category: Unregulated Brokers

Is Capprofx Scam or Legit Broker?

CapproFX 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 CapproFX?

CapproFX is an Online trading provider, a broker with a registered office in the UK, London, and a maintained support office in Hong Kong. Being located in a world financial hub, the company, however, did not obtain any license from the local respected authorities, notwithstanding even the fact that the FCA license is mandatory for all UK-based financial service firms.

• The CapproFX claims its prime services for trading in Forex, Commodities, and CFDs while performing trading through liquidity providers and services of sophisticated trading solutions with competitive conditions. Moreover, it seems like the address in the UK is a virtual one, while the company office is located in India, according to their use of IP’s and other details.
• Overall, with its unregulated operation, CapproFX received also numerous negative reviews from the traders, which faced complications with withdrawals, misunderstanding about the closing of positions, as well as the removal of profits. Therefore, it is evident that the company delivers a tricky business while pretending to be a reliable broker.

Overall CapproFX Ranking 

Because of our revelations about the safety of CapproFX , we do not rank positively CapproFX, based on our Expert Opinion with over 10 Years of experience in Forex Trading.

• CapproFX 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.

CapproFX Alternative Brokers

Due to our finds and issues with the safety of CapproFX, here are much better Alternatives to CapproFX 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

Deposit & Withdrawal

CapproFx offers fast and easy funding through Bank Wire, Netteller, and Bank Transfers. Its minimum deposit is $100. 

• CapproFX offers an efficient return policy. In case traders are not satisfied with the service level, they can request a return.

• If an account was funded via debit or credit card the funds can be refunded to the card. For this, traders need to contact CapproFX Customer Support. The request will be reviewed within 5 business days. 

CapproFX Review Conclusion

As a promising and highly competitive industry, Forex and Online trading requires high safety measures, especially for novice traders or those who would like to invest large amounts into trading. We strongly advise opening a trading account only with brokers that are regulated by respected world authorities and comply with the required set of rules and a good reputation through the delivered timeframe of operations. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as HotForex, and BlackBull Markets.

• Overall ranking and experience for CapproFX is Negative

CapproFX Update

We discovered that the CapproFX website is unavailable. It is unclear whether the broker changed its name, or is gone altogether. Since money safety goes first, we recommend avoiding any proposals from CapproFX and staying alert in case of any proposals. 

Is Forex Optimum Scam or Legit Broker?

We advise our readers, not to use Forex Optimum as it is an offshore entity. Forex Optimum is owned by Forex Optimum Group Limited, 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 Forex Optimum?

Forex Optimum is an international investment company that was established back in 2009, mainly operating in Russia, CIS, and the Asian region while totally covering 26 countries. Behind the brand stands a registered in St. Vincent and the Grenadines, Forex Optimum Group Limited company, which is also one of the easiest locations in terms of investment firms procedures. It means, that the registration requirements are very liberal, as well as do not require any international license from the Forex industry watchdogs, therefore there is a high risk how exactly the company maintains its financial service providing.

• Generally, Forex Optimum delivers technological conditions to trade vast instruments through STP execution, while claiming its operation over 3 million clients from all over the world. The company offers attractive trading conditions, as well as bonuses that reward clients that are quite delightful. However, there were some complaints from the traders throughout the trading, while traders faced cuts of profits or issues with withdrawals, but overall the service seems to be not the worst case.

Forex Optimum Review Conclusion

Even though there are no official warnings to the clients from the international authorities that oversee the industry or serious cases of evidence about Forex Optimum operation, we do not generally recommend to invest with an offshore or unlicensed company. Since the trading itself involves risks, it is a much more significant risk to trade with a non-regulated company that operates not set to the strictest standards. It is much safer and smarter to choose among reputable FCA or other leading jurisdictions brokers that maintain necessary safety measures, our list of regulated brokers will assist in choosing the best-suited one.

Forex Optimum Update

We found the Forex Optimum website inactive and unavailable to reach. This means the broker no longer operates. However, it is best to avoid and stay alert in case any proposals show up.

Is KontoFX Scam or Legit Broker?

KontoFX 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 KontoFX?

KontoFX is a Forex  and CFD broker, owned by NTMT Transformatic Markets OU based in Tallin, Estonia and operated by Northside Business Centres – a company based in Hungary. KontoFX doesn't provide much information about its location, there's only a contact phone number with a British country code, which means the company has been targeting UK residents without being authorized in the country. Moreover, the company has been blacklisted by UK's Financial Conduct Authority (FCA). 

• Some of such entities run investment scams, and clients of such brokers don’t have any protection. Unlike FCA-licensed brokers, unregulated ones are not obliged to keep their clients’ money in segregated accounts. The license from UK’s Financial Conduct Authority requires EUR 125,000 of capital (aside from client deposits) for the STP license. The regulator also protects customers when authorized financial services firms fail.

KontoFX 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.

KontoFX Update

Our research showed that KontoFX 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 FXCH Scam or Legit Broker?

FXCH is not a safe broker as it has been suspected as a scam broker. This broker is blacklisted by a well-known regulatory authority and should be avoided. FXCH is an offshore company registered in Dominica (Learn about Dominica located TradersWay Broker).

