category: Unregulated Brokers

Is Five Winds Scam or Legit Broker?

Five Winds 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 Five Winds?

Five Winds Asset Management company is a new player in the European and global markets in the field of investment and consulting, as the company claims on its website. However, it is not clear where the company is located and which kind of investment and trading they offer, yet they promise a very high return while targeting clients from various jurisdictions, as well as concentrating on the Russian region.

• Nevertheless, the company was detected for its fraud operating by German regulator BaFIN and Belgium FSMA. The authorities added the Five Winds Asset Management company to the warning list just a month ago since the broker was detected offering its financial services without proper registration to do so.
• It is not a harm to operate with no license, however, financial investment companies within the EU are obliged to be certified, as most often non-regulated company indicated to be a scam. Moreover, the regulator stated that the company website as well as their representative does not provide a clear investment portfolio while claiming investment returns based on performance.

“The Financial Services and Markets Authority (FSMA) warns the public against the irregular activities of Five Winds Asset Management”

FSMA, Belgium

“The BaFin has ordered by decision of 21 August 2018 against and Five Winds Asset Management, Cape Verde, the immediate cessation of illicit driven investment management.”

BaFIN, Germany

Five Winds Review Conclusion

We advise staying far from the Five Winds company since the nature of their offerings looks like a fishy business. There are various regulated investment and trading brokers that offer vast opportunities to engage and trade, so it is better to choose among them. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as BDSwiss and FBS.

Five Winds Update

Our research showed that Five Winds is no longer active. The broker’s website is unavailable to reach. We recommend avoiding any offshore-based brokers due to their instability and lack of serious regulations.

Is TitanTrade Scam or Legit Broker?

No, it is not safe to trade with TitanTrade. TitanTrade is owned by GN Capital Limited, 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 is low and it does not regulate forex trading. Therefore, it became an offshore zone for shady forex brokers such as Capital88, Obsbit and more.
• However, it is not the first registration address or the center from where the company operated. The brief history reveals that the form had listed their addresses in Belize, as well as made reference to other world centers, which are known as financial hubs.

What is TitanTrade?

TitanTrade describes itself as a global provider of Forex and CFDs trading with its global presence and offering to international clients. Yet, the TitanTrade and its affiliated brands showed and were detected in a relation to binary trading through NRGBinary company and other brands that affected the company to receive numerous warnings and listing in blacklists of respected world authorities.

That was mainly caused by the non-regulated nature of the company, while the broker’s representatives and the company itself target residents of a particular jurisdiction to affiliate with them and offer the highest-risk investments.

• The Spanish regulator CNMV issued an official warning in 2017, while earlier only a year before TitanTrade was red-flagged by Italian, CONSOB.

“Titan Trade Capital Limited, Dom Technology Services Ltd, and Titan Trade Solutions Ltd are not authorized to provide investment services and investment activities by any means.”

CONSOB, 2016

• “ASIC is warning the public not to click on any advertising being marketed under the brand 'Titantrade', a website by which trading in binary options is being offered.”

ASIC, 2016

Moreover, the same actions were taken by the French regulator, Ontario Securities Commission, ASIC (Australia), and CFTC (US Commodity Futures Trading Commission). Overall, it’s obvious that almost all jurisdictions issued their warnings against TitanTrade company and alert about any trading with them. 

TitanTrade Review Conclusion

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 Eightcap.

TitanTrade Update

Our research showed that TitanTrade is no longer active. The broker’s website is unavailable to reach. Besides, there is no evidence of whether the broker operates or not. We recommend avoiding any offshore-based brokers due to their instability and lack of serious regulations.  

Is AFX Markets Online Scam or Legit Broker?

According to our research, AFX Markets Online is a total scam. The broker is not regulated and has no legal right to provide financial services to the public. Moreover, AFX Markets Online has been suspected of fraud, when pretending to be another company with a better reputation.

What is AFX Markets Online?

AFX Markets Online is an online broker providing trading services by offering various account types, trading software, and tools to enable individuals and institutional investors to trade Forex and CFDs on indices, metals, and energies. The company is owned and operated by the offshore-based Blue Isle Markets Inc. located in St. Vincent and the Grenadines. Despite its offshore registration, the company is located in Johannesburg, South Africa.

