category: Unregulated Brokers

Is EyeLine Scam or Legit Broker?

EyeLine is not a safe broker to trade with. The broker does not mention its regulation anywhere, so it probably means it is not regulated at all.

• Non-regulated brokers are not safe, as they are not overseen by any authority and can operate however they choose to. Very often unregulated brokers are scams to be avoided. 

What is EyeLine?

EyeLine trading is a company that offers an attractive opportunity to clients, which are considering Bitcoin and cryptocurrency trading with a very high outcome. The broker points out its high expertise and cutting-edge technologies, while the firm itself is not mentioning anything about its registration or even location. Most probably that means the broker is non-regulated and obviously does not comply with the international standards that protect clients from fraud and loss of capital.

• Even though, there are no also many reviews from the EyeLine engaged traders, which is also suspicious especially considering the company’s mentioning their numerous clients, the non-regulated nature puts many questions them. Simply, the non-authorized company means that it is not allowed to provide investment services in or from the country stated as its official address and target residence of jurisdictions.
• As predicted there are already warnings against the company from the industry authorities. The broker was detected in offering financial services to the residents without its legal permission to do so. The main aim of any authority is to protect clients from a non-wise investment with potential fraud or scam companies. Therefore we advise also not to engage with EyeLine and better choose Regulated Forex Broker.

“Eyeline Trading, the marketing company for Eyeline Business Development, claims to provide Bitcoin trading packages that promise a daily return of 0.66%. We recently became aware of Eyeline Trading and found its advertisement targeting residents to invest in its Bitcoin trading packages. Yet, the Party is not registered to trade in, or advise on, securities or exchange contracts, as the trading on them requires registration.”

BSCS, British Columbia. October 2018.

EyeLine Review Conclusion

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

EyeLine Update

We found the EyeLine 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 Shtern Group Scam or Legit Broker?

Shtern Group is not a safe broker. It does not hold any license. Although being located in Malta, the broker is not regulated by the local authority - the Malta Financial Services Authority (MFSA). 

• Trading with unregulated brokers is not recommended, as it means putting all your capital at risk. 

What is Shtern Group?

Shtern Group is a brokerage firm offering vast trading opportunities on Forex, Shares, CFDs, Commodities, and other trading assets. The office and registered address mentioned on the official website states Malta, which is an EU country that has its own regulation as well complies with the standards of financial offerings within the EEA zone.

• However, the broker is not regulated, there is no license or government permission to deliver its services, as well as none of the authorities, oversee how exactly the trading environment is delivered. In addition to its unregulated nature, the Malta Financial Services Authority (MFSA) has issued a warning to investors against Shtern Group, stating that the broker is not authorized to provide service.
• Since Forex is a decentralized market, the industry authorities oversee the financial investment firms with the purpose to protect a client and their investments. Any issue that warns about the company or another should be seriously considered when the trader chooses the company to trade with. Since Shtern Group received even several alerts from reputable agencies, we do not advise trading with them in any matter and choosing among Regulated Forex Brokers.

“The Financial Services and Markets Authority (FSMA) warns the public against the activities of Shtern Group, a company that offers forex products and CFD’s without complying with Belgian financial legislation.”

FSMA, Belgium. December, 2017

“The Malta Financial Services Authority has become aware of an entity operating under the name of Shtern Group which is known to have an internet presence. Although this entity purports to operate from an address in Malta, the MFSA does not believe this to be the case.”

FMSA, Malta. March, 2018

The FSMA or other EU authorities therefore strongly advises against responding to any offer of financial services made by Shtern Group and against transferring money to any account number it might mention.

Shtern Group Review Conclusion

We advise all investors and traders to avoid Shtern Group and other unregulated and offshore brokers. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as FBS and BlackBull Markets.

Shtern Group Update

We found the Shtern Group 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 TIXfx Scam or Legit Broker?

TIXfx is not a safe broker. We found the company is located in St. Vincent and the Grenadines, an offshore zone that does not implement the strictest rules for the company established. Therefore, it all looks like TIXfx is an offshore, non-regulated broker that misleads about its addresses and legislation, thus we do not advise trading with the broker.

What is TIXfx?

The company Jedi Marketing ltd that operates the TIXfx brand and tixfx.com domain globally except within the European Economic Area uses the TIXfx trading name. However, the company mentions its location of office address in London, UK while is not authorized by the local agency FCA (Financial Conduct Authority). Important to mention that to operate as a financial investment firm in the UK, an FCA license is a mandatory act, therefore any other firm is not legit.

