category: Unregulated Brokers

Is Trade WFX Scam or Legit Broker?

It is not safe to trade with Trade WFX, 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 while might operate its services from an absolutely different location.

What is Trade WFX?

Trade WFX is a Forex broker that claims to be located in London, UK, but without being regulated by the UK's Financial Conduct Authority. They provide the address (#34 Duke Street, Mayfair. London SE1 9TA.‎) and British phone number, but most probably the company is not even located in the country.

• Moreover, there is also a warning from FCA against this broker that was targeting UK residents. 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. The regulator also protects customers when authorized financial services firms fail.

Trade WFX 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.

Trade WFX Update

We found the Trade WFX 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 Tait Investment Group Scam or Legit Broker?

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

What is Tait Investment Group?

Tait Investment Group claims that it has an office in London, United Kingdom. The broker also states that it is regulated by the Financial Conduct Authority. According to the information on the website, the firm is a member of the London Stock Exchange. Although, the FCA warns that the company is not actually operating from the address provided on the website.

• Also, the FCA registration number on the website does not belong to the firm. The license from UK’s Financial Conduct Authority requires EUR 125,000 of capital (aside from client deposits) for the STP license. The regulator also protects customers when authorized financial services firms fail.

Tait Investment Group 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 HotForex and BlackBull Markets.

Tait Investment Group Update

We found the Tait Investment Group 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 FXG Trade Scam or Legit Broker?

FXG Trade 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 FXG Trade. 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 in trading with such a company means the trader will believe only in the broker’s words, and of course, it is a high risk.

What is FXG Trade?

FXG Trade is a brand owned by Capital FXG LTD – a company licensed in the Marshall Islands. The Marshall Islands is a popular offshore destination for forex brokers, as it offers a variety of tax benefits (no income tax, no capital gains tax nor inheritance tax), the registration process is fast and low cost, and capital requirements are also very low, amounting to USD 2000. Also, the billing of the company is handled by Nordic Pearl Ltd., based in Bulgaria.

• Although the company is not licensed in the UK but is targeting UK residents. It is recommended to trade with brokers regulated by UK’s FCA or Australia’s ASIC (Read the ASIC Regulated MEXC's Review) 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. The regulator also protects customers when authorized financial services firms fail.

FXG Trade 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 HotForex and BlackBull Markets.

FXG Trade Update

We found the FXG Trade 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 SolidCFD Scam or Legit Broker?

SolidCFD 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 SolidCFD. We never advise trading with an offshore broker, since the financial investment service they deliver is not trustable.

What is SolidCFD?

SolidCFD is owned by LOK marketing Ltd. 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. In Vanuatu, the registration fee is around USD 2,000, but the minimum capital requested (the security bond) is USD 50,000.
• On the other hand, the license from the UK’s Financial Conduct Authority costs USD 50,000 and also needs USD 100,000 of capital for the STP license aside from client deposits.

SolidCFD Review Conclusion

We strongly advise opening a trading account only with brokers regulated by 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 FP Markets and Eightcap.

SolidCFD Update

Our research showed that the SolidCFD Website is inactive. Since money safety in forex goes first we recommend avoiding any proposals from SolidCFD and staying alert. 

Is GCC Investing Scam or Legit Broker?

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

GCC Investing is a Forex broker based in Sofia, Bulgaria. Although it is owned by GreenRiver OU in Tallinn, Estonia, but payment processing is done by Mercure Services Ltd, which is based in St Vincent & Grenadines. St Vincent & Grenadines doesn’t have the regulation of Forex activity under its jurisdiction.

• They also provide British, German, and Bulgarian phone numbers which look very confusing as the company is not licensed in Europe. We advise signing only with brokers regulated by reliable entities like UK's FCA, ASIC in Australia (Also Read about ASIC Regulated MEX International Group), and Cysec in Cyprus. Read about another Cyprus-based broker Triumph FX Limited.
• In order to obtain the STP license from UK’s Financial Conduct Authority, the company would need to pay USD 50,000 and also would need to have USD 100,000 of capital for the STP license aside from client deposits.

GCC Investing Review Conclusion

We strongly advise opening a trading account only with brokers regulated by 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 FP Markets and Eightcap.

GCC Investing Update

Our research showed that the GCC Investing Website is inactive. Since money safety in forex goes first we recommend avoiding any proposals from GCC Investing and staying alert. 

Is MarketTM Scam or Legit Broker?

No, MarketTM broker is a Non-Regulated Broker. It is NOT SAFE to trade. We found that the company has 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.

What is MarketTM?

MarketTM is a Forex broker operated by MarketTM Ltdl Islands. The company doesn't provide its address or the regulation details. On its website, it is only mentioned FT Global Services Ltd as the payment service provider, based in London, United Kingdom. Also, the terms and conditions of the firm state that it is under the jurisdiction of the Marshall Islands, but still no information about actual regulation.

