category: Unregulated Brokers

Is 8888Markets Scam or Legit Broker?

It is not safe to trade with 8888Markets, 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 8888Markets?

8888Markets is an unregulated Forex and CFD broker that claims to be located in Dublin, Ireland. Although the company is not licensed to offer its financial services in Ireland they have been targeting Irish residents. Moreover, the Central Bank of Ireland has issued a warning against 8888Markets.

• We don't recommend trading with 8888Markets or any other unregulated financial entities as they are not bound by any financial or ethical rules.

8888Markets 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.

8888Markets Update

Our findings showed that 8888Markets is no longer active.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 HQBroker Scam or Legit Broker?

HQBroker has been suspected to be a scam broker. This broker is blacklisted by a well-known regulatory authority and should be avoided. HQBroker is owned by Capzone Invest Ltd 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 GoldmanCFD, Capital88, and more. 

What is HQBroker?

According to the website, the company's operational address is in Hong Kong, however, it is not regulated by its local Securities and Futures Commission (SFC). Our biggest concern is the numerous warnings issued against HQBroker by different regulators. 

• In April 2018, the UK's Financial Conduct Authority has warned the public about HQBroker:

"Capzone Invest Ltd t/a HQ Broker is not authorized by us and is targeting people in the UK. Based upon information we hold, we believe it is carrying on regulated activities which require authorization."

• In July 2018, the Ontario Securities Commission (OSC) also issued a warning:

"The Ontario Securities Commission (OSC) is warning investors that HQBroker is not registered to sell securities in Ontario."

• There's also a warning from Spain's CNMV:

  "HQ BROKER Capzone Invest LTD is not authorized to provide the investment services, which include investment advice, or to provide auxiliary services in relation to the financial instruments including, for those purposes, foreign currency transactions."

HQBroker Review Conclusion

We advise all investors and traders to avoid HQBroker and other brokers from the Marshall Islands. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as Eightcap and BlackBull Markets.

HQBroker Update

Our findings showed that HQBroker is no longer active. 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 FXT24 Scam or Legit Broker?

It is not safe to trade with FXT24, 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 FXT24?

FXT24 is a web-based Foreign exchange brokerage. The info on the website says that the company operates from London, United Kingdom. Although the company is not regulated in the UK.

• As to the regulation, they say that FXT24 brand is authorized and regulated in various jurisdictions. So they mention jurisdictions without naming them or giving out legal info about their licenses.
• We don't recommend dealing with this broker, as the biggest issue is regulation, meaning - the lack of it. In addition, FXT24 was also blacklisted by the Spanish regulator CNMV.
• We recommend you trade with serious and reliable regulators, such as FCA in the UK and FMA in New Zealand. For example, the license from UK’s Financial Conduct Authority requires EUR 125,000 of capital (aside from client deposits) for the STP license. The regulator also protects customers when authorized financial services firms fail. Here you may check our list of brokers licensed by the FCA.

FXT24 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 Eightcap and BlackBull Markets.

FXT24 Update

Our findings showed that FXT24 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 TradesPrime Scam or Legit Broker?

TradesPrime 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 TradesPrime. 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 TradesPrime?

TradesPrime is a Forex company registered offshore in the Marshall Islands. It is operated by Black Parrot Limited. The Marshall Islands is a popular offshore destination for Forex brokers, as it offers a variety of tax benefits (no income tax, no capital gains tax nor inheritance tax), the registration process is fast and low cost, and capital requirements are also very low, amounting to USD 2000.

• Altough the company is not licensed in Spain, it was targeting Spanish residents and got blacklisted by the Spanish regulator CNMV (The National Securities Market Commission).
• It is recommended to trade with brokers regulated by UK’s FCA or Australia’s ASIC (Check out ASIC regulated Global Prime Review) instead. For example, the license from UK’s Financial Conduct Authority, requires EUR 125,000 of capital for the STP license aside from client deposits.

Overall TradesPrime Ranking 

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

• TradesPrime 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.