• In addition to that, while researching the TIXfx brand, we found the company located in St. Vincent and the Grenadines, an offshore zone that does not implement the strictest rules for the company established. Therefore, it all looks like TIXfx is an offshore, non-regulated broker that misleads about its addresses and legislation, thus we do not advise trading with them.
• A general offering of the broker includes proposals to the retail and institutional traders while according to the abovementioned and as the firm does not comply with any regulation, there is no trust in how exactly the service will be delivered. This is the reason we advise choosing only Regulated Forex Brokers.
• Moreover, as a part of the investors warning the world industry authorities constantly check on the market offering while issuing warnings available to the public. Since TIXfx targets worldwide clients without its legal approval, the company appeared on various black lists even a few times, while partnering authorities followed the alert to warn the clients.

“The National Commission for Companies and the Stock Exchange (CONSOB) reports that the companies Tix Group Ltd and Jedi Marketing Ltd are not authorized to provide investment services and business in Italy in any way”

CONSOB, Italy. October, 2018

TIXfx  Review Conclusion

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

TIXfx Update

We found the TIXfx 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 Investrader Scam or Legit Broker?

Investrader is not a safe broker. The broker is located in Cyprus, yet it is not regulated by the local regulatory body – CySEC, which means that the broker is not reliable and signing with it might be very dangerous. 

What is Investrader?

Investrader offers a range of binary options types with 180 tradable assets sure to suit any type of trader, from the popular 60-second expiries and for more aggressive traders looking for a rapid return all the way up to end-of-the-day expiries through advanced trading tools. The broker mentions its location and address in Nicosia, Limassol, as well as owning company Hottrade Investments Limited.

• However, in our earlier reviews, we did face that this company speculates about the information it presents on the official website and has a relation to other trading brands, as well shows absolutely fake data. While discovering Invest Trader, one of the pages mentioned registration of the broker and its legislation: “As one of the few CySEC licensed and regulated online binary options trading sites (Find Binary Options Brokers List here), Investrader fully ensures the privacy and security of your data as well as maximum transparency in your trading experience.”
• Of course, we checked the data and found out that there is no such registration existing. Furthermore, the CySEC included the InvestTrade domain as an unregistered and non-legitimate one (check by the link). So all the questions we had found their answers while concluding that there is no trust in InvestTrader broker. Therefore our readers and traders should avoid InvestTrader and be alerted in case they see any mention of Hottrade Investment Limited.

Investrader Review Conclusion

Trading itself is a risky business that requires knowledge and a trustful broker. It is better to trade with a regulated broker that is registered either with CySEC, FCA, or ASIC and of course, in order to avoid misleading and typical scams you should check carefully the registers first on the official website of a particular authority. Traders should trade with well-regulated brokers such as FP Markets and BlackBull Markets.

Investrader Update

We found the Investrader 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 OptionExpert Scam or Legit Broker?

OptionExpert is not a safe broker. The broker is located in Cyprus, yet it is not regulated by the local regulatory body - CySEC, which means that the broker is not reliable and signing with it might be very dangerous. 

What is OptionExpert?

OptionExpert is a binary options trading platform (Read about Best Regulated Binary Options Brokers by link), offering a simple and intuitive way to earn money on the leading financial markets, as the broker claims on their website. The company office is located in Cyprus and its launch date goes back to 2015, also the firm mentions its local authority CySEC authorization and license that ensures the upholding of all laws governing Cyprus and the rest of the EU. There are other numerous claims describing that the broker is a Premium Quality, with the Limited Edition offering, and is a Perfect Choice.

• However, all that is very far from what reality shows. First of all, there is no license or regulation from the CySEC, there is no even history mentioning their suspended license. Therefore, it all shows that the company presents the data they want to show, but not the truth. Going even further, the company was warned by CySEC as their domain is not authorized to deliver the service. Check the listing at the official CySEC link.

OptionExpert Review Conclusion

In conclusion, of course, we advise avoiding OptionExpert and choosing only among the regulated brokers. The Regulated Forex Brokers are obliged to deliver not only the safest trading condition but to comply with international requirements. Traders should trade with well-regulated brokers such as UK brokers or brokers in Cyprus and reliable brokers such as FP Markets and BlackBull Markets.

OptionExpert Update

We found the OptionExpert 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 24tradeRush Scam or Legit Broker?

According to our research and our finds, 24TradeRush is not a secure broker because is based solely in an offshore zone and does not guarantee its trading environment. 

What is 24TradeRush?

24TradeRush is an innovative binary option and Forex trading platform provider owned and operated by B.O. Tradefinancials Ltd, a Cyprus Investment Firm located in the Republic of Cyprus, as stated on the official website. Broker’s trading platform offers a user-friendly trading experience and allows to follow rapidly shifting trends in the financial markets worldwide, to trade Forex/CFDs and Binary Options (Check Best Binary Options Brokers Reviews).

