category: Unregulated Brokers

Is Aron Groups Scam or Legit Broker?

No, Aron Groups cannot be considered a trustworthy broker due to its absence of a top-tier license from a prominent regulatory body. The firm operates under Aron Markets LTD and is registered in the Marshall Islands. However, the jurisdiction does not provide a high level of regulatory oversight and protection.

• Brokers operating under the Marshall Islands often offer favorable trading conditions; yet, they lack strict regulatory oversight and protection. This is the reason why brokers under this jurisdiction often turn out to be involved in financial frauds or scams. Only top-tier regulatory authorities, such as ASIC, CySEC, and FCA, provide a high level of protection and stringent guidelines to follow.

What is Aron Groups?

Aron Group presents a diverse range of trading assets and instruments, including over 100 forex currency pairs, CFDs, precious metals like gold and silver, commodities such as oil, indices, stocks, BTC, and various other cryptocurrencies. The broker also gives access to trading strategies such as Copy and Social trading. 

 With flexible spreads, substantial leverage of up to 1:1000, and a minimum deposit requirement of just $1 Aron Groups seems like a good broker for investment. However, upon closer research, we were able to reveal certain issues that should be considered:

• Lack of serious registration: Aron Groups is registered in the Republic of the Marshall Islands, under license number 118046. It is a well-established fact that the Marshall Islands, being an offshore jurisdiction, lacks adequate oversight and regulatory guidelines. Consequently, Aron Groups and other brokers registered in this jurisdiction (1PrimeOptions is another offshore broker with a license from the Marshall Islands)  may not be the optimal choice for financial investments. 
• Negative Reviews: When choosing a broker for investments, traders are always recommended to consider feedback and reviews from other traders. Reviews on Aron Trade are not always positive. Nevertheless, the broker is relatively new and it is understandable that it does not have a great amount of feedback yet. 
• Withdrawal issues:  One of the main issues traders warn is problems with the withdrawal process. There are reported cases when clients were unable to withdraw their investments and profits. 
• Summing up the negative points, we strongly recommend traders engage only with reliable and fully licensed brokers, with good standing in the market and favorable features.

Overall Aron Groups Ranking

After thorough research, we revealed significant concerns regarding Aron Groups reliability and its adherence to regulatory norms. Consequently, we cannot assign a favorable ranking to Aron Groups.

• Aron Groups Overall Ranking is 3 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.

Aron Groups Alternative Brokers

Based on the concerns regarding Aron Groups reliability and security, we strongly advise traders to explore alternative options that offer stricter regulations and improved trading conditions. Below, is a list of reputable brokers that offer trustworthy choices and a secure trading environment for consideration:

• EXT – Competitive Trading Conditions
• AximTrade – Low Pricing
• CMC Markets – Wide Range of Trading Instruments

Deposits and Withdrawals

Aron Groups offers a variety of funding methods, including Bank transfers, Mastercard, PerfectMoney, WebMoney, TopChange, Payeer, PayPal, etc. Traders can make deposits via  Tether, Bitcoin, ETH, Bitcoin cash, LiteCoin, Ripple, Dogecoin, Zcash, Dash, Binance USD, USD coin, DAI, PAX, TrueUSD, and more.

• With the broker, the minimum deposit varies based on the funding method. For instance, for bank transfers, the minimum deposit is $100, whereas, for cryptocurrencies, it starts from $10. 
• Withdrawal amounts for different methods are different, too. Withdrawal through bank transfer is allowed from 100 to 2,000 U.S Dollars.
• Remember that a seamless withdrawal process is an important part of forex trading. Offshore brokers are often not very reliable in this respect. 

Account Types

Aron Groups offers different trading accounts that meet different trading needs: Nano ( Islamic Account ), Standard (ECN), Swap Free (ECN), and Vip (ECN). Each account type is tailored for special trading expectations.

• Nano accounts are for clients with low budgets. The minimum deposit for Nano accounts is $1.
• Standard and Swap accounts are more suitable for professional traders, offering leverage of 1:500, tight spreads, and deposits starting from $50.
• The VIP (ECN) account is well-suited for traders who plan to hold their positions longer. It offers a low-margin call level and the potential for higher profitability.

Aron Groups Review Conclusion

Considering the information we have gathered regarding Aron Groups, there are significant reservations about the broker's reliability and trustworthiness. Although the broker has quite attractive features and offerings, its registration in an offshore jurisdiction (The Marshall Islands) raises substantial doubts. Signing with an offshore broker might risk traders' investments and profits.

This is the reason why we recommend signing with a trustworthy broker that holds licenses from reputable authorities such as FCA, ASIC, or CySEC. Some of the great options clients can consider while choosing a broker are but are not limited to BlackBull Markets, HFM, and Eightcap.

• Overall ranking and experience for Aron Groups is Negative

Is 1PrimeOptions Scam or Legit Broker?

