category: Unregulated Brokers

Is Richmond Investing Scam or Legit Broker?

Zurix Corporation Ltd. has been suspected as a scam broker. It operates under the brand name Richmond Investing and is a brokerage firm that provides online currencies and CFDs trading services. The company is registered in the Marshall Islands, an offshore zone, and does not hold any authorization or license to perform financial services. 

What is Richmond Investing?

Richmond Investing is a Forex and CFD broker, it is owned by Zurix Corporation Ltd. Zurix Corporation Ltd. (Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands) provides online trading services via its brand Richmond Investing and its European billing agent based in the United Kingdom.

• It is an offshore broker that claims to be based in Scotland, UK, although it is not authorized or registered by the UK's FCA. Richmond Investing has been using the name of the other firm Richmond Investments Limited, which is authorized to offer, promote or sell services or products in the UK. These are the reasons why Richmond Investing got into FCA's warning list.

Overall Richmond Investing Ranking 

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

• Richmond Investing 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.

Richmond Investing Alternative Brokers

As our research revealed safety issues with Richmond Investing, here we offer much better Alternatives to Richmond Investing with good regulations and great trading conditions. We select Good Brokers and trustworthy 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

Deposits and Withdrawals

Richmond Investing offers various deposit and withdrawal options, including Bank Transfer, Master Card, and e-wallets, Skrill, Neteller, PayPal, Maestro.  

• The minimum deposit is $150.

Richmond Investing Review Conclusion

We strongly advise opening a trading account only with brokers 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 BlackBull Markets and Pepperstone.

• Overall ranking and experience for Richmond Investing is Negative

Is KB Capitals Scam or Legit Broker?

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

What is KB Capitals?

KB Capitals is a Forex and CFD broker operated by Global Media Broadcast Limited registered in Hong Kong. Also, the terms and conditions state that all the company's main services are located in Bulgaria and finally the operative address is in Wien, Austria.

• A lot of confusing information about different locations and no proper licensing, which doesn't make this broker more trustworthy. In addition, Austrian regulator FMA has issued a warning against KB Capitals.
• While choosing a Forex broker, it is very important to pay attention to the regulation factor (Check out Hong Kong Forex Brokers' List).

KB Capitals Review Conclusion

We strongly advise opening a trading account only with 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 Pepperstone and BDSwiss.

KB Capitals Update

Our research showed that KB Capitals 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 Crown Finance Scam or Legit Broker?

Crown Finance 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 Crown Finance.

• 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 Crown Finance?

Crown Finance is an offshore Forex and CFD broker. The company is owned and operated by Crown Finance Limited, based on St. Vincent and the Grenadine.

• The company is not registered to offer its financial services in UK, although they provide UK address and contact number, which means they are actually targeting UK residents with no right to do that. Crown Finance doesn’t have an affiliation with any financial regulator.
• Moreover, it has been blacklisted by the UK's FCA and Austrian FMA. Moreover, the FCA mentions that this company is using the name of the regulated and reputable financial firm.

Crown Finance Review Conclusion

We remind the traders that any investment with an unauthorized brokers is not covered by the Financial Services Compensation Scheme (provided by the FCA), which insures up to 50 000 GBP of the deposited capital. Here you may check our list of FCA regulated brokers. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as FP Markets and BlackBull Markets.

Crown Finance Update

Our findings showed that Crown Finance 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 ForexMart Scam or Legit Broker?

According to our research, ForexMart is not a safe broker.  The company had many issues with their clients in terms of the provided services and commitment to deliver fair trading conditions as well as money management. Moreover, recently ForexMart received an administrative fine of €130,000 for unfair acts.

• ForexMart is the trading name used by a regulated Cyprus Investment Firm Instant Trading EU Ltd, which is also a part of the brokerage firms group with an authorization license from CySEC. Registration Address/ License: Limassol, Cyprus. Regulated by CySEC – registration no. 266/15

What is ForexMart?

ForexMart is committed to offering high-class trading software, giving exceptional trading experience, protecting clients' accounts against any fraudulent activity, and equipping the traders with comprehensive knowledge needed for successful trading. ForexMart uses MetaTrader 4, one of the leading platforms for trading forex online. The customer support team is available 24 /5 to assist its clients with the trading issues and questions.

