category: Unregulated Brokers

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. 

Is Crypto Options Trader Scam or Legit Broker?

It is not safe to trade with Crypto Options Trader, because it is an unregulated broker. In addition, the company has been suspected to be a fraud. While we checked the company there is no authorization or registration of the address, therefore the company seems to be highly suspicious and might operate its services from an absolutely different location.

What is Crypto Options Trader?

Crypto Options Trader is a London-based company that claims to offer an opportunity to trade a wide range of top-ranked digital coins, and cryptocurrencies along with customer support, the latest information, and the most secure platform. Yet, those statements are not legitimately confirmed, as the broker operates without license or authorization from either local or international regulators.

• However, being located or while targeting client within the UK any company involves themselves in a risk to be caught by the reputable UK’s watchdog FCA. FCA's mission is to ensure smooth offering within the market, while the main aim is to protect clients from potential fraud companies or unauthorized investment.
• Therefore, Crypto Options Trader appeared recently in an FCA warning list too, since the firm does not hold any license to offer its service and not overseen by anyone. 

“Almost all firms and individuals offering, promoting or selling financial services or products in the UK have to be authorized by us. Based upon the information we hold about Crypto Options Trader, we believe it is carrying on regulated activities, which require authorization.”

FCA, UK September 2018

Crypto Options Trader Review Conclusion

Traders should be attentively choosing the broker while starting to invest. 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.

Crypto Options Trader Update

Based on our research, the Crypto Options Trader 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 TradesFX Scam or Legit Broker?

TradesFX is a 100% fraud company. The broker is registered offshore and does not hold any proper license from a well-known reliable financial regulator. It is NOT SAFE to trade TradesFX. We never advise trading with an offshore 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 TradesFX?

TradesFX is a Forex (Read our Review on AxiTrader Forex Broker) and CFD (Read about BDSwiss, which offers CFD trading) brokerage company owned and operated by Investment 4 Futures Limited, registered in Saint Vincent and the Grenadines - a popular offshore destination for the Forex brokers. It is risky to deal with offshore brokers as on average it takes only USD 2,000 to get the license. The main advantages of having an offshore license are low costs, the speed of formation (it takes only a few weeks to get one), and tax-free.

• TradesFX provides different contact phone numbers with the country code of the European countries (Germany, Netherlands, Austria, Switzerland, Finland, Norway), which means that the broker has been operating across Europe, although it is not regulated in any of the mentioned countries. Moreover, Italy's regulator CONSOB has issued a warning against TradesFX/Investment 4 Futures Limited:
  "the National Commission for Companies and the Stock Exchange has ordered the following companies to cease the infringement of art. 18 of the same Decree consisting of the provision of unauthorized investment services and activities to the Italian public: - by Investment 4 Futures Limited and Tradesfx Limited, through the website www.tradesfx.com (Resolution n. 20626 of October 16, 2018)"

TradesFX Review Conclusion

It is recommended to trade with brokers regulated by UK’s FCA or Australia’s ASIC instead. We advise staying away from TradesFX and signing in with Regulated Brokers only such as FBS and BlackBull Markets recommended as the best trading company provider.

TradesFX Update

Based on our research, the TradesFX 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 Cac400 Scam or Legit Broker?

It is not safe to trade with Cac400, because it is an unregulated broker. In addition, the company has been suspected to be a fraud. While we checked the company there is no authorization or registration of the address, therefore the company seems to be highly suspicious and might operate its services from an absolutely different location.

What is Cac400?

Cac400, as claimed on the official website, is a forward-thinking financial service provider for modern traders from curious first-timers to seasoned veterans, while the company delivers the tools, features, and services at all levels to succeed.

• The operational office of the group is located in Estonia, however, being located in the EU, the broker is not registered in order to deliver its service legally. That fact directly should put an alert to any trader, as the reliable company will protect their clients by necessary registrations and compliance with the international standards of client protection. Overwise, the financial service firm will perform trading on its own behalf only, which shows typical scam-oriented behavior.
• As a result, Cac500 was revealed as a part of the Blonde Bear OU group of companies and obviously is another trading brand of their numerous names that are all claimed as fraud or scam brokers. The international investors were warned times and times by various agencies and authorities to keep their distance from any associated with the Blonde Bear OU firm. Apart from the vast number of “angry” or disappointed trader reviews, which the internet is full of, while clients couldn’t see a reaction to a withdrawal request, or were losing money.

Cac400 Review Conclusion

Potential traders or investors should seriously and carefully check on a broker while choosing the one to trade with, thus always advise to choose among Regulated Forex Brokers only. As the security of funds always goes first, it is much safer to trade with the company, which is regulated by governmental agencies and in many cases compensate clients in case things go wrong with the company.

Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as FP Markets and HFM.

Cac400 Update

Based on our research, the Cac400 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 MT4Invest Scam or Legit Broker?

MT4Invest 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. This results in a very high-risk trading opportunity, despite its alluring proposal.

What is MT4Invest?

MT4Invest is a trading name used by MT4Invest claims its global brokerage and investment firm status specializing in online trading and investment through the highest level of security, fixed spreads (See Zero Spread Accounts), and non-dealing desk execution.

• Although there are no specified details about the corporate situation since the broker simply does not provide its registered address or any other necessary information while just mentioning “global coverage of offices”. Basically, that hiding of information might alert any trader or investor, since the trustable company should reveal its legal information, therefore the MT4Invest is considered a non-regulated broker with the highest risk of fraud. 

