GAINSY

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. 

About GAINSY
🗺️ Registered inNo Registration
🗺️ Type of LicenseNo License
🛡️ Is GAINSY safe to tradeNo
🗺️ Recommended LicensesFCA in UK 🇬🇧 & ASIC in Australia 🇦🇺
🖥 Alternative BrokerFP Markets - licensed by ASIC in Australia

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

 

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.  

NetoTrade

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.

About NetoTrade
🗺️ Registered inSt. Vincent and the Grenadines
🗺️ Type of LicenseOffshore License
🛡️ Is NetoTrade safe to tradeNo
🗺️ Recommended LicensesFCA in UK 🇬🇧 & ASIC in Australia 🇦🇺
🖥 Alternative BrokerFP Markets - licensed by ASIC in Australia

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

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.

Trade24

Is Trade24 Scam or Legit Broker?

It is not safe to trade with Trade24, because it is an unregulated broker. In addition, the company has been suspected of being 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.

About Trade24
🗺️ Registered inNot Regulated
🗺️ Type of LicenseNo license
🛡️ Is Trade24 safe to trade?No
🗺️ Recommended LicensesFCA in UK 🇬🇧 & ASIC in Australia 🇦🇺
🖥 Alternative BrokerGO Markets - licensed by ASIC in Australia

What is Trade24?

Trade24 is a Forex and CFD broker. The company is owned and managed by Payopt Services DOO, located in Montenegro.

Although after some research it turned out that Payopt Services DOO is registered in Anguilla (an overseas territory, located in the Caribbean), one of the offshore zones where forex brokers get their licenses.

  • Such offshore registrations are famous for their low cost and the fast process of getting a license. Trade24 has warnings from Financial Services and Markets Authority in Belgium and Ontario Securities Commission in Canada.

All these facts show that the broker is most probably just another scam.

Trade24 - official websiteTrade24 Review Conclusion

We recommend avoiding trading with unregulated brokers as there is a high risk of investors losing their money. Instead of signing with Trade24, it is safer to choose among trustworthy regulatory agencies, such as FCA in UK and ASIC in Australia. Check the lists of the FCA-regulated and ASIC-regulated Forex brokers here.


Trade24 Update

Our research showed that Trade24 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.  

Benchhill Partners

Is Benchhill Partners Scam or Legit Broker?

Benchhill Partners 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, never monitored in terms of its safety, and simply may operate the business in any way it wishes.

About Benchhill Partners
🗺️ Registered inNo Registration
🗺️ Type of LicenseNo License
🛡️ Is Benchhill Partners safe to tradeNo
🗺️ Recommended LicensesFCA in UK 🇬🇧 & ASIC in Australia 🇦🇺
🖥 Alternative BrokerFP Markets - licensed by ASIC in Australia

What is Benchhill Partners?

Benchhill Partners is a Forex, CFDs, and cryptocurrencies broker, owned and operated by Benchhill Partners Ltd. They claim to have offices in Switzerland and the United Kingdom, and provide the addresses and contact numbers on the website.

  • Although, the company is not licensed in any of the mentioned countries. Also, the company provides the info about its regulation and states to be regulated by BaFin (The Federal Financial Supervisory Authority) in Germany, when there is actually no such company in the regulator's register.
  • Moreover, Benchhill Partners Ltd. has recently been banned by the Swiss regulator FINMA (Financial Market Supervisory Authority).

Benchhill Partners - official websiteBenchhill Partners 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. We strongly recommend signing in with trustworthy brokers, such as Go Markets and Pepperstone


Benchhill Partners Update

Our research showed that the Benchhill Partners 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.  

Markets Broker

Is Markets Broker Scam or Legit Broker?

Master Broker is 100% a scam or fraud, however, there is a significant risk while trading with a non-licensed broker, due to the nature of the financial trading itself. According to our research, behind the company location stands an offshore zone, which offers plenty of tax benefits for the incorporated companies, therefore many forex brokerages for some reason decided to skip serious registration and perform services from an offshore location.

About Markets Broker
🗺️ Registered inVanuatu
🗺️ Type of LicenseOffshore License
🛡️ Is Markets Broker safe to tradeNo
🗺️ Recommended LicensesFCA in UK 🇬🇧 & ASIC in Australia 🇦🇺
🖥 Alternative BrokerFP Markets - licensed by ASIC in Australia

What is Master Broker?

Master Broker is a trading name owned and operated by Safe Trade Ltd, a company with registered offices in Vanuatu.

The broker offers advanced trading conditions, with a wide offering to world traders and including a vast of trading instruments and allowed styles.

