category: Unregulated Brokers

Is Suisse Trade Center Scam or Legit Broker?

It is not safe to trade with Suisse Trade Center, 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 Suisse Trade Center?

Suisse Trade Center is a Forex broker owned and operated by Suisse Trade Center Ltd, with offices in Belize and Cyprus (Check our review on Cyprus-headquartered TriumphFX). The website supports only the German language, and most probably the firm is targeting Swiss customers, as the contact phone number is from Switzerland.

• Moreover, Suisse Trade Center was blacklisted by the Swiss Financial Market Supervisory Authority (FINMA). All the facts say that the company is either registered offshore or doesn't have any kind of registration/regulation.

Suisse Trade Center Conclusion

W found too many safety and regulation issues in regard to Suisse Trade Center services and the manner they do operate the online trading itself. We recommend that investors and traders avoid offshore companies and invest with brokers regulated by reliable authorities such as UK’s FCA, and Australia’s ASIC, such as HotForex, and BlackBull Markets.

Suisse Trade Center Update

We found that the Suisse Trade Center 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 CMSTrader Scam or Legit Broker?

We advise our readers, not to use CMSTrader as it is an offshore entity. CMSTrader is owned by Safe Side Trading 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 cost being low and it does not regulate forex trading. Therefore, it became an offshore zone for shady forex brokers such as Brokerz, TraderUR, and more. You can read our detailed article about the risk of trading with brokers from St. Vincent and the Grenadines.

What is CMSTrader?

CMSTrader is a Forex and CFD broker owned and operated by Safe Side Trading Ltd, a company based in St Vincent and the Grenadines.

The broker claims to have offices in the UK, Switzerland, Bahrain, and Australia, but it doesn’t seem to be regulated in any of these countries.

Also, Safe Side Trading Ltd owns another offshore broker (12trader) that was blacklisted in the EU.

• 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.

CMSTrader 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 CMSTrader is Negative

CMSTrader Update

We found the CMSTrader 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 FXPremax Scam or Legit Broker?

FXPremax is not a safe broker. According to our research, FXPremax 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 FXPremax?

FXPremax is a Forex and CFD broker that claims to be located in London, UK but doesn't have a license from the UK’s Financial Conduct Authority, so it is not allowed to offer financial services to UK residents.

• The website provides the address (Suite 1 4 Queen Street, Edinburgh, UK‎) and British phone number. Still, most probably the firm is not even located in the country, as the company that owns FXPremax, Premax Capital Ltd., is based in Indonesia, Jakarta.
• We don't recommend dealing with unregulated brokers, especially if they provide false information on their websites. Some of such entities run investment scams, and clients of such brokers don’t have any protection.
• Unlike FCA-licensed brokers, unregulated ones are not obliged to keep their clients’ money in segregated accounts. The license from UK’s Financial Conduct Authority requires EUR 125,000 of capital (aside from client deposits) for the STP license. You can check the list of FCA-regulated brokers here.

Overall FXPremax Forex Ranking 

As we revealed safety and regulation issues during our FXPremax research, we do not rank positively FXPremax, based on our Expert Opinion with over 10 Years of experience in Forex Trading.

• FXPremax 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.

FXPremax Alternative Brokers

Our research of FXPremax showed multiple issues in respect of regulations, so here are much better Alternatives to FXPremax with good regulations and excellent conditions. We select Good Brokers and reliable options for your comparison below: 

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

Deposits and Withdrawals

Deposit funds into the FXPremax trading account is a quick and easy process. There is a wide range of payment methods including Credit Cards, Debit Cards, Bank Wire transfers, and e-wallets such as Skrill, Neteller, fasapay, etc. Generally, deposits take from 12 to 24 hours to be completed, depending on the location of the trader. In the case of online payment methods, the deposits are instant.

• Withdrawals, on the other hand, take longer in the case of bank wires (about 3-5 business days). 

FXPremax 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 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 AvaTrade and XM.com.

• Overall ranking and experience for FXPremax Forex is Negative

FXPremax Update

We discovered that the FXPremax 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 FXPremax and staying alert in case of any proposals. 

Is SwissCCI Scam or Legit Broker?

SwissCCI has been suspected as a scam broker. This broker is blacklisted by a well-known regulatory authority and should be avoided. StoxMarket is owned by Thinking Ahead 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 low setup costs, it does not regulate forex trading. Therefore, it became an offshore zone for shady forex brokers such as MegaTradeFX, Finbitex, and more.

