category: Unregulated Brokers

Is Argon Financial Scam or Legit Broker?

No, Argon Financial is not a safe broker to trade with. Based on the website Argon Financial Limited is based in Gibraltar and operates under the authorization and regulation of the Gibraltar Financial Services Commission (ref FSC0824MIF) additionally website mentions that it is subject to limited regulation by the Financial Conduct Authority in the United Kingdom (ref 630135). However, since Gibraltar is an offshore zone it means in fact broker does not hold any serious regulations, thus its offerings are considered insecure.

• Besides, we were able to reveal that FCA has issued a warning against this firm on the basis that it is a clone firm and the number used as an FCA registration reference belongs to another company, not Argo  Financial. Clone firms are considered complete scams in Forex trading, and the only thing traders should do about them is to avoid them at any cost.

What is Argon Financial?

According to its website, Argon Financial is a highly regarded Category 1 Investment Dealer that operates in full compliance with regulatory standards. They state to offer an extensive range of financial products and services, catering to individual and institutional clients. Traders can enter the broker's services through a single account, which includes custody services for equities, fixed-income securities, and funds. Trades are conducted through popular platforms, such as Eze EMS, CQG, TT, and Bloomberg EMSX.

• However, the information the broker provides and the one we were able to reveal is a far call from this. In fact, Argon Financial was issued a warning from the FCA on the ground that the company is considered to be a clone firm.
• According to the FCA warning, Argon Financial is a clone firm of Alvar Financial Services, a secure broker partially authorized by the FCA. Evidently, Argon uses the number from another company with another name and, in fact, is not regulated by the FCA. Based on the provided evidence, there is no relation between the two brokers. (See the FCA Warning Here). Thus, Argon Financial is a clone firm that is targeting people in the UK, claiming to be an authorized firm and in fact is not a safe option with fake claims

Overall Argon Financial Ranking

Taking into consideration our revelations of Argon Financial security and regulations issues, we do not rank positively Argon Financial, based on our Expert Opinion with over 10 Years of experience in Forex Trading due to its lack of regulation and many negative reviews from traders.  

• Argon Financial 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.

Argon Financial Alternative Brokers

Considering our revelations about Argon Financial reliability and safety issues, here are much better Alternatives to Argon Financial with tight regulations and favorable conditions. We select Good Brokers and reliable options for your comparison below:   

• Dukascopy – Excellent for Shares, Futures Trading
• AvaTrade – Good Instrument and CopyTrading
• Interactive Brokers – Good for US Trading and Trading of Real Stocks

Trading Platforms

Argon Financial gives quite a wide choice of trading platforms to their clients. However, it needs to be mentioned that the broker does not give access to the most famous Forex platforms, such as MT4 and MT5 suitable for pattern trading. 

With Argon Financial traders can conduct their trades on Eze EMS, CQG, TT, and Bloomberg EMSX.

• All of Argon Financial trading platforms provide super low-latency speed of execution, price transparency, underlying market liquidity, depth of market trading, and advanced professional trading functionality.

Deposit & Withdrawal

Actually, the Argon Financial website provides little information about the broker’s offerings. There is almost next to no information about depositing and withdrawing funds.

• The thing is that the withdrawal process itself is crucial for any broker, and if there is no information about it, it is already a huge red flag. 

• We can only advise to sign in with a broker that has a well-organized funding process, with multiple options and strict policy.

Argon Financial Review Conclusion

We strongly recommend avoiding Argon Financial. This is a clone broker, which means that Argon Financial is using false information to attract traders. In Forex Trading the only way to profit from trading is to find a reliable broker with years of experience and good standing. For this, we advise finding a broker with licenses from top-tier authorities, such as FCA, ASIC, or CySEC. Sign in only with trustworthy brokers, such as FP Markets, HFM, or XM.

• Overall ranking and experience for Argon Financial is Negative

Is  Swiss Capital Scam or Legit Broker?

No, Swiss Capital is not a safe broker to trade with. Swiss Capital does not hold any license, which is one of the greatest drawbacks of any financial investment firm. Generally, all offshore and unregulated brokers are not reliable and might turn out to be scams.

• To avoid unpleasant surprises and loss of funds, the best decision is to choose a reliable broker with years of experience and favorable offerings.

What is Swiss Capital?