No, 1PrimeOptions is not a safe broker as it lacks a reputable license from a leading regulatory authority. The company conducts its operations under Global Options LTD and is registered in the Marshall Islands, a jurisdiction often associated with questionable practices.

Is TNFX Scam or Legit Broker?

No, TNFX is not a reliable choice, mostly due to the lack of proper licenses. The broker lacks top-tier licenses that ensure the financial safety and security of a trader's investments. Instead, TNFX is only authorized and regulated by the Financial Services Authority (FSA) in Seychelles, known offshore zone. 

• While engaging in Forex trading it is essential to understand that safety is one of the most important aspects. Neglecting its significance could result in making precarious decisions. Opting for top-tier licenses like FCA, CySEC, and ASIC is highly advisable, as they come with stringent regulations and robust oversight, effectively minimizing various forms of risk. On the contrary, offshore regulatory authorities like the Financial Services Authority, often lack to provide adequate guidelines and oversight. 
• Read more about offshore Brokers here

What is TNFX?

Founded in 2019, TNFX claiims to be an ECN firm that offers access to trading various financial instruments such as currencies, stock indices, stocks, and commodities in the form of CFDs. The broker provides access to trade over 50 currency pairs, offering leverage of up to 1:400. In terms of software, they offer the market-popular MetaTrader trading platforms, which include support for Trading Central charts and AutoChartist. TNFX also offers very low spreads, starting from 0 pips. 

To learn more about the broker we conducted deeper research and revealed important facts about it to be considered:

• The first thing while analyzing a broker, we look into its licenses and registration. In fact, TNFX is authorized and regulated by the Seychelles Financial Services Authority (FSA) under license number SD133. The registered address is CT House, Office 9A, Providence, Mahe, Seychelles. Seychelles is recognized as an offshore jurisdiction, and it lacks stringent regulations that would guarantee the safety of traders' investments. For added safety, we consistently recommend opting for a broker that is thoroughly regulated. FCA, ASIC, and CySEC-regulated brokers give this sense of security and safe grounds to conduct profitable trades. Find out what makes a great Forex Broker. 
• TNFX has some really interesting offerings and features that attract traders, such as very low spreads, high leverage opportunities, a large assortment of trading accounts, and client-oriented platforms. This led us to go through the real trader reviews and check for clients' feedback. We revealed that most of the reviews are on the negative side, complaining of the insufficient withdrawal process, and other issues. Therefore, our recommendation is to exercise greater caution and not to be easily attracted by favorable offerings. 
• Deposits and withdrawals are one of the most important aspects of trading. TNFX provides a variety of choices for funding accounts and withdrawing profits. However, it's worth noting that there have been numerous reviews, particularly regarding withdrawal issues. We strongly advise traders to be aware and consider the possible risks in case of engaging with the broker.

Overall TNFX Ranking

With our decade of experience in the Forex trading industry, our research has unearthed substantial concerns regarding TNFX's reliability and its compliance with regulatory standards. Consequently, we are unable to provide a favorable rating for TNFX.

• TNFX Overall Ranking is 3 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.

TNFX Alternative Brokers

In light of safety concerns related to TNFX, we strongly recommend exploring alternative options that prioritize strict regulations and enhanced trading conditions. Below is a list of reputable brokers that provide great trading features and a secure trading environment for your consideration:

• OANDA– Good Market Instruments 
• Plus500– Low Spreads and Competitive Trading Conditions
• Pepperstone– The best selection of Educational Resources

Deposits and Withdrawals

TNFX offers a variety of funding methods, including Bank transfers, Mastercard, PerfectMoney, Webmoney, Payeer, and many other options. Besides, it does not charge any fees for depositing or withdrawing funds.

• For deposits and withdrawals, the estimated timeframe is 24 hours.
• All withdrawals and deposits are made in US dollars. To withdraw money clients need to submit a Withdrawal form. 
• Yet, we always recommend being very careful when it comes to withdrawals, as offshore brokers often have a track record of falling short in this regard.

Account Types

Opening a live account with TNFX is a quick and straightforward process. The broker offers multiple account types: Standard, Fix Account, VIP account, Zero Account, and Cent Account. Each of the account types has its unique features, offering clients different opportunities based on their trading expectations. Also, different account types come with different benefits, as for the Standard Account contains a 20% deposit bonus, and also a $100 birthday bonus. 

• All the account types enable access to Automated trading. 
• For Cent accounts the minimum deposit is $100, while for Zero accounts it is $ 1,000.

TNFX Review Conclusion

Based on the information we have gathered regarding TNFX, significant questions arise concerning the broker's trustworthiness and credibility. Although it offers quite enticing features and services, the fact that Broker is registered only in Seychelles - an offshore jurisdiction, raises substantial doubts.

We urge traders to give serious consideration to selecting a broker that holds licenses from esteemed regulatory bodies such as FCA, ASIC, or CySEC. A multitude of regulated brokers, such as  FP Markets, eToro, and Admiral Markets, excel in providing outstanding services and favorable trading conditions, all while adhering to top-tier regulations, thereby guaranteeing a secure trading environment. 