• Many brokerages operate without regulation in offshore jurisdictions such as St. Vincent and the Grenadines, the Marshall Islands, and Seychelles. One of the major reasons that these brokers choose to forego regulation is to cut their operational costs. Another reason is that those brokers are basically not regulated by any authority. That's why we recommend avoiding trading with offshore-registered brokers.
• Licensed brokers, on the other hand, overseen by a well-respected financial institution, such as the Cyprus Securities and Exchange Commission (CySEC), the Financial Conduct Authority (FCA) or the Australian Securities and Investments Commission (ASIC) offer traders sufficient security for their investments.

AFX Markets Online Review Conclusion

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 Eightcap.

AFX Markets Online Update

Our findings showed that AFX Markets Online is no longer active. The broker’s website is unavailable to reach. Besides, there is no evidence of whether the broker operates or not. We recommend avoiding any offshore-based brokers due to their instability and lack of serious regulations.  

Is Getco Pro Scam or Legit Broker?

Getco Pro has been suspected as a scam broker. This broker is blacklisted by a well-known regulatory authority and should be avoided. Getco Pro 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 Getco Pro?

Getco Pro is a Forex, CFDs, and cryptocurrencies broker. The entity is a brand name owned and operated by Andreas F Bauer, an Austrian Investment firm. They claim to be licensed and regulated by the Dutch Authority for Financial markets (AMF), under license number 12042561.

• They also provide information about the offices that are located in London, the UK with the British contact number.
  The confusing part is that the Austrian firm is regulated by a Dutch regulator and located in the UK. There is an actual investment firm Andreas F Bauer located in Austria and regulated by the Dutch AMF, but this name has nothing to do with Getco Pro and there is no evidence of these two companies being connected. Seems like Getco Pro just uses the name of the regulated firm to get traders' trust.
• Moreover, the brokerage Getco Pro has been blacklisted by the Austrian regulator FMA (Financial Market Authority):
  "Getco Pro is not entitled to carry out banking transactions in Austria that require a license. The provider is therefore not permitted to trade in financial futures contracts (futures) on its own account or on the account of others..."

Getco Pro 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 FCA. Traders should trade with well-regulated brokers such as Eightcap and BlackBull Markets.

Getco Pro Update

Our findings showed that Getco Pro is no longer active. The broker’s website is unavailable to reach. Besides, there is no evidence of whether the broker operates or not. We recommend avoiding any offshore-based brokers due to their instability and lack of serious regulations. 

Is BForex Scam or Legit Broker?

No, it is not safe to trade with BForex. BForex is owned and operated by BForex Limited and claims to be located in Limassol, Cyprus. Bforex group operates several companies that include the trading names and websites of BForex, FXGM, and others. Though the broker claims to serve over fifteen offices around the world, it is however not clear where exactly the company is located and registered, since through its history of operation from 2007 the firm changed jurisdictions and names while still offering its services.  

What is BForex?

The main issue is that the broker was never regulated, while it tries to enable its operation in BVI, a famous financial offshore zone, yet received a warning from the local authority BVI FSC to cease all its services.

Furthermore, the Bforex brand was banned and blacklisted by various jurisdiction authorities to deliver its services, as the company was targeting the local residents to trade with them.

• “BForex Limited to cease and desist carrying on all investment business in or from within the Territory with immediate effect, and to provide the Commission with evidence that it has ceased such investment business activities.”

BVI FSC, 2013

• “The Comision Nacional del Mercado de Valores (CNMV), the financial regulatory body of Spain, banned the brand and warned investors against investment with the BFOREX group operator of bforex, FXGM and other affiliation companies”

CNMV, 2017

• “The company named BFOREX LTD, registered before the Public Registry of Companies in the British Virgin Islands, has not been issued any kind of license by the SMV, nor has been authorized to carry on activities of intermediation, administration, or advisory”

SMV, 2013

In addition to the official opinion, the internet is full of negative reviews, complaints, and scam alerts from traders and investors. While the company pretends to suspend its operation, there are still “fresh” reviews appearing in order to prevent other investors from fraud.

BForex Review Conclusion

We advise all investors and traders to avoid BForex 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 Eightcap.

BForex Update

Based on our findings, BForex is inactive and unavailable to reach. This means the broker has muted its trading offering and does not propose account openings, however, we recommend avoiding and staying alert in case any proposals come. 

Is MyFintec Scam or Legit Broker?

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

What is MyFintec?

MyFintec is a broker that offers trading Forex, and CFDs on indices, stocks, commodities, and cryptocurrencies. The company is owned and operated by the Kin Ltd., located in the Marshall Islands. The Marshall Islands is a popular offshore zone for forex brokers as they can be easily incorporated under the country's law. It is even possible to register online without providing the names of the shareholders or directors of the firm.

