category: Unregulated Brokers

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.

   

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.

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.

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: 

• XM– Good for Beginner Traders
• BlackBull Markets – Good for CopyTrading
• IC Markets – Good for CFDs trading

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

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.

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 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

Is AAAFx Scam or Legit Broker?

Based on our research we conclude - AAAFx is a fraud and not a safe Broker. The vast number of complaints from the traders in regards to the performed operation disappoints, which share some of the “broker tricks” while trading, as well as numerous operational,  misleads along the misleading information at the official source.

What is AAAFx? 

AAAFx is an online Forex broker with its headquarters in Athens that claims to be regulated in Europe and offers an exceptional trading experience with outstanding customer support. According to the website and proposal, Broker offers wide solutions to Forex trading with 0 commissions and attractive opportunities with global regulations and registrations.

• However, not everything seems to be that good as it said within the brokers' operation.
• Moreover, it is not clear enough how exactly the company is regulated, since the authorization is received from the local bank, thus which kind of rules they do comply with and if in general their services are supervised. 
• In addition, one of the industry-leading regulators of the Forex industry CySEC (Cyprus) published a warning statement that the firm is regulated by another jurisdiction and thus are not authorized to provide its services.
• Overall, AAAFx might be a good broker with nice selecction of the trading paltforms and instruments range, however we found false claims of the Broker to be regulated and legit, whille in fact it is not, even based in Greece which is a part of EU. Due to its location, the broker Must hold EU license, but AAAFX doesnt, besides we found numerous complaints from the traders revealing their negative experience and tactics of how the Broker scammed them.

Overall AAAFx Ranking 

Based on our finds and regulation issues of AAAFx our Expert Opinion with over 10 Years of experience in Forex Trading, we do not rank positively AAAFx offering.

• AAAFx 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.

AAAFx Alternative Brokers

Due to our finds and issues with the safety, unregulated nature and complaints for AAAFx here we select much better Alternatives to AAAFx. We select Good trustable Brokers withh excellent conditions for your comparison below: 

• HFM – Good for CopyTrading
• FXTM – Good for Beginners
• AvaTrade – Good for Currency trading

Trading Instruments

There is a wide trading offering found, that covers high level of leverage, a constantly updated offering of trading instruments with 70+ Currency Pairs, while before Broker didnt have Cryptocurrencies, now it included Bitcoin, also with possibilities to auto trade or use industry-leading MetaTrader4.

Besides, the broker offers Binary Options, which is considered one of the most risky offerings and is restricted in many jurisdictions. Binary options can put your capital at the highest risk.

Trading App

AAAFx provides good selection of trading platforms and apps including popular and industry known MT4 and MetaTrader5, also WebTrader. We found some good research tools and analysis included. However, due to some fraud evidence, there is no guarantee on real market execution, especially considering Binary Options trading, means all operations are controlled by the Brokers and are not transparent enough. 

AAAFx Review Conclusion

Since trading involves significant risks we hardly advise all traders notwithstanding their expertise level, to select broker carefully from the list of regulated brokers. The strictest authorities alike ASIC (Australia) or FCA  (UK), as well other respected organizations require strong implementation of customer protection and standardized performance, thus the clients will trade under safety with the most possible level of protection.

• Overall ranking and experience for AAAFx is Negative

Is iForex Scam or Legit broker?

iFOREX is not a secure Forex broker since it does not hold a license from any worldwide serious Forex authority. In fact, 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 iForex?

iFOREX is a brand name of the group of companies that offers a wide range of solutions to trade CFDs and Forex, as well as Binary Options to international clients through an advanced proposal including narrowed specifications like Swap-free accounts forex and other instruments.

iFOREX provides round-the-clock, real-time trading services, allowing clients to invest in various CFD instruments (assets) such as shares, commodities, currencies, indices, ETFs and cryptocurrencies. In addition, iFOREX offers online trading education, 1-on-1 training and video tutorials, as well as technical and customer support in multiple languages.

• The Formula Investment House Ltd. company was founded back in 1996, while serving offices in British Virgin Islands and operates with the regulation from the BVI FSC.  The iFOREX Group’s European subsidiary is licensed and regulated by the Cyprus Securities and Exchange Commission (CySEC) under license # 143/11.
• However, the company previously was imposed due to several violations. The broker operated through the company ICFD Ltd received a 138,000€ fine that referred to the providing of unlicensed services which included investment advice, as well as the company did not act in the best interest of its clients and failed to define the high-risk investments.  

• In addition , the internet sources are quite full of the complaints and negative reviews from the traders that engaged in the trading with iFOREX. The reviews mainly refer issues during the trading that behaved against the traders’ interests, as well as issues of the advisory service to trade accordingly that eventually led to losses.

Overall iFOREX Ranking 

With our finds and issues on iFOREX regulations and safety, we do not rank positively iFOREX, based on our Expert Opinion with over 10 Years of experience in Forex Trading.

• iFOREX 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.

iFOREX Alternative Brokers

Based on our research results and iForex safety issues we revealed,  here are much better Alternatives to iFOREX with good regulations and excellent conditions. We select Good Brokers and trustworty options for your comparison below: 

• FP Markets – Good for CopyTrading
• FXTM – Good for Beginners
• Plus500 – Good for Futures Trading

iForex in India

It has an exclusive website for Indian traders iForex.in iForex India claims to comply with BVI FSC for its global operation. However, iForex has no mention of complying with any Indian regulators on its website. 

iForex in the USA

iForex does not accept traders from the United States. As per the U.S law, brokers regulated by CFTC are the only brokers allowed for the USA traders. So, except for IQ Option, you are only permitted to trade with the U.S regulated platforms.

