category: Unregulated Brokers

Is GreenFields Capital Scam or Legit broker?

It is not safe to trade with GreenFields Capital, because it is an unregulated broker. In addition, the company has been suspected for being a fraud. While we checked the company there is no authorization or registration of the address, therefore the company seems to be highly suspicious and might operate its services from an absolutely different location.

What is GreenFields Capital?

GreenFields Capital is an FX and CFD broker owned and operated by Premium Peak Ltd. The website provides addresses in Tallinn, Estonia, and London, UK, and also the UK contact phone number, although the broker is not regulated in these countries.

Moreover, GreenFields Capital has been blacklisted by Financial Conduct Authority in the UK and Financial Markets Authority in New Zealand.

GreenFields Capital Review Conclusion

Investing with GreenFields Capital is not safe. We recommend trading only with serious and reliable regulators, such as FCA in the UK and FMA in New Zealand, choosing only well-regulated and trustworthy brokers, such as FP Markets and Dukascopy.

GreenFields Capital Update

We found the GreenFields Capital 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 SimpleFX Scam or Legit Broker?

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

What is SimpleFX?

SimpleFX is an offshore broker offering Forex and CFD trading. The company is owned and operated by SimpleFX Ltd., based and registered in St. Vincent and the Grenadines. It is a popular destination for forex brokers because the registration procedure is simple and low-cost and they face limited regulatory supervision if any.

• The contact phone numbers of Customer Support and Partnership department are British, although the firm is not authorized in the UK by FCA (Financial Conduct Authority). For obtaining an STP FCA license, the required capital for the broker to have is EUR 125,000. Also in order to get this type of license, the broker needs to have a physical office in the UK. All clients of the FCA-regulated brokers are protected by the Financial Services Compensation Scheme.

Overall SimpleFX Ranking 

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

• SimpleFX 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.

SimpleFX Alternative Brokers

Due to our finds and issues with the safety of SimpleFX, here are much better Alternatives to SimpleFX 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

SimpleFX Deposits and Withdrawals

SimpleFX 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 is no strict guarantees on payment procedures. 

• SimpleFX offers multiple bonuses for deposits. Traders can use the fastest and most economic payment methods for fiat and crypto and get a $2500 Bonus for the first Deposit.

SimpleFX 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.

As SimpleFX is not regulated by top-tier authorities, trading with it might put your investments at risk. 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 SimpleFX is Negative

Is 1000 Extra Scam or Legit Broker?

1000 Extra 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 1000 Extra. We never advise trading with an offshore broker, since the financial investment service they deliver is not trustable.

What is 1000 Extra?

1000 Extra is a Forex and CFD broker, owned and operated by Mil Xtra LTD., a company, registered in Saint Vincent and the Grenadines - an offshore jurisdiction, which offers a variety of benefits - no income tax, fast and low-cost license for only USD 2,000. That is why brokers choose this kind of license.

• Comparing the license from UK’s Financial Conduct Authority, it requires EUR 125,000 of capital (aside from client deposits) for the STP license. The regulator also provides the segregation of funds and negative balance protection. Here you can check the list of FCA-regulated brokers.

1000 Extra 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 BlackBull Markets and FBS (Check out the FBS Trading Review). 

1000 Extra Update

As we found, the 1000 Extra website remains inactive and unavailable to reach. This means the broker no longer operates its trading offering and does not propose account openings, however, it is best to avoid and stay alert in case any proposals show up.

Is NordFX Scam or Legit Broker?

NordFX is not a secure broker because it is registered offshore and does not hold a proper Forex broker license. 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 NordFX?

NordFX is a Forex broker, the nordfx.com website is operated by Nfx Capital Vanuatu Inc., a company registered offshore, in Vanuatu.

The website supports a lot of languages from Asian countries (Vietnamese, Chinese, Malay, Indonesian, and Thai). They also provide contact phone numbers in China, India, Sri Lanka, and Thailand, which means the broker is targeting people from the mentioned regions.