• That is why this location is considered to be dangerous, as there are no guarantees that the company is legit.
  MyFintec provides customer support numbers with British, Czech and Swiss country codes, which is usually a sign of the target destinations for the brokers, although MyFintec is not regulated in any of those countries.

MyFintec Review Conclusion

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 BlackBullMarkets and HFM.

MyFintec Update

Our research showed that the MyFintech website is unavailable to reach. Besides, there is no evidence of whether the broker operates or not. We recommend avoiding any offshore-based brokers due to their instability and lack of serious regulations.  

Is AlfaTrade Scam or Legit Broker?

We advise our readers, not to use AlfaTrade as it is an offshore entity. AlfaTrade is owned by Nemesis Capital Ltd., which is an offshore company registered in St. Vincent and the Grenadine. 

• St. Vincent and the Grenadines is notorious for its practically absent requirements and regulations. Due to the setup low cost 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 AlfaTrade?

AlfaTrade is an online brokerage company that is hard to understand even where the company is located. The Nemesis Capital Limited is a company with a registered address in St. Vincent and the Grenadines, which is a very liberal and easy location to maintain the company. Another additional address of the company claimed to be allegedly located in Europe, Bulgaria while the official telephone number is UK based.

• Currently, the official website claims its maintenance and promises to be back soon, while the trading and all operations are available through the AlfaTrade MetaTrader4. In addition, after some research, we found out that the company was previously registered with FCA (UK), but in 2015 its license was suspended. Overall, it seems the company performs a fishy business while pretending to be a well-established and reliable company that offers forex, CFDs, commodities, and indices to trade.

• In addition, the company's suspicious operations were confirmed by a vast number of complaints, as AlfaTrade targeted and attracted an audience of international clients from various jurisdictions. However, international authorities that regulate the Forex industry based on complaints from clients added the broker to the list of scam alerts and warnings for soliciting traders without a license.

  “The National Commission for Companies and the Stock exchange reports that the companies Nemesis Capital Limited and Nemesis Capital Bg Limited are not authorized to provide investment services”

  CONSOB, 2016

  “Nemesis Capital BG Limited, doing business as www.alfatrade.com is not registered in Ontario, Canada to engage in the business of trading in securities.”

  Ontario Securities Commission, 2016

AlfaTrade Review Conclusion

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 BDSwiss and FBS.

AlfaTrade Update

Our research showed that AlfaTrade is no longer active. The broker’s website is unavailable to reach. Besides, there is no evidence of whether the broker operates or not. We recommend avoiding any offshore-based brokers due to their instability and lack of serious regulations.  

Is AAFX Trading Scam or Legit Broker?

AAFX Trading is not a secure Forex broker since it does not hold a license from any worldwide serious Forex authority. Thus, 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 AAFX?

AAFX Trading is an investment company specializing in stocks, commodities, CFDs, and currency trading through its incorporated and registered office in St. Vincent and the Grenadines (SVG). However, SVG is a known area for its very liberal zone with a slight regulation of the financial companies compared to other reputable authorities that requires a way more strict compliance that ensures a higher level of clients’ protection.

• Moreover, the broker claims its incorporation and registration in Malaysia under the business solutions company SDN BHD and operation of the office in Hong Kong. Yet, there is no any other regulation that the company does comply with, therefore the company chooses the easiest and cheapest way to perform and deliver its financial services to international clients. Being unregulated in Hong Kong, the company appears in the SFC warning list that prevents clients from an investment with the AAFX Trading company (check warning here).
• Also, there are numerous negative reviews about the company's services, along with the guilty verdicts about the scam operation. The AAFX Trading clients faced typical fraud issues while trying to withdraw profits, the company gave numerous excuses why the request can not be performed. As well as the problems with trading manipulations, faking the facts of the requests, etc. All in all, problems like this prove that the company is not reliable, and clients may face capital losses, putting their investments at risk.

Overall AAFX Ranking 

Due to the regulation and safety issues, we revealed during our research of AAFX, we do not rank positively AAFX, based on our Expert Opinion with over 10 Years of experience in Forex Trading.

• AAFX Overall Ranking is 2 out of 10 based on our testing and compared to 500 other brokers, see Our Ranking below compared to other popular and industry Leading Brokers.