  • Therefore, we strongly advise incorporating and investing only with regulated brokers that comply with international standards of service performance, proved their reliability and sustainability, as well as constantly overseen by the specified authority.
  • Customers are always protected by compliance to licensing like ASIC (Australia) or other authorities, thus customers can trade with a clear state of mind in case of the company insolvency.
  • Since, Markets Broker establishes its office in Vanuatu, which requires only 2,000$ initial capital to start a business, the compliance, reliability, and trust in such an investment occur its logical answer.
  • Moreover, Markets Broker claims to protect clients with the strictest regulatory measures and tighter security, which is not a fact at all.
  • Also, there was a statement on their website about company ownership which allegedly registered in the UK, which was also faulted information.

Markets Broker Review

Master Broker Review Conclusion

We strongly advise avoiding Master Broker and opening a trading account only with brokers regulated by respected world authorities that 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 Eightcap and BlackBull Markets.


Master Broker Update

Our findings showed that Master Broker 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.  

Yadix

Is Yadix Scam or Legit Broker?

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

  • Yadix brand is powered by Quantix Financial Services Limited, a company which is Financial Services Company located in Belize and authorized by the International Financial Services Commission (IFSC, Belize”).

    Yet, Belize is a popular and known offshore center for financial companies, since the authorization requirements are way lower compared to other reputable industry authorities.

     

About Yadix
🗺️ Registered inBelize
🗺️ Type of LicenseOffshore License
🛡️ Is Yadix safe to tradeNo
🗺️ Recommended LicensesFCA in UK 🇬🇧 & ASIC in Australia 🇦🇺
🖥 Alternative BrokerGO Markets - licensed by ASIC in Australia

What is Yadix?

Yadix offers brokerage and trading services through an STP/ ECN connectivity (Find the best ECN broker) without dealing desk intervention and claims to deliver institutional conditions with the support of auto-trading and more.

There is a range of account types to choose from, as well as a wide offering of trading instruments.

  • However, apart from the attractive proposals to the investors, there were cases from the Yadix traders that occurs in the cancellation of orders, as well as some manipulation of the price.
  • There were also issues with the official claims and verdicts against the trading environment delivered by Yadix.

Yandix

 

Overall Yadix Ranking 

We revealed serious safety and regulations issues with Yadix, thus we do not rank positively Yadix.  With an  Expert Opinion with over 10 Years of experience in Forex Trading we have come up with the following ranking:

  • Yadix 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.

RankingYadixeToroBlackBull Markets
Our Ranking⭐⭐⭐⭐⭐⭐⭐⭐⭐⭐
Is Broker safe? NoYesYes
AdvantagesNoneTrading InstrumentsTrading Platforms

Yadix Alternative Brokers

We revealed multiple issues in regard to Yadix safety and reliability, so here we offer much better Alternatives to Yadix with tight regulations and great conditions. We select Good Brokers and trustworthy options for your comparison below: 

Deposit & Withdrawal

Yadix provides a range of easy and secure deposit methods to suit all clients, including Bank Transfer, Credit/Debit Cards, bitcoin, Skrill, Neteller, Perfect Money, etc

  • After funding the forex trading account, your deposit will appear in your MT4 trading account within minutes. 
  • Withdrawals are processed within 24 hours. 

Yadix Review Conclusion

Overall, the main concern about Yadix is their lack of serious regulation, thus compliance with the strictest operational standards, and of course bad reputation among the traders and those who invest with Yadix. Besides, we always advise avoiding investing and trading with an offshore company, since their compliance with the necessary client protection level remains open.

Nonetheless, financial investments are much safer when engaging with reputable and well-regulated brokers, like brokers based in Switzerland, UK, or Australia since their local authorities.  We advise signing in with brokers such as  FP Markets and Eightcap.

  • Overall ranking and experience for Yadix is Negative

Trade Capital

Is Trade Capital Scam or Legit Broker?

It is not safe to trade with Trade Capital, 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.

About Trade Capital
🗺️ Registered inNo Registration
🗺️ Type of LicenseNo License
🛡️ Is Trade Capital safe to tradeNo
🗺️ Recommended LicensesFCA in UK 🇬🇧 & ASIC in Australia 🇦🇺
🖥 Alternative BrokerFP Markets - licensed by ASIC in Australia

What is Trade Capital?

Trade Capital is a Forex and CFD broker owned and managed by Trade Capital Investments LLC. The company claims to be located in Switzerland, they also have their customer support desks at the same address.

According to the firm's terms and conditions, Trade Capital is a legal entity of Lozareo Group LP, a UK-registered company.

  • In reality, there are no Trade Capital records in the UK's Financial Conduct Authority or Swiss Financial Market Supervisory Authority (FINMA) registers.
  • The broker is obviously not licensed, nor overseen by any financial governmental agency. Moreover, FINMA has recently issued a warning against both Trade Capital and Trade Capital Investments LLC.

