category: Unregulated Brokers

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.

Is XMarkets Scam or a Legit Broker?

XMarkets is a 100% fraud company (Find the forex scams list). 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 with XMarkets.

• 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 (Check Alpari broker review here) 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 XMarkets?

XMarkets is a Forex platform provider operated by Celestial Trading Ltd based in Seychelles while using a UK-based firm as their payment provider, which is quite confusing. Obviously, due to its location, the company is not authorized by any authority firm as Seychelles simply does not regulate Forex business.

• Even though the company claims its cutting-edge trading platform and the service delivery to trade the Forex to various investors, the quality can’t be guaranteed by the broker’s compliance with the required international standards.

• Furthermore, the reputable UK authority FCA (Read about FCA regulated Exness broker & FXOpen broker review) warns potential investors and clients about the XMarkets since the broker was detected to offer and provide its financial services without necessary authorization within the UK jurisdiction and further. The flag on investment is based on its unregulated financial service delivery, while there is no overseeing of the trading itself. Generally, we never advise trading with non-regulated companies as the financial investment is a high-risk business that requires compliance with the customer protection rules that are designed to be traded on the safe side.

  “We believe this firm has been providing financial services or products in the UK without our authorization. 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, February 2018

XMarkets Review Conclusion

We found that trading with XMarkets is not safe. It is recommended to choose among the FCA-regulated brokers such as Infinox, that deliver an authorized trading environment. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as BlackBull Markets and XM.

XMarkets Update

Based on our research, the XMarkets 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 FXG Invest Scam or Legit Broker?

FXG Invest has been suspected as a scam broker. This broker is blacklisted by a well-known regulatory authority and should be avoided. FXG Invest is owned by Grand Services 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 FXG Invest?

FXG Invest is a Forex and CFD broker owned by Grand Services LTD, registered in the Majuro, Marshall Islands, and operated by Nordic Pearl Limited, registered in Sofia, Bulgaria. Even though the broker states to be registered in Bulgaria, it is not regulated by the Bulgarian Financial Supervision Commission or any other financial authority. Also, they provide a Swiss contact phone number which is quite suspicious and discrepant.

• We also had a closer look at Nordic Pearl Limited and turned out that the company has operated the forexgrand.com which is a scam, banned by different regulators. As a name behind the fraudulent brand, Nordic Pearl Limited has been blacklisted by Italy's CONSOB:

"the company Nordic Pearl Limited is not authorized to provide investment services and activities in Italy by any means and, therefore, including through the website forexgrand.com."
and Canadian BCSC:
"The Parties (Nordic Pearl Limited and forexgrand.com) are not registered to trade in, or advise on, securities or exchange contracts in BC."

FXG Invest Review Conclusion

Considering all the facts above, it is better not to deal with FXG Invest. Non-regulated and offshore regulated brokers should be avoided as a general rule, as most of them turn out to be scams.

We strongly advise opening a trading account only with brokers that are regulated by respected world authorities that comply with the required set of rules and have 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.

FXG Invest Update

Based on our research, the FXG Invest 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 InvestCity Scam or Legit Broker?

It is not safe to trade with InvestCity, 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 InvestCity?

InvestCity is a trading name of Instant Trading EU Ltd that operates under the authority of the Cyprus Securities and Exchange Commission (CySEC) with license number 266/15. The company claims its reliable foundation enables investment needs no matter what type of investor the client is, while there is an advanced offering with a wide selection of asset classes to trade and invest in. However, the broker registration number is also used in the operation of Insta Forex FX trading company and the ForexMart, which in fact was listed earlier in our Brokers to Avoid list.

• Of course, it is not the crime and not the main concern that the license is the same, yet while the broker or investment firm operates under the same licenses many trading names there are many questions revealed. Most often it will mean that there are issues with the company's reputation, while the broker still tries to attract new clients or to start from “scratch” its fraud operation further on under new names.
• In addition, the related companies to InvestCity received also a fine from the CySEC authority, for their lack of compliance with the necessary rules and obligations towards clients, as the company was detected to operate not in a client's interest. Unfortunately, these issues are not so rare within the Forex industry.

InvestCity Review Conclusion

We always advise trading only with reliable brokers that gained a reputation and deliver client protection or a favorable trading environment at all times. Because of the unregulated nature of  InvestCity, we recommend staying away from it and not risking your money. 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.

