category: Unregulated Brokers

Is HybridReserve Scam or Legit Broker?

No, it is not safe to trade with HybridReserve. HybridReserve is owned by SingleBell OU which is an offshore company registered in St. Vincent and the Grenadines.

• St. Vincent and the Grenadines is notorious for its practically absent requirements and regulations. Due to the setup cost being low, it does not regulate forex trading. Therefore, it became an offshore zone for shady forex brokers such as CapitalXP, Welkron, and more. You can read our detailed article about the risk of trading with brokers from St. Vincent and the Grenadines.

What is HybridReserve?

The HybridReserve broker offers a trading solution for traders of different sizes including professionals, and private or institutional traders, while the software package delivers efficiently and profitably. The broker claims to be incorporated in Tallinn, Estonia. Apart from the fact that St. Vincent and the Grenadines is a very liberal jurisdiction, which not overseeing the financial investment firms and their activity, the office in Estonia is not registered as well. That means that the broker is actually an illegal entity.

• In addition, the broker has been banned by several regulators:

"The Financial Services and Markets Authority (FSMA) warns the public against the activities of (Singlebell Ltd / SingleBell OU), a company that offers investments without complying with Belgian financial legislation. HybridReserve (Singlebell Ltd / SingleBell OU) is not allowed to provide banking and/or investment services in or from Belgium." FSMA, 19 February, 2019.

• "SingleBell Ltd. is not entitled to carry out banking transactions in Austria that require a license. The provider is therefore not permitted to trade in financial futures contracts (futures) on its own account or on the account of others" FMA, 1 March 2019.

HybridReserve Review Conclusion

We advise all investors and traders to avoid HybridReserve and other brokers from St. Vincent and the Grenadines. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as FBS and BlackBull Markets.

HybridReserve Update

We found the HybridReserve 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 Templer FX Scam or Legit Broker?

It is not safe to trade with TemplerFX. TemplerFX is owned by Templer Holdings Management Ltd. which is an offshore company registered in St. Vincent and the Grenadines. The SVG authorization is considered an offshore license and traders are recommended not to trust and invest with SVG-registered brokers. The reason for that is the set of rules and established requirements that are implemented by the SVG FSA are very far from the international strictest standards that truly protect clients.

• In addition, the authority does not actually oversee the firm’s operations, therefore the claims about its regulated nature, integrity, and transparency are very far from reality. 
• Based on research, it costs €24,000 per year to become a member of the SVG. However, there is no handbook or guidelines for brokers to run their businesses, therefore, there is zero protection for traders. You can read our detailed article about the risk of trading with brokers from St. Vincent and the Grenadines.

What is Templer FX?

Templer Holding was founded by foreign exchange veterans with over 40 years of combined experience, commencing business at the end of 2004. The company operates as an institutional and retail ECN (ECN brokers) counterparty to clients trading in the foreign exchange ("Forex") market.

Templer FX is a trademark of St. Vincent and the Grenadines financial investment firm, which is also authorized by the local agency FSA, the Financial Service Provider Commission with license number 23395. The broker offers a variety of trading opportunities including speculation on Forex, CFD, Indices, and Metals through an industry leader MetaTrader4.

• The company states their payment service provider is a firm located in Scotland, Mayside Solutions LP, which is rather confusing than a positive fact. Moreover, the company mentions numerous international standardization and successful operations through the years since its start in 2004.
• It is a quite long operation history, yet there are not so many online reviews from the traders, which is definitely a negative aspect, as it is simply impossible to operate for so long and remain with just several mainly negative reviews. Even though the only few available responses from the real traders show that the company delivers trading conditions with cases of manipulation, issues with withdrawals, and aggressive tactics. 

Overall Templer FX Ranking 

Our research revealed multiple issues on Templer FX regulations and safety, thus we do not rank positively Templer FX, based on our Expert Opinion with over 10 Years of experience in Forex Trading.

• Templer FX 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.

Templer FX Alternative Brokers

Due to our finds and issues with the safety of Templer FX here are much better Alternatives to Templer FX with good regulations and excellent conditions. We select Good Brokers and trustworthy options for your comparison below: 

• AvaTrade – Good for Currency trading
• FP Markets – Good for CopyTrading
• FXTM – Good for Beginners

Templer FX in India

With Templer FX Indian traders are able to open accounts and trade. However, Templer FX has no mention of complying with any Indian regulators on its website.  However, the broker is not regulated by any regulatory body in India, thus money safety might be an issue here.