• Overall ranking and experience for TNFX is Negative

Is IQCent Scam or Legit Broker?

No, IQCent cannot be considered a secure broker as it lacks a trustworthy license from a reputable regulatory authority. It is only registered in the Marshall Islands, which is categorized as an offshore jurisdiction with inadequate safety measures and regulatory standards (Wave Makers LTD - Nr. 103581, Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960).

• Forex industry in the Marshall Islands lacks strong regulatory oversight. Although brokers based there offer various financial services, their regulatory supervision does not meet the stringent standards set by top-tier authorities such as the CySEC or FCA.

What is IQCent?

IQCent is a recently established binary broker, founded by a team of experts in 2017 and commencing online trading operations in 2023. The company is headquartered in Majuro, Marshall Islands. Using their proprietary in-house trading platform, the broker provides trading services for forex, CFDs, cryptocurrencies, and binary options. They offer customers a selection of three distinct account types to choose from. The IQCent customer support team is available round the clock, 24/7. IQcent does not provide MetaTrader platforms. The broker enables traders access to CopyTrading. 

Based on our research we found the following information traders should know before signing with the broker:

• While looking into IQCent, we found important information about the broker's regulation. The first thing traders need to check about a broker is the existence of a tight regulation. However, this is not the case with IQCent, as it is an offshore broker with a license from the Marshall Islands. 
• Some of the IQCent's offerings seem to be pretty favorable, however, its website does not offer sufficient educational resources, and traders should proactively seek alternative information sources to acquire the required skills and knowledge. The only form of assistance offered by the broker is the provision of a demo account.
• Client reviews are also essential to consider before making a choice to sign in with a broker. We revealed that IQCent has mixed reviews. While certain reviews are notably positive, highlighting the benefits of trading with the broker, there are also numerous negative ones that emphasize issues like inadequate customer support and problematic withdrawal procedures, among other concerns.
• Finally, taking into account the gathered facts, traders should recognize that selecting an unregulated or offshore broker can potentially jeopardize their investments. There are numerous tightly regulated brokers in the market that adhere to rigorous regulatory standards and inspire a high level of trust.

Overall IQCent Ranking

Based on a decade of experience in the Forex trading industry, our research has revealed substantial issues regarding the reliability and adherence to regulatory standards by IQCent. Consequently, we cannot give a positive ranking to IQCent.

• IQCent Overall Ranking is 3 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.

IQCent Alternative Brokers

Because of the safety concerns linked to IQCent, we highly recommend exploring alternative options that offer tight regulations and enhanced trading conditions. Below is a list of reputable brokers that provide reliable choices and a secure trading environment for your consideration:

• GO Markets – Good Market Instruments 
• HYCM– Low Spreads and Competitive Trading Conditions
• XM– The best selection of Educational Resources

Deposits and Withdrawals

With IQCent the client is required to deposit funds into their trading account within a period of 90 calendar days starting from the date of its opening. The available minimum deposit is $50.

• In the event of funding through Visa/Mastercard, withdrawals can be processed either through a bank transfer which will be sent to the client through mail upon order.
• The company retains the authority to decline a withdrawal request if there is a clear intention to transfer customer funds from one payment system to another.

Account Types

IQCent offers several account types to cater to different trading preferences and experience levels: Bronze, Silver, Gold, and VIP accounts. The features and conditions vary between different account types. The minimum deposit for Bronze accounts is $50, for Silver accounts, it is $1,000, for Gold accounts, it's $5,000, and for VIP accounts, the minimum deposit is $50,000.

There are other differences, too, such as:

• Withdrawal time, for instance, for VIP accounts the withdrawal is instant, while for Bronze accounts it might take up to 8 hours. 
• Besides, Gold and VIP accounts also offer personal assistance, while for Bronze and Silver accounts the service is not available. 

IQCent Review Conclusion

Considering the information we have gathered regarding IQCent, there are significant apprehensions regarding the broker's reliability and credibility. Despite the broker's appealing features and offerings, the fact that it is registered in an offshore jurisdiction (Marshall Islands) raises substantial doubts, and traders should exercise caution.

We highly recommend seeking out a broker that holds licenses from respected authorities such as FCA, ASIC, or CySEC. There are many regulated brokers with great offerings and conditions, also alighed with top-tier regulations which is considered safe choice to trade, these including FP Markets, HFM, or FXGT. 

• Overall ranking and experience for IQCent is Negative

Is HankoTrade Scam or Legit Broker?

No, it is not safe to sign in with HankoTrade. The broker is registered with the Financial Services Authority of Seychelles (FSA). It is a known fact that Seychelles is an offshore zone, thus it does not provide sufficient protection and does not oversee the financial companies registered under it. 

• The oversight of HankoTrade is lacking rigorous monitoring by reputable regulatory bodies, which means that the broker does not adhere to any specific guidelines or rules and has more freedom to conduct its business as it sees fit. 