What is SwissCCI?

SwissCCI is owned and operated by Thinking Ahead LTD, based in the Marshall Islands. The Marshall Islands is an offshore destination where usually brokerage services are not regulated.

• SwissCCI is not associated with any financial regulatory agency. The broker provides British phone number on the website, although the firm is definitely not registered in UK with the FCA. The main issue with this broker is the lack of regulation.
• The license from UK’s Financial Conduct Authority requires EUR 125,000 of capital (aside from client deposits) for the STP license. Also all clients of FCA-regulated brokers are protected by the Financial Services Compensation Scheme. Each client can file a claim for the size of their account, up to GBP 50,000.

SwissCCI Review Conclusion

In conclusion, there are many questions in regard to the trust of SwissCCI 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.

SwissCCI Update

We found that the SwissCCI 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 Axe Invest Scam or Legit broker?

No, it is not safe to trade with Axe Invest. Axe Invest is owned by Madar Partners Ltd. which is an offshore company registered in the Marshall Islands.

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

What is Axe Invest?

Axe Invest is an offshore Forex and Cryptocurrency broker with the widest suite of products to offer the best pricing, execution and liquidity.

According to the website, the broker supposedly has offices in the UK and Switzerland as it provides contact phone numbers with the British and Swiss country codes. However, there is no information about Axe Invest being regulated and authorized in those countries. 

• Moreover, the broker has been banned in Switzerland and Italy. Swiss regulator FINMA has added Axe Invest to its warning list.
• Also, Italian CONSOB has recently warned against the broker: 

"CONSOB has ordered the black-out of 25 websites (including Axe Invest) that offer financial services illegally. The commission availed itself of the new powers resulting from the ‘Decreto Crescita’, on the basis of which CONSOB can order internet access providers to block access from Italy to websites offering financial services without the proper authorization."

Axe Invest Review Conclusion

We strongly advise all investors and traders to avoid Axe Invest and other brokers from the Marshall Islands. Traders should trade with well-regulated brokers (Forex Broker Reviews) such as UK brokers or brokers in Australia and reliable brokers such as BDSwiss and TMGM.

Axe Invest Update

Our findings showed that Axe Invest 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 TradeTime a scam or a legit broker?

TradeTime 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 while might operate its services from an absolutely different location.

TradeTime is an offshore Forex broker owned and operated by Almandex Group LTD , based in St Vincent and the Grenadines. The registered address of the broker is also in St Vincent and the Grenadines, but they provide contact phjone numbers in UK, Australia, New Zealand, Spain, Sweden and France, which means they are targeting the residents of these countries without being regulated there.

The SVGFSA (Financial Services Authority of the 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 capital.

As a comparison the United Kingdom’s Financial Services Commission (FCA), demands a minimum of EUR 125,000 for STP license. Find the list of FCA regulated brokers here.

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 BlackBull Markets, FXGT, FBS (Read FBS Forex Review).

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

TradeTime Update

Based on our finding TradeTime website is inactive means broker is no longer operates, we recommend to avoid any proposal in case coming from TradeTime.

Is Universe Markets FX Scam or Legit Broker?

Universe Markets FX has been suspected as a scam broker. This broker is blacklisted by a well-known regulatory authority and should be avoided. It is NOT SAFE to trade with this company. We have checked the company and 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 Universe Markets FX?

Universe Markets FX is a forex and CFD broker owned and operated by White Square Trading Limited. This company claims to be based in London, although it is not regulated to provide financial services in the UK.

• Moreover, the company was blacklisted by the UK's Financial Conduct Authority and New Zealand's Financial Markets Authority. Investing funds with unregulated brokers comes with a significant risk, because such entities, most often than not, are involved in scams.
• The pages and official sources of the international regulators' list alert are shared with the authority directly or by other countries' supervisory bodies or transmitted centrally. Those tools and the general purpose of the regulatory bodies operate in order to enable stability of the market offerings, protect clients from potential and numerous frauds, enable reliability rules to financial service entities, and more. As PBN Trade got no license to operate within the EU and other regulated jurisdictions, the broker was blacklisted and alerted by numerous EU authorities.

Universe Markets FX Review Conclusion

In conclusion, there are many questions in regard to the trust of Universe Markets FX 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.

Universe Markets FX Update

We found the Universe Markets FX 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 12Trader Scam or Legit Broker?