• However, CySEC informed the public that ForexMark as a part of the brokerage group Instant Trading EU Ltd, which also operates InstaForex and InvestCity Retail FX brands didn’t follow the necessary regulation requirement as stated in the license, thus the company has to take corrective actions in relation to the services provided.
• And as considered by the FPA the operation under the same license that is used by numerous brands is a fair confirmation of the scam auctions. The company offering covers attractive investment opportunities for traders of different sizes and strategies, along with an advanced bonus program to reward their clients.

Overall ForexMart Ranking 

Taking into consideration the issues we found with ForexMart safety and regulations, we do not rank positively ForexMart.  With an  Expert Opinion with over 10 Years of experience in Forex Trading we have come up with the following ranking:

• ForexMart 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.

ForexMart Alternative Brokers

As we found multiple issues regarding the safety and reliability of ForexMart, here we offer much better Alternatives to ForexMart with tight regulations and great conditions. We select Good Brokers and reliable options for your comparison below: 

• eToro – Good for CopyTrading and Cryptocurrency Trading
• Dukascopy – Excellent for Shares, Futures Trading
• BlackBull Markets – Good for High Leverage Trading

Deposit & Withdrawal

ForexMart does not charge deposit fees. However, payment systems may charge commissions for their services. Withdrawal fees vary depending on the payment method. The options of funding include: Bank Wire, Credit Card, Debit Card, and e-wallet payment systems Skrill, Neteller, Diners, and Western Union. 

ForexMart Review Conclusion

Overall, we do not recommend traders to involve in the risk and invest in trading with ForexMart due to its confusing actions and gap in reputation. It's better to choose a reliable broker from the list of Regulated Brokers that complies with the strictest rules and requirements to operate clients’ trading. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as FP Markets and BlackBull Markets.

• Overall ranking and experience for ForexMart is Negative

Is UniTrader Scam or Legit Broker?

UniTrader 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 UniTrader. 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 UniTrader?

UniTrader is a Forex and CFD trading platform. The brand is operated by BMFN Limited, an offshore company incorporated in the Republic of Vanuatu by the Vanuatu Financial Services Commission.

• Vanuatu is a popular offshore destination for Forex brokers, a lot of these companies start without licenses and operate in places such as Vanuatu or the Caribbean islands.
• The advantages are speed and low cost. UniTrader doesn't provide much information about itself - only the email for clients' requests.
• We don't recommend dealing with offshore registered brokers as there is no assurance whatsoever regarding the safety of the client's funds and the credibility of the brokerage.
• Moreover, Italy's CONSOB has recently issued a warning against both UniTrader and BMFN Limited. It is better to invest with brokers regulated by reliable authorities such as UK’s FCA, or Australia’s ASIC, for example. Here is the list of ASIC-regulated brokers.

Overall UniTrader Ranking 

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

• UniTrader 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.

UniTrader Alternative Brokers

As our research revealed safety issues with UniTrader, here we offer much better Alternatives to UniTrader with good regulations and great trading conditions. We select Good Brokers and trustworthy options for your comparison below: 

• Pepperstone – Best Broker for Low Minimum Deposit
• Interactive Brokers – Good for Real Stock Trading
• AvaTrade – Good Instruments and CopyTrading

UniTrader Review Conclusion

It is always better and safer to trade with a reliable broker licensed by Australia’s ASIC (Check out ASIC brokers), Cyprus’ CySEC, or UK’s FCA. Traders are recommended to trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as FBS and Eightcap.

• Overall ranking and experience for UniTrader is Negative

Is FGS Markets Scam or Legit Broker?

It is not safe to trade with FGS Markets, 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 FGS Markets?

FGS Markets is a Forex and CFD broker owned and operated by two companies Trade Up Ltd. and Preseplio Ltd. The first Trade Up Ltd.

• FGS Markets is based offshore, in the Marshall Islands. The other company, Preseplio Ltd., is located in Cyprus and claims to be regulated there. They even provide a regulation number.
• The only agency that regulates financial services in Cyprus is CySEC (The Cyprus Securities and Exchange Commission), but they don't have Preseplio Ltd. in their register, which means the company is not authorized to offer its services.
• None of the companies behind FGS Markets has proper regulation, that's why we don't recommend choosing this broker.
• Moreover, these companies were banned by Italy's regulator CONSOB. Instead, we advise choosing those brokers regulated by serious and reliable agencies, such as FCA in the UK or ASIC in Australia. Check the list of FCA-regulated brokers here.

FGS Markets Review Conclusion

We strongly advise 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 Pepperstone and BDSwiss.