What is HankoTrade?

Hankotrade distinguishes itself as an ECN (Electronic Communication Network) broker, emphasizing its commitment to providing exceptional trading conditions (tight spreads,  no commission, etc.) coupled with some of the most competitive commissions within the industry. As an ECN broker, Hankotrade promptly transmits client orders directly to liquidity providers.

However, we conducted detailed research on the broker and were able to make revelations that will help traders have more insight into the broker before making a decision to sign with it.

Here are the main points to consider:

• Lack of serious Regulation: In Forex trading safety is the most important aspect to consider. The first thing traders should pay attention to is the tight regulation of the chosen broker. Only top-tier licenses give the necessary amount of protection and almost exclude financial scams and risky transactions. Top-tier regulations, such as FCA, ASIC, or CySEC provide compensation schemes, guaranteed stop loss, etc. Offshore brokers such as HankoTrade, on the contrary, lack in terms of stability and reliability and often can run financial scams. 
• Reviews from real traders: Not to be misled by the tempting offerings and services brokers promise to their clients, it is advisable to look for reviews from real traders and learn about their experience. This is what we did in the first place, and the reviews we found about HankoTrade were not at all promising. Mostly, clients state that all the promises the broker mentioned, turned out to be from the fantasy genre. 
• Issues with the withdrawal process: The safety of funds is another aspect to consider properly. With HankoTrade the previous track record in respect of withdrawals is not quite promising. Many offshore brokers lack in this respect, and the client can never be sure whether it will be possible to get back the invested money and the profits. As a common practice, scam brokers ask for more investment in order to enable withdrawal, pressuring clients psychologically to risk even more funds. 

Overall HankoTrade Ranking

Based on our extensive experience of over a decade in Forex trading, our research has uncovered concerns related to the reliability and regulatory compliance of HankoTrade. Consequently, we are unable to rank HankoTrade positively.

• HankoTrade Overall Ranking is 3 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.

HankoTrade Alternative Brokers

Based on the safety concerns associated with HankoTrade, we strongly advise considering better alternatives with stringent regulations and better trading conditions. Below, we present a list of reputable brokers with reliable options and safe conditions for your comparison:

• FxPro – Good Instruments and CopyTrading
• FXTM – Low Spreads and Competitive Trading Conditions
• Tickmill – The best selection of Educational Resources

Deposits and Withdrawals

HankoTrade sets a minimum deposit requirement of $10 for STP accounts and $100 for ECN accounts. If you're interested in an ECN Plus account, the minimum deposit is $1000. HankoTrade does not impose any fees on deposits or withdrawals for its clients.

• Hankotrade ensures on its website that all withdrawals are processed within a business day on weekdays. Typically, Hankotrade processes withdrawals using the same payment method employed for making deposits.
• However, based on the information we found on the broker's withdrawal process, our recommendation is to be very careful and make only an informed decision before making any investments with HankoTrade.

Account Types

HankoTrade provides three main account types: the STP account, the ECN account, and the ECN Plus account. Additionally, an Islamic account is also available. To gain comprehensive information about each of these account types, you can visit the 'Account Types' section on the broker's website. HankoTrade enables its clients to run both live and Demo accounts at the same time by simply installing the MT4 platform for each of HankoTrade's forex trading accounts.

• Hankotrade provides swap-free accounts designed to operate in compliance with Shariah law, catering to the needs of its Muslim clients.

HankoTrade Review Conclusion

Based on the information we have gathered about HankoTrade, it raises concerns about the broker's reliability and trustworthiness. While the broker's features and offerings may seem appealing, the fact that it is registered in an offshore zone (Seychelles) is a significant red flag that traders should carefully consider. Additionally, negative trader feedback and reviews further contribute to our reservations about signing up with this broker.

Our recommendation is to find a broker with a license from reputable authorities, such as FCA, ASIC, or CySEC. Some notable options to consider among reliable brokers with good standing include but are not limited to Go Markets, BlackBull Markets, and FP Markets.

• Overall ranking and experience for HankoTrade is Negative

Is Quotex Scam or Legit Broker?

No, it is not safe to start trading with Quotex, there is high risk Quotex is scam or not safe enough Broker to invest with. The entity responsible for the Quotex website, Maxbit LLC, is officially registered in St. Vincent and the Grenadines, which is considered an offshore jurisdiction known for its lenient tax regulations and almost no regulations towards Forex brokers. 

• The oversight of Quotex lacks rigorous monitoring by reputable regulatory bodies. Consequently, the broker does not follow any special guidelines and rules and might operate its business however it chooses. Offshore brokers such as Quotex, Coinexx, T4Trade , etc. are unreliable and might be financial scams, or Brokers that traders will never know what to expect.

What is Quotex?