Swiss Capital positions itself as a best-in-class Integrated Service Provider (ISP) in financial trading ranging from Research and Advisory, Risk Assessment to Closing of all types and levels of trade deals. Swiss Capital provides an extensive range of CFDs, encompassing numerous commodities, precious metals, indices, stocks, and major cryptocurrencies such as Bitcoin, Litecoin, Dash, Ripple, and Ethereum, in addition to forex.

• However, the reliability score of the broker is very low and is due to several important factors.
• The greatest red flag about the broker is the lack of any license. On its website, Swiss Capital does not provide any information about the regulations, which means that it does not hold any license. Usually, brokers with top-tier licenses put the information on their website, as it is one of the most crucial points that ensure trust and reliability.
• Besides, Swiss Capital has accumulated a great number of negative reviews from its previous clients. One of the major complaints about the broker is the problems occurring during the withdrawal process. Also, traders point out that the broker always reaches out to them, trying to convince them to make investments. Generally, this is a practice common for fake brokers. 

Overall Swiss Capital Ranking

Based on our findings of Swiss Capital security and regulations issues, we do not rank positively Swiss Capital, based on our Expert Opinion with over 10 Years of experience in Forex Trading due to its lack of regulation and many negative reviews from traders.  

• Swiss Capital 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.

Swiss Capital Alternative Brokers

Considering our revelations about Swiss Capital reliability and safety issues, here are much better Alternatives to Swiss Capital with tight regulations and favorable conditions. We select Good Brokers and reliable options for your comparison below:   

• FXTM – Good for Beginners and Good Fees
• Dukascopy – Excellent for Shares, Futures Trading
• AvaTrade – Good Instrument and CopyTrading

Trading Platforms

Swiss Capital enables its clients to conduct their trades on MT4 IOS and Android platforms. By utilizing technical indicators and advanced charting tools, the MetaTrader 4 app for iOS and Android allows traders to efficiently manage their accounts and elevate their trading experience.

• MT4 platform offers more than 30 customizable market analysis tools to enhance the trading experience. 

Deposit & Withdrawal

With Swiss Capital clients deposit or withdraw via the standard Visa and MasterCard, as well as bank wire.  E-wallets such as Skrill are not supported by the broker.

• There is a monthly inactivity fee, which is 10% of the available cash on the trading account.
• There is not much information about the broker's withdrawal process, however, based on the traders' reviews, the withdrawal process is one of the drawbacks of the broker. 

Swiss Capital Review Conclusion

We do not recommend signing with Swiss Capital. Although the broker might have favorable offerings, it does not hold a license from any top-tier regulatory body. It is a well-known fact that the safety of funds is the most important part of Forex trading. Tight regulations and strict rules ensure safety, enabling traders to be secure and engage in profitable trading. 

To ensure maximum security, it is highly recommended that traders opt for brokers with licenses from reputable regulatory bodies such as the UK's FCA or Australian ASIC, and register with well-established brokers such as FXTM, Interactive Brokers, and FP Markets.

• Overall ranking and experience for Swiss Capital is Negative

Is COIN-ROYAL Scam or Legit Broker?

No, COIN-ROYAL is not a safe broker. The broker is registered in an offshore zone - Saint Vincent and the Grenadines under registration number 26181 BC 2021. However, it is well-known that offshore brokers are unreliable, and signing in with them might put traders’ investments at risk.

• Brokers registered in SVG FSA are not trustworthy. This is due to the fact that the regulatory body does not set many requirements and guidelines. Besides, the set-up cost is very low, enabling any financial company to register and obtain a license.

What is COIN-ROYAL?

Based on the website, COIN-ROYAL, established in 2021, is a trading platform that operates on the Bitcoin network, facilitating leveraged trading on multiple digital assets such as Ethereum, Litecoin, Ripple, and Bitcoin itself. The broker is currently accepting clients from more than 150 countries.

COIN-ROYAL's website states that it is regulated by SVGFSA, with registration number 26181 BC 2021. In addition, the broker has shared their registered address (First Floor First St. Vincent Bank Ltd. Building, James Street, Kingstown, Saint Vincent, and the Grenadines). Read why it is not advisable to choose a broker with an SVG FSA license. 