FGS Markets Update

Our findings showed that the FGS Markets 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 XForex scam or legit broker?

It is not safe to trade with XForex, 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.

Xforex is a Belize established and registered company that states its compliance with international regulatory standards through its operation via Xtrade International Ltd (ex. Financial Arena Ltd) that is regulated by the International Financial Services Commission in Belize.

What is XForex?

Nevertheless, the IFSC considered to be an offshore regulation authority that does not set strict performance criteria or compliance with the highest level of the client protection. 

Belize as a gorgeous tourist destination, while also is a tax haven with a zero tax structure that established its own regulation for financial investment and Forex firms licensing due to high demand and necessity of regulation. Ever since Belize became a known offshore zone and Forex hub, the destination attracted thousands of brokerages seeking an opportunity to be a legitimate firm, yet to skip complicated and costly established procedures. We have a detailed article explaining the risk of trading with brokers from Belize.

Therefore, the traders are strongly advised to open an account only with the reputable world registered companies that are licensed by the serious authorities are Regulated Forex Brokers and deliver the range of guarantees that protect clients from the frauds.

Even though the Xforex Broker claims that the company is fully licensed and registered and the clients' funds are fully segregated along with the other necessary money protection set of rules, there is no guarantee provided as for the money management due to the lack of regulation.

The company doing its best to offer a competitive trading condition with a range of trading accounts, attractive deposit requirements and provided an award-winning platform to access multi-asset trading on a range of CFDs.
Moreover, the website of Xforex in redirecting to XTrade, which is a parent company of the brand that earlier performed various promotions and marketing campaigns, as well as operated via a range of international companies while targeting worldwide clients.

XForex Review Conclusion

Overall, the company is quite confusing about their proposals and the reliability itself, previously Xforex had received warnings from various authorities due to its unregistered nature while offering or advisory services to the residents of particular zones or jurisdictions.

“We became aware that a British Columbia (BC) resident was solicited by a representative of XForex and was able to open a trading account with XForex.” BCSC

We advise all investors and traders to avoid Xforex and other brokers from Belize. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as FP Markets and BlackBull Markets.

You can also share your trading experience with Xforex by commenting on this review.

XForex Update

As we found out XForex website is inactive and Broker is not available any longer. It is unclear whether the broker change its name and operate another fraud Forex activity or just gone, since money safety goes first we recommend avoiding any proposals from Everest International and stay alert in case of any proposals. 

Is 72option Scam or Legit Broker?

It is not safe to trade with 72option. It is a 100% fraud company and cannot be trusted. It is owned and operated by Epic Ventures LTD, and claims to be located in Sofia, Bulgaria without being authorized to provide financial services. 

What is 72 Option™?

72 Option™ is a Binary Options Trading Broker a brand name of the incorporated Epic Ventures LTD, the company which provides investors with access to trade underlying assets on a Binary Options Trading Platform. The company claims to be located and share an office in Sofia, Bulgaria, however, is not authorized by the local Bulgarian Financial Commission or by any other authority.

• Since the company does not hold any regulatory licenses, the world's leading authorities have issued warnings against unregulated financial services provider 72option to protect clients' investments, as the broker is targeting consumers in the UK, Australia, New Zealand, and other jurisdictions.

72 Option™ Review Conclusion

Based on our research and finds, we advise all investors and traders to avoid 72option and other unregulated brokers. The lack of information about the broker’s regulations, trading conditions, and contact details should be the biggest red flag for those who plan to invest with the entity. Usually, such companies run investment scams. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as BDSwiss and BlackBull Markets.

72 Option™ Update

Our findings showed that 72option 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 Banc De Monarch Scam or Legit Broker?

Banc De Monarch 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 Banc De Monarch. 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 Banc De Monarch?

Banc De Monarch is a Forex broker owned and operated by Takeda Partners LTD registered in The Marshall Islands. The Marshall Islands is an offshore destination where usually brokerage services are not regulated.

• The company claims to be located in London, UK, and provides its address (10 King William St, London EC4N 7TW, UK) and contact phone number in the UK.
• Despite its London location, Banc De Monarch is not authorized to provide financial services in the UK. Moreover, Spain's CNMV has recently issued a warning against this brokerage firm.

Banc De Monarch Review Conclusion

We strongly advise 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 Pepperstone and BDSwiss.

Banc De Monarch Update

Our findings showed that Banc De Monarch 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.