No, it is not safe to trade with 12Trader. 12Trader  is owned by Safe Side Trading 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 low setup cost, it does not regulate forex trading. Therefore, it became an offshore zone for shady forex brokers such as CapitalXP, Welkron, and more. You can read our detailed article about the risk of trading with brokers from St. Vincent and the Grenadines.

What is 12Trader?

According to the website, 12Trader claims to be a group of the world’s best global financial market experts, who have come together in order to provide you with the best services available in Forex trading, stocks and contracts. However, the company doesn't back up all these claims with the information about its regulation. It claims to be located in London, UK. We also couldn't find any records of the company's license with the British regulator Financial Conduct Authority.

• In fact, the UK’s Financial Conduct Authority license costs USD 50,000 and needs USD 100,000 of capital for the STP license aside from client deposits. In case, of obtaining Italian trading license with the CONSOB, the company would need to have EUR 50,000 of corporate capital.

12Trader Review Conclusion

We advise all investors and traders to avoid 12Trader and other brokers from St. Vincent and the Grenadines. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as BlackBull Markets, FXGT Forex, FBS Trading Broker.

12Trader Update

As we found, the 12Trader 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 Umarkets Scam or Legit Broker?

According to our research, Umarkets is not a secure broker. Umarkets is owned by Market Solutions Ltd. which is an offshore company registered in St. Vincent and the Grenadines, also has moved to Marshall Islands since 2022. 

St. Vincent and the Grenadines 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 Millennium FX, Brokerz and more.

What is Umarket? 

As we found on the Umarkets website, the broker is registered with the Financial Commission under the number 24310 IBC 2017. Even though FinaCom is a well-respected organization, it is a self-regulatory organization that cannot guarantee the safety of the trading environment and does not regulate the daily operations of the company, therefore can’t provide necessary protection to the client.

From our source, it costs €24,000 per year to become a member. However, and there is no handbook or guidelines for brokers to run their business. Therefore, there is zero protection for traders. You can read our detailed article about the risk of trading with brokers from St. Vincent and the Grenadines.

• According to the website, "Umarkets was established in 2008 and is a rapidly growing brokerage house that enables retail and institutional investors (banks, hedge funds, high-frequency traders, brokerage companies) to trade Indices, Commodities and Forex. Umarkets has enjoyed a huge success in the European markets and it is now focusing on the expansion into the Latin America and Asian markets."
• In fact, we haven't found any information about Umarkets being regulated in either Europe, Asia or Latin America, which means the broker has been illegally offering its services. 

Overall UMarkets Ranking 

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

• UMarket 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.

UMarkets Alternative Brokers

Due to our finds and issues with the safety of UMarkets here are much better Alternatives to UMarkets Broker with good regulations and excellent conditions. We select Good Brokers and trustworty options for your comparison below: 

• AvaTrade – Good for Currency trading
• FP Markets – Good for CopyTrading
• FXTM – Good for Beginners

UMarkets Deposits and Withdrawals

Broker 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. 

How to withdraw money from Umarkets?

Since UMarkets is not a regulated broker there is no guarantee, unfortunately, your withdrawal request will be successful. You can try to submit money withdrawal through the trading account area, in regulated environments requests should be processed within 1-2 business days. But with unregulated Broker, there is no any regulation about that. 

Trading Platform and Apps

Based on our findning UMarkets offers various trading platforms including:

• MetaTrader4 MT4
• xCritical online platform
• Mobile trading Apps

Platforms are user-friendly, MT4 is still a good choice among the majority of traders worldwide with good market analysis. For the Apps, they are suitable for Apple and Android.

For the Trading Instrument Broker offer Forex, Cryptocurrencies, Indices, Shares and Commodities, however is unclear if you trade CFDs and truly getting access to the markets. 

UMarkets Review Conclusion  

We advise all investors and traders to avoid Umarkets and other brokers from St. Vincent and the Grenadines. Despite looking like an attractive proposal in terms of platforms and instruments range, it is much more safe, reliable and convenient to trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as BlackBull Markets, FXGT, FBS (Check out FBS trader).

• Overall ranking and experience for UMarkets is Negative

UMARKETS Update

As we discovered, the UMarkets website is inactive, and the broker is no longer available. It is unclear whether the broker changed its name and operates another fraudulent Forex activity, or has just gone. Since money safety goes first, we recommend avoiding any proposals from UMarkets International and staying alert in case of any proposals.