• In fact, Saint Vincent and the Grenadines is a popular destination for spam brokers. The jurisdiction does not mandate the company to establish an office within SVG, has a low initial capital requirement, and does not enforce strict establishment regulations. Thus, it is crucial to keep in mind that brokers registered with SVGFSA should be avoided for several legitimate reasons, the most important of which is the safety of funds.
• The other reason that should stop traders from signing in with the broker are numerous negative reviews from clients. Most often traders state that at first, the broker seems very attractive with favorable offerings and environment, however, later on, it becomes pushy, trying to make the clients invest more and more. And when it comes time to withdrawals the clients always face complications. Read real reviews and inquiries about COin-Royal from clients here.
• We strongly advise traders and investors to only consider brokers that are well-regulated and licensed by top-tier authorities, including CySEC, FCA, ASIC, and other trusted regulatory bodies. This approach will help traders avoid any fraudulent investment schemes and prevent unpleasant surprises. 

Overall COIN-ROYAL Ranking

Based on our findings in regard to COIN-ROYAL security and regulations issues, we do not rank positively COIN-ROYAL, based on our Expert Opinion with over 10 Years of experience in Forex Trading due to its lack of regulation and many negative reviews from traders.  

• COIN-ROYAL 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.

COIN-ROYAL Alternative Brokers

Taking into consideration our revelations of COIN-ROYAL reliability and safety issues, here are much better Alternatives to COIN-ROYAL with tight regulations and favorable conditions. We select Good Brokers and reliable options for your comparison below:   

• XM – Wide Range of Trading Opportunities
• Pepperstone – Low Spreads and Competitive Trading Conditions
• FXTM – Good for Beginners and Good Fees

Account types

COIN-ROYAL five accounts (COIN-ROYAL Standard, COIN-ROYAL Plus, COIN-ROYAL Gold, COIN-ROYAL Expert, and COIN-ROYAL Platinum) require different initial deposits and offer different amounts of leverage. For the Standard account, the Minimum deposit is $ 250. For the Royal Plus account the minimum deposit starts from $5,000, for Royal Gold $25,000, and for COIN-ROYAL Expert it is $100,00. The highest available leverage for more sophisticated accounts can be up to 1: 600.

Deposit & Withdrawal

We found that to be able to get any information about the deposit and withdrawal processes of COIN-ROYAL you should be a registered client and Broker does not show how withdrawals or deposits are performed in it open space, which is quite suspicious.

• Basides, based on our research, it is very difficult to withdraw your investments or profits. Most often, the broker delays the withdrawal process for months. The trickiest part is that after six months clients are not able to get chargeback anymore. This is one of the most common strategies of scam brokers that leads to the loss of the client’s funds.  

COIN-ROYAL Review Conclusion

Our advice to traders is to avoid offshore and unregulated brokers. However, it is worth noting that not all offshore brokers are fraudulent. Nonetheless, the safety of funds is of utmost importance in Forex trading, and therefore, we recommend seeking out well-regulated and trustworthy brokers.

Our investigation revealed that COIN-ROYAL, along with many other offshore brokers, provides enticing offerings that may attract traders. Nonetheless, for added security, it is advisable to opt for brokers that have licenses from the UK’s FCA or Australian ASIC and register with reputable brokers such as AvaTrade, Interactive Brokers, and HFM.

• Overall ranking and experience for COIN-ROYAL is Negative

Is Alpha Trading Hub Scam or Legit Broker?

No, it is not safe to trade with Alpha Trading Hub. The broker does not hold a serious license from a world-known financial authority. Instead, it is authorized by the MWALI INTERNATIONAL SERVICES AUTHORITY with license number T2023165 registered in P.B. 1257 Bonovo Road, Fomboni, Comoros, KM.

• It is a well-known fact, that unregulated or offshore brokers are unreliable for investments. Often, such brokers turn out to be financial spam. To ensure the safety of your funds, traders should only choose regulated brokers with FCA, CySEC, or ASIC licenses.

What is Alpha Trading Hub?

On its website Alpha Trading Hub states to be a leading global online trading provider, offering trading in Forex and CFDs, indices, precious metals, energies, and cryptocurrencies. The broker was founded back in 2015. Although it boasts about its regulated nature, we were able to reveal some interesting facts, that prove otherwise.

• According to the website, Alpha Trading Hub is located on the 2nd Floor Beaumont House, 1b Lambton Road, London, England, SW20 0LW. However, all the brokers in England should be regulated by the local financial authority – FCA. Yet, this is not the case with Alpha Trading Hub, as it is authorized by the MWALI INTERNATIONAL SERVICES AUTHORITY (license number T2023165).
• Also, Alpha Trading Hub mentions that it does not accept clients from the USA, Canada, Japan, Australia, Cuba, Afghanistan, Malaysia, North Korea, South Sudan, Thailand, and other restricted countries.
• It goes without saying that unregulated or offshore brokers are not reliable for investments. Based on our research and experience, offshore and unregulated brokers are short-lived. They operate for several years, gather clients, and then disappear with the funds accumulated.
• Although not all offshore brokers are scams, avoiding them and choosing trustworthy brokers with tight regulations and compensation schemes is still wiser.

