category: Unregulated Brokers

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. 

Is EuroPrime Scam or Legit Broker?

No, EuroPrime is not safe to tad with. It is operated by IOS Investments Limited, a Belize investment firm, authorized and regulated by the International Financial Services Commission of Belize with license number 000349/173. 

• Belize is a gorgeous tourist destination, while also a tax haven with a zero tax structure that established its own regulation for financial investment and Forex firms licensing due to high demand and necessity of regulation. Ever since Belize became a known offshore zone and Forex hub, the destination attracted thousands of brokerages seeking an opportunity to be a legitimate firm, yet to skip complicated and costly established procedures. We have a detailed article explaining the risk of trading with brokers from Belize.
• For that reason, it is considered much safer to trade with regulated brokers only, not the ones that are based in offshore zones and comply with none of the standards. And this is the case of EuroPrime, which is located in Belize named as a European company that can’t deliver its services within the EU.

What is EuroPrime?

EuroPrime claims to be an industry-leading online trading platform, specializing in stocks, commodities, indices, CFDs, and currencies. Euro Prime commits to providing its traders with world-class customer support, maximum security of funds, updated educational resources, attractive trading instruments, innovative technology, and deep liquidity. They offer a unique and fully transparent trading model which guarantees the best price execution.

EuroPrime in India

EuroPrime has no mention of complying with any Indian regulators on its website. It is also worth mentioning that Forex trading is prohibited in India. The broker is not regulated by any regulatory body in India, that’s why money safety may be the issue here.

EuroPrime in the USA

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

Deposits & Withdrawals

The minimum deposit is 500$.

There are no fees involved with registering, opening, or closing an account with Euro Prime.

Apps

The broker offers a SIRIX Mobile trading app. SIRIX Mobile/Tablet enables you to trade on the go and receive all high-end web features, wrapped up in a sharp and elegant interface, easy to operate, and fast to respond to. SIRIX mobile app hands you comprehensive and detailed information on market factors, charts, events, and financial trends, presented with a clean-cut visibility & operative relevancy.  SIRIX WEB in a modular app, enabling you to access your account status, open/close positions, track your trades & balance, follow current trends, monitor market movements and perform respectively to control your investment execution.

Demo Account

EuroPrime does not provide a demo account.

EuroPrime Review Conclusion

Despite an attractive offering to trade various instruments with competitive pricing, we do not advise to  invest with EuroPrime. In addition, the traders confirmed by their negative experience our concerns and found the broker’s lack of obligations towards withdrawals and reliability of the trading environment. Thus we advise all investors to trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as FP Markets and HotForex.

EuroPrime Update

Based on our research, the EuroPrime 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 AroTrade Scam or Legit Broker?

No, it is not safe to trade with AroTrade. AroTrade is owned by Speed Solutions Ltd. which is an offshore company registered in Belize.

• Belize 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 BlueMax Capital, ZeegosFX, and more. We have a detailed article explaining the risk of trading with brokers from Belize.

What is AroTrade? 

AroTrade is a financial service provider with an asset index of over 1,000 stocks, forex, commodities, and indices available on CFDs on a range of account types and platforms. The broker claims to be authorized by the International Financial Services Commission (IFSC), while the client transactions are processed by Speed PA Ltd situated in Bulgaria.

That is quite confusing, while it seems the company performs its service within the EU with its alleged authorized operation. Indeed AroTrade is regulated by IFSC in Belize, however, with all respect to the regulator, it is still considered to be an offshore license. Axiory is a regulated broker that is also based in Belize. Thus we suggest you do research on the broker before using it.

• The Financial Commission is not a financial regulatory body from any Government. It is an independent self-regulatory organization. From our source, it costs €24,000 per year to become a member. However, there is no handbook or guidelines for brokers to run their business. Therefore, there is zero protection for the traders. 

• In addition, there were cases while the traders stated company as a scam due to their failure to withdraw funds, which is typical among the companies with non-serious regulation.

AroTrade Review Conclusion

We advise all investors and traders to avoid AroTrade and other brokers from Belize. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as BDSwiss and BlackBull Markets.

AroTrade Update

Based on our research, the AroTrade 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 FXPrimes Scam or Legit Broker?

FXPrimes broker is a Non-Regulated Broker. It is NOT SAFE to trade with this company. 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 FXPrimes?

FXPrimes is a trading name used by the financial service company, which claims its office location in Hong Office, 9 years of experience in Forex trading service delivery, numerous worldwide awards, and clients from 41 countries. The broker delivers trading on Managed Forex, Crypto trading, and Futures portfolios along with competitive pricing offerings and advanced solutions.

• However, for the financial companies incorporated in Hong Kong, there is an obligation to be registered and regulated by the local authority SFC, which oversees the Forex industry in HK and it is not the case for FXPrimes.
• In addition, there are not many reviews, complaints, or even warnings received in regard to the FXPrimes, yet there is no guaranteed trust in the service provided. One of the revealed issues was with the withdrawal process which is a typical issue, yet not confirmed officially. Nevertheless taking into consideration all the above we recommend avoiding trading with FXPrimes as it potentially involves a significant risk to lose funds.

FXPrimes Review Conclusion

We advise avoiding doubtful offerings and choosing among well-regulated brokers from a reputable jurisdiction, which includes also Financial Hub Hong Kong, which is regulated by Securities and Futures Commission (SFC) firms. All investors and traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as FP Markets and TMGM.

FXPrimes Update

FX Primes website remains inactive and unavailable to reach. This means the broker has muted its trading offering and does not propose account openings.