Quotex, founded in 2019, is a brokerage firm that specializes in the field of binary options trading. The firm offers its clients the opportunity to engage in trading activities involving currencies, metals, oil, cryptocurrencies, and stock indices. The broker provides favorable conditions for its clients, offering a low minimum deposit ($10), a variety of available currencies (USD, EUR, GBP, BRL, IDR, MYR, INR, KZT, RUB, THB, UAH, VND), a Demo account and 24/7 customer support. 

The broker seems to be gaining more clients daily and earning a significant volume of interest. However, upon detailed research, we were able to reveal a number of red flags that make us see Quotex in a different light.

Here are the main points we would like clients to consider before signing with the broker:

• Lack of regulation: When choosing a broker the first thing traders should do is check whether the broker is regulated or not. In fact, this is not something to overlook, as regulation and proper license from a respected authority means the reliability of the broker. When it comes to Quotex, the entity operating the Quotex website is Maxbit LLC, which is registered in St. Vincent and the Grenadines, known as an offshore jurisdiction. This means, that while trading with Quotex customers can't have the reassurance and safety that their funds are fully protected, or there is any regulatory body that may assist in case of any fraudulent activity, alike FCA does. 
• False popularity: The broker seems to be quite popular among clients. Yet, it seems like the broker is working on its popularity and collecting positive reviews and feedback. However, along with positive and praising reviews, there are still many negative reviews that actually state the opposite, pointing at the unfavorable conditions of the broker and the inappropriate withdrawal process.
• Withdrawal problems: Although the broker positions itself in a positive light, we were still able to find feedback indicating its inadequate withdrawal process. Clients complain that the broker offers to make even more investments to be able to process withdrawals, which is the practise only scam Brokers would do, none of the serious companies can tell trader to invest more, and as a result traders lose even more money. 
• Binary Options - a highly risky form of trading: Binary options trading has gained both popularity and controversy. Many argue that binary options offer a straightforward way for traders to profit from market movements, while critics highlight the high risk and potential for investor losses. Due to concerns about investor protection, regulatory authorities in various countries (UK and US, for instance) have imposed restrictions or outright bans on binary options trading.

Overall Quotex Ranking

Drawing upon our Expert Opinion, substantiated by over a decade of hands-on experience in Forex Trading, we have revealed noteworthy concerns regarding Quotex's regulatory framework and overall reliability. Consequently, we find ourselves unable to give a positive ranking to Quotex.

• Quotex Overall Ranking is 3 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.

Quotex Alternative Brokers

In light of the substantial safety concerns associated with Quotex, we strongly advise exploring better alternatives that prioritize stringent regulations and offer good trading conditions. Below, we present a list of reputable brokers with reliable options and safe conditions for your comparison:

• Pepperstone– Good Instruments and CopyTrading
• FP Markets – Low Spreads and Competitive Trading Conditions
• HFM – The best selection of Educational Resources

Deposits and Withdrawals

With Quotex traders can fund their accounts through a range of methods, including credit cards, e-wallets, and cryptocurrencies. The minimum deposit is $10, with no additional fees applied for deposit transactions. 

• The process of withdrawing funds is quite straightforward and can be executed within the personal account. The same method utilized for depositing funds into the trader's account can also be employed for initiating withdrawals.
• Typically, the withdrawal process spans 1-5 days from the moment the Client's corresponding request is received.
• For the majority of payment systems, the minimum withdrawal threshold starts at $10. However, for cryptocurrencies, this minimum amount begins at $50.
• When it comes to Quorex withdrawals we recommend being particularly attentive, as there are reported issues with the withdrawal process that should not be neglected.

Account Types

Quotex presents a range of account types including Demo, Standard, Pro, and VIP, each featuring distinct minimum deposit requirements (starting from $10 ), tradable assets, and account currencies. All in all, the Demo account caters to all, the Standard account is tailored for beginners, the Pro account is more suitable for professional traders, and the VIP account is intended for seasoned traders engaged in full-time trading.

• The demo account provides users with complete access to the range of instruments and tools accessible on Quotex trading platforms. This encompasses the opportunity to engage in practicing diverse trading strategies and gaining insights into the market along with the broker's offerings.

Quotex Review Conclusion

Based on the comprehensive information collected about Quotex, significant concerns arise regarding the broker's reliability and credibility, so we do not recommend Quotex for trading or investing. The fact that it is registered in Saint Vincent and the Grenadines casts doubt on its reliability, creating a concerning possibility of it being associated with financial fraudulent activities.

We strongly advise staying away from brokers with dubious registrations and instead, giving preference to those with established, reputable track records. Look for brokers known for favorable trading conditions and trustworthy services with licenses such as FCA, ASIC, or CySEC, as these licenses offer a heightened level of security and safeguards.

• Overall ranking and experience for Quotex is Negative

Is EagleFX Scam or Legit Broker?

No, engaging in trading with EagleFX is not recommended. The company operates under an offshore license from Dominica, which is considered the riskiest option as the company is based only in an offshore zone. Brokers located in Dominica are not trustworthy because of the lack of proper oversight and guidelines established by the jurisdiction itself. The country’s Financial Services Unit does not have special laws and guidelines for forex trading, thus making trading with EagleFX risky and financially unsteady.

