category: Unregulated Brokers

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. 

Is Rocket Consultant Group Scam or Legit Broker?

It is not safe to trade with Rocket Consultant Group as the broker is suspected to be a scam. There is not much information about the broker's registration, however, Rocket Consultant Group states to be located in Switzerland while it does not hold a license from the local financial authority.

• This means, that Rocket Consultant Group is an unregulated broker and it is not entitled to provide financial services in the country. It is very dangerous to invest with unregulated brokers, as it is not clear how they lead their business, and if traders are protected with them. 

What is Rocket Consultant Group?

Rocket Consultant Group claims to provide an online trading platform for Forex, Contracts for Difference, and options. The broker doesn't provide much information about its trading conditions or regulation. It claims to have its main office in Zurich, Switzerland, and offices in Panama, Germany, and Hong Kong. However, the company is not regulated or authorized in any of these countries.

• Forex and CFD brokers must be registered with regulatory institutions, which ensures every trader's to be segregated and protected, in case a licensed broker becomes bankrupt. Besides, brokers will need to comply with different regulations, depending on the country and regulator.
  Moreover, the British Columbia Securities Commission has issued a warning against Rocket Consultant Group Ltd.:

"We recently became aware of RCG and that it had accepted funds from a British Columbia (BC) resident to trade with the company. RCG is not registered to trade in, or advise on, securities or exchange contracts in BC."

Rocket Consultant Group 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.

Rocket Consultant Group Update

We found that the Rocket Consultant Group 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 RCPro Scam or Legit Broker?

No, RCPro is an unregulated broker. RCPro is a Forex and CFD broker, owned and operated by GoldTech Media Services OU. GoldTech Media Services OU is incorporated and located in Tallinn, Estonia, however, the company is not regulated in Estonia or any other European country. There is no information about the broker's regulation at all, so it has no legal right to provide its financial services. 

What is RCPro?

Another thing that should be a huge red flag for those who want to invest with this broker is the reputation of GoldTech Media Services OU. The company has been blacklisted multiple times under the names of other unregulated brokers such as S2Trade and Glenmore Investments. These brokers along with GoldTech Media Services OU have been blacklisted by the UK's Financial Conduct Authority: S2Trade in February 2018 and Glenmore Investments in August 2018.

• As to the RCPro, it has also been banned by the Estonian Financial Supervisory Authority:

"Finantsinspektsioon (the Estonian Financial Supervisory Authority) would like to inform clients and investors that GoldTech Media Services OÜ (commercial registry code 14185919) does not hold an activity licence for the provision of investment services in Estonia and therefore GoldTech Media Services OÜ is not authorised to provide investment services in Estonia. The company offers the possibility to trade different derivatives through web page https://www.rcpro.com/."

RCPro Review Conclusion

We advise all investors and traders to avoid RCPro 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 FP Markets and BlackBull Markets.

RCPro Update

We found that the RCPro 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 Extick Scam or Legit Broker?

No, it is not safe to trade with Extick. Extick is a newly established online trading provider, which established its operation in July 2018 and offers CFD and Cryptocurrency instruments. The company states its address in London, UK while the operation is performed through the owning company PPSAI GROUP LIMITED.

• To be able to offer financial services in the UK, a company should hold a license from the well-known FCA. However, this is not the case with Extick, which means that the broker is unregulated and does not have legal permission to provide its services in the country. 

What is Extick?

Extick offers individuals the ability to trade a variety of digital assets through a web-based simple interface of a trading platform.

However, in order to be a legit firm and offer financial investment services to the public, the company should maintain and prove its sustainable positions, as well as apply various rules in order to deliver safe trading conditions.

• All this is established and controlled strictly by the local authority FCA (Financial Conduct Authority), while it is mandatory to obtain an FCA license before you start the trading business. Yet, Extick didn’t bother to receive a license and be authorized. Therefore, it is unknown what kind of business they are doing, and especially how they treat the investors' funds.
• Still, the company is a very fresh issue and there is no evidence or confirmation of their fraud nature, yet the operation with no license is definitely a good start for brokerage.

Extick Review Conclusion

We advise all investors and traders to avoid Extick and other unregulated brokers. The lack of information about the broker’s regulations, 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 FP Markets and BlackBull Markets.

Extick Update

We found that the Extick 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.