category: Unregulated Brokers

Is Pocket Options Scam or Legit Broker?

Pocket Options has been suspected as a scam broker. According to the website, Pocket Options is providing financial services under the laws of the Marshall Islands Business Corporation Act. However, it doesn’t mean the company is regulated or licensed. 

• 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. Even though the Pocket Option brokerage is a “freshly” established firm and there are not many scary stories about their violations, some reviews still appear mainly concerning manipulations in the trading process.

What is Pocket Options?

Pocket Options is an online trading provider offering over 100+ trading instruments, along with competitive promo and bonuses that reward clients with social trading capabilities and other tools. The trading name Pocket Option is owned and operated by Gembell Limited, which is registered in the Marshall Islands investment firm, as well claimed to operate under the regulation of IFMRRC (International Financial Market Relations Regulation Center).

• However, its regulated status is doubtful, since IFMRRC is a non-governmental authority that acts as an independent organization and does not strictly oversee the operation of the registers.

Overall Pocket Option Ranking 

Because of the regulation and safety issues we found during our research of Pocket Option, we do not rank positively Pocket Option, based on our Expert Opinion with over 10 Years of experience in Forex Trading.

• Pocket Option 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.

Ranking	Pocket Option	FP Markets	XM
Our Ranking	⭐	⭐⭐⭐⭐⭐	⭐⭐⭐⭐⭐
Is Broker safe?	No	Yes	Yes
Advantages	None	Trading Instruments	Platforms

Pocket Option Alternative Brokers

We found that Pocket Option has a lot of issues, mainly in respect of its safety and customer care. Thus, here are much better Alternatives to Pocket Option with tight regulations and great trading conditions. We select Good Brokers and reliable options for your comparison below: 

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

Pocket Option Deposit & Withdrawal

To fund a Pocket Option account traders can choose among the following methods: Bank wire transfers, cryptocurrencies, Visa and Mastercard payment cards, plus Skrill, Neteller, FasaPay and Load e-wallets. Depending on the chosen method, it may take some time for the transfer to reflect on the Pocket Option trading account.

• Traders are able to withdraw funds via the methods that they previously used for depositing in their trading accounts.
• It is possible to withdraw the trading account balance at any time without any restrictions on the amount. If traders do not have active deposit bonuses, they can withdraw the trading account balance at any time without any restrictions on the amount. 

Pocket Option Review Conclusion

Based on our finds, we do not see Pocket Option as a trustable broker. We always advise trading only with reputable companies, nor with an offshore one, since the safety of funds and potential investments always go first. For that reason, it is a much better choice to trade with Brokers registered and supervised by the Cyprus Securities and Exchange Commission (CySEC) or the Australian Securities and Investments Commission (ASIC), such as BDSwiss and FBS.

• Overall ranking and experience for Pocket Option is Negative

Is PrimeCrypto Scam or Legit Broker?

PrimeCrypto is not a safe broker to trade with. It does not hold a serious license and its offerings might be unsafe to sign. Meaning the broker is suspected of being a fraud company since it was not checked for its compliance before establishment, was never monitored in terms of its safety, and may operate the business in any way it wishes.

What is PrimeCrypto?

PrimeCrypto is the trading name of the financial investment firm Maplewalk Ltd incorporated in Bulgaria. According to Bulgarian law and its status being a part of the EU requires registration by the local authority FSC (Financial Supervision Commission), but this is not the case with the PrimeCrypto as there is no license or regulation.

• Apart from the issue with the registration and its legitimacy to deliver financial services or the trading environment, the company does not clarify clearly its trading offering. The broker states and positions itself as a Cryptocurrencies seller or exchange service, however, it is not possible since the offering includes trading on CFDs only. This means the trader speculated on the price of the underlying asset only, therefore the company misleads investors with wrong explanations.

• Moreover, since the company targets and uses marketing strategies in jurisdictions strictly overseen by the local industry authorities, PrimeCrypto received a warning to deliver its service.

  “This firm is not authorized by us and is targeting people in the UK.  We strongly advise you to only deal with financial firms that are authorized and check the Financial Services Register to ensure they are.”

