category: Unregulated Brokers

Is Utrade Scam or Legit broker?

It is not safe to trade with Utrade, 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 Utrade?

Utrade is a forex and CFD broker owned and operated by the Callpoint ltd s.r.l., based in Romania, Bucharest. The broker claims to be regulated by most of the serious regulators such as US NFA, UK FCA, Australian ASIC (Check out the ASIC Regulated MEXC), Japanese FSA, German BaFin, and SFC in Hong Kong. We strongly advise opening a trading account only with brokers that are regulated, for example, Oanda forex broker.

• However,  the firm is not registered with any of these agencies and even got blacklisted by the Financial Conduct Authority in the UK. We don’t recommend dealing with a company that carries no license and is not regulated.
• 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 FCA-regulated brokers are protected by the Financial Services Compensation Scheme.

Utrade Review Conclusion

We strongly advise staying away from doubtful offerings, such as Utrade, and 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 BDSwiss and TMGM.

Utrade Update

We found the Utrade 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 JAFX  Scam or Legit Broker?

JAFX is owned and operated by JAFX Ltd, The Financial Services Centre, Stoney Ground, Kingstown, St Vincent and The Grenadine. 

However, 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's 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. 

Therefore, it became an offshore zone for shady forex brokers such as CVC Markets, AAG Markets, and more. Read more about St. Vincent and the Grenadines regulation by the link.

What is JAFX?

JAFX states that it is a fully transparent forex broker that is dedicated to providing its clients with tailor-made trading solutions. JAFX claims to be one of the first forex brokers that also offers 24/7 MT4 crypto-trading. JAFX offers 16 cryptos such as bitcoin, Ethereum, litecoin, dash, ripple, and more than 30 crypto-pairs. Overall, the broker's offering is quite interesting as the trading costs are low and the initial deposit is as low as $10. The max leverage is 1:500 (Find high-leverage brokers here).

• The website provides two contact phone numbers with the UK and Australian country codes. Even if the firm has offices in those countries, it is not regulated by FCA in the UK or ASIC in Australia (Read about ASIC Regulated MEXC Global) or any other regulatory agency. The lack of information about the broker’s regulations, trading conditions, and contact details should be the biggest red flag for those who plan to invest with the entity. 

JAFX in India

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

JAFX in the USA

JAFX is not legal in the USA and is not available for American traders. As per U.S law, brokers regulated by CFTC are the only brokers allowed for USA traders. So, except for JAFX, you are only permitted to trade with the U.S-regulated platforms.

• Here is the full list of the countries, the broker does not accept: Ghana, Burma, Ivory Coast, Congo, Cuba, Germany, Iran, Iraq, Japan, Lebanon, Libya, Malta, North Korea, Somalia, Sudan, Syria, Vietnam, and Zimbabwe.

Deposit & Withdrawal

The trading account has a minimum deposit (Also read information on Alpari Broker's Deposit & Withdrawals) of just $10. JAFX charges an inactivity fee of $10 for clients with a non-zero balance that has not traded in the past 30 days. Not many payment methods are available on the platform: credit/debit cards, wire transfers and Bitcoin.

Apps

JAFX offers a mobile trading platform where its clients can access all the needed trading tools. It can be found in the Apple Store for iOS or the Google Play Store for Android.

Demo Account

JAFX offers an Unlimited MT4 Demo Account with virtual $50 000 to their clients. There is no need to sign up for a trading account or even deposit to get a JAFX demo account.

• The Demo Account is provided to give traders a demonstration of the broker’s trading platform and to offer traders the opportunity to trade on simulated real trading conditions. This further allows the trader to gain more experience prior to trading with real funds and facing actual risk. Traders may test their trading strategies and become familiar with the trading platform at their own pace.

JAFX Review Conclusion

Overall, there are many questions in regard to the trust of the JAFX 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 complying 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, FXGT Broker, and BlackBull Markets.

JAFX Update

We found that JAFX 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 uTrader Scam or Legit Broker?

In our research, uTrader has been suspected as a scam broker. The company provides the regulation info and claims to operate under the regulation of IFMRRC (International Financial Market Relations Regulation Center). However, IFMRRC is a non-governmental authority that acts as an independent organization and does not strictly oversee the operation of the registers.

What is uTrader?

uTrader is a Forex and CFD broker owned and operated by Day Dream Investments Ltd., the place of supply of services in the Republic of the Marshall Islands.

• In fact, the Marshall Islands is an offshore zone attracting various firms that for one reason or another escape from serious regulation or compliance to international service providing. However, in the case of financial investment or trading firms, the company should be a very respected entity, as the statistics show that most non-authorized firms never recover investors’ investments. Therefore, we always advise avoiding offshore or companies with no license as there are too many frauds around.

uTrader Review Conclusion

We strongly advise all investors and traders to avoid uTrader 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.

uTrader Update

Our findings showed that uTrader is no longer active. The broker’s website is unavailable to reach and 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 Al Trade Scam or Legit Broker?

No, Al Trade broker is a Non-Regulated Broker. It is NOT SAFE to trade. We checked the company and found out that 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 Al Trade?

Al Trade is a forex and CFD broker based in London. The company is owned by AL Trade Inc., which is not regulated to provide financial services in the UK by the Financial Conduct Authority.

• It is also not licensed by any other regulatory institutions. We recommend dealing only with reliable brokerages that are regulated and authorized to provide financial services.
• For example, UK's FCA requires 125000 EUR of capital for STP license. Also in order to get this type of license, the broker needs to have a physical office in the UK. All clients of FCA-regulated brokers are protected by the Financial Services Compensation Scheme.

