outstanding support. On the broker’s official website the company mentions their license and registration to perform business operations using various platforms, but let's check on these states.

• The certificate of incorporation of a private limited company in England and Wales shows a sample, while there is no name of the incorporated firm mentioned, its number, or even address. It looks like the company just used a legal empty document to present their alleged legal status, yet it is not clear or any other description or mention of the broker’s address or name.
• Suspicious questions always revealing while checking on the legal documentation of the company, and actually, the serious firm will always proudly present their legal status as this is the main step of client protection. However, numerous scams or frauds simply do not care about clients and do business only for their own good and purpose. Therefore, the only conclusion about hidden information and misleading of FxMarket247 shows that the firm is most probably located in an offshore zone and is not secured enough.

FxMarket247 Review Conclusion

As our advice to our readers, we would recommend checking carefully the broker’s regulations. Most of the international authorities share a firm’s licenses and status through their official sources, thus any investor can always check if the broker is trustable or not. 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.

FxMarket247 Update

Our research revealed that the FxMarket247 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 Binary Uno Scam or Legit Broker?

No, Binary Uno is not safe to trade with it. Besides the fact that offshore companies are considered to be a risky business and are not advised as trustable brokers, Binary Uno also gained a negative reputation on internet sources and among traders.

What is Binary Uno?

Binary Uno states the global presentation of a brand that is focused on the provision of the best possible trading service in CFD trading, while the mentioned office concludes Glasgow, Scotland. Yet, the revealed information showed that in fact the holding company is located in Seychelles and does not hold a serious license, and is not overseen by the respected authority.

• Besides, the company was issued warnings by the UK’s FCA, Australian ASIC, and other entities.

  “We believe this firm Uno Media Solutions trading as Binary Uno has been providing financial services or products in the UK without our authorization. Find out why to be especially wary of dealing with this unauthorized firm and how to protect yourself from scammers.”  

  FCA, UK. May 2018.

  “The business listed below Binary Uno 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.”

  ASIC, Australia. October 2017.

Overall Binary Uno Ranking 

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

• Binary Uno 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.

Binary Uno Alternative Brokers

We revealed that Binary Uno has a lot of issues, mainly in respect of its safety and registration. Thus, here are much better Alternatives to Binary Uno 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

At Binary Uno, making deposits and withdrawals is simple and quick. The broker offers multiple funding options, including Visa and MasterCard, wire transfers, and BITCOIN. 

• The minimum amount for a wire transfer is 250 USD as there are fees that the sending bank and the receiving bank charge. 
• Binary Uno now accepts Bitcoin, allowing traders to deposit the coins into their accounts and trade on currencies, commodities, or indices just as they would with cash. Clients can trade without having to spend any actual money.

Binary Uno Review Conclusion

We never advise trading with an offshore or non-licensed broker, since the financial investment service they deliver is not trustable. Rather than involving yourself with the risk of losing capital, we would recommend choosing among well-regulated and reputable companies. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as FBS and BlackBull Markets.

• Overall ranking and experience for Binary Uno is Negative