• The Domminica 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 FXCH?

The Forex Swiss FXCH  is a brand name of a company registered as a Foreign Exchange Clearing House in the Commonwealth of Dominic, which operates without any licensing. Despite its name, the company has nothing to do with the Swiss registration or regulation, even though there are numerous statements on the official website about its authorization to solicit clients and provide financial services with honesty. Dominic as a location itself does not require any regulatory requirements from the financial companies, therefore none of the organizations protect clients and their funds.

• The international watchdogs of the Forex industry also issued a warning to the traders, since the service offering is not legit in particular jurisdictions. Alike, Foreign Exchange Clearing House Ltd appeared on FINMA (Switzerland) blacklist.
• On the contrary, the information presented on the website is rather confusing than motivating to invest, since the information about trading and overall services is not clear enough. Along with that, the negative experience reviews from the traders are numbers and numbers, while there are appearing the “most common” scam issues. In addition, it was earlier confirmed a scam finding that caused Forex Swiss FXCH for insufficient charges to traders and disputed money that alerts international traders.

FXCH Review Conclusion

In conclusion, it is clear enough to understand that the model the Forex Swiss or FXCH operates seems to be a very tricky business that does not promise any positive results. Unfortunately, it is common practice that offshore brokers can often run investment spam. Therefore, we always advise choosing the only reliable broker with a solid reputation and compliance with the strictest authorizations alike FINMA or FCA that protects clients in unlikely events. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as FP Markets and eToro.

FXCH Update

Recently the FXCH website remains inactive, meaning the broker has muted its trading offering and does not propose account openings. However, we still advise the traders to be alert and careful, in case they receive trading proposals. 

Is ACFX Scam or Legit Broker?

It is not safe to trade with ACFX, 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 ACFX?

ACFX is a trade name of AtlasCapital Financial Services, which is also a member of Atlas Group, one of the largest business conglomerates in South Eastern Europe for the last 20 years. The group operates in the fields of financial services, banking, insurance, real estate, and more. The company was also authorized by the Cyprus CySEC to provide its services within the EU along with registrations with FCA and other reputable authorities.

• The broker delivers a vast number of trading opportunities to their clients while claiming to offer unbeatable market conditions with Spreads from 0 pips (see 0 spread brokers), as well as world-class international compliance with client protection. However, there were numerous complaints and acts against the company waved by the ACFX traders or investors that claimed issues with withdrawals, settling of obligations towards customers, and finally found themselves an excuse of short on client funds. 

• For that reason and other issues, CySEC suspended the license of ACFX back in April 2016 and identified the nonlegal status of the firm due to its lack of necessary safeguard procedures for client assets. Yet, the company still claims on its website its respected status of authorization. (view the CySEC announcement)

  “The Cyprus Investment Firm ‘Atlas Capital Financial Services Ltd’ as there are suspicions of an alleged violation of the Law Sections, due to the Company’s possible non compliance at all times with the authorization and operating conditions”

ACFX Review Conclusion

It is not safe to trade with ACFX, the traders should avoid any contact with the firm by any means since the risk is in the highest position. There are many well-established and regulated CySEC companies that do follow the strictest rules for the clients' protection and maintenance of a reliable trading environment, so you can check our listing and choose the best suitable one. 

• Overall ranking and experience for ACFX is Negative

ACFX Update

We found the ACFX website inactive and unavailable to reach. This means the broker no longer operates. However, it is best to avoid and stay alert in case any proposals show up.

Is Global Clearing Group Scam or Legit Broker? 

It is not safe to trade with Global Clearing Group, 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 while might operate its services from an absolutely different location.

What is Global Clearing Group?

2pipsforex.com is a brand and operated website by the Global Clearing Group Ltd, which has been located in Dominica since its establishment. The Broker provides Forex, Crypto trading platforms with fast executions and indeed a competitive offering, while all spreads are fixed to 1 pip (Find the lowest spread forex brokers by link, also check Zero Spread Forex Brokers). The brokers claim to operate over 500,000 clients while offering a free 5,000$ bonus on account opening an extreme level of leverage up to 1:1000 (Find high leverage forex brokers by link), which unfortunately all seem to be a tricky business.

• Meanwhile, the company is located in a known offshore zone, which does not require minimum capital requirements that show company sustainability, as well does not regulate Forex businesses yet. Therefore, that means that the company operates on its own risk and management style while the client may face some manipulations or will not be compensated by any international organization in case of insolvency.
• What is more, there was a warning issued against the Global Clearing Group or its website 2pipsforex.com, while the IFSC (Belize) commission warned investors to invest in the company due to its unlicensed nature. Likely, the reviews from the traders in internet sources are rather negative than positive, while the broker shows its failures to provide a stable and reliable trading environment.

Global Clearing Group Review Conclusion

We advise all investors and traders to avoid Global Clearing Group due to its lack of regulation. Traders should trade with well-regulated brokers such as FP Markets and XM. Rather than putting capital at risk, as well as overall trading experience, it is much better to choose among the companies that have a proven history of compliance with their registered license of reputable authorities. 