Al Trade Review Conclusion

We advise all investors and traders to avoid Al trade and other unregulated brokers. Usually, such companies run investment scams. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as BDSwiss and BlackBull Markets.

Al Trade Update

The Al Trade website 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 10Markets Scam or Legit Broker?

10Markets broker is a Non-Regulated Broker. 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 10Markets?

10Markets is a Forex and CFD broker. There is no information about the company's location as well as the decent regulation. The phone numbers provided on the website have South African, Serbian and Russian country codes, so we can only guess where the broker is based.

• The firm is licensed by the Vanuatu Financial Services Commission. Vanuatu is the easiest jurisdiction to open a brokerage, as the opening requires the company to submit a register online, prove initial established capital which is $2,000 only, to pay a fee, and within 2-3 month, the firm is crisp and registered. Therefore, it became an offshore zone for shady forex brokers such as JustProForex, SmartFX and more.
• As to the broker’s VFSC license, from our source, it costs €24,000 per year to become a member. However, there is no handbook or guidelines for brokers to run their business. Therefore, there is zero protection for traders. We have a detailed article explaining the risk of trading with brokers from Vanuatu.

10Markets Review Conclusion

We advise all investors and traders to avoid 10Markets and other brokers from Vanuatu. It is only reliable to trade with well-regulated brokers such as UK brokers or brokers in Australia and trustworthy brokers such as BDSwiss and BlackBull Markets.

10Markets Update

Our findings showed that 10Markets 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 Caxton Global Scam or Legit Broker?

Caxton Global 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 Caxton Global?

Caxton Global is a Forex broker owned by Caxton Global Limited. The website of the company states that Caxton Global Limited (NZ) is a company registered in New Zealand and authorized and regulated by Financial Service Providers. Although, the company is actually not registered in New Zealand and even got blacklisted by New Zealand's FMA.

• Terms and Conditions on the websites give completely different info, that CAXTON GLOBAL is a global, FCA-regulated broker headquartered in London, which is also not true, as there are no records of this firm being regulated by UK's FCA. This misleading information is a valid reason to stay away from this firm. We would recommend you deal with the brokers, authorized and regulated by reliable regulators, such as UK’s Financial Conduct Authority (FCA), and check the Financial Service Register to ensure they are.

Caxton 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 TMGM.

Caxton Global Update

We found the Caxton Global 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 Instafx24 Scam or Legit Broker?

No, it is not safe to trade with Instafx24 Forex broker as it is an offshore company. Instafx24 is owned by INSTAFX24 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, YFX Capital, and more. 

What is Instafx24?

Instafx24 delivers options for trading in some of the most popular liquid assets, including currency pairs, stocks, most major financial indices, and commodities.

• The company does not fall under the regulation of any agency. They provide London address and phone number on the website, although the firm is definitely not registered in the UK with the FCA. Moreover, the broker has been banned in the UK by its local Financial Conduct Authority in September 2018:

" This firm 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, InstaFx24 has been blacklisted by the Austrian FMA in July 2018:

"Instafx24 LTD 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."

• Italy's regulator CONSOB has recently issued a warning against the aforementioned broker:

Instafx24 Review Conclusion

We advise all investors and traders to avoid InstaFX24 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 TMGM.

Instafx24 Update

We found the InstaFX24 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 8inFX Scam or Legit Broker?

No, 8inFX is a non-regulated broker. It is NOT SAFE to trade. Our research showed that the company does not have authorization or registration of the address, therefore the company seems to be highly suspicious while might operate its services from an absolutely different location.

What is 8inFX?

8InFX offers about 50 forex currency pairs, equity indices, futures, CFDs, energy contracts, and metals as trading options.

• 8inFX is owned by 2dots Limited. It is an offshore forex broker registered in Vanuatu with Vanuatu Financial Services Commission. The advantages of this license are speed and low cost. 2% of Forex companies start without licenses and operate in places such as Vanuatu or the Caribbean island of Nevis, so at some point, it is risky to trade with offshore-based brokers.
• We highly recommend that traders avoid offshore brokers and invest with brokers supervised by proper regulators, such as UK’s Financial Conduct Authority (FCA). All clients of FCA-regulated brokers are protected by the Financial Services Compensation Scheme up to GBP 50,000 per person, in case the company goes bankrupt.

8inFX Review Conclusion

We 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.

8inFX Update

We found the 8inFX 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 StoxMarket Scam or Legit Broker?

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

What is StoxMarket?

StoxMarket offers its clients a variety of products and trading options, including Forex, Commodities, Stocks, Indices, and Crypto. It claims to be located in Scotland, the UK, however, it is not regulated by its local Financial Conduct Authority (FCA). Moreover, the FCA issued a warning against Marketier Holdings Limited (StoxMarket) in June 2017:

• "This firm (Marketier Holdings (trading as StoxMarket) is not authorised by us and is targeting people in the UK. Based upon the information we hold, we believe it is carrying on regulated activities which require authorisation."

Also, the British Columbia Securities Commission has warned against the broker in December 2016. Back then, Marketier Holdings Limited claimed to be located and registered in another offshore zone, Dominica:

• "We recently became aware of StoxMarket and that a BC resident was able to open a trading account with StoxMarket. The Parties are not registered to trade in, or advise on, securities or exchange contracts in BC."

StoxMarket Review Conclusion

We strongly advise all investors and traders to avoid StoxMarket 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.

StoxMarket Update

Our findings showed that StoxMarket 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.