category: Unregulated Brokers

Is AsicTrader Scam or Legit Broker?

AsicTrader has been suspected as a scam broker. According to the broker's website, it is located in Scotland. However, it does not have any license from the local regulator, which means that the broker is not regulated and authorized to offer its services. 

What is AsicTrader?

AsicTrader is a broker that offers Forex, CFD, and cryptocurrency trading. The company is owned and operated by Hellax Corp LP and claims to be based in Edinburgh, Scotland.

• In order to have a legal right for offering financial services in the UK, the brokers would need to have a license from UK's regulator Financial Conduct Authority. However, AsicTrader is not regulated by the FCA or any other regulator. Moreover, the FCA has issued a warning against this broker:
  "Asic Trader / Hellax Corp 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."

AsicTrader Review Conclusion

We recommend to avoid trading with unlicensed brokers and choose among the regulated ones. The most reliable regulators are the UK’s FCA, the Australian Securities and Investments Commission (ASIC) or 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, such as BDSwiss and FBS.

AsicTrader Update

Based on our research, the AsicTader 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 TouchTrades Scam or Legit Broker?

It is not safe to trade with TouchTrades. The broker is suspected to be a scam. It does not hold any license from a top-tier authority. Although the broker mentions its London address on its website, it is not regulated by the UK financial authority - FCA. All financial companies located in the UK should hold the FCA license to be able to provide their services. 

What is TouchTrades?

TouchTrades is an innovative financial services company offering a full suite of easy-to-use online brokerage, investing, and related banking solutions, delivered at a competitive price, as the broker mentioned on the website. The company states its location in London, however, does not hold an FCA license, which in fact is mandatory for the financial investment firm in the UK. The potential investor, after the registration on the website and the opening of an account, has the opportunity to trade in stocks, commodities, and indexes and on the currency market (FOREX) through the MT4 platform.

• Generally, we never advise trusting an unregulated company, as simply the broker that is reliable and truly perform trusted operation will take care of the client's protection and will get a necessary license to operate. As this is not the case with TouchTrades the trader will never know if he will see his funds ever again or not. In addition, the authorities received complaints from the traders about TouchTrades offerings, therefore, the firm received an official alert and was blacklisted.

“The TouchTrades Limited company, with an alleged registered office in London, according to the information available, people operating in the name of "TouchTrades" have contacted investors in certain jurisdictions by telephone in order to persuade them to open an account and trade on this website. The operation in question can be classed as the professional provision of investment services involving financial instruments that requires authorization, therefore TouchTrades have to cease the infringement”

CONSOB, Italy. April 2018.

TouchTrades Review Conclusion

There are many Forex Brokers offering very competitive trading conditions while enabling trading through a legal operation of the service, and of course, we advise choosing among them. This includes FCA Regulated Brokers, ASIC Brokers, or similar. Traders should invest with trustworthy brokers, such as FBS and BlackBull Markets.

TouchTrades Update

Based on our findings, the TouchTrades 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 CF Group Scam or Legit Broker?

CF Group is not a safe broker. As to the CF GROUP LIMITED, it is actually regulated by the FMA in New Zealand, although the regulated entity has nothing to do with CF Group broker. Seems like CF Group is using the regulatory information of the authorized companies to get clients' trust. 

What is CF Group?

CF Group is a Forex and CFD broker that according to the website is headquartered in London. It owns two subsidiaries: CF GLOBAL UK LIMITED in the UK and CF GROUP LIMITED in New Zealand. Also, the firm claims that CF GLOBAL UK LIMITED is regulated by UK's Financial Conduct Authority and CF GROUP LIMITED is regulated by New Zealand's Financial Markets Authority. The truth is CF GLOBAL UK LIMITED used to be regulated by the FCA, but the regulator's register informs that
"CF GLOBAL UK LIMITED is an appointed representative (AR) that is no longer an agent of an authorized firm. Do not start to do 'REGULATED' business with an AR that is no longer registered."