TradesPrime Alternative Brokers

As our research revealed safety issues with TradesPrime, here we offer much better Alternatives to TradesPrime 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
• Plus500 – Good for Futures Trading

Deposits and Withdrawals

TradesPrime enables the traders to make deposits via debit card, wire transfer, eCheck or check.

• The broker does not provide any information on the withdrawal process. 

TradesPrime 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 Eightcap and BlackBull Markets.

• Overall ranking and experience for TradesPrime is Negative

Is VFX Capital Scam or Legit Broker?

No, it is not safe to trade with VFX Capital Forex broker as it is an offshore company. VFX Capital is owned by T.W CAPITAL LTD., registered offshore, in the Marshall Islands. 

• The Marshall Islands is notorious for its practically absent requirements and regulations. Due to the setup low cost, it does not regulate forex trading. Therefore, it became an offshore zone for shady forex brokers such as Globalix, InstaFX24, and more. 

What is VFX Capital?

VFX Capital offers its clients a variety of trading options and products, including Forex, Commodities, Stocks, Indices.

• The terms and conditions state that there is one more company behind the brand's name, Estonian company PEGUAS OÜ. We didn't find any mentions of this company in the register of the Estonian Financial Supervision and Resolution Authority, which is a proof that the broker is not regulated. 
• VFX Capital provides a contact phone number with Spain country code, most probably they are trying to offer financial services to Spanish traders. The firm is not regulated in Spain, and also, Spanish CNMV regulator has issued a warning against it:

"T.W. CAPITAL LTD is not authorised to provide the investment services, which include investment advice, or to provide the auxiliary services in relation to the financial instruments, including, for those purposes, foreign currency transactions."

VFX Capital Review Conclusion

We advise all investors and traders to avoid VFX Capital and other brokers from the Marshall Islands. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as Eightcap and BlackBull Markets.

VFX Capital Update

Our findings showed that VFX Capital 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 iForex24 Scam or Legit Broker?

No, it is not safe to trade with iForex24. iForex24 is owned by IFOREX24 LTD, 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 GoldmanCFD, Obsbit, and more.

What is iForex24?

According to the website, iForex24 mission is to provide our Customers with an effective and convenient environment for trading and investing in OTC derivatives on FOREX, Commodities, Equities, and Indices markets as well as provide them access to customized structured solutions.

• The company is not registered to offer its financial services in UK, although they provide UK contact number, which means they are actually targeting UK residents with no right to do that. iForex24 doesn’t have an affiliation with any financial regulator. Moreover, the broker has been blacklisted by the UK's regulator Financial Conduct Authority. The regulator states that the broker has been using the details of the authorized entity:

"Fraudsters are using or giving out the following details as part of their tactics to scam people in the UK: IFOREX24 Ltd (clone of FCA authorised firm)."

• Also, iForex24 has been banned by other regulators, such as Italian CONSOB and Austrian FMA:

  "iforex24 Ltd is not entitled to provide investment services or banking services in Austria that require a licence. The provider is therefore neither permitted to trade on a commercial basis on its own account or on behalf of others, nor to provide commercial portfolio management."

iForex24 Review Conclusion

We advise all investors and traders to avoid iForex24 and other brokers from the Marshall Islands. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as Eightcap and BlackBull Markets.

iForex24 Update

We found that the iForex24 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 StarfishFX Scam or Legit Broker?

StarfishFX is not a safe broker. According to our research, StarfishFX has been suspected of fraudulent actions. The company does not hold any financial licenses but claims the opposite. Therefore the company seems to be highly suspicious and might operate its services from an absolutely different location.

What is StarfishFX?

StarfishFX is a Forex and CFD broker that claims to be located in the United Kingdom. They provide a UK address and a Hong Kong country code, so it is quite confusing the location of their office.

