category: Unregulated Brokers

Is Trade Fintech Scam or Legal Broker?

It is not safe to trade with Trade Fintech. It does not hold any top-tier license and is located in the Marshall Islands which is an offshore zone. Simply it means the broker is able to do business as they wish, and of course, this involves the highest risks even on losing funds.

What is Trade Fintech?

The Trade Fintech company is an online trading provider with advanced technologies and a range of trading assets through its declared offices in the Marshall Islands. Being located in the offshore zone first of all means that there is no serious operation license or international authority that regularly checks on the broker, as well the company does not maintain the necessary security of funds. 

• Since the trading among markets growing daily, the international authorities re-checking the proposals and other companies with the purpose to warn clients against risky investments. Therefore the Trade Fintech appeared in various alert lists due to their non-regulated nature, which includes European authorities like CNMV, CONSOB, FCA, and others. 

  “Trade Fintech firm has been providing financial services or products in the UK without our authorization. Based upon information we hold, we believe it is carrying on regulated activities which require authorization.”

  FCA, UK. September 2018.

Trade Fintech Review Conclusion

We, along with the reputable authorities strongly advise against responding to any offer of financial services made by non-regulated entities and Trade Fintech in particular and against transferring money to any account it might mention. In fact, there are plenty of regulated brokers that set trading conditions for very attractive offerings too while performing the utmost level of protection through various programs and compliance with rules. Therefore, we recommend choosing among the Best Forex Brokers from reputable jurisdictions like FCA-regulated brokers, CySEC brokers, or others.

Trade Fintech Update

Based on our research, the Trade Fintech 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 International Markets Live Scam or Legit Broker?

International Markets Live is not a safe broker. It is located in the UK, however, there is no mention of the FCA license, which is obligatory for all the financial firms located in the country. Thus, we recommend avoiding unregulated companies and trusting funds to brokers with tight regulations and favorable conditions. 

What is International Markets Live?

International Markets Live Limited, which uses a trading name declares its offices in London and New York. The company promises education, enrichment, and empowerment of every engaged customer, while currently, the company serves thousands of clients. The company offers an extensive proposal on education, trading itself along with the opportunity to invest with Forex and specifically cryptocurrencies. The firm presents itself mainly as an educational source but it's obvious that further on the open account within their platform.

• However, there is no any mentioning of the regulation or compliance with international laws, therefore the broker is unregulated. Actually, that means that the firm is not a legal entity and has no rights to offer its services to the clients, as simply their operations are not set to standards to protect clients.
• In addition to that in order to educate and warn clients, the respected authorities constantly check on the activity among the marketing offerings and issue warnings against those who seem to be fraud companies (See fake forex brokers list here). Therefore, iMarketsLive appeared in various issues within the regulators, as well as if you check on the reviews from the traders you find nothing but complaints with typical problems like holding of withdrawals.

“International Markets Live is not, authorized to offer financial services and products in Belgium. Moreover, the system proposed by International Markets Live exhibits features characteristic of a pyramid scheme.”

FSMA, Belgium. January 2018.

International Markets Live Review Conclusion

Overall, it should be the priority for any trader to choose only among the safest brokers (Find the best forex brokers here), which are usually regulated brokers like BDSwiss broker and Alpari broker, and not to engage with companies like iMarketsLive. Specifically, there are numerous warnings that include industry reputable regulators like CNMV, AMF, and others.

International Markets Live Update

We found the International Markets Live Limited website inactive and unavailable to reach. This means the broker no longer operates. However, it is best to avoid and stay alert if any proposals come. 

Is Nagaharu Global Scam or Legit Broker?

It is not safe to trade with Nagaharu Global. This is an offshore broker registered in Seychelles. The address provided on the website indicates the company is located in Tokyo, Japan. However, the broker is not regulated by the local regulator - the Japan Financial Services Authority.

• We do not recommend signing with offshore brokers, as they do not provide sufficient safety and might operate however they wish. The unregulated nature of the companies may put the traders' investments at risk. 

What is Nagaharu Global?

Nagaharu Global is an independent investment management firm that offers to trade and manages portfolios offering across a range of small, mid, and large-cap Asia Pacific equity strategies on behalf of institutions and clients globally. While the company states its address in Tokyo, Japan the research shows that the domain and the registration of the platform are located in Seychelles.

• In addition, there is no any mentioning of regulation or registration, which means that the firm is not a regulated one. As we always warn clients about trading with non-regulated entities, it’s the highest risk trusting the provider's words only, without the necessary implementation of protective tools. Therefore we do not advise investing with Nagaharu Global and to choose among reliable companies, authorized by reputable world agencies like ASIC (Australia) (Check ASIC regulated forex broker MEX Exchange) or by the MAS (Singapore) Regulated Brokers.
• Besides that, the company Nagaharu Global was detected offering its services in jurisdictions it got no legal permission to do so. For that reason, numerous European and beyond regulators issued warning to international clients against Nagaharu Global.

