category: Unregulated Brokers

 Is Primus Forex Financial Group Scam or Legit Broker?

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

What is Primus Forex Financial Group?

Primus Forex Financial Group is the clone company of the forex trading broker Primus Capital Markets UK Limited. The clone claims to have the same address as the original company - 3rd Floor, 9 Devonshire Square London EC2M 4YD UNITED KINGDOM. Therefore, the clone should also be carrying the UK FCA license as the original company does. But the Primus Forex Financial Group is not licensed in the UK or any other countries.

• In case, of obtaining the STP license (Find STP brokers by link) from UK’s Financial Conduct Authority, the company would need to pay USD 50,000 and also need USD 100,000 of capital aside from client deposits.

Primus Forex Financial Group Review Conclusion

We advise all investors and traders to avoid Primus Forex Financial Group and other clone brokers. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as FP Markets and BlackBull Markets.

Primus Forex Financial Group Update

Our findings showed that Primus Forex Financial Group is no longer active.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 Bitex360 Scam or Legit Broker?

Bitex360 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 with Bitex360. 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 competitive trading conditions, yet there is no guarantee from the official entities that oversee the Forex industry. 

What is Bitex360?

Bitex360 is owned by Km Media Ltd. It is an offshore forex broker registered in the Marshall Islands with a Banking Commission of Marshall Islands license. The brokerage claims to be located in the UK (the website provides UK's phone number as their office number), but there are no records that it’s authorized in the UK.

• Dealing with a broker which has a Marshall Islands license is risky as it only takes USD 2,000 to get one. Comparing the license from the UK’s Financial Conduct Authority, which costs USD 50,000 and also needs USD 100,000 of capital for the STP license (Check out STP forex brokers) aside from client deposits. On the other hand, to obtain an Italian trading license with CONSOB, the company would need to have EUR 50,000 of corporate capital.

Bitex360 Review Conclusion 

We advise all investors and traders to avoid Bitex360 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 FP Markets and BlackBull Markets.

Bitex360 Update

Our research showed that Bitex360 Website is inactive. It is unclear whether the broker has changed its name and operates another fraud Forex activity or is just gone. We recommend avoiding any proposals from Bitex360 and staying alert in case of any proposals. 

Is Swiss Assets FX Scam or Legit Broker?

Swiss Assets FX is a Non-Regulated 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 Swiss Assets FX?

Swiss Assets FX states that it is a regulated investment services firm authorized in the conduct of its activities by the Swiss Securities and Exchange Commission (‘SFMSAS’) under license no. 092/08. However, there is no such entity as the Securities and Exchange Commission in Switzerland which means the company has been providing financial services without being authorized.

• The Swiss regulator who is responsible for providing licenses is FINMA. An entity should have 100 million CHF as net capital to apply for a forex trading license with FINMA and also should manage the business from an office in Switzerland.

Swiss Assets FX Review Conclusion

All investors and traders should avoid Swiss Assets FX and other brokers that operate without licenses. Traders should trade with tightly regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as BDSwiss and Pepperstone.

Swiss Assets FX Update

Based on our research Swiss Assets FX Website is inactive. It is unclear whether the broker has changed its name and operates another fraud Forex activity or is just gone. As money safety goes first we recommend avoiding any proposals from Swiss Assets FX and staying alert in case of any proposals. 

Is ISGXchange Scam or Legit Broker?

ISGXchange is not a safe broker. According to our research, ISGXchange 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 than mentioned on its website.

What is ISGXchange?

ISGXchange claims that it has offices in London and Copenhagen. In this case, the firm has to have two licenses from UK's FCA and Danish Financial Supervisory Authority accordingly, but in reality, the company is not regulated by those agencies. We don't recommend dealing with a company that carries no license and is not regulated.

• For obtaining an FCA license, companies pay USD 50,000. Also, they should have USD 100,000 of capital aside from client deposits. On the other hand, the fee for getting a license from the Danish FSA costs around EUR 230,000.

ISGXchange Review Conclusion

We strongly advise all investors and traders to avoid ISGXchange and other brokers that do not hold any licenses. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as BDSwiss and BlackBull Markets.

ISGXchange Update

Based on our research ISGXchange Website is inactive. It is unclear whether the broker changes its name and operates another fraud Forex activity or is just gone. As money safety goes first we recommend avoiding any proposals from ISGXchange and staying alert in case of any proposals. 

Is Get Financial Scam or a Legit Broker?

Get Financial is not a secure broker because it is registered offshore and does not hold a proper Forex broker license. While we checked the company we found that there is no authorization or registration of the address, therefore the company seems to be highly suspicious and might operate its services from an absolutely different location.

What is Get Financial?

Get Financial is owned by Get Financial Markets Ltd. It is an offshore forex broker registered in Saint Vincent and the Grenadines with a Financial Services Authority license. It is the only license that it owns. Dealing with a broker which has a St. Vincent and the Grenadines registration is risky as it only takes $2,000 to get one. Comparing the license from the UK's Financial Conduct Authority, which costs $50,000 among our obligatory capital. The difference in the amounts is obvious, and so reputation of the regulators.

Get Financial Review Conclusion

We advise all investors and traders to avoid Get Financial and other brokers with St. Vincent and the Grenadines license. Traders should trade with well-regulated and trustworthy brokers such as UK brokers or brokers in Australia and reliable brokers such as Pepperstone and BlackBull Markets.

Get Financial Update

We found that the Get Financial website is no longer active. Also, 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 Broker XP Scam or Legit Broker?

It is not safe to trade with Broker XP, because it is an unregulated broker. In addition, the company has been suspected to be a fraud. While we checked the company there is no authorization or registration of the address, therefore the company seems to be highly suspicious and might operate its services from an absolutely different location.

What is Broker XP?

Broker XP is owned by Avant Marketing Limited. It is an offshore forex broker registered in the Marshall Islands with a Banking Commission of Marshall Islands license. There is another license the firm carries - M&A Mergers and Acquisitions Consultancy LP (Edinburgh, Scotland), but there are no records that it's authorized in the UK.

Dealing with a broker which has a Marshall Islands license is risky as it only takes $2,000 to get one. Comparing the license from UK's Financial Conduct Authority, which costs $50,000, and also $100,000 of capital is needed aside from client deposits. 

Broker XP Review Conclusion

Based on our research Broker XP is not a safe and reliable broker due to its unregulated nature and operation in the offshore zone only. 

Broker XP Update

With our finding, Broker XP is no longer active, and the website is unavailable to reach also 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 that may guarantee money safety. Traders are better recommended to trade with well-regulated brokers such as brokers in Australia and reliable brokers such as BlackBull Markets.