  FCA, UK. September 2018.

PrimeCrypto Conclusion

We strongly advise all traders and investors to cooperate only with Regulated Forex Brokers that are overseen by reputable authorities, as well as to take it seriously if the company appeared in alert listings. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as FP Markets and TMGM.

PrimeCrypto Update

We found the PrimeCrypto 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 Capital Swiss FX Scam or Legit Broker?

Capital Swiss FX is a non-Regulated broker. It is NOT SAFE to trade. The company is owned by Swiss Capital LTD, an offshore entity located in St. Vincent and the Grenadines. 

• St Vincent is an attractive solution among financial companies and those businesses that for one reason or another choose to operate through an offshore company. As the jurisdiction itself offers easy-to-achieve setup demands through a very quick, simplified process, the firm does not necessarily need an office in SVG, is allowed to maintain low initial capital, and has no strict establishment rules or requirements, yet allows running a global business. Read more about why to avoid the brokers registered in St. Vincent and the Grenadines.

What is Capital Swiss FX? 

Capital Swiss FX is a Forex and CFDs broker. Although, there is a discrepancy on the website as it also states that "this site is owned by Swiss Capital Group Ltd, with License No.08746620, 20-22 Wenlock Road, London, England".

• There is one more thing that makes all this regulation thing even more confusing is that the terms and conditions say the company is under Cyprus jurisdiction. Despite the offshore registration, Capital Swiss FX would need to have licenses from the UK's FCA and CySec in Cyprus, but we didn't find any records of the broker's authorization with the mentioned or any other regulators.
  In addition to this, Swiss regulator FINMA has issued a warning against the broker:
  "Capital Swiss FX https://capitalswissfx.com may be carrying out unauthorized services and are not supervised by FINMA."

Capital Swiss FX Review Conclusion

It is important to remember that investing in offshore brokers is extremely risky and a large percentage of those companies are in fact indulging in fraudulent practices. We advise selecting among FCA-regulated brokerages, ASIC-regulated or Swiss FINMA-regulated brokers, where the respective financial authorities are always on alert and your money will be safe and protected.

Capital Swiss FX Update

We found the Capital Swiss FX website inactive and unavailable to reach. This means the broker no longer operates. However, it is best to avoid and stay alert if any proposals come. 

Is CFDs100 Scam or Legit Broker?

No, it is not safe to trade with CFDs100. It is owned and operated by CCLR Solutions Limited and claims to be located in Tallinn, Estonia. However it I not regulated in the country. 

• Vanuatu 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 IC Finance, 70 Trades, and more.

   

What is CFDs100?

CFDs100 offers clients across the globe an opportunity to invest in over 1,000 world-class assets including forex, stocks, commodities, indices, and cryptocurrencies.​ According to the website, the Company is registered in Estonia under the Companies Law, with the registered office in Tallinn. However, the broker is not authorized to provide its financial services in Estonia or any other EU country.

• Also, the terms and conditions mention that CFDs100 is actually under the jurisdiction of Vanuatu.
• Moreover, the Estonian Financial Supervision Authority issued a warning against the company in August 2018:

"Finantsinspektsioon (the Estonian Financial Supervisory Authority) would like to inform clients and investors that TRSystem OÜ (registry code 14468050) does not hold an activity license for the provision of investment services in Estonia and therefore TRSystem OÜ is not authorized to provide investment services in Estonia. The company offers the possibility to trade different derivatives through the web page https://www.cfds100.com/."

Also, the brokerage has been blacklisted by the UK's Financial Conduct Authority:

"This firm (TRSystem t/a CFDS100) is not authorized by us and is targeting people in the UK. Based upon information we hold, we believe it is carrying on regulated activities which require authorization."

• Recently, the Austrian regulator Financial Markets Authority (FMA) has issued a warning against CFDs100 (CCLR Solutions Limited):

"CFDS100 LTD (CCLR Solutions Limited) is not authorized to provide banking services or investment services in Austria that require a license. The provider is, therefore, neither permitted to trade on a commercial basis on its own account or on behalf of others nor to provide investment advice."