Templer FX in the USA

The United States is one of the countries that is not accepted by Templer FX. As per U.S law, brokers regulated by CFTC are the only brokers allowed for USA traders. So, except for Forex Birds, you are only permitted to trade with U.S-regulated platforms. Also, the broker does not provide services to UK, EU, Canada, Turkey, Israel, and Japan residents and entities of any kind.

Templer FX Deposits and Withdrawals

Templer FX minimum deposit requirement is 25 USD. Templer FX Brokerage withdrawal fees vary on payment method. Templer FX Brokerage does charge a fee for inactive accounts. Templer FX Brokerage does charge deposit fees. Temper FX offers a lot of payment methods including bank wire transfers, credit cards, and popular e-wallet systems such as Skrill, Perfect Money, fasapay, Qiwi Wallet, and more.

Demo Account

Templer FX also offers a demo account. The Demo Account is provided to give traders a demonstration of the broker’s trading platform and to offer traders the opportunity to trade on simulated real trading conditions. This further allows the trader to gain more experience prior to trading with real funds and facing actual risk. Traders may test their trading strategies and become familiar with the trading platform at their own pace.

Templer FX Review Conclusion 

Overall, we strongly advise opening a trading account only with brokers that are regulated by respected world authorities that comply with the required set of rules, and have a good reputation through the delivered timeframe of operations. Traders should sign in with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as FP Markets, HotForex, and Infinox.

• Overall ranking and experience for Templer FX is Negative

Is Britonprice Scam or Legit Broker?

No, it is not safe to trade with Britonprice. The company is owned and operated by Britonprice FinServices LTD and claims to be located in Sofia, Bulgaria.

• Despite its location, the broker doesn’t provide any information about the regulation/license and we can also confirm that neither Britonprice nor Britonprice FinServices LTD is regulated in Bulgaria by the Financial Supervision Commission.

What is Britonprice?

Previously, Britonprice was owned by Solutions CM which had a bad reputation because it was banned multiple times as an owner of such brokers as Lockwood Investments and Easy Line Pro.

• Also, the only contact number on the website is British, when the broker is definitely not authorized in the UK by FCA. Moreover, Spain’s regulator CNMV issued a warning against Britonprice in April 2018:

"www.britonprice.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.”

• Another and more recent warning was issued by German BaFin:

Britonprice Review Conclusion

We advise all investors and traders to avoid Britonprice and other unregulated brokers. The lack of information about the broker’s regulations, trading conditions, and contact details should be the biggest red flag for those who plan to invest with the entity. Usually, such companies run investment scams. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as FP Markets, HotForex, and Infinox.

Britonprice Update

Based on our research, the Britonprice 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 WT Capital Scam or Legit Broker?

No, it is not safe to trade with WT Capital. The broker states to be regulated and safe, however despite the fact that it is based in Switzerland, it is not regulated by the Financial Conduct Authority (FCA) in the UK or the Swiss Financial Market Supervisory Authority (FINMA).  In reality, it is registered in Seychelles, which is an offshore zone and does not provide fundamental protection.

What is WT Capital?

WT Capital is a Forex and CFDs broker, owned and operated by Force Media LTD., registered in Switzerland. The website provides the company's official address in Zurich, Switzerland, and also gives British and Swiss contact phone numbers. However, the broker is actually not regulated by the Financial Conduct Authority (FCA) in the UK or Swiss Financial Market Supervisory Authority (FINMA) or any other regulator. It also turned out that the broker actually is registered (maybe even located) offshore as the terms and conditions on the website state that all the legal issues could be addressed to the jurisdiction of the Republic of Seychelles.

• In addition, WT Capital has been blacklisted by the Swiss regulator FINMA:
  "Force Media LTD/ World Trade Capital/ https://www.wt-capital.com/ may be carrying out unauthorized services and is not supervised by FINMA."

WT Capital Review Conclusion

We keep on reminding investors that dealing with offshore brokers is risky for their funds. Such destinations as Seychelles, Vanuatu, Marshall Islands, etc. are known for their lax regulation and non-existent corporate taxes, so the brokers who are registered offshore are not licensed, nor overseen by any authority. It is safer to choose among the brokers regulated by respected authorities like FCA in the UK, FINMA in Switzerland, or CySEC in Cyprus. Check the list of FINMA-regulated brokers.