• Moreover, Financial Markets Authority has issued a warning against CF Group:

"We recommend exercising caution before dealing with CF Group, and the app it has published on the Google Play Store. This app claims to be associated with a New Zealand-registered financial service provider. This app is not associated with the New Zealand registered financial service provider CF Group Limited."

CF Group Review Conclusion

We strongly advise traders to avoid unregulated brokers such as CF Group, especially when there are warnings against them. It is always safer to deal with companies licensed by reputable financial watchdogs such as UK’s FCA or Australia’s ASIC. Here you may check our list of brokers licensed by the FCA. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as FP Markets and eToro.

CF Group Update

Recently the CF Group website remains inactive, meaning the broker has muted its trading offering and does not propose account openings. However, we still advise the traders to be alert and careful, in case they receive trading proposals.

Is Markets Xchange Scam or Legit Broker?

It is not safe to trade with Markets Xchange. This is an offshore broker and does not hold any serious license from a top-tier authority. 

• The broker is registered in the Marshall Islands which is an offshore zone, however, the broker pretends it is located and licensed in Ireland, which already gives a firm ground for doubts. 

What is Markets Xchange?

Markets Xchange is a Forex and CFDs broker. The website states that the Company Marshall Islands provides online trading services via its brand “Markets Xchange” and its European billing agent and marketsxchange.com website and the domain registrar. It is clear from the owner company's name that the broker is registered in the Marshall Islands, however, it claims to be located and authorized in Ireland (they don't provide the address, but provide multiple British and Irish contact phone numbers). Markets Xchange is not regulated by Ireland's regulator The Central Bank of Ireland or any other authority.

• Moreover, The Central Bank of Ireland has issued a warning against the broker:
  "Markets Xchange/Company Marshall Islands is not authorized by the Central Bank as an investment firm, or to provide investment advice. Markets Xchange/Company Marshall Islands has cloned the Central Bank authorization number of a legitimately authorized entity (of a different name) that has no connection whatsoever to this unauthorized firm."

Markets Xchange Review Conclusion

As we usually warn, offshore-regulated companies are not the best options to trade with, because of the high risk of losing invested funds. They don't guarantee and/or provide any protection for their customers. The UK's FCA, on the contrary, provides the Financial Services Compensation Scheme (FSCS), which guarantees account protection in case the broker goes bankrupt. Check the list of FCA-regulated brokers here. Traders should trade with well-regulated brokers such as FBS and BlackBull Markets.

Markets Xchange Update

Based on our findings, the Markets Xchange 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 NBR Trading Scam or Legit Broker?

NBR Trading is not a safe broker to trade with. The broker does not hold any serious license and it might be a scam. Being based in Japan the broker should hold a license from the country's top financial authority - JFSA. However, this is not the case with NBR Trading.

What is NBR Trading?

NBR Trading is a multi-tier private equity firm involved in global derivatives and risk management providing in-depth analysis and trading of financial markets globally. This info is claimed on the company website, while the firm mentions their exceptional expertise, run of business since 2013, and addresses in Japan.

• However, our main concern about NBR Trading is the regulatory status, which is not confirmed by any mention on the website. That means that the company delivers its service without a proper license and authorization. Being based in Japan the broker should hold a license from JFSA (Japan Financial Service Agency) (Learn about JFSA regulated Avatrade Platform), and therefore if the company didn’t apply for the license there are questions appearing.
• In addition to that, the industry authorities monitor the market offering in order to prevent their responsible residents from fraud and risky investments. As NBR Trading is not licensed to offer its service to world traders, the company received a warning from the Australian and other regulators.

“ASIC advises the company NBR Trading Co Ltd could be involved in a scam. Do not deal with this business as it is unlicensed in Australia. The business listed 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 2018

NBR Trading Review Conclusion

Together with the Forex authorities we always recommend investing and trading only with regulated entities. As scams and frauds are growing daily every trader should protect his funds from non-compliant companies. For that reason, it is better to choose among ASIC-regulated brokers or similar. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as FBS and BlackBull Markets.

