category: Unregulated Brokers

Is 2dots Scam or Legit Broker?

No, 2dots is not safe to trade with. 2dots is owned and operated by Webnet Ltd which is incorporated in Luxembourg. However, the terms and conditions state that the company is registered in Vanuatu.

• Vanuatu is the easiest jurisdiction to open a brokerage, as the opening requires the company to submit a register online, prove initial established capital which is $2,000 only, pay a fee, and within 2-3 months, the firm is crisp and registered. Therefore, it became an offshore zone for shady forex brokers such as Circle Markets, IC Finance, and more. We have a detailed article explaining the risk of trading with brokers from Vanuatu.

What is 2dots?

2dots offers online trading providing over 1,000 financial assets traded in CFDs and FX, through an innovative approach to trading and a unique alternative. Moreover, the broker states their cutting-edge security systems and the utmost protection of the clients at every stage.

• However, we would barely believe that description, as the fact is that the 2dots and its owning company are not registered and regulated by any serious entity. First of all, important to mention that Luxemburg being a part of the EU requires registration and a particular license to be a legitimate financial service provider. Since the company does not hold any, the only conclusion is that the broker does not care about their clients and has a purpose only to attract traders' funds.
• Actually, that suspicious guessing was confirmed by the numerous complaints from the traders that sadly faced typical scam behavior. The withdrawals were limited or due to some circumstances not provided, manipulation of the price feeds, as well as on trading accounts. You can read the feedback from 2dots trader reviews
• In addition, 2dots has been blacklisted by Spain's regulator CNMV:

"www.2dots.com / WEB NET LTD is not authorized to provide the investment services, which include investment advice, or to provide auxiliary services in relation to the financial instruments, including, for those purposes, foreign currency transactions."

2dots Review Conclusion

We advise all investors and traders to avoid 2dots 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 eToro and XM.com.

2dots Update

We found that the 2dots 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 GSFX Scam or Legit Broker?

No, GSFX is not safe to trade with. The company is not regulated by any of the authorities, although it tries to represent itself as a well-regulated broker by top-tier authorities. 

What is GSFX?

GSFX is an online trading provider and retail broker, which claims its registration and popularity in the UK, as well as one of the top European companies, while the operation is established according to its FCA license. While the broker website is mainly presented in Chinese, thus diverted to the Asia region, the website also serves an English version, which means the company targets worldwide traders.

• However, the main concern and truth are that the broker is neither registered by the FCA (Financial Conduct Authority) nor is allegedly located in the UK. Actually, this is a serious issue, as the company points out absolute false information and claims fake legitimate status. None of the serious firms and trustful financial service providers will allow such abuse, but for non-regulated, scam companies it is typical behavior.

• The primary issue of any non-regulated entity is to formulate an attractive offering, get clients' deposits, and manipulated the clients and their funds so the trader will never see his funds again.

GSFX Review Conclusion

We always put a question, why involve yourself in the highest risk while trading or engaging with a non-authorized entity? We recommend choosing among truly regulated FCA Forex Brokers or companies with similar reputable registration, as this will provide safety and reliable trading environment. Traders should trade with well-regulated brokers such as UK brokers or Brokers in Australia and reliable brokers such as FBS and BlackBull Markets.

GSFX Update

Based on our findings, the GSFX 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 10Brokers Scam or Legit Broker?

It is not safe to trade with 10Brokers. The broker is suspected to be a scam. 10Brokers states to be located in Estonia, however, it is not registered with the local financial authority, which makes the broker's offerings untrustworthy.

• It is not advisable to sign in with unregulated or offshore brokers, as very often they turn out to be scams, causing traders to lose their investments. 

What is 10Brokers?

10Brokers is a broker that offers to trade with such assets as Forex, CFD, commodities, indices, and cryptocurrencies. The company is owned and operated by Euro Wealth OÜ that claims to be based and registered in Tallinn, Estonia.

• However, we didn't find any records of 10Brokers being regulated by the Estonian Financial Supervision Authority (EFSA). Although, the broker has actually been mentioned in the regulator's records, unfortunately, those are the broker alerts and warnings:
  "Finantsinspektsioon (the Estonian Financial Supervisory Authority) would like to inform clients and investors that Euro Wealth OÜ (previous business names AllProTech OÜ and Nostro Technology OÜ; registry code 14183116) does not hold an activity licence for the provision of investment services in Estonia and therefore AllProTech OÜ is not authorised to provide investment services in Estonia. The company offers the possibility to trade different derivatives through web page https://10brokers.com/."
• There is a big confusion with the names of the owner-companies of the 10Brokers, as we found at least 5 names that were associated with the broker this year. EFSA has already stated that Euro Wealth OÜ was previously named as AllProTech OÜ and Nostro Technology OÜ and these two companies were blacklisted as well.
• Also, KHO TEHCH Ltd. and FGM Technology Ltd were appearing next to the broker's name. In addition, FGM Technology Ltd. (trading as 10Brokers) have been blacklisted by the UK's FCA in June 2018:
  "FGM Technology Ltd trading as 10 Brokers 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."

10Brokers Review Conclusion

Considering all the cons of the broker, we don't recommend trading with 10Brokers. Investing with a properly regulated broker is crucial for the safety of any investment. Here are some reliable regulators: UK’s FCA, the Cyprus Securities and Exchange Commission (CySEC) and the Australian Securities and Investments Commission (ASIC). Traders should trade with well-regulated brokers such as FBS and BlackBull Markets.