WT Capital Update

Based on our research, the WT Capital 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 Eminage Scam or Legit Broker?

Eminage is not a safe broker. It does not hold any license which means that the broker’s activities are not overseen by any authority. Generally, offshore or unregulated brokers are engaged in fraud offerings, which may put the trader’s investments at risk.

• In forex trading, it is essential to sign in with a reliable broker with tight regulations. Many unregulated brokers try to attract traders with favorable conditions and offerings, but often this is just a trap. 

What is Eminage?

Eminage is the leader of trading platforms in the cryptocurrency market, the founders have put their knowledge and experience in the market at clients' disposal to provide an easy-to-use and secure platform, as claimed on the company website. The company also claims its offices and agencies in major global cities, including London, Shanghai, Malta, and Iceland, and the soon opening of France offices.

• However, it is not clear where the broker is registered and it is obvious that there is no regulatory body that oversees Eminage.
• As a member of the European Securities and Markets Authority (ESMA) and of the International Organization of Securities Commissions (IOSCO), the Spain CNMV regularly receives alerts issued by foreign securities regulators on general topics of interest to investors. Therefore, the originally issued by the France AMF warning against Eminage company was spread around through various publications, followed by Belgium and a set of other countries.

“The Autorité des marchés financiers (AMF) is warning the public against Tallinex company proposing atypical investments without being authorized to do so”

AMF, France. September 2018.

• The warning concerns about Eminage trading offerings while the residents and potential investors were alerted of dealing with Forex trading and cryptocurrency business specifically through the firms that were considered to be scams.

Eminage Review Conclusion

We advise all investors and traders to avoid Eminage 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 TMGM.

Eminage Update

We found the Eminage 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 ECM Scam or Legit Broker?

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

What is ECM? 

ECM group is an online trading firm, specializing in forex and CFD brokerage while claiming its global coverage of international individual traders, money managers, and institutions. With an opportunity to trade Forex and Precious Metals with high interbank liquidity conditions, robust order execution in a split second, ultra-tight spreads (Check Brokers with Zero Spread), and other advantages on MT4.

However, being located in the offshore zone of Vanuatu, the company, does not comply with its operational standards with the strictest international set of performance designed by a reputable authority with the purpose of protecting clients. This is the reason why the reliability of the broker cannot be confirmed. 

• In addition, in order to be licensed the firm should prove its capital and are secured by participation in schemes in case things go wrong. Therefore, the client, his funds, and investments are protected by the necessary legitimate authorities at authorized firms. And there are various companies to choose from, with vast investment opportunities and with the following of the strictest rules from ASIC regulations, CySEC or FCA international standards.  

Overall ECM Ranking 

With our finds and issues with regulations and safety of ECM, we do not rank positively ECM, within our Expert Opinion and over 10 Years of experience in Forex Trading since there are brokers with much better safety and trading conditions.

• ECM 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.

ECM Alternative Brokers

With our finds and issues with the safety of ECM, there are much better Alternatives to ECM Broker with good regulations and excellent conditions. We select Good Brokers and trustworthy options for your comparison below: 

• Dukascopy – Excellent for Shares, Futures Trading
• AvaTrade – Good Instrument and CopyTrading
• FXTM – Good for Beginners

Fees

ECM fees are consistent. There are no hidden fees.  Spreads offered by ECM are tight. Based on our research, the proposals are often lower, as compared to other brokers in the market. 

ECM Money Withdrawal

ECM mentions there is No minimum deposit required for a Standard account. However, system restrictions may limit this amount to $ 10 based on funding methods. 

Funding methods available on ECM include:

• Credit Cards, ePayment, Local Bank Transfer, and Bank Wire Transfer.

Since ECM Broker is not regulated there can be issues with money withdrawals, you can submit the withdrawal request yet there is no guarantee that you will get your money back.

ECM Review Conclusion

Mostly we do not recommend trading with a non-regulated broker like with the ECM, as an offshore zone does not bring a lot of credibilities, therefore there is no guarantee that potential gains will be ever returned back and managed correctly. It is much safer to invest with a reputable brokerage firm that is licensed by the industry authority and constantly overseen in terms of the performance and delivery of financial services. 

• The overall ranking and Trading Experience for ECM is Negative

Is Tallinex Scam or Legit Broker?

It is NOT SAFE to trade with Tallinex. Tallinex Limited is registered and located in St. Vincent and the Grenadines while originating in Estonia. 

