category: Unregulated Brokers

Is Binatex Scam or Legit Broker?

No, Binatex is not safe to trade with. The company is not regulated by any of the authorities. It does not have any serious license that can provide safe trading without any risks. The broker is based in Seychelles, yet has also an office in Cyprus.

What is Binatex?

Binatex is a trading name used by the Seychelles-incorporated firm that also serves an office in Cyprus for the purpose of payment services for the offshore holding company Yulanta Business Ltd.

• Also, the company mentions the logos of the European MiFID regulation and registration with Russian CROFR. However, with all respect to the Russian authority, in fact, it doesn’t regulate daily operation and maintenance of the safest trading environment. In addition, the Binatex company didn’t receive a license from the local Cyprus authority CySEC and only mentions its processing. That means the broker can’t use the MiFID logo, while even currently CySEC issued a warning against investing with Binatex.

   “The Cyprus Securities and Exchange Commission (CySEC) would like to inform the investors and the public at large that the domain Binatex included in the list of not owned or operated by Cyprus Investment Firms (CIFs) which have been authorized by CySEC to provide Investment Services.”

  CySEC, Cyprus.

Binatex Review Conclusion

Even though there is no strict evidence of extreme fraud from the company, their unregulated nature of investment business reveals various questions. Until the moment they receive authorization from the CySEC or any other regulatory body, there is simply no trust in how the funds and clients will be managed.  Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as FBS and BlackBull Markets.

Binatex Update

Based on our research, the Binatex 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 LottMarket Scam or Legit Broker?

No, it is not safe to trade with LottMarket. The broker is suspected of being a scam, as it does not hold any serious license from a top-tier authority. In fact, LottMarket is an offshore broker located in Vanuatu, which is an offshore location. Read why it is not safe to engage in trading with Vanuatu brokers. 

What is LottMarket?

LottMarket is a trading name used by the company that the company claims its establish date since 2014 with an office located in the UK. The broker offers vast trading opportunities promises potentially high investment profits and states that 75% of traders have become successful managers while delivering PAMM service (You may be interested in checking PAMM accounts for US residents). However, during the research, we revealed that the company, in fact, is registered in Vanuatu, which means the broker is regulated by none of the authorities and can promise a lot, while the truth can be different.

• The risk of trading with non-regulated entities hides at the point when the trader deposits funds and then suddenly either loses capital, or the broker will find reasons why funds will not return to their owner. This is typical fraud behavior, and a nonlegitimate company, of course, can do so. For that reason, we strongly recommend engaging in trading only with regulated brokers from the UK or other reputable jurisdictions.
• In regards to LottMarket, there is no damming evidence that LottMarket is a pure scam, but there is evidence of some negative reviews from the traders. Along with the warning issued by the authorities caught LottMarket offering their service without its legal permission, which is a serious issue. Therefore, of course, we would advise choosing among the brokers that are reliable and actually, offer much better trading conditions.

“The Cyprus Securities and Exchange Commission (CySEC) would like to inform the investors and the public at large that the domainLottMarkets.com included in the list of not owned or operated by Cyprus Investment Firms (CIFs) which have been authorized by CySEC to provide Investment Services.”

CySEC, Cyprus.

LottMarket Review Conclusion

We advise all investors and traders to avoid LottMarket and other brokers from Vanuatu. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as FP Markets and BlackBull Markets.

LottMarket Update

We have found that the LottMarket 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 Finpari Scam or Legit Broker?

No, it is not safe to trade with Finpari. The broker does not provide any clear information about its regulations and registration, which may mean only one thing. Either the broker is unregulated or located in an offshore zone. In both cases, it is not safe to invest with Finpari or any other broker that lacks regulation. After thorough research, we found that Finpari is actually a Seychelles-based broker.

• Not all offshore or unregulated brokers are necessarily scams, however, most often, a broker with no regulations turns out to be a fraud. 

What is Finpari?