“The Financial Services and Markets Authority (FSMA) warns the public against the activities of Nagaharu Global, a company that offers investment services. Nagaharu Global is not an authorized investment firm in Belgium. It is therefore not allowed to provide investment services in or from Belgium.”

FSMA, Belgium. September 2017.

“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 is not entitled to carry out certain investment services”

FMA, Austria. May 2018.

Nagaharu Global Review Conclusion

We strongly advise traders to avoid unregulated and offshore brokers, 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. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as FBS and BlackBull Markets.

Nagaharu Global Update

We found the Nagaharu Global website inactive and unavailable to reach. This means the broker no longer operates. However, it is best to avoid and stay alert if any proposals come. 

Is FxtPremium Scam or Legit Broker?

It is not safe to trade with FxtPremium. The broker does not hold any serious regulations. It positions itself as a trustworthy broker, stating on its website the fact of being located in Germany. However, there is no mention of German regulation. Instead, it seems the broker is registered in Vanuatu. 

• Vanuatu is an offshore zone and does not oversee the activities of the firms regulated there. There are no certain guidelines and conditions to follow, thus, companies registered in Vanuatu can operate their business however they wish, putting their clients' investments at risk. 

What is FxtPremium?

FxtPremium is a broker that offers to trade with various assets including Forex, commodities, precious metals, indices, cryptocurrencies, and CFDs. The company doesn't disclose any information about its location as well as its regulation. The only contact info that can be found on the website is a German phone number. If the broker wants the traders to think it is located in Germany, it is supposed to be regulated by The Federal Financial Supervisory Authority, although the entity doesn't seem to be regulated by any authority.

• In addition, the terms and conditions on the website state that FxtPremium is governed by the laws of Vanuatu - a popular offshore zone for the forex broker. Probably the firm was trying to hide the fact with the offshore registration as most of the brokers registered there turn out to be scams. It is highly recommended to avoid offshore unregulated brokers such as FxtPremium.
• Moreover, Italy's regulator CONSOB has issued a warning against the broker stating that:
  "The National Commission for Companies and the Stock Exchange has ordered the following company to cease the infringement of art. 18 of the same Decree consisting of the provision of unauthorized investment services and activities to the Italian public: Fxtpremium through the website www.fxtpremium.com"

FxtPremium Review Conclusion

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). These are well-respected institutions that enforce strict regulatory standards upon all brokers in their jurisdictions. Traders should trade with well-regulated brokers such as FP Markets and BlackBull Markets.

FxtPremium Update

We found the FxtPremium website inactive and unavailable to reach. This means the broker no longer operates. However, it is best to avoid and stay alert if any proposals come. 

Is LatAm Scam or Legit Broker?

It is not safe to trade with LatAm. The broker does not hold any serious license, although it tries to pretend it has tight regulations. The truth is, the broker is registered in Seychelles. Seychelles is an offshore zone that does not oversee the activities of the registered firms. Also, the broker mentions their registered number with FSA as 133076, but we couldn’t find even that number too. 

• We do not recommend signing with an offshore or unregulated broker. The reason is simple, the broker may promise the most ever competitive trading conditions or the trading environment, yet the trader has no guarantee from the official entities that oversee the Forex industry. Thus the engagement in trading with such a company means the trader will believe only in the broker’s words, and of course, it is a high risk.

What is LatAm?

LatAm is a trading name used by the incorporated in Seychelles company Latam Global Markets Inc. which provides access to the trading range of Forex and CFD instruments. LatAm FX claims a developed and secure business environment that was maintained with the aim to have lasting relationships with its clients. The broker states its clear alliance with world-class banks and safe online transactions through the best guarantees. 

• However, while checking all information we realize that the company is regulated by none of the serious international authorities. This means there is no confirmation of any applied procedures, therefore the broker is non-licensed.

LatAm Review Conclusion

In any case, we never advise trading with an offshore or non-licensed broker, since the financial investment service they deliver is not trustable. Rather than involving 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.

LatAm Update

We found the LatAM website inactive and unavailable to reach. This means the broker no longer operates. However, it is best to avoid and stay alert if any proposals come. 

Is VNC Brokers Scam or Legit Broker?

It is not safe to trade with VNC Brokers. The broker is a Cyprus-based investment firm, however, holds a license from the Vanuatu Financial Services Commission.

• This means the broker is an offshore regulated company, which is a not very reliable broker to invest with, even though the company mentions their strong regulation and monitoring of their transparent business.

What is VNC Brokers?

VNC Brokers is a Forex and CFD trading provider that offers over 350 trading instruments with diversified opportunities to various sizes of investors.

• VNC Brokers is a Cyprus-based investment firm, however, it is not regulated by the local CySEC regulatory body, which is a must for financial firms located in Cyprus. 
• In addition, there are many negative reviews from the traders invested with VNC Brokers, as they faced issues of manipulation during the trading sessions or with the operation itself. The Cyprus authority also included the broker in their list of non-authorized companies, which should be a serious warning to any potential investor or trader (Check the list of CySEC non-authorized domains here)
• In fact, the offshore license does not include overseeing the company's operation, as well as the establishment requirements are very low. So somehow, the company is regulated but there is no necessary level of protection and the broker can operate however it wishes.

