category: Unregulated Brokers

Is TradeToro Scam or Legit Broker?

No, it is not safe to trade with TradeToro. TradeToro is owned by Ivory Group Limited, which is an offshore company registered in Dominica.

• Dominica 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 Global Clearing Group, Tradersway, and more.

What is TradeToro?

It is not clear enough how exactly TradeToro delivers its service and if comply with any of the regulations. In fact, it is obvious that not, therefore the broker’s offering is not overseen by any entity and may be considered an illegal service, as the EU requires the strictest licensing.

• Overall, it means TradeToro offers unreasonable risk to their investors or traders as simply there are no client’s security rules implemented. Besides, there are vast negative reviews from the traders engaged with TradeToro, as well as states that the broker is a scam. The traders faced some interruption in their trading processes, “advisory” how to place orders next and that’s apart from the issues that the money most probably never returned back to their owners.
• In addition, the Austrian Financial Market Authority (FMA) has issued a warning against TradeToro:

"TradeToro is not entitled to carry out banking transactions in Austria that require a license. Therefore the acceptance of funds from other parties on a commercial basis for management purposes or as deposits is not allowed."

• We have heard brokers from Dominica deny traders withdrawing funds. We have feedbacks from traders that they cannot withdraw money. You read the feedback here.

TradeToro Review Conclusion

We advise all investors and traders to avoid TradeToro and other brokers from Dominica. Traders should trade with well-regulated brokers (Top 10 Forex Brokers in the World) such as UK brokers or brokers in Australia and reliable brokers such as FP Markets and TMGM.

TradeToro Update

We found the TradeToro 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 GMFX24 Scam or Legit Broker?

GMFX24 is not a safe broker as it does not hold any serious license. It is registered in St. Vincent and the Grenadines and does not provide proper safety terms and conditions. 

• Saint Vincent and the Grenadines (SVG) is a popular offshore jurisdiction for forex brokers due to its low set-up requirements and minimal regulation. However, the lack of regulatory oversight and lax requirements can also lead to potential risks for traders who choose to sign up with brokers registered with the SVG Financial Services Authority.

What is GMFX24?

GMFX24 is a Forex and CFDs broker, owned and operated by Goldman 24 Limited, a company registered in St. Vincent and the Grenadines. According to the website the head office is located in St. Vincent and the Grenadines. They don't provide the contact phone numbers, although mention the main hotline's time availability.

• Also, the terms and conditions state that the company is under Cyprus' jurisdiction, which is supposed to mean GMF24 is regulated by Cyprus regulator CySEC. We have checked the register on the regulator's website and there are no records about the broker's license. It seems that GMFX24 is just one more offshore-based unregulated forex broker that tries to get investors' trust with fake information about its regulation.

GMFX24 Review Conclusion

We advise avoiding GMFX24 as it has no regulation and no legal right to provide financial services. Instead, we recommend checking the list of the CySec-regulated brokers, as this regulator is well-known and trustworthy. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as FP Markets and BlackBull Markets.

GMFX24 Update

We found the GMFX24 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 Boom Xchange Scam or Legit Broker?

Boom Xchange is a 100% fraud company. The broker does not hold any proper license from a well-known reliable financial regulator. It is NOT SAFE to trade with Boom Xchange.

• We never advise trading with an unregulated broker, since the financial investment service they deliver is not trustable. 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 Boom Xchange?

Boom Xchange is a Forex, CFDs, and cryptocurrency broker. The company states that it is owned and operated by Leadcapital Markets Ltd., a CySEC-regulated company. The website provides full information about the license from the Cyprus regulator, including address, contact phone number, etc. They also mention the other regional offices of the company in the USA and UK. Everything could look quite legit, as Leadcapital Markets Ltd. is a trustworthy company regulated by CySEC. The trick is this company has nothing to do with Boom Xchange, it doesn't own the broker and there is no information about these two companies to be connected.

