category: Unregulated Brokers

Is  PaxForex Scam or Legit Broker?

PaxForex has been suspected as a scam broker. The company is registered in St. Vincent and the Grenadines, an offshore zone, and does not hold any authorization or license to perform financial services. Even though it is mentioned about many jurisdictions are restricted to open a trading account with PaxForex.

Due to its situated office, PaxForex does not hold any authorization or regulation licenses from world-recognized financial authorities.

What is PaxForex?

PaxForex operates under the brand name PaxForex and is a brokerage firm that provides online currencies and CFDs trading services. PaxForex review is about a company Laino Group Ltd which is a brand name established and registered in St. Vincent and the Grenadines financial investment firm.

Notwithstanding by the fact that the PaxForex company does provide an attractive selection of account types that might suit the need of beginning and seasoned traders, the sum of the above and the non-licensed company nature impacts in a negative recommendation of account opening.

• The broker claims to run an office in the UK, which is not, for instance, a case and offers a wide selection of trading opportunities to trade on Forex, Stocks, Options, and CFDs through an STP/ ECN connectivity (See ECN Broker's List) to the liquidity providers.
• In fact, the company partners with Total Capital Forex Promotions (Pty) Ltd and other companies that are located in various jurisdictions, but do not serve itself any other office than its headquarters in the known offshore zone St. Vincent and the Grenadines.

• Besides, the negative reviews and much of disappointed traders by the broker’s provided operations releases the question, is it really a good idea to trade with the PaxForex Broker? It is absolutely clear that financial investment involving high risks and it is at the paramount priority to reduce risks as much as possible.

Overall PaxForex Ranking 

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

• PaxForex 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.

PaxForex Alternative Brokers

Regarding our research results and PaxForex safety issues we revealed, here are much better Alternatives to PaxForex with good regulations and excellent conditions. We select Good Brokers and trustworthy options for your comparison below: 

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

Deposit & Withdrawal

PaxForex offers straightforward facilities to perform fast online deposits and withdrawals. The broker supports multiple currencies and a wide range of deposit/withdrawal methods, including bank transfers, credit/debit cards, WebMoney, Perfect money.

• All transfers via electronic payment systems are automatic. Transferred funds become available immediately.
• Bank transfers are made within 24 hours  to the bank account of the Company.

PaxForex Review Conclusion

We strongly advise opening a trading account only with brokers that are regulated by respected world authorities that comply with the required set of rules and have a good reputation through the delivered timeframe of operations. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as FP Markets and Eightcap.

• Overall ranking and experience for PaxForex is Negative

Is GFBroker Scam or Legit Broker?

GFBroker is a 100% fraud company. The broker is registered offshore and does not hold any proper license from a well-known reliable financial regulator. It is NOT SAFE to trade GFBroker. We never advise trading with an offshore broker, since the financial investment service they deliver is not trustable.

• The reason is simple, the broker may promise the most ever competitive trading conditions or the trading environment, yet the trader has no guarantee from the official entities that oversee the Forex industry. Thus the engagement in trading with such a company means the trader will believe only on the broker’s words, and of course, it is a high risk.

What is GFBroker?

GFBroker is a Forex and CFD broker that offers a variety of assets on its platform gfbroker.com.

The company is managed and operated by International WEB Brokers Limited, regulated under Dealers in Securities Act by VFSC (Vanuatu Financial Services Commission) in Vanuatu.

• Vanuatu is a popular destination for forex brokers, as it has low taxes policies and the business registration process is simple. Also, the company was banned by Spain's regulator CNMV.
• We recommend traders to avoid offshore-registered brokers as there are a lot of scams among them. It is safer to deal with the brokers, authorized and regulated by reliable regulators, such as UK’s Financial Conduct Authority (FCA), and to check the list of the FCA-regulated entities to ensure they are.

GFBroker Review Conclusion

We strongly advise opening a trading account only with the brokers that are regulated by the 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 BlackBull Markets and BDSwiss.

GFBroker Review Update

Our research showed that GFBroker 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 FXGlory Scam or Legit Broker?

 FXGlory as it is an offshore entity. It is owned by FXGlory Ltd, which is an offshore company registered in St. Vincent and the Grenadines. St. Vincent and the Grenadines is notorious for its practically absent requirements and regulations. It has become an offshore zone for shady forex brokers such as Brokerz, TraderUR, and more. 