• Moreover, the financial regulatory body of Spain the Comision Nacional del Mercado de Valores (CNMV), has issued a warning to the public against investing with MT4Invest as a source of their business requires regulation and authorization. The Forex industry authorities always recommend checking the statements of the company before any registration is done, as the detailed financial services should be provided along with the authorization that secures clients and protects their funds.

  “Only registered companies have obtained authorization after proving compliance with certain requirements (sufficient capital, organization, and adequate means, etc.) and are subject to the controls of the supervisory bodies”

  CNMV, April 2017

MT4Invest Review Conclusion

Preliminary there were other reputable agencies that warned against MT4Invest, as well as numerous negative reviews and scam alerts from traders. It is obvious that Mt4Invest is not a broker to trust and trade with, Overall, we do advise always to trade only with regulated forex brokers exactly for this reason.

Apart from the officially provided services the authorized broker follows guidance concepts that are designed to provide a safe trading environment and secure investors. Traders are recommended to trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as FP Markets and HFM.

MT4Invest Update

Based on our research, the MT4Invest 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 UFX Scam or Legit Broker?

UFX is not officially registered with any industry authority to offer trading services, and its performance is not overseen or supervised by anyone. Moreover, the broker was previously listed as a trading scam while investors were warned by its unregulated nature and use of marketing techniques to attract traders. UFX is owned by UFX Global Limited which is an offshore company registered in Vanuatu and claims to be registered with a Vanuatu Financial Services Commission (VFSC) license.

• The Vanuatu jurisdiction gained its popularity among the investors and business owners in the Forex industry looking to become a regulated broker, yet obtain its status through a simplified process and operate almost without supervision.

What is UFX?

UFX Global Limited is a company incorporated in the Republic of Vanuatu that operates under the trading name UFX Markets or UFX, yet confuses investors with the statement about its offices in Germany, Czech, and UK. UFX is an online trading brokerage specializing in currencies trading, and commodities, stocks, and indices in the form of CFDs. The UFX broker claims it’s providing a secure trading environment as a priority, while all clients' funds are always held in segregated accounts.

• In addition, the broker states numerous industry awards that recognize them as an “FX Broker of the Year” or “Best Trading Platform and Tools”.
• The VFSC regulator does not require strict proof of the company background, nor checks on the implementation of the secure fund management or operation guidelines, does not require regular reporting, and further on never imposes fines in case of fraud operation. You can read more about Forex Trading: Why Avoid Brokers from Vanuatu in our article.

• New Zealand's regulator Financial Markets Authority has issued a warning against UFX:

  "We believe the registration and regulation information claimed on the website is false and misleading. We are concerned that UFX Global Limited could be involved in a scam. It (www.ufx.com) is based overseas with no presence in New Zealand and does not appear to be subject to regulation by an overseas regulator."

UFX in India

UFX does not offer its services in India. Most likely this is because it is not regulated in India, and cannot process payments. Traders from India are blocked from opening an account with UFX.

UFX in the USA

UFX does not accept traders residing in the US at this time.

Deposit & Withdrawal

UFX offers a wide variety of international and local deposit methods, including credit cards, debit cards, Skrill, CashU, Neteller, and Wire Transfer. In order to enjoy all essential services, the required minimum deposit is US$100 for a Micro account. With the leverage of 400:1 (Also read about MEX Exchange's leverage by link), this gives traders control of $200,000 in trading capital. UFX does not charge fees on deposits.

• Withdrawals can only be processed and transferred via the payment method traders used to make their deposit. Withdrawals take 3-10 business days to process. UFX does not charge fees for withdrawals. However, any transfer fees imposed by banks are the trader's responsibility.

Apps

UFX offers both MetaTrader4 (MT4) and the award-winning ParagonEx Web Trader. The ParagonEx trading platform was designed in-house, is recognized as the best in the market, and provides traders with all the advantages of MetaTrader in a very simple and intuitive way. UFX provides a mobile trading platform for the traders' convenience to trade anytime.

UFX Review Conclusion

We strongly advise avoiding offshore brokers like UFX and opening a trading account only with brokers regulated by respected world authorities that comply with the required set of rules and a good reputation through the delivered timeframe of operations. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as FP Markets and TMGM.

UFX Update 

We found the UFX 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 show up. 

Is MPlus Social Scam or Legit Broker?

 It is NOT SAFE to trade with MPlus Social. MPlus Social broker is Non-Regulated Broker. We have checked the company and there is no authorization or registration of the address, therefore the company seems to be highly suspicious and might operate its services from an absolutely different location.

What is MPlus Social?

MPlus Social is an offshore broker that specializes in forex, CFDs, indices, and commodities trading. It is owned and operated by MPlus Global, and regulated by the Vanuatu Financial Services Commission (VFSC). The website states that the company's liquidity providers are authorized and regulated by the Financial Conduct Authority, registered in the UK, but they don't mention the names of the providers, which is quite suspicious.

• The broker doesn't provide the address, there is a link to the map that shows Cyprus. Also, the contact phone number is Cyprian. We couldn't find any information about MPlus Social licenses with any of the mentioned regulators.
  The website supports several languages (English, French and Italian). Usually, the supported languages show what countries are being targeted by the broker and it seems like MPlus Social is not regulated in any of those countries.

MPlus Social Review Conclusion

Signing with offshore brokers is extremely risky and it is highly recommended to avoid such companies and to select among brokers licensed by the respective authorities. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as FP Markets and TMGM.

MPlus Social Update

Based on our research, the MPlus Social 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.