• Moreover, CySEC has recently issued a warning against Boom Xchange, stating that the broker is using the details of the regulated entity to scam people:
  "The Cyprus Securities and Exchange Commission (‘CySEC’) wishes to inform investors that the website boomxchange.com (Boom Xchange), does not belong to an entity which has been granted authorization for the provision of investment services and/or the performance of investment activities, as provided for in Article 5 of Law 87 (I)/2017. In the above-mentioned website, the name, license number, and content from the website of the Cyprus Investment Firm Leadcapital Markets Ltd is used illegally and without its authorization."

Boom Xchange Review Conclusion

It is a very popular tactic among fraud companies to use the details of the regulated firms in order to earn clients' trust. We highly recommend avoiding such brokers and choosing from those regulated by reliable authorities such as CySEC in Cyprus or FCA in the UK. Traders should trade with well-regulated brokers (Top 10 Forex Brokers in the World) such as UK brokers or brokers in Australia and reliable brokers such as FP Markets and TMGM.

Boom Xchange Update

We found the Boom Xchange 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 CapitalXP Scam or Legit Broker?

CapitalXP is not a safe broker as it does not hold any serious license. The broker is registered in St. Vincent and the Grenadines and does not provide proper safety terms and conditions. SVG is a popular offshore jurisdiction for forex brokers due to its low set-up requirements and minimal regulation. However, the lack of regulatory oversight and lax requirements can also lead to potential risks for traders who choose to sign up with brokers registered with the SVG Financial Services Authority.

What is CapitalXP?

• CapitalXP is a Forex and CFDs broker, owned and operated by Quattro Holding Group LTD, registered in St. Vincent and the Grenadines. It is a popular destination for forex brokers because the registration procedure is simple and low-cost and they face limited regulatory supervision if any. It is important to remember that the company's registration has nothing to do with the regulation and may be confusing for those who have just started searching for brokers to invest with.
• The website provides two contact phone numbers (Russia and the United Kingdom), however, neither the broker, nor the company behind it is regulated in these or any other countries by the official financial regulators. Also, the website supports English and Russian languages, which only confirms the fact that CapitalXP has been targeting people from these countries without any legal right to do that.

CapitalXP Review Conclusion

Well-respected financial authorities like the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission (ASIC), or the Cyprus Securities and Exchange Commission (CySEC) are effectively enforcing strict financial and ethical rules on all overseen brokers. That's why we recommend choosing among the brokers regulated by the mentioned authorities. Traders should trade with well-regulated brokers (Top 10 Forex Brokers in the World) such as UK brokers or brokers in Australia and reliable brokers such as FP Markets and TMGM.

CapitalXP Update

We found the CapitalXP 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 Roiteks Scam or Legit Broker?

It is NOT SAFE to trade with Roiteks. It is located in the Marshall Islands and is not overseen by the industry authority, therefore maintains operation at its own standards. 

• Marshall Islands are known hub for various scams and fraud companies, as the incorporation requirements are very low, while the only “standard” is a small initial start capital. Of course, it doesn’t mean that all companies are frauds, but a firm with a trustful trading environment should be authorized by any other reputable world agency. 

What is Roiteks?

Roiteks is a trading name used by Green Oak Limited with its registration in Bulgaria. However, the company is a subsidiary of Vantu Capital LTD, which is already registered in the Marshall Islands. Apart from the fact that the Marshall Islands is a known offshore hub for financial companies, the firm in Bulgaria is not registered as well.

• The international authorities that oversee the authorized entities check on regularly the market offerings while carrying out warning activity to provide enhanced resources to the potential investors before the choice is done. Therefore, the regulatory searches on Roitecks obtained the attention of the international regulatory bodies, as the firm is non-authorized and targets particular residents to trade with them. The alert was placed in Norway while various EU authority sources follow an alert, and should be considered seriously by the investors.

  “The Danish Financial Supervisory Authority is aware that Green Oak Limited (Roiteks) is not authorized to operate investment trusts in Norway, and the executive branch, therefore, has no necessary approval under Norwegian law.”

  The Financial Supervisory Authority of Norway, September 2018

Roiteks Review Conclusion

In conclusion, we do not recommend trading with the Raitecks, since the offering does not seem reliable and should be avoided. It is advisable to trade with Regulated Forex Brokers that are obliged to act in accordance with the set of regulations. Traders should sign in with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as FP Markets and XM.