• The broker is not registered in the UK and most probably not in the Marshall Islands. It is recommended to trade with brokers regulated by trustworthy agencies like UK’s FCA or Australia’s ASIC (Learn about ASIC Regulated Brokers). For example, the license from the UK’s Financial Conduct Authority costs USD 50,000 and also needs USD 100,000 of capital for the STP license aside from client deposits. The regulator also protects customers when authorized financial services firms fail.

MarketTM Review Conclusion

We advise opening a trading account only with brokers regulated by 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 HotForex and Eightcap.

MarketTM Update

Our research showed that the MarketTM Website is inactive. Since money safety in forex goes first we recommend avoiding any proposals from MarketTM and staying alert. 

Is MaxCFD Scam or Legit Broker?

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

MaxCFD is a forex broker operated by Chemmi Holdings Ltd. The website of the company shares its location - London, UK. They also mention the regulation number of the company but don't mention the regulatory institution who authorized it.

• The main UK regulator is Financial Conduct Authority and there are no records about MaxCFD being registered there, moreover, the broker is blacklisted by UK's FCA.
• Also, New Zealand's FMA has recently issued a warning against MaxCFD for targeting New Zealand residents. In case of getting the license from New Zealand’s FMA (Financial Markets Authority), the broker needs to have a physical office in New Zealand and minimum net tangible assets of 1 million NZD or 10% of average revenue. It is about $35,000-50,000 for a license depending on its type.

MaxCFD Review Conclusion

We strongly advise opening a trading account only with brokers regulated by 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 FP Markets and Eightcap.

MaxCFD Update

Our research showed that the MaxCFD Website is inactive. Since money safety in forex goes first we recommend avoiding any proposals from MaxCFD and staying alert. 

Is BRFX Trade Scam or Legit Broker?

BRFX broker is a scam broker. It is NOT SAFE to trade with this company. 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 BRFX Trade?

BRFX Trade is owned by BR Consulting Group Ltd. It is an offshore Forex broker registered in St. Vincent and the Grenadines with a Financial Services Authority.

• It is risky to deal with offshore registration brokers as on average it takes $2000 to get the license. St Vincent Forex company formations usually take around one week. Also, the advantage is there's no Forex regulation in St Vincent. Comparing the license from the UK’s Financial Conduct Authority, the latter costs USD 50,000 and also needs USD 100,000 of capital for the STP license aside from client deposits.

Overall BRFX Ranking 

Our research results revealed multiple problems with the safety and regulations of BRFX, so we do not rank positively BRFX, based on our Expert Opinion with over 10 Years of experience in Forex Trading.

• BRFX 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.

BRFX Alternative Brokers

Due to our negative finds on BRFX here we offer much better Alternatives to BRFX with good regulations and excellent conditions. We select Good Brokers and trustworthy options for your comparison below: 

• Blueberry Markets – Forex and CFD Trading with Low Fees
• Interactive Brokers – Good for Real Stock Trading
• Plus500 – Good for Futures Trading

Deposits and Withdrawals

BRFX offers funding through Local bank transfers and debit/credit cards.

• There are no additional charges for deposits. Funds are reflected in the account after the user’s account has been authorized. If the user fails to confirm that he or she is identified and authorized to use the payment method, BRFXtrade might reject and refund the payment.
• Traders can request a withdrawal during regular office hours. The payment will be processed within 7 (seven) business days, after which the payment will be made via the original payment method.

BRFX Trade Review Conclusion

We strongly advise opening a trading account only with brokers regulated by 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 Pepperstone and TMGM.

• Overall ranking and experience for BRFX is Negative

BRFX Update

As we discovered, the BRFX website is inactive, and the broker is no longer available. It is unclear whether the broker changed its name, or has just ceased operations. Since money safety goes first, we recommend avoiding any proposals from BRFX and staying alert in case of any proposals. 

Is Tradovest Scam or Legit Broker?

Tradovest is not a safe broker. 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 and might operate its services from an absolutely different location.

What is Tradovest?

Tradovest is a forex broker owned by a Seychelles-based holding company called Celestial Trading Ltd. It is an offshore broker that doesn't provide its address. Instead, it provides different contact numbers in different countries (UK, Switzerland, Germany, New Zealand, Austria, and Spain). However, the company is not authorized in any of them.

• The key requirements for the Seychelles license are a domestic company in Seychelles with a share capital of $50,000 and an operational office in Seychelles. The advantages of this license are speed and low cost. On the other hand, the license from UK’s Financial Conduct Authority costs USD 50,000 and also needs USD 100,000 of capital for the STP license aside from client deposits.

Tradovest Review Conclusion

We strongly advise opening a trading account only with brokers regulated by 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 and FBS (Check FBS Broker Review).

Tradovest Update

Our research showed that the Tradovest Website is inactive. Since money safety in forex goes first we recommend avoiding any proposals from Tradovest and staying alert.