category: Unregulated Brokers

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

Is OptionStars Global Scam or Legit Broker?

No, it is not safe to trade with OptionStars Global. The company is not registered, thus it does not hold any reliable license. Although the broker pretends to be located in London, in reality, it is registered in Samoa - an offshore zone. 

What is OptionStars Global?

OptionStars Global is a trading name used by the company, which claims its address in London, UK. However, during the research, we revealed that the owning company of OptionStars Global is a New Markets S.A. that is registered in Samoa. Therefore it means that the company is not in fact located in an offshore zone that does not provide strict regulation of financial firms, but also the broker manipulates and misleads by disinformation.

• Apart from the issue with trading options itself, as many reputable jurisdictions and authorities forbid this kind of trading due to its highest level of risk. The OptionStars Global broker does not confirm its status to be a trusted firm not only by its non-regulated nature but by receiving numerous complaints and negative reviews from the traders. In addition, the company received warning from the Austrian authority, while other EU regulators followed.

  “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 company OptionStarsGlobal is not entitled to carry out certain banking transactions or investment services. The company 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.”

  FMA, Austria. April 2018.

OptionStars Global Review Conclusion

We recommend choosing among the brokers regulated by the mentioned authorities. Well-respected financial authorities are effectively enforcing strict financial and ethical rules on all overseen brokers.  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.

OptionStars Global Update

Our research revealed that the OptionStars Global 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 Goptions Scam or Legit Broker?

No, Goptions is not safe to trade with. The company is not regulated by any of the authorities. Goptions broker is a firm, which location and address are not clear, but most recently located in some offshore zone.

What is Goptions?

Goptions states that several professional traders rely on developing a tangible binary options strategy that combines both binary options and the traditional Forex and Stock trading, in order to diversify their investments and enjoy greater exposure to the markets.

• In addition, the official website is full of information about the necessity of company regulation as a critical component, which ensures that the firm is completely eradicated from the scam. The broker even mentions the Traits Of A Bad Trading Site and advises looking for a good broker with quality regulation along with credible information and dedicated maintenance of trading service. Overall, the website seems to be devoted to giving all the information about trading binary options and Forex, with strategies, news, and necessary information. Yet we revealed that the Goption offers clients as well a way to trade on leading financial markets – Forex, Commodities, Indices, and Stocks.
• Moreover, the internet sources and forums are full of complaints from traders, which shows that suspicious guesses are true. As well, the European regulators issued a warning against GOptions which originally came from FMA and was followed by other partner authorities within the EU (please check the link to confirm the status).

Goption Review Conclusion

We advise avoiding signing in with Goptions. 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.

Goption Update

We found that Goptions website is not available, instead, it leads to different financial offerings with an entirely different name. Thus, we recommend avoiding and staying alert in case of any proposals. 

Is Welkron Scam or Legit Broker?

It is not safe to trade with Welkron. The broker holds a license from St. Vincent and the Grenadines, which obviously is an offshore zone. The authority does not properly oversee the international brokerages, which means, that the broker is free to operate however it wishes.   

• The issue with the SVGFSA-regulated brokers is that it is not one of the strictest regulatory bodies in the financial world. Its regulatory rules and conditions are rather lax, thus, not providing the necessary safety.

What is Welkron?

Welkron is a Forex and CFD broker. The company is owned and operated by WBB Consultancy SA which claims to be registered in St. Vincent and the Grenadines. However, the Financial Services Authority (FSA) of St. Vincent and the Grenadines does not issue any licenses for forex trading nor does it regulate, monitor, supervise, or license international companies, which engage in such activities.

• In addition, the terms and conditions of the company state "the Company is not regulated in any jurisdictions and that the Services offered are not regulated within the territory of Saint Vincent and Grenadines", which means the broker cannot guarantee the safety of the client's funds and cannot offer the same level of protection as other regulated entities. It is a common case for most offshore-registered brokers, which is why we always emphasize avoiding such companies.
• Also, the website supports the Russian language and there is a copy of the terms and conditions in Russian. It seems like the broker has been targeting Russian residents.

Welkron Review Conclusion

To sum up, Welkron broker cannot be trusted and might be one more fraud company. We recommend investing only with brokers regulated by well-known reliable authorities, such as the Financial Conduct Authority in the United Kingdom. ATraders 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.

Welkron Update

We found that the Welkron 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 XtradeFX Scam or Legit Broker?

It is not safe to trade with XtradeFX as the broker might be a complete scam. It does not hold any serious license from any regulatory body, thus the services the broker provides might put the trader's investments at risk.