AAFX Alternative Brokers

We found that AAFX has a lot of issues, mainly in respect of its safety and customer care. For this reason, we have come up with much better Alternatives to AAFX with tight regulations and great trading conditions. We select Good Brokers and trustworthy options for your comparison below: 

• HFM – Good for Currency trading
• Dukascopy – Excellent for Shares, Futures Trading
• FXTM – Good for Beginners

AAFX Deposit & Withdrawal

AAFX offers fast and straightforward deposits. The minimum deposit is 100 EUR/USD. The broker offers a wide range of funding methods, so the clients can choose one that is more suitable for them or available in their location. Deposit methods include Credit/Debit Cards, and a range of e-wallets such as Skrill, Neteller, WebMoney, Fasapay, STICPAY, MoneyGram, etc. 

• For customers wanting to fund using a debit or credit card, we require a photocopy or scan of the front and back of the card, blacking out all but the last 4 digits of the card number when sending.

The withdrawal procedure is also quick and easy. For frequent withdraws some of the merchants like Neteller keep funds on hold for 7 days so this kind of withdrawal will process in 8 to 15 business days.

AAFX Deposit & Withdrawal

AAFX offers the popular trading platforms - MT4 and MT5.  Clients can trade on MT4 with no requotes, with flexible leverage ranging from 1:1 – to 2000:1. MT4 platform gives access to over 100 Instruments Including Forex, CFDs, and Futures, spreads as low as 0 pips, full EA (Expert Advisor) functionality, technical Analysis Tools with 50 indicators and charting tools.

The AAFX MT5 platform offers all the pioneering features that the AAFX MT4 has, enabling trading with over 1000 Instruments, including Stock CFDs, Stock Indices CFDs, Forex, CFDs on Precious Metals, and CFDs on Energies. Offered spreads are as low as 0.6 pips, over 80 Technical Analysis objects, and many other features. 

AAFX Review Conclusion

Based on our research results, we advise avoiding trading with AAFX. Instead, we recommend investing only with regulated brokers that are located among reputable jurisdictions and offer respective overseen investment services. Therefore, we advise trading with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as BDSwiss and XM.

• Overall ranking and experience for AAFX is Negative

Is CloseOption Scam or Legit Broker?

CloseOption 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 CloseOption?

CloseOption is a trading name and brand item that belong to the Organic Tech LLC Company incorporated in Georgia and provides access to trade mainly Binary Options and additionally Forex instruments. Even though the company operates under the permission and authorization of the National Bank of Georgia, the institution, however, is not specialized in the regulation of online trading or Forex offerings. 

There are not too many reviews or feedback about the company, which can be the reason that the company is relatively young and small, thus didn’t gain its highest popularity and potential reliability. The broker also tries to attract clients through small deposit requirements and performs regular contests and campaigns to award traders. Overall, it is hard to estimate or evaluate how exactly the company will treat its clients, is it a real scam or just another company in the rows of Binary Options?

• The serious regulatory body sets numerous rules that are necessary for the broker and are turned with the purpose to protect the client at every stage of trading. Apart from the adequacy of capital requirements, and participation in schemes in unlikely events, as well as the operational standards, the serious authority constantly monitors how exactly the company operates and can find if something goes wrong.
•  In addition, generally Binary trading is an extremely risky business that requires the highest level of accuracy while trading. Therefore, since the CloseOption broker delivers a relatively competitive offering to the client, it's non-regulated as well the highest-risk investment environment revolves not the best solution.

Overall CloseOption Ranking 

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

• CloseOption Overall Ranking is 2 out of 10 based on our testing and compared to 500 other brokers, see Our Ranking below compared to other popular and industry Leading Brokers.

CloseOption Alternative Brokers

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

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

Deposit & Withdrawal

CloseOption offers global payment options to serve its members best and let them pay with the most trusted and secure payment methods. Traders may choose among the following methods: Bank wire transfers, Visa and Mastercard payment cards, plus Skrill, Neteller, bitcoin, CRYPTOPayments, etc.

• It takes up to 30 minutes for a payment in bitcoin or other cryptocurrencies to be reflected in the CloseOption account
• Deposits through other methods are instant
• It takes three (3) business days for the withdrawal requests to be processed

CloseOption Review Conclusion

Our recommendation would be negative towards trading with CloseOption, as we always advise traders to sign only with reputable and reliable companies that are regulated by the world's respected authorities. Check our list of Regulated Forex Brokers and choose the one that suits particular needs. We advise trading with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as BDSwiss and FBS.

• Overall ranking and experience for CloseOption is Negative