category: Unregulated Brokers

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.

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.

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 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.  

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.

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 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.  

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.

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.

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.