Finpari trading brand is operated by the Finance Group Corp that offers vast Forex and CFDs trading opportunities. The company claims its numerous awards within the industry, as well as the regulated environment and opportunity to copy trades or engage in contests.

• However, this is all that is available on the official website. There is no mention of an address, location, regulation, or even phone number. Actually, that means the company is located in an offshore zone while attracting worldwide clients just by the competitive proposals with no any confirmation of its legal status to offer anything.
• Our concerns were confirmed during research, as the broker appeared to be a Seychelles-based firm under the name Lerona Imprex S.A., as well which operated another brand Finrally.
• Besides the attractive proposal, the real facts show another side of the company's operation. The traders faced issues with money withdrawals, funds were locked within the account due to some strange terms and conditions, as well as the manipulations in the process. These issues are quite typical for those brokers who pretend to be regulated and fully legitimate but in fact, are offshore or unregulated brokers. Their operation is simply not overseen by anyone, thus the firm can do whatever they wish.
• Apart from the guilty verdicts against Finpari, while the traders' complaints confirmed established fraud operation and trading environment, the broker also appeared in alert lists of regulatory authorities. This includes a list of non-authorized or registered domains listed by CySEC (Check the CySEC regulated brokers list), Cyprus (checklist here).

Finpari Review Conclusion

Therefore, we recommend being very careful in dealing with a non-regulated and offshore broker in order not to fall into fraud. It is much better to choose among the recommended FCA Regulated brokers or similar regulated entities that were confirmed by the legal authority in terms of their sustainability and performance. Traders should trade with well-regulated brokers such as FBS and BlackBull Markets.

Finpari Update

We have found that the Finpari 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 Empire Option Scam or Legit Broker?

No, Empire Option is not safe to trade with. The company is not regulated by any of the authorities. Being located in an offshore zone - St. Vincent and the Grenadines, the fact is the firm is not overseen and regulated by the strictest international rules that confirm the sustainable status of the company. In addition, the firm also appeared in warning lists of several authorities that include EU regulators and beyond.

What is Empire Option?

Empire Option is a trading name used by Baumann and Kraus Enterprises Ltd, which is located in the offshore zone of St. Vincent and the Grenadines. The broker promises a new way to invest in the world’s leading financial markets through more than 1,000 assets with advanced tools.

• The reviews about the company consist of mainly negative ones, with a history back to 2015. As the reputation of the broker widely spread among internet sources, the broker decided to change their target strategy to those regions that may not find their negative information. And that region includes mainly Spanish-speaking countries and clients, especially from Latin America, as well as the Middle East regions. However, the fraud of the Empire Option performs already revealed through numerous sources while clients still facing the same problems with withdrawals, manipulations, and malicious trading itself.

Empire Option Review Conclusion

In conclusion, of course, the traders should avoid Empire Option brokers and any contact with them, as well as not to involve in any non-regulated sites or entities. The first step to protect funds and engage in reliable investment is to check on the authorization status of the company which confirms the legal status of the entity. We recommend choosing among the recommended FCA Regulated brokers, ASIC Regulated Brokers, or similarly regulated brokers.

Empire Option Update

Based on our research, the Empire Option 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 BeAlgo Scam or Legit Broker?

No, it is not safe to trade with BeAlgo. BeAlgo is owned and operated by B.A.X LTD and claims to be located in Sofia, Bulgaria. According to our research, BeAlgo is a total scam. The broker is not regulated and has no legal right to provide financial services to the public. Moreover, BeAlgo has been suspected of fraud, when pretending to be another company with a better reputation.

What is BeAlgo?

BeAlgo is a forex broker that offers a variety of currency pairs, CFDs, and cryptocurrencies. B.A.X LTD claims to be incorporated under the laws of the Republic of Bulgaria and registered in the country. However, the broker is not registered with the Bulgarian Financial Supervision Commission (FSC) and doesn’t have a license to provide its financial services in Bulgaria.

• Also, we looked through the terms and conditions presented on the website to find a bit different information about the jurisdiction the company belongs to. It says the broker is under the laws of England and Wales, although it is not regulated in the UK.