• In general, when dealing with offshore companies like EagleFX or other brokers with offshore registration (Milton Markets, Capitalix, and Zebra Finance) it is advised to exercise utmost caution.

What is EagleFX?

According to the broker's website, EagleFX functions as an internet-based STP broker for Forex and cryptocurrency trading, offering CFD trading across a wide range of assets and favorable trading circumstances through the acclaimed MT4 platform. As the broker states, with EagleFX, users can access substantial liquidity, enjoy high leverage of up to 1:500, and benefit from competitive spreads in the industry.

Also, EagleFX provides 24/7 live customer service, doesn't impose any deposit or withdrawal fees, and ensures withdrawals are processed within 30 minutes or less. 

However, our research of the broker has brought to light numerous issues, with some of the most notable ones including:

• Registration: EagleFX is located in Dominica (EagleFX Ltd, 8 Copthall, Roseau Valley 00152, The Commonwealth of Dominica). Dominica does not acknowledge forex services as an independent business category. Consequently, there are no existing laws, statutory regulations, and protection mechanisms in place for traders. This means, that brokers from Dominica are not the safest options to consider for forex. Instead, it is wiser to choose a broker with a license from reputable financial authorities, good standing, and proven experience in the market (Check HFM, Interactive Brokers, and FP Markets).
• Mostly negative client feedback: Generally, EagleFX has mixed reviews from clients. They are not totally negative. However, together with satisfied feedback, there are still many negative reviews and alerts to be cautious about, claiming that the broker has ripped them off and caused them to lose all their investments. In fact, reviews from real clients shouldn't be neglected, especially when the issues are in regard to deposits and withdrawals. 
• Inappropriate deposit and Withdrawal process: As in the case of many offshore brokers, EagleFX also seems to have issues with the withdrawal process. Many clients state that they are not able to process their profits fully and experience financial losses. It is a well-known fact, that in forex trading the safety of funds is one of the most essential aspects, thus we recommend traders trust their money only to trustworthy companies that due to their quality services will help them get profits. 

Overall EagleFX Ranking

Based on our extensively informed Expert Opinion, supported by over a decade of hands-on experience in Forex Trading, we have revealed noteworthy concerns regarding EagleFX's regulation and overall reliability. Consequently, we cannot provide a positive ranking upon EagleFX.

• EagleFX Overall Ranking is 3 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.

EagleFX Alternative Brokers

Due to the considerable safety concerns associated with EagleFX, we strongly advise exploring significantly superior alternatives known for their stringent regulations and exceptional trading conditions. Below, we have a selection of reputable brokers and reliable options for your comparison:

• OANDA – Good Broker with Low Deposit
• MultiBank Exchange – Low Spread Broker
• Dukascopy – Good for High Leverage and Online Banking

Deposits and Withdrawals

EagleFX claims to offer multiple deposit methods including Bitcoin and Wire Transfer via Instacoins. The minimum deposit for a Credit/Debit Card and Bank Wire Transfer is $50.  There are no fees for deposits or withdrawals made on the broker's platform. However, all Bitcoin transactions are subject to the blockchain network and miner fees.

• Generally, withdrawals are reviewed by the payments team within 30 minutes. In case of delays, traders are advised to get in touch with EagleFX  24/7 support team via. Live Chat.
• The minimum withdrawal amount via Bitcoin is 10 USD/GBP/EUR. 
• However, we recommend being careful with withdrawals, as many traders warn about issues they have faced while trading with the broker, which is confirming its unsafe nature

Account Types

EagleFX offers a single standard live account applicable to all clients. Besides, clients have the choice to establish a demo account, along with the availability of an Islamic/Swap-free account. Through the live account, traders can access 55 currency pairs, including majors, minors, and exotics. The broker offers a low minimum deposit of $50 and high leverage of up to 1:500.

• The demo account has identical features to the live account, affording traders the chance to engage in risk-free trading practices without the possibility of experiencing financial losses.

EagleFX Review Conclusion

Based on the accumulated information about EagleFX, there are notable reservations concerning the broker's dependability and integrity, so overall EagleFX is not recoomended for trading and is quite suspicious. Its registration in Dominica undermines the broker's credibility, creating a heightened potential for it to be associated with financial fraud.

It's advisable to stay away from brokers with dubious registrations and instead prioritize those with established track records, recognized for delivering consistent exceptional trading conditions and dependable services over time. Traders should prioritize brokers holding licenses such as FCA, ASIC, or CySEC, as these licenses offer elevated levels of security.

• Overall ranking and experience for EagleFX is Negative

Is Milton Markets Scam or Legit Broker?