• It is always better and safer to trade with a reliable broker licensed by Australia’s ASIC (Check out ASIC Forex Brokers), Cyprus’ CySEC, or UK’s FCA. 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 NordFX Ranking 

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

• NordFX 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.

NordFX Alternative Brokers

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

• XM – Best Broker for Low Minimum
• Interactive Brokers – Good for Real Stock Trading
• Plus500 – Good for Futures Trading

NordFX Deposits and Withdrawals

The broker offers various deposit and withdrawal options, including Bank Transfers, Credit/Debit Card,s and e-wallets such as Skrill, Neteller, and Webmoney. The broker claims that its e-wallet deposits and withdrawals are instant, whereas bank transfers can take 3-5 working days. However, due to its unregulated nature, there are no strict guarantees on payment procedures. 

NordFX Account Types

NordFX has a wide range of account options. It enables the traders to choose the most suitable and favorable option, based on their trading expectations. The main types of accounts offered by the broker include Fix, Pro, Zero, and Savings accounts.

• The minimum deposit for Fix accounts is $10, spreads start from 2 pips, and the available leverage is 1:1000. 

NordFX Review Conclusion

We advise all investors and traders to avoid NordFX due to its regulatory issues. We strongly advise opening a trading account only with brokers that are regulated by respected world authorities with the required set of rules and a good reputation through the delivered timeframe of operations. Sign in with well-regulated brokers such as BlackBull Markets and FBS Broker.

• Overall ranking and experience for NordFX is Negative

Is Ostrich Capital Scam or Legit Broker?

It is not safe to trade with Ostrich 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 and might operate its services from an absolutely different location.

What is Ostrich Capital?

Ostrich Capital is a Forex and CFD trading platform owned and operated by Venture Gravity LTD. The firm is based in London, Uk, but it is not authorized by the Financial Conduct Authority in the UK and is targeting people in the UK.

• Based on information on the regulator's website, Ostrich Capital is carrying on regulated activities that require authorization. In addition to that, the FCA has issued a warning against this broker.

Ostrich Capital Review Conclusion

We strongly advise investing only with regulated brokers. There are few well-respected institutions that enforce strict regulatory standards upon all brokers in their jurisdiction, such as FCA in the UK, ASIC (Find out Best ASIC Regulated Forex Brokers) in Australia or CySEC in Cyprus. Check out a list of brokers authorized by FCA. 

Ostrich Capital Update

We found that the Ostrich Capital 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 LMFX Scam or Legit Broker?

It is not safe to trade with LMFX, 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.

• Global Trade Partners Ltd. is an investment firm that operates as a global broker under the name LMFX. LMFX is governed and supervised by the Saint Vincent Finance Service Authority (FSA). The fact is that St. Vincent and the Grenadines is an offshore zone, which does register the financial investment firm, but provides very poor if none requirements for the company operation. That means, the broker is not regulated, not overseen, and does not comply with strict international rules that provide protective measures to the traders. 

What is LMFX?

LMFX is an innovative online foreign exchange broker that offers advanced institutional and retail trading conditions to a global audience. This broker provides the full spectrum of cutting-edge trading tools and services that its clients require to succeed in the world’s most liquid market. It also provides a comprehensive range of mobile and desktop MT4 platforms so that traders never miss a market movement. According to the website, LMFX offers leverage from 1:1 to 1:1000 (Check best forex brokers with high leverage).

• LMFX offering, the company is not officially registered with any industry authority to offer trading services, and its performance is not overseen or supervised by anyone. In any case, we never advise trading with an offshore or non-licensed broker, since the financial investment service they deliver is not trustable. 

Overall LMFX Ranking 

Based on our revelations about the safety of LMFX, we do not rank positively LMFX , based on our Expert Opinion with over 10 Years of experience in Forex Trading.

• LMFX 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.

LMFX Alternative Brokers

Due to our finds and issues with the safety of LMFX, here are much better Alternatives to LMFX 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

LMFX in India

LMFX allows Indian traders to open accounts and trade. However, LMFX has no mention of complying with any Indian regulators on its website.  The broker is not regulated by any regulatory body in India, that’s why money safety may be the issue here.

