category: Unregulated Brokers

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.  

Is TDMarkets Scam or Legit Broker?

No, TD Markets is a Non-Regulated Broker. It is NOT SAFE to trade. Based on our findings the company is not authorized and registered with the provided address, therefore the company seems to be highly suspicious and might operate its services from an absolutely different location.

What is TD Markets?

TDMarkets is an FX and CFDs company of TDM Holdings Inc. which is registered by the Financial Services Authority of St Vincent and the Grenadines, under the number 23129 IBC.

The company doesn't provide its address or contact phone number, only the email. It is dangerous to invest with offshore-based companies as they don't provide any funds protection.

Overall TD Markets Ranking 

Based on our finds on the safety and regulations issues of TD Markets, we do not rank positively TD Markets.  With an  Expert Opinion with over 10 Years of experience in Forex Trading we have come up with the following ranking:

• TD Markets 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.

TD Markets Alternative Brokers

As we found many issues regarding the safety and reliability of TD Markets, here we offer much better Alternatives to TD Markets with tight regulations and favorable conditions. We select Good Brokers and reliable options for your comparison below: 

• XM– Good for Beginner Traders
• FP Markets – Good for CopyTrading
• XTB – Good for CFDs trading

Deposit & Withdrawal

The minimum deposit for opening an account with TD Markets is $50 USD. The broker supports various instant deposits and withdrawal methods, including Bank Transfer, Credit/Debit Cards, bitcoin, PayFast, etc. 

• Client withdrawals are processed in 24 hours to ensure that clients have the assurance of access to their funds.

TD Markets Review Conclusion

Based on our research TD Markets is not a safe broker to invest in. An important point is that TD Markets was not active for an extended period, and then it revised its operation after the break. This fact also gives ground for more concerns and doubts. We recommend avoiding offshore brokers and investing with companies, licensed in the UK or Australia (Find best forex brokers in Australia), such as BlackBull Markets, where regulation is strict and there are certain client protection rules. 

• Overall ranking and experience for TD Markets is Negative

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.