• Since the company is located in Cyprus, the Cyprus Securities and Exchange Commission granted B.O. Tradefinancials Ltd License and permits to provide the investment service within Cyprus and other cross-border counties in 2013, License Number 216/13. However, currently, the license is suspended by the company’s Voluntary renunciation, without its clear vision of taking action. (Check the status at the CySEC official website, by the link)

• Obviously, the company didn’t meet the regulatory requirements, as well received negative feedback from the clients about their performance of trading conditions, thus the license was gone. Yet, the 24TradeRush still offers its service, still states its regulatory obligations, and performs as if everything is legal and smooth. That’s why we always advise checking carefully the broker before any investment or deposit is done if the company still complies with the requirements or even if the regulatory state is true. The regulatory agencies publish information through their official web pages, that’s why every client can easily check the status and find vast of useful information.

24TradeRush Review Conclusion

As it became obvious, there is no trust in the 24TradeRush, due to their confusing statements and it is better to choose among regulated brokers either by the CySEC or any other respected authority. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as FBS and BlackBull Markets.

24TradeRush Update

Based on our research, the 24TradeRush 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 FXBTG scam or a safe Broker? 

FXBTG claims to be located in Auckland, New Zealand, however, the company is not regulated to provide its services in the country. So we conclude it as not safe to trade. Moreover, the FXBTG broker has been blacklisted by The Central Bank of Ireland in October 2018:

"The Central Bank of Ireland today 8 October 2018 published the name of an unauthorized investment firm, FXBTG Financial Ltd (Ireland and New Zealand). FXBTG Financial Ltd (Ireland and New Zealand) is not authorised by the Central Bank as an investment firm, investment business firm, or to provide investment advice."

What is FXBTG?

FXBTG is a Forex broker, owned and operated by FXBTG Financial Limited. The company doesn't provide any information about the trading conditions, it doesn't even look like a trading platform, it just states to be a provider of trading instruments on the global financial markets include currencies, precious metals, crude oil and so on.

FXBTG Review Conclusion

Regulation is very important for the safety of the funds in the sector and well-established financial authorities like the Financial Conduct Authority (FCA) and the Australian Securities and Investments Commission (ASIC) to provide sufficient security to traders. Check the list of the ASIC-regulated brokers.

FXBTG Updates

As we found on our research FXBTG Website is inactive. It is unclear whether the broker change its name and operate another fraud Forex activity or just no longer active at all,  since money safety goes first we recommend to avoid any non regulated proposals.

Is Easy Line Pro Scam or Legit Broker?

Easy Line Pro is not a safe broker as it does not hold any license. This means that the broker does not provide protection and signing with it might put the trader's investments at risk. In forex trading tight regulation and reliability are of great importance, thus it is recommended to choose only regulated brokers with favorable conditions. 

What is Easy Line Pro?

Easy Line Pro is a forex broker, owned and operated by Solutions CM LTD., a company based in Sofia, Bulgaria. Although it claims to be registered in Bulgaria, it is not regulated in the country by local Financial Supervision Commission and there are no records about it being regulated by any other authority.

• Also, the website interface is very similar to Britonprice's, the broker that is also operated by Solutions CM LTD. We have previously written about Britonprice/Solutions CM LTD being blacklisted by Spain's regulator CNMV. It seems like Solutions CM LTD has quite a bad reputation because Easy Line Pro has also been banned by Spain's regulator in February 2018:
  "EASY LINE PRO (www.easylinepro.com) is not authorised to provide the investment services detailed in Article 140 of the Securities Markets Law, which include 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."

Easy Line Pro Review Conclusion

As a general rule, dealing with unregulated brokers is risky and we recommend that clients choose properly licensed and supervised brokers regulated by UK's FCA or the Australian Securities and Investment Commission (ASIC). Traders should trade with well-regulated brokers such as FP Markets, HotForex, and Infinox.

Easy Line Pro Update

We found the Easy Line Pro 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 FX Merchants Scam or Legit Broker?

No, it is not safe to trade with FX Merchants. The broker states to be regulated and safe, however despite the fact that it is based in England, it is not regulated by the Financial Conduct Authority (FCA).  In reality, the broker does not hold any license, which is the biggest red flag. Signing with unregulated brokers means putting your investments at risk.

What is FX Merchants?

FX Merchants is a forex and cryptocurrency broker, owned and operated by FX MERCHANTS LTD. that claims to be based and registered in the United Kingdom. They also provide contact phone numbers with the London address. The terms and conditions state the company is under the jurisdiction of the UK, but it is actually not regulated in the country.

• Moreover, the company has recently been blacklisted by the UK's FCA:
  "FX Merchants firm 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."
• It is quite dangerous to trade with unregulated brokers, especially in the case of FX Merchants when it has no license and also were banned by one of the most respectable regulators.

FX Merchants Review Conclusion

We always encourage traders to deal only with regulated brokers, as those operating without a proper forex broker license such as FX Merchants are most often frauds. Besides, when investing with a licensed broker, traders' funds are protected. For example, the UK regulator FCA provides a Financial Services Compensation Scheme. Check the list of FCA-licensed brokers. Traders should choose only trustworthy and regulated brokers, such as FP Markets and BlackBull Markets.

FX Merchants Update

We found the FX Merchants 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.