What is FXGlory?

FXGlory, as stated on the website, was firstly established in the Department of Economic Development of the UAE (See Forex Brokers UAE) while after the year of operation in Asia region opened new branches in European countries.

FXGlory has branches in Malaysia, Cyprus, United Kingdom, and Spain. However, none of the branches are regulated or registered with any authority that oversees the Forex or financial investment services companies. Therefore, there is no strict implementation of the rules that are typically deployed by the reputable organizations in a purpose to protect customers and their investments.

• Overall, the broker offers reasonable and competitive trading conditions on the range of trading instruments, yet with an extreme level of leverage up to 1:3000 and binary options that are also very controversial. That level of leverage is considered to be a very risky one, since the capital is traded at significant risk while the opportunities and losses are multiplied timely.
• Apart from the numerous negative reviews and complaints from the traders which had an experience with FXGlory, the company was detected for scam operations that obviously showed cases with withdrawal delays, or ignorance of the clients, as well as the market price violations. In addition, Italian regulator CONSOB (Italian Companies and Exchange Commission) issued a warning against the FXGLory, informing investors that the firm is not authorised to provide its investment services or activities in Italy.

Overall FXGlory Ranking 

Our research revealed the multiple issues FXGlory has in terms of regulationa and reliability, thus we do not rank positively FXGlory, based on our Expert Opinion with over 10 Years of experience in Forex Trading.

• FXGlory 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.

FXGlory Alternative Brokers

Due to safety issues we found with FXGlory, here we have come up with much better Alternatives to FXGlory with tight regulations and excellent trading conditions. We select Good Brokers and trustworty options for your comparison below: 

• Dukascopy – Excellent for Shares, Futures Trading
• AvaTrade – Good Instrument and CopyTrading
• InteractiveBrokers – Good for US Trading and Trading of Real Stocks

FXGlory in India

FxGlory accepts traders from Australia, Thailand, Canada, United States, United Kingdom, South Africa, Singapore, Hong Kong, India, France, Germany, Norway, Sweden, Italy, Denmark, United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar and most other countries. In India the broker is available, though it is uncertain whether it is regulated by the Indi's financial regulatory body. 

Traders cannot use FxGlory from Georgia, Bangladesh, Korea, Syria, Sudan, Iran, Nigeria.

Deposit & Withdrawal

The minimum deposit is quite accessible for the traders, because it is only $1. FxGlory offers many different payment methods including all major credit cards (including Visa and Mastercard), cryptocurrency, and e-wallets including Neteller and Skrill. Bank wire transfer is also available and usually processed within 7 business days. 

• The minimum withdrawal is $10. However, note that the minimum amount of withdrawal via all e-wallet methods (PayPal, Skrill, …) and credit/debit card is 50$ for clients whose balance is more than 50$ and for those whose balance is less than 50$ is as much as their balance.

Apps

FxGlory offers a mobile trading app for traders convenience. Mobile trading allows traders to manage their accounts from portable devices like smartphones, pocket and tablet PCs. In MetaTrader 4, mobile trading offers a great variety of analytical options and graphical display of quotes in addition to complete trade account management. Using mobile terminals in daily activities offers a convenient way to keep up with accounts when traders don’t have access to a desktop computer. FxGlory mobile app is compatible with all Android and iOS devices. 

Demo Account

FxGlory offers traders the opportunity to practice strategies and become familiar with the platform with their demo account option. By opening a demo account, traders are able to improve their trading skills and learn everything about the basics of Forex trading, rules and conditions, movements and crises of the Forex market.

• FxGlory demo account demonstrates the real trading environment as similar as possible. A demo account expires after 60 days since its registration if it’s not active and isn’t used.

FXGlory Review Conclusion

We advise all investors and traders to avoid signing in with FXGlory. It is much safer to open a trading account with the brokers that are regulated by the 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 FP Markets and Dukascopy.

• Overall ranking and experience for FXGlory is Negative

Is Trade12 Scam or Legit Broker?

Trade12 has been suspected as a scam broker. The company is registered in the Marshall Islands, an offshore zone, and does not hold any authorization or license to perform financial services. 

• The Marshall Islands is notorious for its practically absent requirements and regulations. Due to the setup cost is low and it does not regulate forex trading. Therefore, it became an offshore zone for shady forex brokers such as CobraCFD, GoldenSkyCapital, and more. As we already know, offshore registration usually doesn’t guarantee the safety of funds and clients’ protection, especially in the Marshall Islands, where the local authority doesn’t regulate forex businesses. 

