category: Unregulated Brokers

Is OnlyTrades Scam or Legit Broker?

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

What is OnlyTrades?

OnlyTrades is a Forex and CFD broker. It is owned and operated by Marantino Capital Ltd, based in Malta. The contact phone number provided on the website is British, which means the company is targeting UK residents without being authorized in the country. The company is not regulated in the UK by the Financial Conduct Authority, which is obligatory for companies that provide financial services.

• Also, the Malta Financial Services Authority (MFSA) has recently issued a warning against Marantino Capital Ltd and OnlyTrades.
• It is recommended to check if the broker is regulated before starting any business with it. Unlike FCA-licensed brokers, unregulated ones are not obliged to keep their clients’ money in segregated accounts.
• FCA provides a Financial Services Compensation Scheme with an upper limit of GBP 50,000 of compensation. You can check the list of FCA-regulated brokers here.

Overall OnlyTrades Ranking 

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

• OnlyTrades 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.

OnlyTrades Alternative Brokers

Due to our revelations of issues with the safety of OnlyTrades, here are much better Alternatives to OnlyTrades 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

Deposit & Withdrawal

With OnlyTrades there are several funding methods, including credit and debit cards, bank transfers, and e-wallets, such as Qiwi, WebMoney, and Yandex.

OnlyTrades 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. OnlyTrades is not a regulated broker, besides, it seems that the broker's website is now offering varying services, which might be an indication that the broker is not operating or has changed its scope of activities. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as BDSwiss and BlackBull Markets.

• Overall ranking and experience for OnlyTrades is Negative

Is Xinghui International Scam or Legit Broker?

Xinghui International 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 Xinghui International?

Xinghui International offers Forex and CFD trading. The company is located in Hong Kong and operated by Xinghui International Development Co., Ltd. Despite its Hong Kong location, the company was blacklisted by the Securities and Futures Commission of Hong Kong (SFC).

• Also, they claim to be regulated by the National Futures Association in the US, but there are no records about it on the regulator's website. We recommend you trade only with regulated brokers.
• The most reliable regulators are FCA in the UK, ASIC (Learn about ASIC Regulated Global Prime Broker) in Australia, 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.

Xinghui International 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 BlackBull Markets.

Xinghui International Update

We found that the Xinghui International 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 AVA Investments a scam or a legit broker?

Bauman LTD has been suspected as a scam broker. It operates under the brand name AVA Investments 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. Even though it is mentioned about many jurisdictions that are restricted to open a trading account with AVA Investments.

AVA Investments is a Forex broker registered offshore. It is owned and operated by Bauman LTD, located in Trust company complex, Ajeltake road, Ajeltake Islands, Majuro, Marshall Islands MH96960.

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 illegally.

AVA Investments has been also blacklisted by Italian regulator CONSOB. We advise to deal only with the regulate brokers. Established financial authorities such as the Financial Conduct Authority (FCA) in the UK or the the Australian Securities and Investment Commission (Read about ASIC Regulated Global Prime Forex) apply strict rules for all brokers under their jurisdiction.

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 BDSwiss and BlackBull Markets.

Yet, it is always great to hear your personal opinion about AVA Investments. So you may share your experience or thoughts or discuss them below or ask us for additional information.

AVA Investments Update

We discovered that the AVA Investments website is unavailable. It is unclear whether the broker changed its name, or is gone altogether. Since money safety goes first, we recommend avoiding any proposals from AVA Investments and staying alert in case of any proposals. 

Is FxFWay Scam or Legit Broker?

FxFWay 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 FxFWay.

• 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 to trading with such a companies means the trader will believe only on the broker’s words, and of course, it is a high risk.

What is FxFWay?

FxFWay is a Forex broker with the offices in UK, Hong Kong, and Vanuatu. The company's website provides info about its regulation - in 2017 the firm was granted authorization by the US NFA and received its Vanuatu license.

But after some research, it turned out that FxFWay is not authorized by the National Futures Association in the US and also was blacklisted by the Financial Conduct Authority in the UK (FCA).

• Even tho the firm may have an offshore regulation, it doesn't give a right to offer financial services in UK, US nor in Hong Kong, or other countries.

FxFWay Review Conclusion

It is always better and safer to trade with a reliable broker licensed by Australia’s ASIC (Read the ASIC Regulated Global Prime Broker Review), 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. Check the list of FCA-regulated brokers here.

FxFWay Update

We found that the FxFWay 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 TradeBNP Scam or Legit Broker?

No, it is not safe to trade with TradeBNP. TradeBNP is owned by Silver Wolf Limited which is an offshore company registered in the Marshall Islands.

• The Marshall Islands is notorious for its practically absent requirements and regulations. Due to the low setup cost, it does not regulate forex trading. Therefore, it became an offshore zone for shady forex brokers such as Dax300, Finbitex, and more. 

What is TradeBNP?

TradeBNP claims to be one of the most innovative brokers in the Forex market, offering advanced solutions for new and experienced traders. 

• Although TradeBNP states it be located in Belfast, United Kingdom, and regulated by the Financial Conduct Authority (FCA) in the UK. Although there are no records of the company being licensed in the UK or any other European country. Moreover, the broker has been blacklisted by the FCA in December 2018:

  "TradeBNP 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."

• Also, earlier in August 2018, Italy's regulator CONSOB issued a warning against TradeBNP:

  "The National Commission for Companies and the Stock Exchange has ordered the following company (TradeBNP, through the website www.tradebnp.com) to cease the infringement of art. 18 of the Consolidated Law on Finance - TUF consisting of the provision of unauthorized investment services and activities to the Italian public."

• In addition, we have previously reviewed a company (FXtrade777) affiliated with Silver Wolf Limited that has been warned against by several regulators, which doesn't look trustworthy at all.