• All the brokers operating in a particular country should be licensed by its local regulator/authority (Financial Supervision Commission in Bulgaria and Financial Conduct Authority in the UK, for instance), otherwise, the broker’s actions will be considered as illegal. It is clear that brokers like BeAlgo should be avoided at all costs.

• BeAlgo has also been banned by several regulators, such as Financial Conduct Authority in the UK:

  "Bealgo is not authorized by us and is targeting people in the UK. Based upon information we hold, we believe it is carrying on regulated activities which require authorization."

• There's one more warning from the Financial Market Authority in Austria:

  "Bealgo (B.A.X. LTD) is not entitled to carry out banking transactions in Austria that require a license. The provider is, therefore, neither permitted to trade on a commercial basis."

BeAlgo Review Conclusion

We advise all investors and traders to avoid BeAlgo 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 BlackBull Markets and XM.com.

BeAlgo Update

We have found that the BeAlgo 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 Noble Capital House Scam or Legit Broker?

No, Noble Capital House is not safe to trade with. The company is not regulated by any of the authorities. 

• The company is located in St. Vincent and the Grenadines, which is a known location for its liberal requirements towards financial firms and their maintenance. That means the reliability requirements are minimal and do not meet international standards that truly protect clients and what is more that none of the authorities check on every step of the company. Therefore, any offshore firm cannot be a safe option due to the lack of regulations.

What is Noble Capital House?

Noble Capital House offers convenient trading conditions on a range of trading instruments throughout various account types and education with support from the company. The broker also promises the safety of funds by using separate bank accounts and compliance with international standards of service.

• In addition, authorities of reputable forex and trading hubs supervise offerings among their jurisdictions and warn the companies that are not set in accordance with the protective rules. Thus, Noble Capital House appeared on blacklists of the UK’s FCA, while other partner regulators followed the necessary actions.

  “We believe this firm has been providing financial services or products in the UK without our authorization. We strongly recommend being especially wary of dealing with this unauthorized firm and to protect yourself from scammers. We advise to only deal with financial firms that are regulated and authorized to perform financial business.”

  FCA, UK. April 2018.

Noble Capital House Review Conclusion

In order to establish a successful trading carrier and process, it is a paramount and first priority to choose a broker to trust, that’s why we advise avoiding non-legitimate companies and to choose only among the recommended FCA Regulated brokers or similar regulated entities. Traders should trade with well-regulated brokers such as FBS and BlackBull Markets.

Noble Capital House Update

We have found that the Noble Capital House 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 SoarFX Scam or Legit Broker?

No, SoarFX is not safe to trade with. The company is not regulated by any of the top-tier authorities. There is no mention of the company address, location or any information that can indicate the broker's reliability. Thus, it seems that SoarFX is operating without a license which makes its offerings unreliable and risky. 

What is SoarFX?

The potential client of SoarFX gets an opportunity to trade on the currency market (FOREX) and in CFDs, shares, and indexes through an MT4 platform. SoarFX is a trading name used by Bluestar International Acquiring Ltd and that is all information available about the broker. There is no any mentioning on the official website about an address, registration, or whatsoever, while the only address mentions a payment provider Hermes Solution DOO in Montenegro.

• Therefore, the broker’s operation and provision of services are in question, and definitely, it means the broker is non-regulated while targeting clients just by attractive proposals and conditions. And this is exactly the reason we always advise trading with a regulated broker only, as these firms are constantly overseen and reported.

• As the industry grows, the market authorities issue regular warnings against those companies that use targeting tactics without legal permission to do so and seem to be scams. Moreover, a non-regulated firm means that no one ever checks the company's sustainability, ability to deliver financial service and what stands behind the firm.

• In regards to SoarFX, of course, we recommend avoiding their proposals by any means. Also, the European authority CONSOB, Italy issued an alert against SoarFX, while further EU regulators followed the issue. 

