category: Unregulated Brokers

Is TradeFTM Scam or Legit Broker?

TradeFTM is not a safe broker. According to our research, TradeFTM 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 while might operate its services from an absolutely different location.

What is TradeFTM?

TradeFTM is a trading name of FX TRADING LTD, authorized and registered by the HOC (Companies House UK) in the conduct of its investment business. TradeFTM is entered on the HOC register and it's registered. TradeFTM is a Public Limited Company registered in England, company number DJ812687.

The registered office is 180, Whitton Rd, Hounslow TW3 2ES, UK. With all this information provided on the website of the firm, it is still not registered by the Financial Conduct Authority (FCA), which means they are not allowed to offer services in the UK.

• We always advise avoiding unregulated brokers, as in this case your investments might be at risk. On the other hand, there is almost no risk in trading with regulated brokers, especially those supervised by the FCA or the Australian Securities and Investment Commission (ASIC). Such regulators guarantee the segregation of the funds and even the compensation (for example, up to GBP 50,000 with the FCA).

Overall TradeFTM Forex Ranking 

Based on the safety and regulation issues we revealed as a result of TradeFTM research, we do not rank positively TradeFTM, based on our Expert Opinion with over 10 Years of experience in Forex Trading.

• TradeFTM 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.

TradeFTM Alternative Brokers

Based on our research of TradeFTM we found multiple issues in respect of the broker's regulations, thus here are much better Alternatives to TradeFTM with good regulations and excellent conditions. We select Good Brokers and reliable options for your comparison below: 

• eToro – Best for Copy Traders
• Interactive Brokers – Good for Stock Trading
• Trading 212 – Good for Beginners

Deposits and Withdrawals

It is quick and easy to deposit funds into the TradeFTM trading account. There is a wide range of payment methods including Credit Cards, Debit Cards,  Bank Wire transfers e-wallets including PayPal, Skrill, Neteller, Perfect Money, etc.

• Funds are only withdrawn to clients’ personal accounts in order to ensure financial security 
• The company does not accept direct payments or payments to third parties
• Deposits and withdrawals may be made 24 hours a day, 7 days a week. If a deposit or withdrawal is not carried out instantly, it is usually completed within 24 hours.

TradeFTM 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 TradeFTM is Negative

Is Stern Markets Scam or Legit Broker?

Stern Markets 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.

• Stern Markets is a Forex and CFD broker owned and operated by GUM Ltd., based in the Marshall Islands. This company is also provides payment clearing and billing services for Stern Markets.

What is Stern Markets?

Stern Markets positions itself as a good broker with favorable conditions. The broker is also known as Stern Options. However, the broker does not hold any serious regulations, which means that it is not safe to sign in with the broker and make investments. It is not a secret that in Forex trading money safety is essential.

• On its website, the broker provides British, German, and Austrian phone numbers, which means the broker has been targeting EU residents without being authorized in those countries.
• Yet, the head office of the company is in Bulgaria. Moreover, the German Federal Financial Supervisory Authority has issued a warning against Stern Markets and GUM Ltd.

Stern Markets Review Conclusion

It is safer to trade with brokers regulated by UK’s FCA or Australia’s ASIC (Read about ASIC-regulated Global Prime) 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. Check the list of FCA-regulated brokers here. We strongly recommend trusting your investments only with trustworthy brokers, such as HotForex, and BlackBull Markets.

Stern Markets Update

We found that the Stern Markets 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 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.

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.