No, it is not safe to trade with Milton Markets. The company operates with an offshore license from Saint Vincent and the Grenadines, which is considered the highest risk if company solely based offshore. The payment agent of Milton Financial Services is MFSC Managements Limited, located at 30 Tempon Street, Engomi, Nicosia, 2408, Cyprus, however it is only used for payment processes and has nothing to do with regulation of the Forex Trading operation of the company itself. 

• In fact, scammers frequently target offshore areas because of the absence of proper oversight and regulatory guidelines, so there is high risk to fall into one of those proposals. Overall, dealing with offshore companies, such as Milton Markets and others (OsprayFX, COIN-ROYAL, etc.) with a license from Saint Vincent and the Grenadines demands caution due to their typical lack of transparency. Learn more about why signing in with brokers from Saint Vincent and the Grenadines is not advisable.

What is Milton Markets?

Registered in 2021 Milton Markets is a Forex and CFD broker. According to the website, Milton Markets provides highly favorable trading conditions for traders of all skill levels, catering to both beginners and day traders (Read about Day trading in our detailed article). Also, it states that there are no hidden fees, making the trading experience transparent and reliable. It offers to operate trades on the market's popular MT4 platform, enabling leverages as high as 1:1000.

However, there are a lot of issues we were able to reveal while researching the broker, and some of the most important ones including:

• Lack of proper registration: In Forex trading the most crucial aspect is registration. Traders are urged to choose brokers that have a license from top-tier agencies. What does this give? This is a guarantee for the highest safety and reliability, granting the customers the reassurance that their funds and profits are safe.
• Withdrawal and Deposit Issues: There is no need to mention that the funds’ accessibility is essential in Forex trading. Unfortunately, many brokers from offshore zone lack in this respect. It is common for them to operate for a certain period, then disappear from the market together with their clients’ investments. To avoid financial losses, it is always preferable to choose a regulated broker, that provides a package of financial protection (Different Compensation schemes, Negative Balance protection, etc.)
• Restricted access in a wide list of countries: Milton Markets mentions that it does not accept clients from the US, Canada,  Iran, North Korea, St. Vincent and the Grenadine Islands. It also might be restricted in North Korea, Afghanistan, American Samoa, Belarus Burundi, Central African Republic, Congo - Brazzaville, Cuba, Iran, Iraq, Lebanon, Liberia, Libya, Myanmar (Burma), Puerto Rico, Rwanda, Somalia, Sudan, Syria, U.S. Virgin Islands, United States, Venezuela, Yemen, Zimbabwe.
• Negative Review from clients: While choosing a forex broker it is crucial to consider review and feedback from actual traders. This will help to have a better insight into the brokers’ offerings, trading conditions, and standing in the market. Based on available reviews, Milton Markets is not a reliable broker. Many traders mention it being a total scam. The main issue mentioned is the inappropriate deposit and withdrawal processes.

Overall Milton Markets Ranking

Based on our Expert Opinion, backed by over 10 Years of experience in Forex Trading, we have uncovered notable concerns regarding Milton Markets' regulation and reliability. As a result, we cannot provide a positive ranking for Milton Markets.

• Milton Market Overall Ranking is 3 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.

Milton Market Alternative Brokers

Due to the significant safety issues with Milton Market, we highly recommend considering much better alternatives that boast tight regulations and excellent trading conditions. We select Good Brokers and reliable options for your comparison below: 

• Interactive Brokers – Good Instruments and CopyTrading
• FP Markets – Low Spreads and Competitive Trading Conditions
• GO Markets– The best selection of Educational Resources

Deposits and Withdrawals

Milton Markets deposit methods are limited to Bitwallet and a wire transfer within Japan. These payment methods may not be suitable for a wide range of traders due to their constraints. This is perhaps one of the reasons why residents from a wide list of countries cannot sign with the broker. In fact, the availability of different deposit and withdrawal options is crucial for any broker, making it more accessible for traders.

• As to withdrawals, there is a specified 3-5 days period, which could be considered relatively lengthy for some traders.
• Also, it is impossible to overlook the fact, that there are many dissatisfied traders with the deposit and withdrawal processes offered by Milton Markets.

Account Types

Milton Markets offers two account types: Flex and Smart. The Flex account demands a minimum deposit of $50, while for the Smart account, the minimum requirement is $100. Both accounts come with high leverage - the Flex account at 1:500 and the Smart account at 1:1000. Additionally, the spread on the Flex account starts at 1.7 pips, which is slightly higher compared to the Smart account (Check our article on Low Spread Brokers).

• The leverage of the Smart account is determined based on the account's balance.
• When depositing funds in a currency other than JPY /USD / EUR), the conversion will be done at the prevailing rate at deposit reflection.

Milton Markets Review Conclusion

Based on the gathered information about Milton Markets, there are evident concerns regarding the broker's reliability and trustworthiness. Its Saint Vincent and the Grenadines registration makes the broker an unreliable offering, raising the possibility of it being a financial scam.

We recommend avoiding brokers with questionable registrations and giving preference to those with well-established reputations, known for consistently providing excellent trading conditions and reliable services over the years. Traders should prioritize brokers holding top-tier licenses such as FCA, ASIC, or CySEC, as these licenses offer a higher level of security and protection.

