category: Unregulated Brokers

Is RC Global Financial Scam or Legit Broker?

RC Global Financial 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 RC Global Financial?

RC Global Financial is a Forex broker, owned and operated by RC Global Financial Ltd. The company doesn't provide any information about its trading conditions as well as its official location and proper regulation. Although they state to have a license from the International Financial Services Commission of Belize, the broker is in the process of surrendering it due to some strategic reasons. So the question is what is worse to have an offshore license or to have no license at all.

• Obviously, we recommend avoiding both cases as they are very risky.
  The broker claims to have offices in the USA, the UK, and France with the main office in Hong Kong. In order to legally operate and offer its financial services in the mentioned countries, RC Global Financial would need to be regulated by the proper authorities.
• Besides the Belize license, this broker doesn't hold any other license and is not overseen by any reputable regulator. Belize is just one more offshore zone where the requirements for the forex brokers are loose and there is no control over the funds of the investors.

RC Global Financial Review Conclusion

We highly recommend avoiding offshore brokers and choosing among properly licensed entities that have protection from serious regulators such as UK's FCA or Australian ASIC. These authorities apply strict rules to licensed companies and keep the clients' funds in segregated bank accounts which can’t be accessed by the brokers. Check the list of FCA-regulated brokers and sign in only with trustworthy brokers such as AvaTrade and FP Markets.

RC Global Financial Update

Based on our findings, the RC Global Financial 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 4xpoint Scam or Legit Broker?

It is not safe to trade with 4xpoint, 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 4xpoint?

4xpoint claims its specialization in Forex brokerage with top-tier trading experience over hundreds of underlying assets to trade shares, currencies, commodities, indices, and CFDs. The business information about 4xpoint trading names shows a location in St. Vincent company with the name Allmedia Ltd.

• However, the research shows that the company has a connection to the Yukon Global Ltd, which was located in Seychelles, operated with no license and was known for its name forex-point.com. Currently, the broker’s website redirects to 4xpoint one, which also shows a contact email and the phone number that belonged to forex-point.

• All the above mentioned is a definitely confusing and can only mean that forex-point operates now through a new brand name 4xpoint, while located in the new jurisdiction, again offshore zone, and still targets worldwide clients. The rebranding and the “new page” was a quite predictable step, since the previous brand gained a negative reputation and traders claimed malicious operations as well the company received warnings from the industry authorities.

  “Considered that Yukon Global Ltd is not authorized to provide investment services to the Italian public, insofar as it is not registered on the register held by CONSOB. Hereby resolves to order the cessation of the infringement of Legislative Decree also performed via the company website, consisting in the provision of investment services and activities to the public.”

  CONSOB, April 2018

4xpoint Review Conclusion

In conclusion, this is an often practice from the non-regulated or offshore brokers that change names or jurisdiction, while still remain non-authorized, therefore attracting clients and mainly their funds, which will be never returned back. For this reason, we always advise trading only with the Regulated Brokers from reputable jurisdictions rather than falling into the frauds.

We strongly advise opening a trading account only with brokers that are regulated by respected world authorities such as UK brokers, Forex Brokers Australia or ASIC-regulated brokers in Australia, and reliable brokers such as FP Markets and TMGM.

4xpoint Update

Based on our findings, the 4xpoint 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 LittInvest Scam or Legit Broker?

LittInvest 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 LittInvest?

LittInvest is a Forex and CFD broker, owned and operated by Orston Partners KFT registered in Budapest, Hungary. While being located and registered in Hungary, the broker would need to be licensed by the Hungarian Financial Supervisory Authority, although there are no such records in the regulator's registry.

• In addition, the terms and conditions state that the broker is under the British jurisdiction, but again it doesn't have a license from the UK's regulator FCA.
• Moreover, LittInvest has been blacklisted by the FCA in the UK in May 2018:
  "this firm is not authorized by us and is targeting people in the UK. Based upon the information we hold, we believe it is carrying on regulated activities which require authorization."
• Also, the International Financial Services Commission of Belize has issued a warning against LittInvest in February 2018:
  "The entity listed below (LittInvest) is not licensed under the IFSC Act to provide, carry on, transact, or hold himself out as providing, carrying on, or transacting any of the international financial services as set out in the Schedule of the IFSC Act in or from within Belize."

LittInvest Review Conclusion

Considering the above said, this broker seems highly suspicious. There are many fraudulent firms out there and most of them are operating without a proper broker license. Investing in such companies is extremely risky and it is recommended to select among brokerages regulated by UK’s FCA, Australia’s ASIC or CySEC.

LittInvest Update

Based on our findings, the LittInvest 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 XtreamForex Scam or Legit Broker?

XtreamForex is a scam broker. The broker is located and incorporated in the Marshall Islands and does not hold any other license apart from an incorporation one, while Marshall is an offshore zone that requires only a very small capital in order to establish a firm. In fact, there is no regulation of company financial services or implementation of international investment standards.

• Therefore, the statements of the broker are absolutely misleading and confuse the potential investors about the services provided while the real things go in a different direction. That means that the company is a simple offshore firm that uses an STP connectivity to trade, attracts with bonuses and competitive conditions while the rest remains unknown.