Global Clearing Group Update

We found that under the Global Clearing Group website, there is a completely different company with a different scope of activities. This may mean that the broker no longer operates. However, it is best to avoid and stay alert in case any proposals show up.

Is FinPro Scam or Legit Broker?

FinPro 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 FinPro?

FinPro online trading broker states on its official website its registration and location in London, UK. FinPro claims to deliver an ECN account (Check Best ECN Brokers by link) that gives direct access to some of the world's deepest liquidity pools with fully transparent trading costs on over 500 trading instruments. Overall, the trading offering is truly enhanced and attractive with a wide choice of leading industry platforms and trading solutions, API trading, Islamic Accounts, PAMM (Check out Best PAMM Account Forex Broker) management, and exceptional connectivity. Additionally, the company serves several domains that are diverted to different regions thus making it an offshore brokerage.

• However, due to the fact that it is mandatory within the UK to hold an FCA (Financial Conduct Authority) license in order to perform any financial services and it is not the case for FinPro, there are many questions addressed. The company states its strict financial rules, yet, it is not confirmed by any supervisory reporting, which is a typical role of the regulator once applicable.

FinPro Review Conclusion

We do not recommend signing in with FinPro. Instead, it is advisable to choose among the reputable brokerage companies that are complied with the necessary laws of the particular organization like FCA – Regulated Brokers.

Even though, there are no official warnings against the FinPro company, as well as the reputation among the traders is average, just combining some of the traders' complaints against the company, it is still highly risky to trade with FinPro.

FinPro Update

We found the FinPro website inactive and unavailable to reach. This means the broker no longer operates. However, it is best to avoid and stay alert in case any proposals show up.

Is Gainsy Scam or Legit Broker? 

According to our research, Gainsy has been suspected as a scam broker. It is obvious that the company does not provide even clear information about its registration and the location of the offices, therefore the broker is not regulated or licensed by any authority. 

What is Gainsy?

Gainsy Inc. was established in 2012. It is an online trading service and investment provider that is claimed to deliver an NDD/ STP execution with competitive variable spreads and low commission (Find the Lowest Spread Forex Broker from the List.). However, the broker offering falls into some major points that are in fact crucial ones, which is a compliance to the international standards while providing a trading environment.

• However, there are several negative verdicts claimed against the company for its issues with withdrawals, manipulation while trading, and postponement of the responses. Moreover, there were official authorities that issued a warning against the company for its unlicensed services, and numerous received complaints.

  “The Autorité de Contrôle Prudentiel et de Résolution and The Autorité des Marchés Financiers warn the public against the activities of Gainsy Forex broker Company and its entities proposing Forex investments without being authorized to do so”

  AMF, France. 2015

Gainsy Review Conclusion

So, in conclusion, we do not advise to trade with Gainsy, as the most important in trading is the broker’s reliability and this point losses at the broker’s offering. The trader or investor should always keep in mind, that investing with non-regulated broker involves much higher risk and may incur manipulation of the software, which causes losses. Thus, we would recommend choosing a reliable broker with a gained reputation for its operational success and compliance with the safest trading practices. Traders should trade with well-regulated brokers such as FP Markets and XM. 

Gainsy Update

We found that under the Gainsy website is now an entirely different broker by a different name - CRYPTOBO. It can be concluded that the broker has changed its name, which is a common occurrence in the case of fraud brokers.  

Is NetoTrade Scam or Legit Broker? 

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

What is NetoTrade?

NetoTrade is an international financial investment company that targets worldwide international clients from different jurisdictions and approaches with attractive trading conditions with alleged easy access to trade and invest with the broker. However, the firm operation shows very tricky approaches and it is not even clear where the company office is located.

• At the established stage the NetoTrade brand was used by the registered company in St. Vincent and the Grenadines, as well some period of time it showed information about its base in the UK with a further change of addresses and offices in Cyprus, Israel, and Dubai. Therefore, the broker swings between the countries in order to offer and attract a vast amount of traders for its own purpose. Moreover, in 2013 the UK watchdog of the Forex industry Financial Conduct Authority issued a warning to the company since it does offer its services without necessary licensing.

• In addition, the numerous complaints from NetoTrade clients and traders are dating from the beginning until now, which shows that the company is still targeting ‘Naive” clients to their rows. The traders' complaints were mainly about the issues to withdraw the funds and significant losses due to price manipulations or other malicious actions by the broker. As well, many of the clients were attracted by the cold calls from the company representatives that promise quick and high growth of investments, which is considered to be an illegal service. 

• Currently, the NetoTrade international website is dismissed and redirected to the Arabic version of the website, which means the company aims to catch Arabic-speaking clients. Overall, the MENA area is quite known for the vast of scams and frauds due to the fact that there is no strictest restriction to the Forex industry businesses, along with the lack of population knowledge about involved risks. 

NetoTrade 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 HotForex and BlackBull Markets. 

NetoTrade Update

We found that the NetoTrade website is inactive and unavailable to reach. This means the broker no longer operates. However, it is best to avoid and stay alert in case any proposals show up.