TradeBNP  Review Conclusion

We strongly advise all investors and traders to avoid TradeBNP 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.

TradeBNP Update

We found that the TradeBNP 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 Baihua Global Scam or Legit Broker?

It is not safe to trade with Baihua Global, 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 Baihua Global?

Baihua Global is a Forex broker that claims to be located in New Zealand (address from the website - Level 5, 13-27 Manners Street, Te Aro, Wellington, 6011, New Zealand) and registered by New Zealand Financial Market Conduct Authority (FMA). Although the firm was banned by the FMA in New Zealand.

• Baihua Global is misleadingly using the registration details of Booster Funds Management Limited (FSP555786), a licensed fund manager, with whom it has no connection.
• It is not a registered financial service provider in New Zealand. It is better to avoid trading with unregulated brokers, especially when they use the details of the regulated companies to deceive potential customers.
• Some of such entities run investment scams, and clients of such brokers don’t have any protection.

Baihua Global 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 BlackBull Markets.

Baihua Global Update

We found that the Baihua Global 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 YesTrading Scam or Legit Broker?

Diamond Global Ltd has been suspected as a scam broker. It operates under the brand name YesTrading 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 YesTrading?

YesTrading is a forex and CFD broker. The brand is owned and operated by Diamond Global Ltd., registered in the Marshall Islands.

Besides the fact that the company is registered offshore, they don't have any addresses. The only contact details are the Norwegian and Irish phone numbers, which means that YesTrading is targeting European residents, although it is not registered to provide financial services in Europe or any other country.

• We recommend trading only with brokers regulated by serious financial authorities. 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.

YesTrading 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 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.

YesTrading Update

We found that the YesTrading 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 FSMSmart Scam or Legit Broker?

No, it is not safe to trade with FSMSmart. FSMSmart is owned by FSM Smart Limited. The contact address of FSM Smart Limited is in Switzerland, according to the website. Although, the company is actually registered on the Marshall Islands, the popular offshore destination for forex brokers.

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

What is FSMSmart?

FSMSmart claims to be in the market for over 50 years, providing unmatched and reliable services. However, the broker is located in Switzerland but is not regulated by the local authorities. This in itself is a huge red flag, as the services the company offers are not trustworthy and are not overlooked by regulations. 

• Moreover, FSMSmart has been blacklisted by Swiss FINMA and New Zealand's FMA, which stated that FSM is making false and misleading claims that they are a registered financial service provider in New Zealand when they are not and also FSM is making unsolicited calls to New Zealand residents and offering to trade in financial products, such activities are prohibited in New Zealand.
  3 August 2018, FMA
• Besides, we have heard brokers registered in the Marshall Islands deny traders withdrawing funds. We have feedbacks from traders that they cannot withdraw money. You can read the feedback here.

Overall FSMSmart Ranking 

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

• FSMSmart 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.

FSMSmart Alternative Brokers

Due to our revelations of issues with the safety of FSMSmart, here are much better Alternatives to FSMSmart 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

Deposit & Withdrawal

FSMSmart offers multiple deposit methods so that clients can choose the most convenient option for them: Credit/Debit cards, bank wire transfers, or e-wallets.

• There are no additional transactional fees unless the providers charge their own fees. 

FSMSmart Review Conclusion

We advise all investors and traders to avoid FSMSmart 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.

• Overall ranking and experience for FSMSmart is Negative

Is AccentForex Scam or Legit Broker?

No, it is not safe to trade with AccentForex. The broker is owned by Accent Markets Group Inc. which is an offshore company registered in Vanuatu and claims to be registered with a Vanuatu Financial Services Commission (VFSC) license.

What is AccentForex?

AccentForex Company – claims to be a new generation broker in FOREX, specially created for professional traders, to satisfy the most fastidious requirements of the clients. However, AccentForex is an offshore company. 

• Despite the fact that the VFSC regulator completely controls the activities of market participants and ensures compliance with international standards, Vanuatu is the easiest jurisdiction to open a brokerage. The opening requires the company to submit a registration online, prove initial establishment capital which is $2,000 only, pay a fee, and within 2-3 months, the firm is crisp and registered. Therefore, it became an offshore zone for shady forex brokers such as Circle Markets, 70Trades, and more.

• As to the broker’s VFSC license, there is no handbook or guidelines for brokers to run their businesses. Therefore, there is zero protection for traders. We have a detailed article explaining the risk of trading with brokers from Vanuatu.

• What is more, the broker has been banned by the Canadian regulator Financial markets Authority of Quebec:

Overall AccentForex Ranking 

We revealed safety and regulations issues of AccentForex, thus we do not rank positively AccentForex.  With an  Expert Opinion with over 10 Years of experience in Forex Trading we have come up with the following ranking:

• AccentForex 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.

AccentForex Alternative Brokers

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

• Go Markets – Good for Beginner Traders
• FP Markets – Good for CopyTrading
• BDSwiss – Good for CFDs trading

Deposit & Withdrawal

To deposit funds to your trading account with AccentForex and withdraw funds is easy. The broker offers a number of funding methods, including Bank Transfer, Credit/Debit Cards, and e-wallets such as Skrill, Neteller, Bitcoin, Ethereum, etc.

• AccentForex does not charge bank transfersfees . The fee is charged only by trader's bank and intermediary bank.
• AccentForex compensates Card fees for its clients for deposits from 1000 USD / EUR. 
• Bank transfer takes 3-5 banking days under normal conditions. An additional fee of 3.9% will be incurred if a withdrawal is requested without conducting trades.

AccentForex Review Conclusion

We advise all investors and traders to avoid AccentForex and other brokers from Vanuatu. 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 AccentForex is Negative