Overall Alpha Trading Hub Ranking

During our research we were able to reveal safety and regulations issues regarding Alpha Trading Hub, thus we do not rank positively Alpha Trading Hub, based on our Expert Opinion with over 10 Years of experience in Forex Trading due to its lack of regulation and many negative reviews from traders.  

• Alpha Trading Hub 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.

Alpha Trading Hub Alternative Brokers

Taking into account our findings of Alpha Trading Hub reliability and safety issues, here are much better Alternatives to Alpha Trading Hub with tight regulations and favorable conditions. We select Good Brokers and reliable options for your comparison below:   

• FP Markets – Powerful trading technology and ECN environment
• InteractiveBrokers – Good for Trading Real Stocks
• XM – Wide Range of Trading Opportunities

Account Types

Alpha Trading Hub offers its clients three main account options: Standard, VIP 1, and VIP 2. With Standard accounts the minimum deposit is $500. For VIP 2 account type the initial deposit is $5,000,  and $20,000 for VIP 2. The available leverage for all the account types is up to 1:500. Spreads for Standard accounts are on the higher side - Floating spreads from 1.4 pips. For VIP 1 and VIP 2, spreads are lower than the market average starting from 0.1 pips. 

• Alpha Trading Hub also offers Demo accounts that are especially good for beginner traders. 

Deposits and Withdrawals

Alpha Trading Hub offers various funding methods to choose from: bank wire, credit card, wire, CRYPTO, etc.

• Some of the funding methods may incur additional charges.  Alpha Trading Hub does not cover any exchange rates charged if traders are depositing in a currency that is different from that of their bank funds.
• The broker accepts the following Currencies: USD, EUR, GBP, THB, IDR, and VND.
• As to withdrawals, traders simply need to log in to the client office, select the trading account and enter their desired amount of withdrawal. If the nominated bank is in a different currency than the trader's trading account, the Bank converts the amount.
• However, there are many negative reviews from traders, especially regarding the withdrawal process. Many traders state that the company simply denies withdrawals.  

Alpha Trading Hub Review Conclusion

We found that Alpha Trading Hub is not a reliable broker. The broker is located in England, yet it is not regulated by the local regulatory body. Although Alpha Trading Hub positions itself as a good broker with attractive and favorable offerings, it is not reliable in regard to its regulations and safety. Most often, unregulated or offshore brokers are spam. We strongly recommend choosing brokers with UK’s FCA or Australian ASIC and signing in with reliable brokers such as Tickmill, FP Markets, and HFM.

• Overall ranking and experience for Alpha Trading Hub is Negative

Is Kato Prime Scam or Legit Broker?

No, it is not safe to trade with Kato Prime. The broker is registered in offshore zone New Horizon Building, Ground Floor, 3 1/2 Miles Philip S.W. Goldson Highway, Belize City, Belize, with the IFSC: 000392/228 registration number. However, Belize is an offshore zone and brokers with a Belize license are not safe and trustworthy enough. 

• The Belize license fee is relatively low compared to top-tier authorities, and getting one is quite easy. Besides, the regulatory body does not set many requirements before the financial firms. Thus, signing in with a broker holding only a Beize license is not safe. Very often offshore brokers turn out to be scams, which puts the traders' investments at risk. Read more about why to avoid IFSC brokers from Belize.

What is Kato Prime?

Kato Prime login provides access to trade Stocks, Indices, Commodities, Cryptocurrencies, and Foreign Exchange. The broker is registered in Belize. However, Belize is an offshore zone, and signing in with the broker might put the trader's investments at risk. 

• In general, brokers registered in offshore zones such as Belize are not reliable. Although the authority has developed certain rules and requirements to oversee the companies registered in the zone, they are still quite lax in comparison with world-known authorities. Usually, offshore brokers still manage to run investment spam. 
• The other red flag with Kato Prime is its withdrawal issues. There are many negative reviews from traders in this respect. In many instances, traders are not able to withdraw their profits or investments. 
• If engaging in Forex Trading, then only with a safe broker with tight regulations. It is wise to choose brokers with FCA or CySEC licenses. These authorities have very strong rules and guidelines. Getting a license with them requires stable capital and registration fee is rather high. Yet, they provide compensation and negative balance protection. For instance, FCA provides up to £85 000. 