NBR Trading Update

Based on our findings, the NBR Trading 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. 

RoyalCripto is an online trading provider that offers a diversified portfolio of trading instruments and promises high return profitability along with the provided safest environment and unparalleled trading services. The states seem to be very effective and competitive, but of course, in order to trust the broker, you have to check on the facts. The first what has revealed about RoyalCripto that the firm mentions on the website bottom name of The Royal Bank of Scotland plc, which is located in Scotland and registered by the FCA (UK) to provide its financial services.

However, RoyalCripto got no any connection to the mentioned company and seems just using their information, while there is no any other concern about why The Royal Bank of Scotland plc name mentioned on the RoyalCripto website. Moreover, we found that previously the company was using another company while mentioning their authorized business model, and still not clear where the company is registered or if registered in generall. That fact even caught the attention of the Italian authority CONSOB, while RoyalCripto received a warning and were flagged to offer their services.

“Having noted that, at the bottom of the website pages it is stated that the website is managed by Royal Forex Ltd, a company regulated and authorized by the CYSEC, this statement also includes the company's license number and the start date of its activities. HAVING ESTABLISHED the aforementioned Royal Forex Ltd, duly authorized by the CYSEC, has no involvement with the www.royalcripto.com website nor with the company that manages it”

CONSOB, Italy. April 2018.

Conclusion

Overall, the RoyalCripto website is found not to be attributable to any of the parties authorized to professionally provide investment services to the public in addition to their fake of information. It all means that the broker performs not clear, transparent or even solely trustful business and that's actually what happened with non-authorized firms. Therefore, we strongly advise to avoid RoyalCripto at every means and to choose among reliable regulated brokers to trade.

Is CK Markets Scam or Legit Broker?

CK Markets has been suspected as a scam broker. According to the website, CK Markets is providing financial services under the laws of Saint Vincent and the Grenadines.

• The broker’s office is located in an offshore area in Saint Vincent and the Grenadines. Although there is a local registration by the Financial Service Authority, it does not supervise and implement necessary protection rules for investment firms.

What is CK Markets?

CK Markets is Forex and CFD’s trading provider and platform that offers a diversity of products through industry-leading MetaTarder4. The company claims its professionalism and dedication to the clients need through their dynamic approach and 100% client focus.

• However, due to the lack of registration, the safety of the trading, investment and trader’s funds, in particular, are at the highest risk, as the CK Markets is not obliged to perform an operation in a way that provides security to the traders.

• Besides, the CK Markets has already received complaints from the engaged traders that faced some misleads in trading offering during the sessions and in general throughout the CK Markets performance. In turn, in order to avoid unlikely situations industry authorities advises to involve in investments or trading only with the firms that prove their maintenance of reliability and trust.

Overall CK Markets Ranking 

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

• CK Markets 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.

CK Markets Alternative Brokers

We revealed that CK Markets has a lot of issues, mainly in respect of its safety and customer care. Thus, here are much better Alternatives to CK Markets 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
• FXTM – Good for Beginners

Deposit & Withdrawal

At CK Markets, making deposits and withdrawals is simple and quick. The broker offers multiple funding options, including Bank wire transfers, cryptocurrencies, Visa and Mastercard payment cards, plus Skrill, Neteller, tether, etc. Deposits are processed instantly.

• When an account is inactive for a period of 6 months the broker applies an inactivity fee of 5 USD.
•  If the trader withdraws the funds after no trading activity, CK Markets reserves the right to charge the equivalent amount of any banking fees incurred, or 3% of the total withdrawal amount.

CK Markets Review Conclusion 

We advise to stay away from CK Markets and sign in with Regulated Brokers only that hold a reliable license and are constantly overseen, with a report of every open trade along to the scheme coverage or even more. There are many companies that are licensed by the regulators like UK’s FCA brokers such as FBS and BlackBull Markets recommended as the best trading company provider.