What is Trade12?

It operates under the brand name Trade12 and is a brokerage firm that provides online currencies and CFDs trading services. Trade12 states to facilitate a fair and secure world-class trading environment for retail and institutional clients in high-risk settings and dedication to excellence commitment. The trading offering includes access to deep liquidity sources, high leverage up to 1:400 (See High Leverage Brokers), a range of account types (Also read about MEXC Global's account types), and risk management tools. 

• However, the promised conditions are not regulated by any authority or do not comply with the operational guidelines, thus it is a very risky decision to trade with Trade12. Currently, a market is full of attractive offerings and it may incur additional complexions to choose the best suitable one, thus at any stage of trading experience, the company reliability secures positions of overall trading experience.  The safety of the trader and his capital are always first, therefore we recommend engaging in trading only with companies that perform both competitive trading conditions and reliability of services along with all necessary legislation.
• In fact, the Marshall Islands is an offshore zone attracting various firms that for one reason or another escape from serious regulation or compliance to international service providing. However, in the case of financial investment or trading firms, the company should be a very respected entity, as the statistics show that the majority of non-authorized firms never recovered the sums of investors’ investments. Therefore, we always advise avoiding offshore or companies with no license as there are too many frauds around.
• Moreover, the regulatory watchdogs constantly monitor the situation and alert traders when the firm offers financial services unauthorized. That happened to Trade12 too, while for instance, ASIC (Australia) issued a warning to local traders of Trade12, as well as the CONSOB (Italy). The brokerage was also mentioned previously at the Brazilian Securities Commission, New Zealand’s authority FMA and blacklisted by Russian KROUFR for its services that claim to be registered within the EU and registration address in Estonia and UK in addition to other investigations that Trade12 faced through the last years. 

“ASIC advises this company could be involved in a scam. Do not deal with this business as it is unlicensed in Australia.”

ASIC, September 2017

“Considering that the provision of investment activities and services is reserved by Trade12 a non-authorized party to provide investment services to the Italian public and end the violation of Article 18 of the place through the website www.trade12.com.”

CONSOB, May 2018

The pages and official sources of the international regulators' list alert are shared with the authority directly or by other countries' supervisory bodies or transmitted centrally. Those tools and the general purpose of the regulatory bodies operate in order to enable stability of the market offerings, protect clients from potential and numerous frauds, enable reliability rules to financial service entities, and more. As Trade12 got no license to operate within regulated jurisdictions, the broker was blacklisted and alerted by numerous authorities.

Trade12 in India

Trade12 accepts traders from India. However, Trade12 has no mention of complying with any Indian regulators on its website. It is also worth mentioning that Forex trading is actually prohibited in India. The broker is not regulated by any regulatory body in India, that’s why money safety may be the issue here.

Trade12 in the USA

Trade12 nor its agents or partners are not registered and do not provide any services on the USA territory. As per U.S. law, brokers regulated by CFTC are the only brokers allowed for USA traders. So, except for Videforex, you are only permitted to trade with U.S-regulated platforms. 

Deposits & Withdrawals

The minimum deposit is $250. Trade12 does not charge additional transaction fees. Trade12 offers a broad variety of payment methods for funding your trading account:  Visa, Mastercard and major credit/debit cards, Wire Transfer, Skrill/Moneybookers, CashU, China Union Pay, Moneta, Yandex Money, Paysafe Card, Ali Pay, WebMoney.

Demo Account

Trade12 does not offer a demo account. 

Trade12 Review Conclusion

We strongly advise opening a trading account only with brokers that are regulated by respected world authorities that comply with the required set of rules and have a good reputation through the delivered timeframe of operations. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as FP Markets and Eightcap.

Trade12 Update

Our research showed that the Trade12 Website is inactive. Since money safety in forex goes first we recommend avoiding any proposals from Trade12 and staying alert. 

Is Fort Financial Services Scam or Legit Broker?

Fort Financial Services is a 100% fraud company. The broker is registered offshore and does not hold any proper license from a well-known reliable financial regulator. It is NOT SAFE to trade with Fort Financial Services. We never advise trading with an offshore broker, since the financial investment service they deliver is not trustable. The reason is simple, the broker may promise the most ever competitive trading conditions or the trading environment, yet the trader has no guarantee from the official entities that oversee the Forex industry. Thus the engagement in trading with such a company means the trader will believe only in the broker’s words, and of course, it is a high risk.