Overall Kato Prime Ranking

Based on the revelations we were able to come up with regarding Kato Prime safety and regulations issues, we do not rank positively Kato Prime, based on our Expert Opinion with over 10 Years of experience in Forex Trading due to its lack of regulation and many negative reviews from traders.  

• Kato Prime 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.

Kato Prime Alternative Brokers

Taking into account our findings of Kato Prime reliability and safety issues, here are much better Alternatives to Kato Prime with tight regulations and favorable 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

Account Types

Kato Prime offers its clients several account options: Advanced Account MT4, Raw Premium Account MT5, and Platinium Account MT5. With the Advanced option, the minimum deposit starts from $15, $50 for Raw Premium, and $3,000 for Platinium Account respectively. Kato Prime also offers a Demo account. It is especially a favorable chance for beginner traders, enabling them to practice trading before starting real trades and investing real money. 

• By signing with Kato Prime traders gain access either to MT4 or MT5  platforms, which are the most demanded platforms in Forex trading. 

Deposits and Withdrawals

With Kato Prime, it is possible to fund the accounts via Credit/Debit cards and Wire transfers. The minimum deposit with the broker is $15. However, there are numerous complaints from traders regarding its deposits and withdrawals. 

• Besides, the broker does not specify any rules and steps regarding the withdrawal process. This is a big drawback, as withdrawal of the funds is an important moment in Forex trading, and if there are problems with the process clients are at risk of losing their profits and investments. 

Kato Prime Review Conclusion

We found that Kato Prime is not a reliable broker as it has only a Belize license, which is an offshore zone. The offerings of the broker might seem attractive and favorable, however, offshore brokers are not reliable. Most often, unregulated or offshore brokers are spam. We strongly recommend choosing brokers with UK’s FCA or Australian ASIC and signing in with reliable brokers such as Tickmill, Interactive Brokers, and HFM.

• Overall ranking and experience for Kato Prime is Negative

Is Forex Market Income Scam or Legit Broker?

No, Forex Market Income is not a safe broker to trade with. The registered address of the broker provided on its website is 5895 W Olympic Blvd, Los Angeles, CA 90036, USA. Clearly, the broker is located in the United States, however, it does not hold any license from the local financial authority – NFA.

• Forex trading in the USA is strictly regulated by NFA. Companies under it are obliged to follow strict rules and guidelines. The unregulated nature of Forex Market Income makes the broker an unfavorable offering. In forex, lack of regulation is the biggest red flag, as money safety and security of investments always go first.

What is Forex Market Income?

Forex Market Income provides money transfer services over the Bitcoin cryptocurrency network. The broker claims to be reliable and secure, with high-quality, trader-oriented services. However, the facts we revealed about Forex Market Income make us believe otherwise.

• Based on the information provided on the broker’s website, Forex Market Income is based in the USA. As the law obligates, all the brokers located in the country need to have an NFA license, to be able to legally operate. However, this is not the case with Forex Market Income, as the broker holds no license.
• The unregulated nature of the broker is not the only downside that should keep the traders away. By digging a little deeper we found that Forex Market Income is not the only broker registered at the provided address. In fact, there were several companies, and one of them is Fnx Trading Capital (www.fnx-trdingcaps.com). One does not need to be a genius to see how identical the websites of the two brokers are. This means that the company tries to attract new customers under different names, which is a common practice in Forex.
• Besides, when we tried to find information on the deposit or withdrawal processes, we couldn’t find anything that would ensure trust in the company. It is a well-known fact that smooth withdrawals are crucial in trading. Thus, for clients, more information about it is necessary, which the broker evidently does not provide. Here you can also read trader's reports about the broker. 
• In addition, when looking for a trustworthy broker located in the USA, we strongly recommend choosing one with an NFA license, as trading in the country can be a little tricky. With a good broker, such as OANDA US your investments and gains are protected.

Overall Forex Market Income Ranking

Taking into account our findings relating to safety and regulations issues with Forex Market Income, we do not rank positively Forex Market Income, based on our Expert Opinion with over 10 Years of experience in Forex Trading due to its lack of regulation and many negative reviews from traders.  