• Being an offshore zone St. Vincent & the Grenadines does not define strict obligations to its financial registered firms, which may be a risky investment in case the firm is only based there. 

What is Tallinex?

Tallinex is a registered trademark or service mark of Tallinex Limited registered and located in St. Vincent and the Grenadines while originating in Estonia. The broker mentions that all Tallinex trades are transmitted swiftly and reliably to the world's largest banks through a PrimeXM FX bridge to Integral's FX Grid system, which is optimized for Forex trading. That the clients can benefit from better ECN/STP technology and confidently trade the Forex markets through the Tallinex platform. However, the SVG governmental structure does not perform the strictest standards in regard to financial service firms. 

• In addition to that, recently the company was fined by the US reputable authority CFTC and received warning from the EU regulators. The authorities found that Tallinex operated as an unregistered foreign exchange dealer by soliciting orders for leveraged forex transactions from retail U.S. and EU customers, and offered to be the counterparty to such contracts with its customers. The Order also found that Tallinex defrauded these customers by knowingly or recklessly misrepresenting or omitting material facts.

“Tallinex Ltd. Ordered to Pay nearly $10.3 Million in Restitution to Defrauded Customers and Defendants Ordered to Pay Civil Monetary Penalties Totaling More than $760,000”

CFTC, USA. July, 2018.

Tallinex Review Conclusion

In conclusion, according to the finding we recommend avoiding trading with Tallinex and keeping the safe trek of investment options with well-regulated and authorized companies that are constantly checked. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as FP Markets and HFM.

Tallinex Update

Based on our research, the Tallinex 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 UB4Trade Scam or Legit Broker?

UB4Trade is not a safe broker. It does not hold any license which means that the broker's activities are not overseen by any authority. Generally, offshore or unregulated brokers are engaged in fraud offerings, which may put the trader's investments at risk.

• In forex trading, it is essential to sign in with a reliable broker with tight regulations. Many unregulated brokers try to attract traders by favorable conditions and offerings, but often this is just a trap. 

What is UB4Trade?

UB4Trade is a Forex and CFDs broker, owned and operated by Finatex Ltd. The company claims to be located in London, UK, although it is not authorized to provide financial services in the UK. It seems that the broker has been targeting European residents, as the languages supported on the website are English and German, also the provided contact numbers are British and Swiss.

• UB4Trade doesn't seem to be regulated by any of the regulators, moreover, Danish Financial Supervisory Authority has issued a warning against this firm in March 2018:
  "Finanstilsynet has been informed that UB4TRADE provides financial services in Denmark. However, UB4TRADE is not under the supervision of the Danish Financial Supervisory Authority and is thus not authorized to pursue activities covered by the Danish Financial Business Act in Denmark."

UB4Trade Review Conclusion

To sum up, UB4Trade is an unregulated broker that cannot be trusted. As one of the most important things when choosing a broker is whether it is licensed or overseen by any of the financial authorities. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as FP Markets, HotForex, and Infinox (Check Infinox broker review).

UB4Trade Update

We found the UB4Trade 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 Finodax Scam or Legit Broker?

It is not safe to trade with Finodax. The broker does not hold any type of license, and engaging with it might be risky. Signing in with the broker means putting your investments at risk.

• We never recommend trading with offshore or unregulated brokers as they might have attractive offerings, but the overall trading experience might prove to be negative. 

What is Finodax?

Finodax is a brokerage and investment firm specializing in online trading and investment, in Forex and CFDs trading specifically. The company claims to have offices in the UK, Spain, Norway, Japan, Australia, South Africa, and Mexico.

• In order to provide its financial services, the broker needs to be regulated in those countries, although Finodax is not overseen by any of the regulators. The website supports English and Spanish languages, which could mean that the broker targets Spanish residents. As additional proof, there is a warning against Finodax, issued in May 2018 by Spain's regulator CNMV (The National Securities Market Commission):
  "Finodax 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."

Finodax Review Conclusion

Investing with a properly regulated broker is crucial for the safety of any investment. There are few well-respected institutions that enforce strict regulatory standards upon all brokers in their jurisdiction, such as FCA in the UK, ASIC in Australia, or CySEC in Cyprus. Check out a list of brokers authorized by FCA. We advise signing in with reliable brokers such as BlackBull Markets, XM, and BDSwiss. 

Finodax Update

We found the Finodax 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.