• The company has received its authorization to provide worldwide financial services from the local authority IFSC (Belize International Financial Service Commission). However, its operational standards and business management requirements are far below the reputable regulatory authorities maintain, like FCA or ASIC. Therefore, the liberal control over the company supervision does not provide the strictest compliance with the rules or setting of the highest customer protection level.

What is Fort Financial Services?

Fort Financial Services Ltd or FortFS is an online trading provider with established financial services which captures international traders since 2010 and registered office in Belize.

As the broker claimed on the official website FortFS provides investment services for customers who want to receive a stable passive income through the range of investment and trading opportunities with trading signals, analytics, trading tools, execution technology and expanded programs or services.

• Moreover, Advanced trading order processing algorithms and contracts with the best liquidity providers helped the broker win FortFS international recognition in the rating (TOP 10) of the best ECN brokers with NDD execution.

• In addition to the competitive trading conditions, the company set a client's preference to increase leverage to the highest level (Read about high leverage forex brokers), which according to the states on the website is not limited at all. Of course, leverage offers a bigger potential income and is a beneficial advantage, yet increasing it until the extreme high is not recommended since it puts the capital and trading itself at significant risk.

Fort Financial Services Review Conclusion

The overall outcome of the traders' reviews shows a negative aspect rather than a positive even if there are no very sharp notices against the company. Therefore, we do not advise trading with Fort Financial Services as it seems it’s much better to choose among the reliable brokers with a gained trustable reputation along with the follow of regulations.

• Overall ranking and experience for Fort Financial Services is Negative

Fort Financial Services Update

We found the Fort Financial Services 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 Stock Trade Invest Scam or Legit Broker?

Stock Trade Invest 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 Stock Trade Invest?

Stock Trade Invest is a Forex and CFD broker operated by Stocktradeinvest Ltd. It is an unregulated firm that claims to be located in London, United Kingdom. Although the company is not licensed to offer its financial services in the UK, they have been targeting British residents.

• Moreover, the UK's Financial Conduct Authority has issued a warning against Stock Tarde Invest and Stocktradeinvest Ltd.
• We don’t recommend trading with the mentioned brokerage or any other unregulated financial entity as they are not bound by any financial or ethical rules.
• It is better to choose among the brokers who are regulated by reputable regulators such as FCA in the United Kingdom, CySEC in Cyprus or ASIC in Australia. Check the ASIC-regulated brokers here.

Stock Trade Invest 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.

Stock Trade Invest Update

Our research showed that the Stock Trade Invest 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 InvestMib Scam or Legit Broker?

InvestMib is a 100% fraud company. The broker is registered offshore and does not hold any proper license from a well-known reliable financial regulator. It is NOT SAFE to trade InvestMib. We never advise trading with an offshore broker, since the financial investment service they deliver is not trustable.

• The reason is simple, the broker may promise the most ever competitive trading conditions or the trading environment, yet the trader has no guarantee from the official entities that oversee the Forex industry. Thus the engagement in trading with such a company means the trader will believe only in the broker’s words, and of course, it is a high risk.

What is InvestMib?

InvestMib is a Forex and CFD broker, owned and operated by the InvestMib Limited. The company claims to be based in Belfast, UK. Although, the firm is not licensed by UK’s FCA or another European regulator.

• Instead, it is registered offshore in Vanuatu, according to the terms and conditions on the website. Dealing with a broker which has a Vanuatu license is risky as it only takes USD 2,000 to get one. Comparing an STP license from the UK’s Financial Conduct Authority, that requires EUR 125,000 of capital aside from client deposits.
• We always encourage traders to deal only with regulated brokers, as those operating without a proper forex broker license are most often frauds.
• Besides, when investing with a licensed broker, trader guaranteed to get a protection of the funds. For example, UK regulator FCA provides a Financial Services Compensation Scheme. Check the FCA-licensed brokers here.

InvestMib Review Conclusion

We strongly advise opening a trading account only with the brokers that are regulated by the 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 BlackBull Markets and Pepperstone.

InvestMib Update

Our research showed that InvestMib 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 FxUnited Scam or Legit Broker?