What is XtreamForex?

XtreamForex is a trading name that is operated by Grand Investing Ltd. Company registered in the Marshall Islands. XtreamForex claims it is an Award Winning pure STP/ ECN trading environment with real-time execution, tight spreads (see Zero Spread Forex Brokers), and truly advanced trading instruments offered on a variety of platforms. What is more, the broker states its delivery of fully licensed and regulated services and license to provide investment services along with funds security protection.

• In fact, the Marshall Islands is an offshore zone attracting various firms that for some reason or another escape from serious regulation or compliance with international service provision. However, in the case of financial investment or trading firms, the company should be a very respected entity, as the statistics show that the majority of non-authorized firms never recovered the sums of investors’ investments. Therefore, we always advise avoiding offshore or companies with no license as there are too many frauds around.

Overall Xtream Ranking 

Based on our revelations about the safety and regulations issues of XtreamForex, we do not rank positively XtreamForex, based on our Expert Opinion with over 10 Years of experience in Forex Trading.

• XtreamForex 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.

XtreamForex Alternative Brokers

Regarding the safety issues of XtreamForex we managed to reveal, here are much better Alternatives to XtreamForex with good regulations and excellent conditions. We select Good Brokers and trustworthy options for your comparison below: 

• eToro – Good for CopyTrading and Cryptocurrency Trading
• Dukascopy – Excellent for Shares, Futures Trading
• BlackBull Markets – Good for High Leverage Trading

XtreamForex in India

XtreamForex allows Indian traders to open accounts and trade. However, XtreamForex has no mention of complying with any Indian regulators on its website. The broker is not regulated by any regulatory body in India, that’s why money safety may be the issue here.

XtreamForex in the USA

The United States is one of the countries that is not accepted by XtreamForex. As per U.S law, brokers regulated by CFTC are the only brokers allowed for USA traders. So, except for XtreamForex, you are only permitted to trade with U.S-regulated platforms.

XtreamForex Deposits & Withdrawals

In order to deposit into your account, you can choose Wire Transfer, Bitcoins, Visa, Skrill (Moneybookers), Neteller. You can deposit funds in widely used currencies such as the U.S Dollar (USD). 

• The minimum deposit to open trading starts from $5 to $20,000.  It depends upon the account type one selects. In a Micro account, the minimum deposit is $5 USD, the Standard account is $250 USD, the ECN account is $250 USD, ECN Pro is $5000 USD, VIP account is $20000 USD.
• It’s an Instant deposit of the fund at the same time to your MT4 account. In the case of bank transfer, the deposit is affected by your bank and correspondent bank timings. 
• All withdrawal requests are processed within the same working day of receipt, but it will take 2-4 working days for the funds to reach your card/bank account.

Apps

XtreamForex MetaTrader 5 Mobile integrates the possibility to view market statistics of financial instruments traded in the exchange execution mode, as Forex is a large market with a massive daily trading volume and can require your constant attention. XtreamForex now provides you with every solution where you can monitor the market quickly and easily. The mobile app allows you to access the Economic Calendar and online market news. It also has Internal mail alerting you of any updates, full management of the trading account, and a detailed trade window.

Demo Account

XtreamForex also offers a demo account with 100,000 USD virtual money for trading. The Demo Account is provided to give traders a demonstration of the broker’s trading platform and to offer traders the opportunity to trade on simulated real trading conditions. This further allows the trader to gain more experience prior to trading with real funds and facing actual risk. Traders may test their trading strategies and become familiar with the trading platform at their own pace.

XtreamForex Review Conclusion

We always advise trading only with regulated brokers, since the financial investment is a risky business that requires much more standardization of the service delivery than the sweet words about its service. For that reason, XtreamForex remains a Broker to Avoid while our recommendation will go to those companies who comply with the set of customer protection rules. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as Pepperstone and BDSwiss. 

• Overall ranking and experience for XtreamForex is Negative

Is SigmaCFD Scam or Legit Broker?

SigmaCFD 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 SigmaCFD. 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 to trading with such a companies means the trader will believe only on the broker’s words, and of course, it is a high risk.

What is SigmaCFD?

SigmaCFD is a Forex and CFD broker, owned and operated by Sigma CFD Ltd., with the registered main office in the Marshall Islands. The website also provides the addresses of the headquarters in Monaco and the secondary branch in the United Kingdom. Although, the company is not authorized to provide its financial services in the mentioned countries.

• Offshore registration has more disadvantages for the trades and more advantages for the broker itself. The traders risk their funds when choosing to invest with the offshore firm as the brokers registered offshore are not licensed, nor supervised by any authority. It means that there is no protection of the funds and a very high risk to be scammed.
• As to the SigmaCFD, the broker has also been blacklisted by Italy's regulator CONSOB:
  "the National Commission for Companies and the Stock Exchange has ordered the following company 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: Sigma Cfd Ltd., through the website www.sigmacfd.com"

SigmaCFD Review Conclusion

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

SigmaCFD Update

Based on our findings, the SigmaCFD 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 Markets Cube Scam or Legit Broker?