• Here is the full list of the countries that are not allowed to trade with iForex: Afghanistan, American Samoa, Argentina, Australia, Belgium, Brazil, British Indian Ocean Territory, Canada, Christmas Island, Cocos (Keeling) Islands, Congo, Cyprus, French Southern Territories, Guam, Guernsey, Guinea, Haiti, Vatican State, Iran, Israel, Jersey, Korea, Lebanon, Libya, Netherlands, New Zealand, Puerto Rico, Rwanda, Samoa, Sudan, Singapore, Somalia, Syria, Turkey, United States.

Deposit & Withdrawal

The minimum deposit for opening an account with iForex is 100 USD/GBP/EUR. iFOREX facilitates deposits made both online and offline for your convenience. The options include: Bank Wire, Credit Card, Debit Card and e-wallet payment systems Skrill, Neteller, Diners and Western Union. iForex notes that no internal costs apply except a fee of $20 for bank wires, while third-party charges will depend on the payment processor. 

As to the withdrawals, a charge up to $20 may be applied, depending on the payment method and withdrawal size. To make a withdrawal, users must fill out a withdrawal request form. Withdrawals can take up to 28 working days to be processed, depending on the clearing solution trader funded his account with. Such a long period for the withdrawals obviously causes a lot of complaints from the clients. (Also read about Alpari Broker's Deposit & Withdrawals by the link.

Apps

iFOREX offers an advanced mobile platform compatible with most smartphones and tablets. For the ultimate mobile trading experience, you're invited to download the innovative, free mobile trading apps. Look for iFOREX Trading on the App Store  or on Google Play.

Demo Account 

A demo account is available to users but only once a real trading account has been activated. There are also time restrictions on how long the demo account can be used. Demo account is a great opportunity to practice strategies and become familiar with the platform with their demo account option.

iFOREX Review Conclusion

Overall, there are many questions in regards to the trust of the iFOREX company services and the manner they do operate the online trading itself. We strongly advise opening a trading account only with the brokers that are regulated by respected world authorities and comply with the required set of rules. We advise Traders to select well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as FBS and BDSwiss since money safety and trust goes first.

• Overall ranking and experience for iFOREX is Negative

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.

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 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.  

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.

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.”

   

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.

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 

Is Opportunity Trade Scam or Legit Broker?

Opportunity Trade 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 Opportunity Trade?

Opportunity Trade is a Forex broker that offers an STP type of trading. The company is owned and operated by the Boton Development Ltd.

• They claim to be located in Hong Kong, but after checking the information on the Hong Kong regulator SFC (Securities and Futures Commission) it turned out that the broker is marked as an "unlicensed entity" and is not located at the provided address.
• In addition, the terms and conditions on the website state that the company is under the UK's jurisdiction, although the company is not registered in the United Kingdom.
• It is obvious that Opportunity Trade is one of those brokers that use fake credentials to get the client's trust. We highly recommend avoiding unlicensed brokers as most of them are frauds.

Opportunity Trade Review Conclusion

We do not advise signing in with Opportunity Trade. It is safer to invest with brokers supervised by proper regulators, such as UK’s Financial Conduct Authority (FCA). Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as BDSwiss and FBS.

Opportunity Trade Update 

Our research showed that the Opportunity Trade 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 TopicMarkets Scam or Legit Broker?

TopicMarkets 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 TopicMarkets?

TopicMarkets is an offshore Forex broker, licensed and registered in Vanuatu by the Vanuatu financial service commission under the name of TMI Holding Limited.

• VFSC is a very popular regulator among forex brokers and is famous for its cheap and fast process of getting a license. It requires only USD 2,000 of capital, while the UK's FCA requires EUR 125,000 of capital for the STP license.

TopicMarkets Review Conclusion

We recommend traders avoid offshore-registered brokers as they usually don't provide any guarantees to compensate the investments in case the broker wouldn't be able to do that.  Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as BDSwiss and FBS.

TopicMarkets Update

Our research showed that the TopicMarkets 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 BrokerOfficial Scam or Legit Broker?

BrokerOfficial 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 BrokerOfficial?

BrokerOfficial is a Forex and CFD broker owned and registered by Astercap LTD. The company claims to be located in the UK, although it is not registered to provide financial services to UK residents.

• In the United Kingdom, the responsible institution is the Financial Conduct Authority (FCA) and all the brokers need to have a proper license from this regulator.
• There is no record of BrokerOfficial in the Register of the FCA which means it is dangerous to trade with this broker as it doesn't have a license.
• Moreover, the Canadian regulator British Columbia Securities Commission has issued a warning against BrokerOfficial.

BrokerOfficial Review Conclusion

We recommend you avoid not licensed brokers and choose among the regulated ones. The most reliable regulators are the UK's FCA, the Australian Securities and Investments Commission (ASIC), and the Cyprus Securities and Exchange Commission (CySEC). Traders should trade with well-regulated brokers such BDSwiss and FBS.

BrokerOfficial Update

Our research showed that the BrokerOfficial 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.