  “The soarfx.com website, registered in an anonymous form by a user whose identity is not known. Considering that the SoarFX company, with an alleged registered office in London, is not authorized to provide investment services to the Italian public, insofar as it is not registered on the register we recommend avoiding trading with them”

  CONSOB, Italy. April 2018.

SoarFX  Review Conclusion

We advise all investors and traders to avoid SoarFX and other brokers from Vanuatu. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as FP Markets, BlackBull Markets, and HYCM.

SoarFX Update

Based on our research, the SoarFX 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 OPCompany Scam or Legit Broker?

It is not safe to trade with OPCompany. The broker states about its MFSA regulation, however, the broker seems to use fake information to conceal the fact of not being regulated. 

What is OPCompany?

OPCompany is a Forex broker that seems to be offering its financial services mostly to Italian customers as the first language supported on the website is Italian. The broker is owned and operated by OPC Services and claims to be regulated and located in Malta. There is even a license number and the text of the agreement with the Malta Financial Services Authority (MFSA) provided on the website.

• We took a look at the MFSA's register and didn't find the license number or broker's name mentioned there. It seems like OPCompany is just another broker that uses fake regulation/license from a reliable authority to get people's trust and make them invest. We highly recommend avoiding such entities, who try to delude investors as usually all the invested money is gone for good with the fraud broker.
  In addition, the Italian Companies and Exchange Commission (CONSOB) issued a warning against OPCompany on 29th of October:
  "The National Commission for Companies and the Stock Exchange, has also prohibited, pursuant to article 99, paragraph 1, letter d), of the Consolidated Law on Finance, the offer to the Italian public of standardized units of "managed accounts" through the www.opcompany.net website."

OPCompany Review Conclusion

We advise traders to avoid not licensed brokers and choose among the regulated ones. The most reliable regulators are the UK's FCA, the Australian Securities and Investments Commission (ASIC), and the Cyprus Securities and Exchange Commission (CySEC). These regulators require a certain amount of capital from the brokers to guarantee the compensation of funds and a certain level of safety of clients' money. Traders should sign in with reliable brokers such as FBS and BlackBull Markets.

OPCompany Update

Based on our findings, the OPCompany website is inactive. This means the broker has muted its trading offering and does not operate. Anyway, we recommend avoiding and staying alert in case of any proposals. 

Is Dax-300 Scam or Legit Broker?

No, it is not safe to trade with Dax-300. St. Vincent and the Grenadines is notorious for its practically absent requirements and regulations. Due to the setup cost being low it does not regulate forex trading. Therefore, it became an offshore zone for shady forex brokers such as Capital TradeFX, Traderia, and more. You can read our detailed article about the risk of trading with brokers from St. Vincent and the Grenadines.

What is Dax-300?

Dax-300 is an offshore Forex and CFDs broker. DAX-300 is operated by ELRICS Brothers Ltd, with the legal and physical addresses in St. Vincent and the Grenadines.

• According to the website, Dax-300 claims to be a leading currency and stock exchange broker in Europe, South Africa, and more. Also, it claims to have offices in over 12 countries including Poland, UK, France, and Germany. After researching, we couldn't find any mentions of this broker in any regulator's register.

• Moreover, Dax-300 has been blacklisted by Italy's regulator CONSOB:

  "the National Commission for Companies and the Stock Exchange has ordered Elrics Brothers Ltd and Sanata Partners Eood, through the website www.dax-300.com to cease the infringement of art. 18 of the TUF consists of providing unauthorized investment services and activities to the Italian public".

• Also, Austrian Financial Markets Authority has issued a warning against Dax-300:

  "Dax-300 is not entitled to carry out banking transactions in Austria that require a license. The provider is therefore not permitted to trade on a commercial basis."

Dax-300 Review Conclusion

We advise all investors and traders to avoid Dax-300 and other brokers from St. Vincent and the Grenadines. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as AvaTrade and XM.com.

Dax-300 Update

Based on our research, the Dax-300 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.