• Overall ranking and experience for CK Markets is Negative

Is Topstep Scam or Legit Broker?

No, it is not safe to trade with Topstep. Topstep is owned and operated by Topstep, LLC, and claims to be located in Chicago, USA. However, the broker does not provide information about their registration of history, therefore we can conclude that it does not hold any license from any authority.

• Brokers located in the USA should hold a license from the top-tier authority - NFA. Read more about NFA-registered brokers. 

What is Topstep?

The company has interesting offerings, and reviews about it seem to be very promising, and competitive, as the company simply gives a chance to those who are good at trading but for some reason do not put their own funds into trading. The Topstep provides an opportunity to trade while there is no regulation overseeing how exactly the broker delivers their trading condition and maintains the environment.

• As we always say, it is not safe to trade with a non-regulated broker and unfortunately, this is the case with Topstep as well. Not to put your investments at risk, it is essential to engage in trading with only well-regulated brokers. 
• In our opinion,  the Topstep company provides similar to a competition platform, while only a few of the traders will initially gain some money and due to its unregulated nature no one can predict further development. Of course, that also means that novice traders or those who lack experience would not find their way to gain any money and eventually will only lose time.

Overall Topstep Ranking 

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

• Topstep 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.

Topstep Alternative Brokers

We revealed that Topstep has a lot of issues, especially in respect of its safety and customer care. Thus, here are much better Alternatives to Topstep with tight regulations and great trading conditions. We select Good Brokers and reliable options for your comparison below: 

• AvaTrade – Good Instruments and CopyTrading
• Pepperstone – Low Spreads and Competitive Trading Conditions
• XM – Wide Range of Trading Opportunities

Deposit & Withdrawal

Topstep offers multiple methods to fund their accounts, however, the most accepted ones with the broker are via credit/debit cards. 

• There is no commission fee for withdrawals with Topstep. The withdrawal fee is usually from the payment system. Besides, Topstep pays commission costs for withdrawals above  $500. 

• The withdrawal requests are processed within 7-10 business days.

Topstep Review Conclusion

Considering the above, we highly recommend avoiding Topstepand selecting a decent and licensed broker instead. 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 Topstep is Negative

Is PlusOption Scam or Legit Broker?

It is not safe to trade with PlusOption as the broker does not hold any serious license. Although the broker is located in the UK, it does not hold a license from the country's top financial authority - FCA. This means, that engaging in trading with the broker might put your investments at risk. 

What is PlusOption?

PlusOption is CFD’s trading platform that offers diverse products through its user-friendly trading experience and company support. The company is located in London and claims over 23k engaged traders, numerous received awards, and a huge office team.

• However, almost every entity based in the UK related to financial investments and those firms that offer trading opportunities should be authorized by the local licensor FCA (Financial Conduct Authority). Unfortunately, this is not the case for PlusOption, therefore the company may state various benefits but the client will never know if this is true or false. The unregulated brokers most often just aim to target a maximum number of traders to make deposits, while further on the trader most probably will never see his funds again.
• That happens quite often, as the non-regulated company is overseen by none of the governmental authorities and can do whatever they think is correct. Yet, international regulators monitor the market offering and issue warning against those who seem to be scams, and PlusOption received some of them. 

“ASIC advises this company PlusOption also known as Redfield Markets could be involved in a scam. Do not deal with this business as it is unlicensed in Australia. The business listed 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.”

ASIC, Australia. April 2018.

• What is more, there are many negative reviews from the PlusOption engaged traders that state their scammed experience on huge amounts.

PlusOption Review Conclusion

 In conclusion, we recommend choosing a well-regulated broker (Find top forex brokers by link) from FCA Brokers or ASIC Broker (Read ASIC regulated GO Markets review)s and not putting your own trading experience at the highest risks. Read about FCA Regulated Infinox & FXOpen.

PlusOption Update

Based on our findings, the PlusOption 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.