LMFX in the USA

The US is among the (See Best Forex Broker for US Clients) countries that cannot register with LMFX, along with the United Kingdom, Japan, or any other jurisdiction that would be contrary to local law or regulation. 

LMFX Deposit & Withdrawal

The minimum deposit is USD/EUR 50 for a Premium Account that has been carefully tailored to meet the trading needs of retail FX traders and with the minimum trade size starting at 0.01 lots, this competitive account offers you the flexibility to trade up to 60 lots in a single trade.

• Deposits (Also check Alpari's Deposit & Withdrawals) can be made via Visa or Mastercard payment cards, bank wire transfer or Skrill, Neteller, FasaPay, and Load e-wallets.

Apps

LMFX offers a mobile trading app for traders' convenience. Mobile trading allows traders to manage their accounts from portable devices like smartphones, pockets, and tablet PCs. In MetaTrader 4, mobile trading offers a great variety of analytical options and a 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. LMFX mobile app is compatible with all Android and iOS devices. 

Demo Account

LMFX offers traders the opportunity to practice strategies and become familiar with the platform with their demo account option. Demo accounts are a wonderful way to get an introduction to the online trading markets and allow traders to experience – as closely as possible – the actual market conditions they will be exposed to. LMFX demo account provides the ability to trade from the LMFX platform of choice and mirrors as closely as possible actual market conditions.

LMFX Review Conclusion

Overall, there are many questions in regard to the trust of the LMFX company services and the manner they do operate the online trading itself. We strongly advise opening a trading account only with brokers that are regulated by 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 HotForex, and BlackBull Markets.

• Overall ranking and experience for LMFX is Negative

Is UMOFX Scam or Legit Broker?

UMOFX is not a secure Forex broker since it does not hold a license from any worldwide serious Forex authority. Meaning the broker is suspected of being a fraud company since it was not checked for its compliance before establishment, was never monitored in terms of its safety, and simply may operate the business in any way it wishes. This results in a very high-risk trading opportunity, despite its alluring proposal.

What is UMOFX?

UMOFX is a Forex and CFD broker, based in Auckland, New Zealand. The firm is owned and operated by UMOFX CO. LIMITED.

• They mention the Company Registration Number on the website, which is supposed to mean that the company is authorized in New Zealand, but it actually has no license to offer its financial services to New Zealand residents.
• Investing funds with unregulated brokers comes with a significant risk, because such entities, most often than not, are involved in scams.

UMOFX Review Conclusion

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.

UMOFX Update

We found the UMOFX 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 Gallant Finance Scam or Legit Broker?

We advise our readers, not to use Gallant Finance as it is an offshore entity. Gallant Finance is owned by Allmedia LTD., which is an offshore company registered in St. Vincent and the Grenadine. 

• St. Vincent and the Grenadines 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 Brokerz (Read Brokerz review by link), TraderUR, and more. You can read our detailed article about the risk of trading with brokers from St. Vincent and the Grenadines.

What is Gallant Finance?

Gallant Finance is an offshore Forex and CFD broker owned and operated by Allmedia LTD, based in St. Vincent and the Grenadines.

The registered address of the broker is also at St Vincent and the Grenadines, but they provide British contact phone numbers, which means they are targeting UK residents without being regulated there.

• Moreover, the FCA has issued a warning against Gallant Finance. The SVGFSA (Financial Services Authority of St Vincent and the Grenadines) is famous for its low capital requirements – you can open a forex broker, by having only USD 2,000 in the capital.
• As a comparison, the United Kingdom’s Financial Conduct Authority (FCA), demands a minimum of EUR 125,000 for STP license. Find the list of FCA-regulated brokers here.

Gallant Finance Review Conclusion

We strongly advise opening a trading account only with brokers that are regulated by respected world authorities and comply with the required set of rules with 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 BlackBull Markets.

Gallant Finance Update

Our findings showed that Gallant 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.