• Forex Market Income 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.

Forex Market Income Alternative Brokers

Taking into account our findings of Forex Market Income reliability and safety issues, here are much better Alternatives to Forex Market Income with tight regulations and favorable conditions. We select Good Brokers and reliable options for your comparison below:   

• FP Markets – Powerful trading technology and ECN environment
• InteractiveBrokers – Good for Trading Real Stocks
• XM – Wide Range of Trading Opportunities

Account Types

Forex Market Income offers different investment packages to choose from: Mini, Silver, Gold, and Platinum. The minimum deposit starts from $500 for the Mini account type. For Silver, the investments start from $4 000, $10 000 for Gold, and $15 000 for Platinum. The broker states that signing in with the Platinum account gives traders lots of opportunities and many valuable bonus features.

Deposit & Withdrawal

The broker does not provide much information on the deposit and withdrawal processes.

• With Forex Market Income deposits are made by copying the wallet address in the trader’s profile and making the deposit with it. The funds are processed almost immediately.
• To apply for withdrawals traders need to log in to their accounts using their usernames and passwords and click on the Withdraw button.
• The minimum deposit is with the Mini investment plan and starts from $500.

Forex Market Income Review Conclusion

Forex Market Income is not a trustworthy broker. No matter how attractive a broker’s offering might seem, we always recommend traders avoid unregulated brokers. Most often, unregulated brokers are spam, and investments are always at risk with such brokers.

It is more advisable to choose brokers with UK’s FCA or Australian ASIC, or NFA licenses and sign in with reliable brokers such as OANDA, Interactive Brokers, and HFM.

• Overall ranking and experience for Forex Market Income is Negative

Is LCMFX Scam or Legit Broker?

LCMFX is not a safe broker to trade with. LCMFX is an offshore broker located in Saint Vincent and The Grenadines. The broker boasts about its high-level services and years of immaculate experience, however, it does not hold any license from world-known financial authorities, which is a big red flag when it comes to Forex trading.

• LCMFX has its office in Saint Vincent and the Grenadines. However, brokers registered in SVG FSA are not trustworthy. The regulatory body does not set many requirements before the financial firms. This is proved by the license's low set-up costs, lack of business planning and other significant requirements.

What is LCMFX?

LCMFX is a registered business name of Lucror Ltd, which is a privately owned brokerage firm with a registered office in Saint Vincent and The Grenadines. The broker does not mention its address, however, the number provided indicates New Zealand (1005, Level 10, 300 Queen Street, Auckland CBD 1010, New Zealand). An essential thing is, we found that there is also another broker under the company– LUCROR (www.lucrorltd.com), with the same registered address. Thus, these two are the same company, operating under different names.

• LCMFX states its superior level of service to retail and institutional customers. Besides, the broker mentions about its lowest spreads and commissions in the industry, with no requotes, delays, or interventions. LCMFX also mentions its good customer support with 24/5 access and availability in different languages.

• LCMFX mentions on its website that it does not open or maintain accounts for Caribbean Islands-based entities or residents. Governmental restrictions along with their internal company policies prohibit LCMFX from opening accounts originating from restricted and/or OFAC-sanctioned countries.

• Another thing the broker seems to prioritize is the safety of its client’s funds, assuring that they are held in the top trusted financial institutions and Banks. However, this is when it gets tricky. In fact, LCMFX is an offshore broker, and it is not a secret that brokers with offshore licenses do not provide a sufficient level of safety and security. Among other disadvantages, if something happens with the company, it is unlikely that clients will be compensated. They will simply lose all of their investments. Whereas, top-tier authorities such as UK FCA, ASIC and CySEC provide compensation schemes and guaranteed stop-loss strategies.

• Also, we cannot overlook the numerous negative reviews and complaints from LCMFX clients. Many traders point out the problem with the withdrawal process. Some of them were never able to get their profits or invested funds. Besides, traders even warn that in many instances managers of the brokerage firm persuade them to make large investments, however, the invested money never goes to the client’s account.

Overall LCMFX Ranking

Taking into account our findings relating to security and regulations problems with LCMFX, we do not rank positively LCMFX, based on our Expert Opinion with over 10 Years of experience in Forex Trading due to its lack of regulation and many negative reviews from traders.  

• LCMFX 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.