• Signing with an unregulated broker means relying on the broker's words, without being protected by any legal bounds. Not to put your fund into jeopardy, it is wiser to choose a well-regulated broker with tight regulation and favorable offerings. 

What is XtradeFX?

XtradeFX is an STP broker that claims its reputable status with numerous received awards for their Best Trading Conditions, Platform, and Best Value Broker. Xtradefx is owned by 2dots Limited, as mentioned on the official website with its alleged office in Vanuatu.

• Having considered that the XtradeFX was revealed in connection to other trading names that are considered to be scams, which include 24stox, as well as the brokerage firm with its office in Bulgaria - 2dots. The 2dots trading name was previously reviewed by us and included in our brokers to avoid list (please read our 2dots review), while 24stox has received numerous complaints and claims and was dismissed. Therefore, it all looks like the firm decided to start from the new page and continued its operation through a brand name. However, nothing specific was changed, still, the brokerage is non-regulated, while promising a lot and in return does not deliver a safe trading environment.
• As well, the firm was alerted and blacklisted by the European authorities, while the official issue was presented by Italian CONSOB and followed by other EU regulators. In conclusion, we do not recommend trading with the mentioned broker and its affiliated companies and generally not to involve in any business with a non-regulated firm despite the attractive offerings.

“Having established that, according to the information available, people operating in the name of “24stox” and “XtradeFX” have contacted Italian investors by telephone in order to persuade them to open an account and perform trading transactions on the said website. Considered that 2dots Ltd is not authorized to provide investment services to the public, the company resolves to order the cessation of the infringement.”

CONSOB, Italy. April 2018.

XtradeFX Review 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 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.

XtradeFX Update

We found that the XtradeFX 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 Jones Mutual Scam or Legit Broker?

Jones Mutual is not a safe broker. It is suspected to be a scam. The broker is located in Estonia, however, it is not regulated by the local financial authority - the Estonian Financial Supervisory Authority. Moreover, the regulatory body issued a warning against Jones Mutual. 

What is Jones Mutual?

Jones Mutual is a Forex and CFD broker. The company is owned and operated by GreenRiver OÜ with a registered address in Tallinn, Estonia. They also provide an operational address in Dublin, Ireland. However, the broker is not regulated either in Estonia by the Estonian Financial Supervisory Authority or in Ireland by the Central Bank of Ireland.

• In order to be able to offer financial services, brokers should obtain a license from one of the regulators depending on the country. Jones Mutual doesn't provide any information about its regulation at all. Moreover, the Estonian Financial Supervisory Authority has issued a warning against Jones Mutual/GreenRiver OÜ:

"Finantsinspektsioon (the Estonian Financial Supervisory Authority) would like to inform clients and investors that GreenRiver OÜ(registry code 14445326) does not hold an activity license for the provision of investment services in Estonia and therefore GreenRiver OÜ is not authorized to provide investment services in Estonia. The company offers the possibility to trade derivatives through web page https://www.jonesmutual.com."

Jones Mutual 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.

Jones Mutual Update

We found that the Jones Mutual 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 Swift Bit Options Scam or Legit Broker?

No, it is not safe to trade with Swift Bit Options as the broker is suspected to be spam. The broker is registered in St. Vincent and the Grenadines and Seychelles. Both of the mentioned locations are known as offshore zones that do not provide sufficient protection.

• Thus, trading with offshore brokers might result in the loss of investments. Read more about why not trade with St. Vincent and the Grenadines brokers. 

What is Swift Bit Options?

Swift Bit Options (SBO) claims to be a broker that offers investment accounts to trade in Forex, cryptocurrencies, Contracts for Difference, options, and other investment products.

• The company is owned and operated by Swift Bit Options Ltd. with registration in St. Vincent and the Grenadines and Seychelles. Both locations are offshore zones that are considered to be popular among unregulated forex brokers. It is risky to trade with offshore-registered brokers as they usually don't have licenses and are not overseen by any proper regulator.
• Swift Bit Options also states to be a member of the Financial Commission (FinaCom). The membership guarantees that clients of Swift Bit Options are under the protection of this organization, however, FinaCom is self-regulated and do not strictly regulate or oversee the companies.
• In addition, the British Columbia Securities Commission has issued a warning against Swift Bit Options:
  "We recently became aware of Swift Bit Options (SBO) and that it had accepted funds from a British Columbia (BC) resident to trade with the company. SBO is not registered to trade in, or advise on, securities or exchange contracts in BC."

Swift Bit Options Review 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 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.

Swift Bit Options Update

We found that the Swift Bit Options 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.