category: Unregulated Brokers

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. 

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.