InvestCity Update

Based on our research, the InvestCity 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 Profit Trade Scam or Legit Broker?

No, it is not safe to trade with Profit Trade. Profit Trade is owned by Global Top Marketing LTD. which is an offshore company registered in the Marshall Islands.

The Marshall Islands is notorious for its practically absent requirements and regulations. The setup cost is low and it does not regulate forex trading. Therefore, it became an offshore zone for shady forex brokers such as Dax300, Trader.Online and more. 

What is Profit Trade?

Profit Trade is an offshore forex broker . The only address that can be found on the website is the Marshall Islands address, although they provide the contact phone number with British country code. Usually, it means that the company wants the clients to think it is located in the United Kingdom. In order to be able to offer its services in the UK, the broker would need to be regulated by the Financial Conduct Authority in the UK. So far, we couldn’t find any records about this forex firm in the FCA’s register.

• Moreover, the broker has recently been banned by Austria's Financial Market Authority:
  "Global Top Marketing LTD (www.profit-trade.com) are not entitled to carry out banking transactions in Austria that require a licence. The provider is therefore neither permitted to trade on a commercial basis on its own account nor on behalf of others."

Profit Trade Review Conclusion

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

Profit Trade Update

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

Is Escuela Trades Scam or Legit Broker?

Escuela Trades 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 may operate the business in any way it wishes.

What is Escuela Trades?

Escuela Trades is a brand name used by the Escuela Online Trading and Marketing Company, which is claimed to be a licensed international financial broker, providing traders access to the global Forex market. The company states on its official site that it is managed by experienced financial professionals and is trusted by clients from more than 35 countries worldwide.  However, after the research, it was revealed that the broker is regulated by the Chinese Security Regulatory Commission (CRSC) and not the SFC the Hong Kong authority that the company should be registered.

• The Ecuela Trades was founded in Hong Kong in 2009, with a concept of convenient wealth-gathering through diversified financial platforms and high returns. Yet, the company offers its financial products and services in Hong Kong without an appropriate license received from SFC, which is mandatory within Hong Kong. For that reason, the SFC recently issued a warning to the clients, since there is no authorization to provide service, as well as no ant regulatory body oversees the way the company provides its financial services.

“The ESCUELA Online Trading and Marketing is now listed in SFC Alert List as an unlicensed entity. The alert list is consistent of entities which have come to the attention of the SFC because they are unlicensed in Hong Kong and are believed to be, or to have been, targeting Hong Kong investors or claim to have an association with Hong Kong.”

SFC, September 2017

Escuela Trades Review Conclusion

Generally, we always recommend investing with regulated companies only, since there are many scam offerings that may lead to fraud operations and potential loss of funds. Regulatory bodies from around the world strictly supervise financial trading companies in order to protect clients and educate the best way to invest. Therefore, we strongly advise choosing a broker among SFC-regulated brokers or other world-authorized companies, such as reliable brokers such as FP Markets and HotForex.

Escuela Trades Update

Based on our research, the Escuela Trades 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 Primus Trades Scam or Legit Broker?

Primus Trades 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 may operate the business in any way it wishes.

What is Primus Trades?

Primus Trades is a broker that specializes on Forex and cryptocurrency trading. The company doesn't provide much information about its terms and conditions, whereas usually, brokers mention the company owner and the regulation details. There is actually regulation info that can be found on the website: "Primus Trades was founded in 2015 as a London-based fund management company regulated by the Cyprus Security and Exchange Commission (CySec)".

• They also provide their London address and contact phone number. But the biggest discrepancy is that the regulation info is misleading and turned out that CySec has recently issued a warning against Primus Trades:
  "The Cyprus Securities and Exchange Commission (‘CySEC’) wishes to inform investors that the website primustrades.com (Primus Trades), does not belong to an entity which has been granted authorization for the provision of investment services and/or the performance of investment activities, as provided for in Article 5 of Law 87 (I)/2017."

Primus Trades Review Conclusion

Obviously, the company is not licensed by the Cyprus regulatory body or any other agency. We advise avoiding Primus Trades as it has no regulation and no legal right to provide financial services. Instead, we recommend checking the list of the CySec-regulated brokers, as this regulator is well-known and trustworthy. Also, trade only with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as FP Markets and HotForex.

Primus Trades Update

Based on our research, the Primus Trades 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.