CFDs100 Review Conclusion

We advise all investors and traders to avoid CFDs100 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.

CFDs100 Update

We found the CFDs100 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 MarketPlus Scam or Legit Broker?

MarketPlus is not a safe broker to invest in.  The main concern is that the company does not hold any license to deliver its trading service either to local or world traders, and is not authorized by any EU regulator. Despite the fact, that any EU financial service company should obtain its legal license that protects clients and maintain the strictest standards, MarketPlus skipped that step.

What is MarketPlus?

MarketPlus is a Forex and CFD broker and trading provider, which operates by Affinity Group Ltd based in Bulgaria.

Typically, unregulated companies use strong marketing programs to onboard new clients, while misleading about their legal side of the operation and attracting high potential incomes. However, retail investors should look carefully at the website and the broker’s offering, as well as check out the firm reputation at least by reading reviews.

• Besides, the industry authorities make serious steps to issue warnings against unregulated companies and protect clients.
• Even though Marketplus didn’t receive an official warning from the world industry it might be coming soon. Also, there are already some negative reviews and claims from the traders that faced serious fraud of the customer rights, while the trades were manipulated and withdrawals were canceled.

MarketPlus Review Conclusion

In conclusion, we would recommend avoiding Marketplus and investing in a more trustworthy company with tight regulation, since the trading itself is a risky investment and it is very important to choose a reliable company. There are many well-regulated companies across Europe, which comply with the necessary customer protection rules and operate financial investments with the applicable safety.  Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as HYCM and AvaTrade.

MarketPlus Update

We found the MarketPlus 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 Novatrades Scam or Legit Broker?

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

• Being located in the famous offshore zone signing with the company may involve significant risk, as simply the potential investor will trust just the word of mouth, not confirmed by any legitimate agency that oversees the business from outside. For that reason, the first and mandatory step while choosing the brokerage is to check their regulatory status and to be sure that the operation is supervised by the legal regulator with the purpose to deliver a safe trading environment.

What is Novatrades?

Novatrades is a brokerage company, financial service and trading provider that is registered in the Marshall Islands, delivers its numerous trading opportunities with a diversified portfolio including Forex, CFDs and Cryptocurrencies.

• However, there are many fraud and scam offerings around the Forex business, while the industry regulators run the continuous monitor of the situation while trying to protect clients by educating them and listing the warnings against potential fraud.
• That was the case of Novatrades broker too, while the company was alerted by the UK’s FCA for the target of the residents without its legal permission to do so.

  “We believe the Novatrades Ltd. With its registered address in Marshall Islands carrying on regulated activities which require authorization, yet have not been authorized by us. We strongly advise you to only deal with financial firms that are authorized by us, and check the Financial Services Register to ensure they are.”

  FCA, UK. September 2018

Novatrades Review Conclusion

We do not recommend trading with Novatrades because of the lack of regulation and safety. Instead, we always recommend to trade only with the reputable and Regulated Forex Brokers that follow strictest international rules and protect clients in case of any issues. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as FP Markets and TMGM.

Novatrades Update

Based on our research, the Novatrades 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 AMP Trading Scam or Legit Broker?

It is NOT SAFE to trade with AMP Trading. It does not hold any license and is not safe to sign in with. Although it is located in UK, the broker is not regulated by the Financial Services Commission.

What is AMP Trading?

AMP Trading is a UK, London-based brokerage firm delivering numerous trading opportunities to worldwide traders through a diversified portfolio and the latest developments in the trading process. The brokerage claims its regulatory obligations, supervised services, and the utmost level of client protection.

• Despite the statement that the AMP Trading Group company is registered and acts as an appointed representative of AMP Prime Ltd, authorized and regulated by the Financial Service Commission (FSC), and its registration in England and Wales, in fact, the company is not authorized. That was confirmed by the earliest warning from the UK’s regulatory body FCA mentioning that this firm is not allowed to deliver its service.

  “The AMP Trading Group based in London is a firm not authorized by us and targets people in the UK. There are more steps you should take to avoid scams and unauthorized firms. You should also be aware that if you give money to an unauthorized firm, you will not be covered by the Financial Ombudsman Service or Financial Services Compensation Scheme (FSCS) if things go wrong.”