Roiteks Update

Based on our research, the Roiteks 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 365 FX Scam or Legit Broker?

No, it is not safe to trade with 365 FX. 365 FX is owned by Fintech Software Inc. which is an offshore company registered in the Marshall Islands.

• The Marshall Islands is notorious for its practically absent requirements and regulations. Due to the setup cost is low and it does not regulate forex trading. Therefore, it became an offshore zone for shady forex brokers such as GoldmanCFD, Obsbit and more. 

What is 365FX? 

365 FX is a brand name owned and operated by Fintech Software Inc., which is managed and owned by a team of professionals, specializing in forex trading, financial options, online marketing, commodities, stocks, derivatives, etc., as claimed on the website.

The broker states its address in London, however, is not registered officially to be able to deliver its financial services. In addition, the ruts of the company show the entity is located in the Marshall Islands, which is a known offshore zone.

• Nevertheless, the brokerage operates trading without licensing while targeting clients from various entities, therefore the company was warned by the authorities to stop its business offering. The statement below was issued by the Irelands Central Bank, while further, the regulatory bodies from the EU spread the information through their sources, too.

• “The Central Bank of Ireland published the name of an unauthorized investment firm, 365-FX/365BinaryOption/Oproserv Limited/Fintech Software Inc., that states its addresses in the United Kingdom and the Marshall Islands. It is a criminal offense for an unauthorized firm to provide financial services in Ireland that would require authorization under the relevant legislation, which the Central Bank is the responsible body for enforcing.”

  Central Bank of Ireland. October 2018.

365 FX Review Conclusion

We advise all investors and traders to avoid 365 FX and other brokers from the Marshall Islands. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as FP Markets and BlackBull Markets.

365 FX Update

Based on our findings, 365 FX is inactive and unavailable to reach. This means the broker has muted its trading offering and does not propose account openings, however, we recommend avoiding and staying alert in case any proposals come in. 

Is LVMexchange Scam or Legit Broker?

No, it is not safe to trade with LVMexchange. This is an offshore broker registered in St. Vincent and the Grenadines. This means that the broker does not hold any serious license and it might operate its business, not in the manner beneficial for the clients. 

• Saint Vincent and the Grenadines (SVG) is a popular offshore jurisdiction for forex brokers due to its low set-up requirements and minimal regulation. However, the lack of regulatory oversight and lax requirements can also lead to potential risks for traders who choose to sign up with brokers registered with the SVG Financial Services Authority. Read more about the authority. 

What is LVMexchange?

LVMexchange is a broker that offers to trade on forex and CFDs. The company is owned and operated by LVM Ltd. According to the website, LVM Ltd, is incorporated under registered number 24616 IBC 2018 by the Registrar of International Business Companies, registered by the Financial Services Authority of Saint Vincent and the Grenadines. Also, if you look at the terms and conditions of the company, you will find out about the fact that LVMEXCHANGE is the trading name of LVMARKETS. Seems like previously the website had a different name and the broker was incorporated in Vanuatu. Some unregulated brokers change their names in order to erase the negative reputation and continue doing their illegal business. 

• Despite the fact that the broker's address is in St. Vincent and the Grenadines, it provides a Swiss phone number as a contact number. This should be one more red flag for those who are going to invest with LVMexchange.

LVMexchange Review Conclusion

Investing with a properly regulated broker is crucial for the safety of any investment. We recommend avoiding offshore brokers with suspicious offerings. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as FP Markets and TMGM.

Is 4xbrands Scam or Legit Broker?

4xbrands is not a safe broker as it does not hold any serious license. It is registered in St. Vincent and the Grenadines and does not provide proper safety terms and conditions. 

• Saint Vincent and the Grenadines (SVG) is a popular offshore jurisdiction for forex brokers due to its low set-up requirements and minimal regulation. Yet, the lack of regulatory oversight and lax requirements can also lead to potential risks for traders who choose to sign up with brokers registered with the SVG Financial Services Authority.

What is 4xbrands?

4xbrands is a Forex and CFDs broker. The company is owned and operated by 4Xbrands Ltd., registered in St. Vincent and the Grenadines, a popular offshore zone for forex firms. The broker doesn't provide much information about its trading conditions as well as about the location and contact details.