Trade Capital - official website

Trade Capital Review Conclusion

Based on our research, we recommend staying away from Trade Capital and choosing a reliable broker licensed by a trustworthy regulator like Australia's ASIC, UK's FCA or Cyprus' CySEC. These authorities have set certain requirements for forex brokerages, such as client protection rules and compensation schemes. Check the list of ASIC-regulated brokers here and invest with such reliable firms as BDSwiss and FBS.


Trade Capital Updates

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

TradeDAX

Is TradeDAX Scam or Legit Broker?

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

About TradeDAX
🗺️ Registered inMarshall Islands
🗺️ Type of LicenseOffshore License
🛡️ Is TradeDAX safe to tradeNo
🗺️ Recommended LicensesFCA in UK 🇬🇧 & ASIC in Australia 🇦🇺
🖥 Alternative BrokerFP Markets - licensed by ASIC in Australia

What is TradeDAX?

TradeDAX is a Forex and CFD broker owned and operated by Black Parrot Limited, a company based in the Marshall Islands. Terms and conditions on the website mention one more company behind the TradeDAX brand.

  • It is an Estonian company Blonde Bear OU, responsible for IT and Finance administration services of the TradeDAX. Neither company is under the oversight of an appropriate financial regulator.
  • Moreover, Belgian FSMA (The Financial Services and Markets Authority) and Italian CONSOB (The Italian Companies and Exchange Commission) has issued warnings against TradeDAX/Black Parrot Limited/Blonde Bear OU for targeting people without being authorized in Belgium and Italy.

TradeDAX
TradeDAX Review Conclusion

We do not recommend signing in with TradeDAX. Generally, we advise traders to choose from UK, Australian, or other well-regulated brokers, where their funds will be protected. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as BDSwiss and FBS.


TradeDAX Update

Our research showed that the TradeDAX website is unavailable to reach. Besides, it is unclear whether the broker operates or not. We recommend avoiding any offshore-based brokers due to their instability and lack of serious regulations.  

GCI Financial

Is GCI Financial Scam or Legit broker?

GCI Financial 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.

About GCI Financial
🗺️ Registered inSt. Vincent & the Grenadines
🗺️ Type of LicenseOffshore License
🛡️ Is GCI Financial safe to tradeNo
🗺️ Recommended LicensesFCA in UK 🇬🇧 & ASIC in Australia 🇦🇺
🖥 Alternative BrokerFP Markets - licensed by ASIC in Australia

What is GCI Financial?

GCI Financial LTD is an international Forex and CFD broker incorporated in St. Vincent & the Grenadines that is claimed by their focus on offering superior trading conditions and customer service through advanced software and lowest trading costs (forex brokers with low spreads). In addition, the company operates for over 15 years and has received awards that recognize them as the Best Forex Broker Europe or Most Innovative Forex Broker Europe by International Finance.

  • Despite this, St. Vincent and the Grenadines is in a known offshore zone, while the company operates without any license to perform its services.
  • Besides, the company was previously regulated by the Belize IFSC, yet withdrew its license and is not regulated by any authority. Moreover, there were warning against the company by some of the authorities, as well as negative feedback from many investors with cases to withdraw money.

    “GCI Financial LLC is not registered to engage in the business of trading in securities or advising anyone with respect to investing in, buying, or selling securities.”

     

GCI Financial Review

 

Overall GCI Financial Ranking 

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

  • GCI Financial 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.

RankingGCI FinancialFP MarketsXM
Our Ranking⭐⭐⭐⭐⭐⭐⭐⭐⭐⭐
Is Broker safe? NoYesYes
AdvantagesNoneEducationTrading Platforms

GCI Financial Alternative Brokers

Due to our finds and issues with the safety of GCI Financial, here are much better Alternatives to GCI Financial with good regulations and excellent conditions. We select Good Brokers and trustworthy options for your comparison below: 

  • HFM – Good for Currency trading
  • FP Markets – Good for CopyTrading
  • XM – Good for Trading on MT4

GCI Financial Deposits and Withdrawals

GCI Financial deposit and withdrawal methods are not many. The funds are transferred either by bank transfers or an e-wallet - Perfect Money. Deposits can be made by the GCI account holder only. Third-party transfers are not permitted.

  • For withdrawals, clients need to fill in a form. After filling it in, the form should be signed and returned to GCI via email along with a copy of valid identification. Withdrawal forms that are not fully completed will not be processed. Funds are returned to the originating account only.

GCI Financial Review Conclusion

Generally, we do not advise investing with unregulated brokers. Even though the offering and the trading capabilities may offer a very attractive package, safety always goes first. Therefore, it is much more secure to start trading with a reputable regulated broker that follows the strictest performance operation that was designed to deliver the highest level of safety to the investors, such as Pepperstone and HFM.

  • Overall ranking and experience for GCI Financial is Negative