LCMFX Alternative Brokers

Taking into account our findings of LCMFX reliability and safety issues, here are much better Alternatives to LCMFX with tight regulations and favorable 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

Account types

LCMFX offers its clients two main account types: Standard Trade and Pro Trade. For Standard account types spreads start from 1.8 Pip, while for Pro Trade the offering is considerably lower – 0.9 Pip. The minimum Deposit for Standard Trade starts from $100, and for Pro Trade from $1,000. The available leverage for Currency trading is 1:500, the same for both account types. Traders can deposit funds in USD/EUR/GBP.

Deposit & Withdrawal

LCMFX offers several methods for deposits and withdrawals of the funds: Bank Transfer, Visa/Master cards, and Skrill. Clients have the chance to choose the one that is more convenient for them.

• The minimum deposit with LCMFX is $100.
• The minimum withdrawal fee is $100 for Banak transfers and $50 for Skrill.
• There are no commission fees. The processing time is estimated up to 72 hours for Bank transfers and instantly for Skrill. However, we recommend our readers not to forget about the problems that former clients reported about the withdrawal process and be very careful.

LCMFX Review Conclusion

We always recommend traders avoid unregulated and offshore brokers. Still, it is also fair to say that not all offshore brokers are spam. Nevertheless, the safety of funds is the most important part of Forex trading, thus we recommend finding well-regulated and reliable brokers.

Our revelations showed that LCMFX, like many other offshore brokers, has some attractive offerings that can draw traders. However, to be on the safer side, it is best to choose brokers with UK’s FCA or Australian ASIC licenses and sign in with reliable brokers such as AvaTrade, Interactive Brokers, and HFM.

• Overall ranking and experience for LCMFX is Negative

Is Tenko FX Scam or Legit Broker?

Tenko FX is not safe to trade with. The broker is suspected to be a scam. Although the broker states its years of experience and favorable conditions, it does not provide any information about registration.

• In Forex trading it is essential to trade with only a reliable broker with tight regulations. In the case of Tenko FX, it seems the broker does not hold any license from top-tier authorities. This means, that traders’ investments are not protected, and by signing with Tenko FX clients might put their trust only in the broker’s words.  

What is Tenko FX?

On its website, TenkoFX states that it provides access to both the Forex market and CFD commodity markets with a focus on delivering flawless and instant deal execution for optimal trading outcomes. The broker also operates as an ECN broker with direct access to the interbank market and executes orders via Market Execution mode, where clients' transactions are processed by other traders, banks, and funds. Also, the broker mentions how important are reliability, tight regulations, and transparency. Since its foundation, it has tried to deliver great services to its clients.

• However, the broker has evidently issues with safety and regulations. Brokers that have licenses from top-tier regulatory bodies, always mention this fact as in Forex trading safety of funds goes first. This is not the case with  TenkoFX, as there is hardly any mention of regulation on the broker’s website.
• Instead, visitors of the website can only find the provided address and company number (Tenko Systems Limited (Сompany No. C 49112), Nevis, Charlestown, Corner of Jews Street & Marion Avenue, Ramsbury Site). Apparently, Nevis is an offshore location that does not provide sufficient protection to the financial companies registered there.
• We strongly recommend choosing a reliable broker with tight regulations, favorable conditions, and years of proven experience in the market.
• On the other hand, based on our investigation, the Tenko FX reviews from traders are mostly positive. Very rarely there are problems with withdrawal or other issues, yet mostly the impressions are good. Thus, it is necessary to mention, that not all unregulated brokers are scams. There might also be good brokers with favorable offerings. However, signing with brokers such as Tenko FX, traders rather trust the broker’s word and reviews from other clients, still being unprotected legally.

Overall Tenko FX Ranking

Taking into account our findings relating to safety and regulations problems with Tenko FX, we do not rank positively Tenko FX, based on our Expert Opinion with over 10 Years of experience in Forex Trading due to its lack of regulation and numerous negative reviews from traders.

• Tenko FX Overall Ranking is 4 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.

Tenko FX Alternative Brokers

Taking into account our revelations of Tenko FX reliability and regulations issues, here are much better Alternatives to Tenko FX with good regulations and excellent conditions. We select Good Brokers and reliable options for your comparison below:   

• FP Markets – Powerful trading technology and ECN environment
• InteractiveBrokers – Good for Trading Real Stocks
• XM – Wide Range of Trading Opportunities

Deposit & Withdrawal

Tenko FX states about its easy and effortless deposits and withdrawals. The range of options and terms is regularly updated by the broker. Besides, Tenko FX covers money transfer costs if any, and does not charge more than the cost to the company.