Markets Cube has been suspected as a scam broker. This broker is blacklisted by a well-known regulatory authority and should be avoided. Markets Cube is owned by Prisma Global LTD 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 being low, it does not regulate forex trading. Therefore, it became an offshore zone for shady forex brokers such as MegaTradeFX, Finbitex, and more.

What is Markets Cube?

Markets Cube is a Forex and CFDs broker, owned and operated by Prisma Global LTD, incorporated in the Marshall Islands - one of the popular offshore destinations for unregulated brokers. There is one more company behind the brand's name - PayOpt Services LTD, whose registered address is in Limassol, Cyprus provides all payments processing services to Prisma Global LTD. The broker doesn't provide any office location info as well as the regulation details. Seems like it is one more offshore-based forex broker that has no license and trading with such an entity can only bring a lot of trouble for the investors.

• One more reason to stay away from Markets Cube is the warning that was issued by Spain's regulator CNMV:
  "Prisma Global LTD www.marketscube.com is not authorized to provide the investment services, which include investment advice, or to provide the auxiliary services in relation to the financial instruments, including, for those purposes, foreign currency transactions."

Markets Cube Review Conclusion

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

Markets Cube Update

Based on our findings, the Markets Cube 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 Markets.Online Scam or Legit Broker?

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

What is Markets.Online?

Markets.Online is a new player in the online trading industry providing its services since 2017, yet claims about their thousands of professional and amateur clients from all around the world. The broker offers to trade on over 300 asset pairs with exclusive low spreads (Low Spreads Forex Brokers), high leverages(Also see forex brokers with high leverage), and dedicated education with support. However, the broker is a trading name of the company established in Bulgaria Bankxi Ltd, which is not regulated by any international authority or by the local, Bulgarian regulator to deliver its service legally.

• Therefore the Markets.Online trading and investment can be considered extremely risky due to their non-authorized performance. In many cases, the companies with no license are simply a scam, that targets a huge number of traders to their rows and then simply take their funds. Often, the broker would find thousands of reasons why the money can't be withdrawn or the trader himself will face some loss operations while trading. Since none of the authorities require the broker to report every position and action done, the company can easily manipulate trades to its own benefit.

Markets. Online Review Conclusion

We do not advise trading with Markets.Online, even though yet there are no “cruel” stories revealed from their traders,  it is still a high risk to invest based on trust in words only. 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.

Markets.Online Update

We found the Markets.Online website is 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 Prestige.FM Scam or Legit Broker?

No, it is not safe to trade with Prestige.FM. Prestige.FM is owned and operated by Euro Wealth OÜ, and claims to be located in Tallinn, Estonia.

• The broker does not hold any license to deliver its service within Estonia or beyond, as well as none of the authorities check on the following international standards that are necessary for online trading. Therefore, the stated information might be just marketing that has nothing to do with reality.

What is Prestige.FM?

Prestige.FM offers vast trading opportunities on Forex and CFD asset classes, as well as offers generous bonuses with trading conditions. However, the broker’s location and the nature of the business requires authorization from the industry regulator, which is not the case of Prestige.FM.

•  Prestige.FM claims its leading position in the industry while there are numerous awards received like “Most Promising Forex Broker 2015”, “Best Forex Service Provider 2017” and its operation under General Data Protection Regulation Complaint. However, it does not hold any license and is not a trustworthy broker to invest with. 

• In addition, the UK's Financial Conduct Authority (FCA) has issued a warning against Prestige.FM in August 2018:

  "Prestige Financial Markets 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."

• We also have feedback from traders that they cannot withdraw money. You can read the feedback here.

Prestige.FM Review Conclusion

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

Prestige.FM Update

Based on our research, the Prestige.FM 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 FXGIM Scam or Legit Broker?

FXGIM 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 FXGIM. 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 any 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 FXGIM?

FXGIM is a Forex and CFD broker, owned and operated by the FXGIM Ltd., located in Seychelles -a very popular country for the forex brokers registration, but it is also well-known for the brokers who are frauds. As to the broker's regulation, there is no mention of it on the website, and judging from their address (Nicosia, Cyprus), they want the potential clients to think the company is licensed by CySec in Cyprus, although it is not true. The company is not regulated by any of the financial authorities.

• Another confusing thing is the contact phone numbers (British and Spanish) despite the Cypriot location. We believe some brokers provide this kind of detail to convince the residents of particular countries that they have customer support offices there. But most of the time it is just a sign of what countries the broker has been targeting and cold-calling. As proof, there is a warning against FXGIM issued by Spain's regulator CNMV:

"FXGIM Global Investment Markets https://www.fxgim.com/es/ is not authorized to provide the investment services, which include investment advice, or to provide the auxiliary services in relation to the financial instruments, including, for those purposes, foreign currency transactions."  

FXGIM Review Conclusion

Investing with a properly regulated broker is crucial for the safety of any investment. There are few well-respected institutions that enforce strict regulatory standards upon all brokers in their jurisdiction, such as FCA in the UK, ASIC in Australia, or CySEC in Cyprus. Check out a list of brokers authorized by CySec and sign in with only trustworthy brokers such as  FP Markets and HFM.