• Overall ranking and experience for Milton Markets is Negative

Is ECN.Broker Scam or Legit Broker?

No, it is not safe to trade with ECN.Broker. The main reason why it is not recommendable to trade with ECN.Broker is its offshore jurisdiction and lenient regulations (Registration number 164483, Address: Global Gateway 8, Rue de la Perle, Providence, Mahe, Seychelles).

• Seychelles is known offshore financial zone, so when brokers are registered in offshore jurisdictions there is a great chance that their offerings might be highly risky and lead to financial losses due to scam. This is why it is crucial to research the broker's background, regulations, and feedback from real traders before signing in with ECN.Broker or other offshore or unregistered brokers (ClickTrades, OspreyFX, etc.)

What is ECN.Broker?

Founded in 2015, ECN.Broker provides direct access to markets and liquidity providers. The broker boasts about its fast order execution, low spreads and no requotes. Besides, ECN.Broker enables access to more than 260 instruments, and offers various account types. 

Also, ECN.Broker gives access to one of the most popular trading strategies, Copy trading, enabling traders to create and maintain their own strategies in ECN.Broker CopyTrading. However, during our research, we try to examine the broker from different perspectives, and not only rely on the information provided on the broker's website.

This is what we were able to reveal about ECN.Broker:

• To begin with, ECN.Broker has a very low trust score. This is mostly due to the fact that the broker is not properly regulated and does not hold any license from a reputable agency. In forex trading, lack of regulation is considered a huge red flag for any broker, even for those that provide favorable features and offerings. Thus, to be on the safe side, it is always wiser to choose a regulated broker with a higher trust score, good standing in the market and favorable trading conditions. 
• Besides, it is also useful to check feedback and reviews from other real traders. This way it is possible to learn more about the broker's offerings, deposit and withdrawal processes, etc. Based on our research, traders do not rank ECN.Broker positively, and most of the complaints are regarding withdrawals.
• In addition, ECN.Broker states on its website that it does not accept residents of certain jurisdictions, such as the USA and DPRK.
• All in all, based on the accumulated information, we are of the opinion that it is not preferable to sign in with ECN.Broker. There are much better options among adequately regulated brokers, that also provide better conditions (trading tools, technical analysis, etc.), also, Brokers that provide various protection and safety schemes, such as Negative balance protection. 

Overall ECN.Broker Ranking

We have revealed significant issues regarding ECN.Broker regulation and reliability, thus we do not rank positively ECN.Broker, based on our Expert Opinion with over 10 Years of experience in Forex Trading.

• ECN.Broker Overall Ranking is 3 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.

ECN.Broker Alternative Brokers

Based on the significant safety issues with ECN.Broker here are much better Alternatives to ECN.Broker with tight regulations and excellent conditions. We select Good Brokers and reliable options for your comparison below: 

• BDSwiss – Good Instruments and CopyTrading
• Pepperstone – Low Spreads and Competitive Trading Conditions
• Deriv – The best selection of Educational Resources

Deposits and Withdrawals

ECN.Broker offers various deposit and withdrawal options, such as Bank wire, Cards, E-wallets (Bitcoin, Perfect Money, Binance).

• The broker enables Minimum Deposits as low as 1$, however, this is based on the account type. 
• Bank transfers typically take up to 1 business day to process deposits. Generally, there is a limit to transactions in a day (not more than 5 transactions). 
• The broker does not charge a fee for depositing and withdrawing funds. The commission can be kept by the bank or payment system through which the payment is processed (Read our article on the No-commission Forex Brokers).
• When it comes to withdrawals, we advise traders to be very careful, as they are complaints from traders regarding the withdrawal process. As a matter of fact, the safety and accessibility of funds is one of the major points to consider in Forex trading. 

Account Types

ECN.Broker provides the following types of accounts: ECN, ECN Fix and ECN Mini (Cent). Upon registration, an automatic trading account is created for the traders. If they wish to open additional accounts, they can easily do so independently through the "My Account" section. 

• To register for "My Account" it is necassary to click on the "Start Trading" button located on the main page of the site. From there, it is needed to fill in the required information and follow the provided instructions to complete the sign-up process.

ECN.Broker Review Conclusion

Based on the gathered information about ECN.Broker, there are clear concerns regarding the broker's reliability and trustworthiness. Despite some appealing features and offerings, the fact that it is registered in an offshore zone makes the broker a risky choice.

Rather than opting for brokers with questionable registrations, it is highly advisable to choose those with a well-established reputation, known for providing excellent trading conditions and reliable services over the years. Traders should prioritize brokers holding top-tier licenses such as FCA, ASIC, or CySEC, as these licenses offer a greater level of security and protection. Also, some of the reliable brokers to consider are HFM, FP Markets, eToro. 

• Overall ranking and experience for ECN.Broker is Negative