10Brokers Update

We found that the 10Brokers 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 Platinums Trade Scam or Legit Broker?

It is not safe to trade with Platinums Trade. The broker is suspected of being a scam. It does not provide any information about its regulations and registration. The contact information provided on the broker's website indicates Italian and English phone numbers, yet Platinums Trade is not registered in any of these countries, although it is obligatory to have a license in order to be able to provide financial services there. 

• Signing with offshore or unregulated brokers means putting your investments at risk. 

What is Platinums?

Platinums Trade is a Forex and CFD broker. The company is owned and operated by West Media Group limited and based in St. Vincent and the Grenadines, which is a well-known offshore zone for forex brokerages. But not every trader knows that there is no forex regulation in St Vincent, so the broker companies are not overseen by any authority. Such licenses are cheap (around USD 2,000) and easy-to-get, which doesn't sound very reliable.

• Platinums Trade doesn't provide any information about its regulation. The website supports English, Italian and Spanish languages that indicate the countries the broker has been targeting. Also, the contact phone numbers shown on the website are British and Italian, however, the broker doesn't have offices in these countries and obviously is not regulated there.
• In addition, Italy's regulator CONSOB has issued a warning against Platinums Trade in April 2018:
  "The National Commission for Companies and the Stock Exchange, in accordance with article 7-octies, letter b) of the Consolidated Law on Finance (TUF), has ordered Platinums Trade through the website www.platinumstrade.com to cease infringement of article 18 of the TUF consisting of the offer and performance of investment services and activities to the Italian public."

Platinums Trade Review Conclusion

To succeed in Forex trading, it is essential to find a regulated and trustworthy broker with favorable offerings. Platinums Trade is not one of them.  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.

Platinums Trade Update

We found that the Platinums 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 BrokerYard Scam or Legit Broker?

No, BrokerYard is not safe to trade with. The company is not regulated by any of the authorities. Due to its unregulated nature BrokerYard is not recommended to trade with.

What is BrokerYard?

BrokerYard is a trading provider with the opportunity to trade on the FOREX and CFD markets through a dedicated platform. The company claims its location in the UK, however, there is no license or registration of the broker appears. Therefore, the broker operates illegally, due to the fact that almost every financial service company and trading service provider should obtain an FCA (Financial Conduct Authority) license in order to offer their service to UK residents and beyond.

• An FCA authorization, first of all, confirms that the company is sustainable and conducted according to strict capital requirements along with the applied customer protection rules. Thus, the FCA-regulated broker maintains a sufficient level of safety in order to offer a quality product to potential clients and perform smooth trading itself.
• As all mentioned is not the case of BrokerYard, due to their non-regulated establishment, we do not advise trading with them. Moreover, the firm received a warning from the authorities, which is also should be strongly considered. Generally, trading with non-regulated or offshore firms increases the chances to lose funds due to some unknown circumstances and unfortunately, no one will be able to protect the client’s interests further.

 “Established that, from the information available, people operating in name of "Broker Yard" have contacted Italian investors by telephone in order to persuade them to open an account and carry out trading transactions on the said website. Moreover, some complainants have received emails containing operational instructions and that the provision of investment services and activities is reserved for authorized entities only. Hereby CONSON resolves to cease the infringements of the provision of the Broker Yard services.”

CONSOB, Italy. April 2018.

BrokerYard Review Conclusion

We advise all investors and traders to avoid BrokerYard and other unregulated brokers. 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.

BrokerYard Update

Based on our research, the BrokerYard 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 Shinsei Corporate Management Scam or Legit Broker?

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

What is Shinsei Corporate Management?

The broker Shinsei Corporate Management offers vast trading opportunities with complete resources and investment services with advanced offerings to retail, institutional clients, and wealth management. The company states its address in Japan with 17 years of experience and over 7 thousand clients engaged with them.

• Besides the allegedly attractive offering, the facts reveal that the company does not hold a proper license to deliver its investment service within or beyond its location. This means, that there is no implemented set of rules that confirms company sustainability and ability to maintain obligations towards the clients.
• It is also worth mentioning, that at the moment of our investigation, the broker's website is partly disfunctional. We recommend traders to make their own research and decide whether it is worth signing in with the broker. 
• In addition, the firm’s offering caught the attention of international authorities, as their non-licensed operation was delivered to jurisdictions that strictly monitor market offerings. The alerts were issued by the Austrian FMA, while other partner regulators within and far the EU followed the issue.

“The Austrian Financial Market Authority (FMA) may disclose to the general public by publication on the Internet, or in any other newspaper with nationwide circulation, that a particular natural or legal person Shinsei Corporate Management is not entitled to carry out certain investment services. Provided that said person has given cause for such action and informing the general public is deemed necessary and reasonable with regard to possible disadvantages of the person concerned.”

FMA, Austria. September 2018.

Overall Shinsei Corporate Management Ranking 

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

• Shinsei Corporate Management 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.

Shinsei Corporate Management Alternative Brokers

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

Shinsei Corporate Management Review Conclusion

Generally, investment and financial services require a high level of caution while dealing with and choosing the company to engage with. We advise choosing among regulated brokers only. 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 Shinsei Corporate Management is Negative

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.