It is not safe to trade with FxUnited, because it is an unregulated broker (Find the best-unregulated forex brokers). 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.

• In addition to several warnings from the respected regulatory authorities, the company was telling its clients that the FSMA (Belgium) is preventing the company from pursuing its activities that’s why the broker was unable to return the money to the clients.

  By the way that was a false statement, which was claimed on the official FSMA website. Overall, FxUnited or similar companies should be avoided by any means.

What is FxUnited?

United Global Holdings Limited, which operates under the trading brand name FxUnited, is an online trading company, which targeted worldwide traders from different regions and was attracting clients with its competitive offerings while not allowed to provide banking and/or investment services in various jurisdictions.

• The company faced many problems during the last years since was holding client withdrawals as the owners went to lengths to project the company in world Forex centers, which include the UK, Australia, Malaysia, New Zealand, and more. Eventually, the company faced evidence of providing not legitimate investment activity, while according to the documentation the FxUnited was deregistered company.
• Malaysian authorities investigate the company by various means while the clients were engaged in a series of negative behaviors from the broker.
• The Malaysian Police estimate FX United conned 70,000 investors out of around $250 million dollars, which is still not paid back to the clients.

The consensus became obvious and the FX United gained a reputation of scammers that were attracting naïve investors and pending an objection to schedule struck.

FxUnited Review Conclusion

As safety in trading always goes first, it is highly recommended to invest only with reputable brokers (Read our reviews on reputable brokers such as BDSwiss & Alpari) that gained a reliable reputation, operate with necessary and reputable licenses, and comply with the strictest authority rules. You can check out the list of regulated brokers to choose the best suitable one.

• Overall ranking and experience for FxUnited is Negative

FxUnited Update

We found the FxUnited 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 GrandCapital Scam or Legit broker?

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

• St. Vincent and the Grenadines is notorious for its practically absent requirements and regulations. The setup cost is low and 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.
• According to the GrandCapital website, the broker is registered with the Financial Commission under the number 24598 IBC. Even though FinaCom is a well-respected organization, it is a self-regulatory organization that cannot guarantee the safety of the trading environment and does not regulate the daily operations of the company, therefore can’t provide necessary protection to the client.

What is Grand Capital?

Grand Capital Ltd is an incorporated company that has operated for 11 years. Originally a Russian company, it performs the operation through its registered offices in St. Vincent and the Grenadines and Seychelles, along with 40 offices around the world as claimed by the company.

• The company has achieved some significant results in its trading offerings alike enabling high-quality connection to the markets through ECN bridges (Read more about ECN Forex Trading), Web-Based terminal, access to over 330 assets, as well as offering comfortable conditions for investment with copy trading and other additional sources to cover the needs of various traders. Moreover with the received awards and the titles ‘Best Broker’, ‘Best trading technology and more from world publicity and organizations.
• Nevertheless, there is no confirmation about the regulatory compliance and the necessary protection of the clients, which enables international investors to trade rest assured. Also, the range of trading instruments includes options that put trading capital at risk, including trading on CFDs, and binaries along with an extreme level of leverage that comes up to 1:2000, and is considered a highly adventurous trading.

Overall Grand Capital Ranking 

Based on our revelations regarding the safety and regulations issues of Grand Capital, we do not rank positively Grand Capital, based on our Expert Opinion with over 10 Years of experience in Forex Trading.

• Grand Capital 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.

Grand Capital Alternative Brokers

As our research finds revealed issues with the safety of Grand Capital, here are much better Alternatives to Grand Capital 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

Grand Capital Deposits and Withdrawals

Grand Capital offers various deposit and withdrawal options – Bank Transfer, Credit/Debit Card, and e-wallets such as Skrill, Neteller, Webmoney. However, due to its unregulated nature, there are no strict guarantees on payment procedures. 

• Deposits via bank card take about 15 minutes to be accomplished. Bank transfers take 24 hours for the funds to be transferred.
• Withdrawals via bank transfers take 24 hours and there is a 1% commission. Transfers through electronic payment systems take 3 days on average. Based on the transfer method, there is a 0,5%-1% commission. 

Grand Capital Review Conclusion

We advise all investors and traders to avoid Grand Capital and other brokers from St. Vincent and the Grenadines. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as FP Markets and BDSwiss.

• Overall ranking and experience for Grand Capital is Negative