  FCA, UK. October, 2018

AMP Trading Review Conclusion

Traders across the globe should be attentively choosing the broker while starting or continuing trading or investment management. The regulators as well as Internet sources posting and reviewing the numerous companies that developed trading offerings, however, may not be reliable. In order to avoid scams and protect your own investments we advise you to be careful and choose among the Regulated Forex Brokers.  Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as FP Markets and TMGM.

AMP Trading Update

Based on our research, the AMP Trading 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 FXBreeze Scam or Legit Broker?

FXBreeze is not a secure Forex broker since it does not hold a license from any worldwide serious Forex authority. Meaning the broker is suspected of being a fraud company since it was not checked for its compliance before establishment, was never monitored in terms of its safety, and simply may operate the business in any way it wishes.

What is FXBreeze?

FXBreeze is an original Estonia financial investment established firm, which also states its operation of the regional office in the UK. The broker offers trading solutions on a range of instruments including FX, Derivatives, and Cryptocurrencies available from the powerful and convenient trading platform.

• The offering at the first point looks decent and competitive, while the customer support promises positive outcomes and supports many world languages. Overall, it seems like the broker targeting international traders from various jurisdictions. However, the main loose point is the fact the FXBreeze company is regulated by none of the authorities, is not legally authorized to offer its services, and of course not overseen by anyone.
• For that reason, we can’t trust only good words and allegedly advanced trading capabilities, since simply the broker might take the funds and never return profits. This is a common practice among fraud and scam companies that are not regulated since the main aim is to attract traders, take their money and disappear in silence. Therefore, it is always recommended to choose among the Regulated Forex Brokers that comply with necessary investment firm rules, apply customer protection tools, and are covered by the compensation schemes in the case of the company insolvency.

FXBreeze Review Conclusion

We advise all investors and traders to avoid FXBreeze 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 FXTM and HFM.

FXBreeze Update

Based on our research, the FXBreeze 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 CoinbrokerZ Scam or Legit Broker?

We advise our readers not to use CoinbrokerZ as it is an offshore entity. CoinbrokerZ is owned by Qossla Holdings Limited, which is an offshore company registered in St. Vincent and Grenadine.

• 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 Brokerz, TraderUR, and more. You can read our detailed article about the risk of trading with brokers from St. Vincent and the Grenadines.

What is CoinbrokerZ?

CoinbrokerZ is a trading provider that offers a trusted trading environment to trade unique products up to 100x leverage on Bitcoin and high leverage on Altcoin futures (Find best forex brokers with high leverage). The owning company Qossla Holdings Limited located Cyprus, as well as the broker,  states its office address in the UK, while in fact, the company is a subsidiary of Bitcom Limited firm established in St. Vincent and the Grenadines.

• That means the broker provides a false information about their registration and actual address, while SVG is a known offshore zone that didn’t maintain the strictest requirement to incorporate firm or run the business. As well as the SVG does not oversee how exactly the company deliver its offering, which is mandatory in financial investment firms, thus the company is “self-regulated”.
• In addition, the product offering of the broker involves extreme risks, since the provided quotes are much more leveraged compared to other industry offerings, therefore increases potential losses timely.
• Notwithstanding the fact that the broker shows its confusing proposal while attracts by progressive trading conditions, we do not advise to trade with them as there is no trust in what they say. Moreover, the UK regulator issued a public warning recently, which should be taken as a serious advice choosing among Regulated Forex Brokers in order to run successful trading.

“We believe the firm Qossla Holdings Limited under trading name CoinBrokerz has been providing financial services or products in the UK without our authorization. We strongly advise you to only deal with financial firms that are authorized by us, and check the Financial Services Register to ensure they are.”

FCA, UK September 2018

CoinbrokerZ Review Conclusion

In conclusion, we would recommend avoiding CoinbrokerZ and investing in a more trustworthy company with tight regulation. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as HYCM and AvaTrade.

CoinbrokerZ Update

We found the CoinbrokerZ 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.