• Withdrawals are processed on working days (Mon - Fri - 9:00 am to 9:00 pm, GMT+4). The delivery of funds to the client’s bank account depends on the transfer method.
• Deposits and Withdrawals are processed through Bitcoin, BitcoinCash, Litecoin, and Ethereum.

Tenko FX Review Conclusion

Being an unregulated or an offshore broker does not mean that the broker is a scam. Our revelations showed that TenkoFX is a broker with good offerings, and the reviews of traders are also rather good. Still, many brokers with offshore registration are not trustworthy, and signing with them might result in risking your investments. We recommend well-regulated brokers with UK’s FCA or Australian ASIC registration. We advise signing in with reliable brokers such as AvaTrade, Interactive Brokers, and HFM.

• Overall ranking and experience for Tenko FX is Negative

Is TP Global FX Scam or Legit Broker?

TP Global FX is not a safe broker for investments. The broker has no license from a world top-tier financial regulatory authority. Instead, based on the information provided on the broker’s website, TP Global FX is registered in two offshore zones:

• TP Global FX is registered in Saint Vincent and the Grenadines with registration number 25274 BC 2019 (registered office: Suite 305, Griffith Corporate Centre, Beachmont, P.O. Box 1510, Kingstown Saint Vincent and the Grenadines). However, brokers registered in SVG FSA are not reliable, as the license set-up costs are very low, and do not necessarily request any business planning, and other major requirements. 
• Besides, the broker also mentions its Vanuatu license with the registration number 40409 (with the address Law Partners House, Kumul Highway, PortVila, Vanuatu). Anyway, Vanuatu is also an offshore zone notorious for scam brokers. To be more informed read why to avoid Vanuatu brokers. 

What is TP Global FX?

TP Global FX is a forex broker that offers online trading services for various financial instruments such as currency pairs, commodities, and indices. The company website states that they offer competitive spreads, fast execution, and a range of trading platforms, including a proprietary platform TPG Trader, also,  MetaTrader 4, and MetaTrader 5.

• Besides, the broker offers educational resources and trading tools to help traders improve their skills and make informed trading decisions. One of the advantages of TP Global FX is its Trading Central. Through Trading Central traders have access to a range of essential tools, that help to make informed market decisions. Also, the broker offers Copy Trading.
• TP Global FX offers three main account types: Standard, Pro, and Institutional. TP Global FX also offers Islamic accounts.
• In fact, TP Global FX offerings are quite diverse and favorable. Yet, the broker does not hold a serious license from one of the world's top regulatory bodies, such as ASIC, FCA, or CySEC. This is a big red flag as it goes without saying, that safety comes above anything in trading.  
• Also, we cannot ignore numerous complaints that traders share on different social platforms about the broker. One of the major complaints seems to be about complications in the withdrawal process. 

Overall TP Global FX Ranking

Taking into account our revelations on the safety and regulations issues with TP Global FX, we do not rank positively TP Global FX, based on our Expert Opinion with over 10 Years of experience in Forex Trading due to its lack of regulation and numerous negative reviews from traders.

• TP Global FX 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.

TP Global FX Alternative Brokers

Taking into account our revelations of TP Global FX safety and regulations issues, here are much better Alternatives to TP Global FX with good regulations and excellent conditions. We select Good Brokers and reliable options for your comparison below:   

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

Deposit & Withdrawal

The broker states about its easy and effortless deposits and withdrawals, however, numerous complaints from traders about complicated withdrawals hint about the opposite. On its website, the broker offers multiple options for funding their accounts, such as bank transfer, Bitcoin, or Tether.

• The minimum deposit for the Standard account is $50. For Pro accounts, it is $500, and for Institutional accounts, the deposit starts from $25,000.

• With TPG Global FX bank transfers require a minimum withdrawal of $1,000. Payments under that amount include an additional charge. 

TPG Global FX Review Conclusion

Being an unregulated or an offshore broker does not mean that the broker is a scam. However, many brokers with offshore registration are not trustworthy, and signing with them might result in risking your investments. Thus, we do not recommend trading with TPG Global for this very reason. Instead, traders should pick a well-regulated broker with UK’s FCA or Australian ASIC registration. We advise signing in with reliable brokers such as AvaTrade, Interactive Brokers, and HFM.

• Overall ranking and experience for TPG Global FX is Negative