VNC Brokers Review Conclusion

We do not advise trading with an offshore broker such as VNC Broker. Safety of funds always goes first in trading, therefore, it is better to choose among the authorized companies with a proper license like ASIC Brokers. The licensed companies provide safe trading conditions and are strongly supervised. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as FBS and BlackBull Markets.

VNC Brokers Update

We found the VNC Brokers website inactive and unavailable to reach. This means the broker no longer operates. However, it is best to avoid and stay alert if any proposals come.

Is Zend Trade Scam or Legit Broker?

Zend Trade is not a safe broker. The company claims to be located in the USA. However, the company doesn't provide any information about its regulation and it doesn't seem to be licensed in the USA or any other country.

• It is not advisable to sign in with an unregulated broker. Unauthorized brokers do not follow any rules and guidelines, which means that traders and their trades are not protected legally.

What is Zend Trade?

Zend Trade is a Forex broker owned and operated by Zend Trade, Inc. The company claims to be located in the USA. The website offers various forex services across the world. The company doesn't provide any information about its regulation and it doesn't seem to be licensed in the USA or any other country.

• Moreover, New Zealand's regulator Financial Markets Authority (FMA) has issued a warning against Zend Trade:
  "We are concerned Zend Trade has the characteristics of a scam, including offering unrealistic returns and withholding client funds. We recommend exercising caution before dealing with Zend Trade or associated entities."

Zend Trade Review Conclusion

We strongly advise traders to avoid such unregulated brokers, 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. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as FBS and BlackBull Markets.

Zend Trade Update

We found the Zend Trade website inactive and unavailable to reach. This means the broker no longer operates. However, it is best to avoid and stay alert if any proposals come. 

Is OndaMarkets Scam or Legit Broker?

OndaMarkets is a Forex and CFDs broker owned and operated by OndaMarkets Ltd., a company registered in St. Vincent and the Grenadines. St. Vincent and the Grenadines is a popular destination for forex brokers, as it has low taxes policies and the business registration process is simple.

• Usually, such brokers are not regulated in any country and are suspected of fraudulent activities. Also, very often unregulated offshore brokers are banned by the authorities who try to protect investors from losing funds.

What is OndaMarkets?

OndaMarkets is a Forex and CFDs broker registered in St. Vincent and the Grenadines. It does not hold any serious license, thus, no wonder OndaMarkets was blacklisted by Spain's regulator CNMV (The National Securities Market Commission) in March 2018:
"ONDAMARKETS Ltd www.ondamarkets.com is not authorized to provide the investment services detailed in Article 140 of the Securities Markets Law, which includes investment advice, or to provide the auxiliary services detailed in letters a), b), d), f) and g) of Article 141 of the said Law in relation to the financial instruments detailed in Article 2 of the said Law, including, for those purposes, foreign currency transactions."

OndaMarkets Review Conclusion

The first thing the potential investor should do when he is choosing a trading company is to determine if it is a legitimate broker or a scam broker.  Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as FBS and BlackBull Markets.

OndaMarkets Update

We found the OndaMarkets website inactive and unavailable to reach. This means the broker no longer operates. However, it is best to avoid and stay alert if any proposals come. 

Is Inmarket FX Scam or Legit Broker?

Inmarket FX is a Forex broker, owned and operated by Integrated Markets LLC. The company is based and registered in Vanuatu, one of the popular offshore destinations where the brokers get their forex licenses. It is quite risky to trade with these firms. Usually, the companies that operate in offshore areas (such as the Republic of Vanuatu) are not licensed nor regulated and are considered to be frauds.

What is Inmarket FX?

Inmarket FX is a Forex broker offering access to multiple markets. However, the broker does not hold a serious license. It is an offshore broker registered in Vanuatu.

• Besides, the website supports only Spanish which means it has been targeting Spanish residents. As proof, there is a warning against Inmarket FX from Spain's regulator issued in October 2017:
  "INTEGRATED MARKETS LLC www.inmarketfx.com is not authorized to provide the investment services detailed in Article 140 of the Securities Markets Law, which includes investment advice or to provide the auxiliary services detailed in letters a), b), d), f) and g) of Article 141 of the said Law in relation to the financial instruments detailed in Article 2 of the said Law, including, for those purposes, foreign currency transactions."

Inmarket FX Review Conclusion

We always encourage traders to deal only with regulated brokers, as those operating without a proper forex broker license are most often frauds. Besides, when investing with a licensed broker, traders are guaranteed to get protection from the funds. For example, the UK regulator FCA provides a Financial Services Compensation Scheme. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as FBS and BlackBull Markets.

Inmarket FX Update

We found the Inmarket FX website inactive and unavailable to reach. This means the broker no longer operates. However, it is best to avoid and stay alert if any proposals come.