The only way of contacting the company is via "call request". The terms and conditions on the website mention Cyprus as the jurisdiction responsible for the brokerage, although the company doesn't seem to be regulated by any of the authorities.

• In addition, Italy's regulator CONSOB issued a warning against 4xbrands in February 2018:
  "The National Commission for Companies and the Stock Exchange has ordered, in accordance with art. 7-octies, letter b) of the TUF, the company 4Xbrands Ltd (www.4xbrands.com), to cease the infringement of art. 18 of Italian Legislative Decree no. 58/98 put in place through their respective website, consisting of the provision of investment services and activities to the Italian public, including through the internet network (resolutions n. 20288, 20289 and 20290 of February 7, 2018)."

4xbrands Review Conclusion

Trading with offshore brokers is extremely risky. Many of these brokers are scam companies trying to attract investments. We always recommend avoiding offshore brokers as 4xbrands and investing only with brokers that are regulated by reputable authorities alike UK’s FCA, Australian ASIC, or other similar regulators, that provide compensation and are strictly supervised. We advise signing in with reliable brokers such as BlackBull Markets, XM, and BDSwiss. 

4xbrands Update

We found the 4xbrands 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 Big Boss Scam or Legit Broker?

Big Boss has been suspected as a scam broker. Big Boss is an offshore company registered in St. Vincent & the Grenadines. 

• Saint Vincent and the Grenadines (SVG) is a popular offshore jurisdiction for forex brokers due to its low set-up requirements and minimal regulation. However, the lack of regulatory oversight and lax requirements can also lead to potential risks for traders who choose to sign up with brokers registered with the SVG Financial Services Authority.

What is BigBoss?

BigBoss is a trading name used by the Investment 4 Futures Limited company located in St. Vincent and the Grenadines. The company offers CFD and Forex trading on a vast of trading instruments through a range of account types and high leverage levels (Find out brokers with high leverage).

• However, SVG is a known offshore zone, which does not implement strict standards for the financial firms and not overseeing their operation in case of the trustful service. For that reason, there are many companies that enable trading opportunities and actually operate frauds with the purpose to attract clients' funds.

• Even though it may not be the case for every SVG company the unregulated nature puts many questions, why the broker does not want to protect their client. In addition, recently BigBoss was added to the caution list updated by the Italian authority CONSOB while stating that the company operated trading platforms and offered services without appropriate license or authorization.

  “The BigBoss mentioned in this site internet not authorized to provide investment services to the Italian public as these companies are not entered in the register kept by Consob pursuant. Your order to end the violation of Article 18 of the D.Lgs.n. 58/98 implemented through the website consisting in the offer and performance of services and investment activities towards the Italian public.”

  CONSOB, Italy. July 2018

  

Overall Big Boss Markets Ranking

During our research we found issues regarding Big Boss safety and regulations, thus we do not rank positively Big Boss, based on our Expert Opinion with over 10 Years of experience in Forex Trading.

• Big Boss 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.

Big Boss Alternative Brokers

Based on our finds and issues with the safety of Big Boss here are much better Alternatives to Big Boss with good regulations and excellent conditions. We select Good Brokers and reliable options for your comparison below: 

• XM – Wide Range of Trading Opportunities
• InteractiveBrokers – Good for US Trading and Trading of Real Stocks
• FXTM – Good for Beginners

Deposits and Withdrawals

Big Boss does not accept account applications from people younger than 18 and older than 80. The minimum deposit with the broker starts from $1. 

• To withdraw funds, clients will be required to provide all director's identity documents and address proofs before they withdraw funds from their accounts. If there is any mismatch of information between the client's account registration and the submitted identity documents or address proofs, users may not be able to withdraw funds from the trading accounts.

Big Boss Review Conclusion

We recommend avoiding offshore and non-regulated brokers and instead advise traders to sign and invest only with brokers that are regulated by reputable authorities alike UK’s FCA, Australian ASIC, or other similar regulators, that provide compensation and are strictly supervised. We advise signing in with reliable brokers such as BlackBull Markets, XM, and BDSwiss. 

• Overall ranking and experience for Big Boss is Negative