category: Unregulated Brokers

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

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. 

Is CFD Corporate Scam or Legit Broker?

CFD Corporate has been suspected as a scam broker. 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 CFD Corporate?

CFD Corporate is a Forex and CFD broker that claims to be located in Switzerland but without being regulated by the Swiss Financial Market Supervisory Authority. The only contact information they provide is a Swiss phone number. CFD Corporate is owned and operated by Mpower Technologies Ltd – a Cyprus-based company that has no regulation as well. In order to get a license from CySec (Cyprus Securities and Exchange Commission) the broker has to have an office located in Cyprus. There is a low level of reporting and the taxes are quite reasonable. Initially, only $30,000 is needed and it takes about six months before the license is granted.

CFD Corporate 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 BlackBull Markets and FBS (Read about FBS Trading).

CFD Corporate Update

Our findings showed that CFD Corporate 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 Pro TradeFX Scam or Legit Broker?

No, it is not safe to trade with Pro TradeFX. Pro TradeFX is owned by Game Capital Ads Limited, which is an offshore company registered in St. Vincent and the Grenadine.

• St. Vincent and the Grenadines is notorious for its practically absent requirements and regulations. Due to the setup cost being low and it does not regulate forex trading. Therefore, it became an offshore zone for shady forex brokers such as Binomo, Monfex, and more. You can read our detailed article about the risk of trading with brokers from St. Vincent and the Grenadines.

What is Pro TradeFX?

Pro TradeFX claims to provide premium-quality commodities and Forex trading services, which have fulfilled the commodities trading needs of clients since the creation of the company in 2013. 

As to the Game Capital Ads Limited company, its image does not seem to be that perfect and reliable. This entity is known for managing unregulated brokers that have been involved in scams and blacklisted by different regulators. We have reviewed some of them (such as 247SmartFx and 247 World BTC Fx).

In addition, Pro TradeFX itself has entered the warning lists of several authorities:

• " We believe this firm has been providing financial services or products in the UK without our authorisation. This firm is not authorised by us but has been targeting people in the UK."

FCA, February 2016

• " National Commission for Companies and the Stock Exchange has also ordered the following company (www.protradefx.com) to cease the infringement."

CONSOB, June 2018

Pro TradeFX Review Conclusion

We advise all investors and traders to avoid Pro TradeFX and other brokers from St. Vincent and the Grenadines. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia (Check out forex brokers Australia) and reliable brokers such as BlackBull Markets and FBS Forex.

You can also share your trading experience with Pro TradeFX by commenting on this review.

Pro TradeFX Update

Our findings showed that Pro TradeFX 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 Gulf FX Scam or Legal Broker?

According to our research, Gulf FX broker is a 100% fraud company. 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 Gulf FX? 

Gulf FX is owned by the Golf Fx EOOD. The company claims to be registered by the Financial Supervision Commission in Bulgaria, but there are no records about it on the regulator's website. The company provides two phone numbers with UK's and Bahrain's country codes, although it is not registered in any of those countries.

• Gulf FX is also on the warning list of Hong Kong's SFC for targeting residents without being authorized in the country. In order to get the license from Hong Kong’s SFC (The Securities and Futures Commission), it is a Type 3 license for Forex brokers and the fee will be around $130,000. Also, it requires a minimum liquid Capital of $3.000,000.

Gulf FX Review Conclusion

We strongly advise opening a trading account only with brokers that are regulated by respected world authorities and comply with the required set of rules and 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.

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

Gulf FX Updates

As we found, the Gulf FX website remains inactive and unavailable to reach. This means the broker no longer operates its trading offering and does not propose account openings, however, it is best to avoid and stay alert in case any proposals show up.

Is Time4X Scam or Legit Broker?

It is not safe to trade with Time4X as it is an offshore unregulated broker. That means, Time4X is a scam and does not comply with strict international rules that provide protective measures to the traders. 

What is Time4X?

Time4X is owned by FAH Investment 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 brokers as it takes about $2000 to get the license. The main advantages of having an offshore license are low costs, and speed of formation (it takes only a few weeks to get one).
• On the other hand, the UK’s Financial Conduct Authority license costs USD 50,000 and needs USD 100,000 of capital for the STP license aside from client deposits. In case, of obtaining Italian trading license with the CONSOB, the company would need to have EUR 50,000 of corporate capital.

Time4X 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 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.

Time4X Update

Our research showed that the Time4X Website is inactive. Since money safety in forex goes first we recommend avoiding any proposals from Time4X and staying alert. 

Is 100XFX Scam or Legit Broker?

100XFX is not a secure broker. In our research, we found that the broker claims to be located in the UK, while there is no authorization or registration of the address. Therefore the company seems to be highly suspicious and might operate its services from a different location.

What is 100XFX?

100XFX is owned by 100XFX Ltd., a company that seems to be based in the UK (judging by the contact telephone number it provides). Although, the firm is not licensed by UK’s FCA or another European regulator. Instead, it is located offshore and registered in St. Vincent and the Grenadines.

• Dealing with a broker which has a St. Vincent and the Grenadines license is risky as it only takes USD 2,000 to get one. The UK’s Financial Conduct Authority license costs USD 50,000 and needs USD 100,000 of capital for the STP license aside from client deposits.

100XFX 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 FP Markets.

100XFX Update

We found that the 100XFX Website is inactive. Since money safety in forex goes first we recommend avoiding any proposals from 100XFX and staying alert in case of any proposals. 

Is CT-Trade Scam or Legit Broker?

Our research showed that CT-Trade broker is a total scam. It is NOT SAFE to trade with this company. We found that there is no authorization or registration of the address, therefore the company seems to be highly suspicious and seems to be a clone firm. 

What is CT-Trade?

CT-Trade is the clone company of Citibank Europe plc. The clone claims to be regulated by Citibank Europe plc and has the same address as the original company – 71-75 Shelton Street, London, WC2H 9JQ, UNITED KINGDOM.

• Therefore, the clone should also be carrying the UK FCA license as the original company does. But the CT-Trade is not licensed in the UK or any other country. In case, of obtaining the STP license from UK’s Financial Conduct Authority, the company would need to pay USD 50,000 and also needs USD 100,000 of capital aside from client deposits.
• Clone firms use some or all of the details of a genuine entity, aiming to convince investors they are indeed the authorized company or that they work with them.

CT-Trade Review Conclusion

We advise all investors and traders to avoid CT-Trade and other unregulated brokers. 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. Usually, such companies run investment scams. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and Top Forex Brokers such as BlackBull Markets and Eightcap.

CT-Trade Update

We found CT-Trade Website inactive. Since money safety in forex goes first we recommend avoiding any proposals from CT-Trade and staying alert in case of any proposals.