• Also if you check more info about Starfish Markets Limited on the Internet, the company was registered in New Zealand but was banned by New Zealand's FMA (Financial Markets Authority).
• In case of getting the license from New Zealand’s FMA (Financial Markets Authority), the broker needs to have a physical office in New Zealand and minimum net tangible assets of 1 million NZD or 10% of average revenue. It is about USD 35,000- USD 50,000 for a license depending on its type.

Overall StarfishFX Ranking 

Our research results revealed multiple issues connected with the regulations and safety of StarfishFX, so we do not rank positively StarfishFX, based on our Expert Opinion with over 10 Years of experience in Forex Trading.

• StarfishFX 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.

StarfishFX Alternative Brokers

Due to our negative revelations on StarfishFX here we offer much better Alternatives to StarfishFX with good regulations and excellent conditions. We select Good Brokers and trustworthy options for your comparison below: 

• AvaTrade – Good Instruments and CopyTrading
• Pepperstone – Low Spreads and Competitive Trading Conditions
• XM – Wide Range of Trading Opportunities

StarfishFX Deposits and Withdrawals

The broker offers various deposit and withdrawal options, including Bank Transfers, Credit/Debit Cards, and e-wallets such Unton Pay. For deposits, StarfishFX requires zero deposit fees. 

• However, the broker does not provide much information about the deposit and withdrawal processes. 

StarfishFX 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 TMGM.

• Overall ranking and experience for StarfishFX is Negative

Is Investex Scam or Legit Broker?

Investex 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 Investex. We never advise trading with an offshore broker, since the financial investment service they deliver is not trustable.

What is Investex?

Investex is an offshore Forex and CFD broker. The firm is an authorized brand of Investex Bank Limited. Investex Bank Limited is authorized and regulated by St.Vincent and the Grenadines Financial Services Authority.

• The support contact number on the website is Chinese, although the company is based in Saint Vincent and the Grenadines, which means they were targeting traders in China without being authorized in the country. Moreover, Hong Kong SFC has issued a warning against Investex.
• We recommend avoiding offshore brokers and investing with companies licensed in UK or Australia, where regulation is strict and there are certain client protection rules.

In order to get a license from the Australian Securities and Investments Commission (ASIC), the broker needs to have 1 million AUD capital and a physical office in Australia. Here you can check the list of ASIC-regulated brokers.

Investex Review Conclusion

We strongly advise staying away from Investex and 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 Pepperstone and TMGM.

Investex Update

Our research revealed that Investex 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 WorldFXM Scam or Legit Broker?

No, Worldfxm is not safe to trade with it. WorldFXM is owned by CHO DEVELOPMENT LTD., 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 is low and it does not regulate forex trading. Therefore, it became an offshore zone for shady forex brokers such as GoTechFx, Obsbit, and more.

What is WorldFXM?

According to the website, WorldFXM offers its clients a variety of products, including 65 of the most popular FX pairs, 33 contracts for difference (CFD), products, across equity indices, energies, alternative asset futures, and other instruments to help deliver more trading opportunities. However, the broker's regulation is quite questionable. We couldn't find any information about its regulation as well as location.

• The contact number provided on the website is from the UK, which means the broker has been targeting UK residents without being authorized in the country.
• Moreover, the company has been blacklisted in several countries. The UK's Financial Conduct Authority has recently issued a warning against the broker, stating that:

"World FXM/WorldFXM (the trading name of CHO Development Limited) is not authorized by us and is targeting people in the UK. Based upon information we hold, we believe it is carrying on regulated activities which require authorization."

• There is also a warning from the Austrian Financial Markets Authority issued in August 2018:

"WorldFXM with its registered address apparently at p.A. CHO DEVELOPMENT LTD, Marshall Islands is not entitled to carry out banking transactions in Austria that require a license. The provider is therefore not permitted to trade in financial futures contracts (futures) on its own account or on the account of others, including equivalent instruments settled in cash as well as call and put options on the instruments."

WorldFXM Review Conclusion

We advise all investors and traders to avoid WorldFXM and other brokers from the Marshall Islands. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as BDSwiss and BlackBull Markets.

WorldFXM Update

We found that the WorldFXM  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.