category: Unregulated Brokers

Is KonohaFX Scam or Legit Broker?

KonohaFX is not a safe broker to trade with. Although the broker tries to position itself as a trustworthy broker with favorable conditions, it still does not hold any licenses, which is an immediate red flag for any broker. Services offered by KonohaFX are questionable and non-transparent. Besides many traders claiming KonohaFX scam operations and fraudulent activity. 

• Traders should never forget that their investments are not protected by signing in with unregulated brokers. The companies lead their business however they find it appropriate and do not put the trader’s benefits before anything.

What is KonohaFX?

KonohaFX is an unregulated Forex broker that offers its services throughout the Forex, Crypto, Indices, and Commodities markets. The company states that it accepts clients worldwide, providing very low spreads, supportive customer 24/5 service, and other favorable conditions.  

However, all of the mentioned is just an attractive representation. In reality, the broker has many safety and regulation issues, that should scare away traders.

• Firms that do not hold any licenses are not reliable: they do not offer any level of protection, which is also the case of KonohaFX.
• On KonohaFX website, there is no mention of any type of regulation. Based on the contact information provided on the website, the broker is located in Cyprus (36 Aigyptou Avenue, 6030 Larnaca, Cyprus). However, to be able to provide financial services, a broker from Cyprus should hold a CySEC regulation, which in this case is absent. This means, that the broker might be a complete scam, and the perfect trading conditions it promises might be false.
• Besides, the broker also provides Australian and United Kingdom phone numbers, which probably means that it targets mainly United Kingdom and Australian clients. However, to be able to offer services in the mentioned countries, the broker needs to acquire FCA and ASIC licenses respectively.
• And, of course, like many other unregulated brokers, KonohaFX is infamous for its failed withdrawals. Based on numerous negative reviews and reports of a large number of customers, the broker aggressively urges the clients to make more investments before withdrawing their money. When it comes to the withdrawal itself, customer service suddenly becomes irresponsive.

Overall KonohaFX Ranking

Taking into account our revelations on the safety of KonohaFX, we do not rank positively KonohaFX, 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.

• KonohaFX 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.

KonohaFX Alternative Brokers

Based on our revelations of KonohaFX safety and regulations issues, here are much better Alternatives to KonohaFX with good regulations and excellent conditions. We select Good Brokers and reliable options for your comparison below: 

• BlackBull Markets – Good for High Leverage Trading
• Pepperstone – Low Spreads and Competitive Trading Conditions
• IC Markets – Excellent cTrader Broker

Deposit & Withdrawal

With KonohaFX there are two main types of funding trading accounts: Credit cards and Wire transfers.

The minimum deposit is $250.

• For withdrawing their funds, clients need to verify their identity. The traders also need to attach a color copy of their IDs, the color copy of their credit or debit cards they initially used for funding their accounts (both front and back), and evidence of the provided address.
• The minimum withdrawal amount is 100 USD/EUR/GBP.
• After providing the required documents, the withdrawal process will further take 7-10 working days on average.

KonohaFX Review Conclusion

We strongly recommend to avoid non-regulated or offshore entities and avoiding KonohaFX at all means in case any offer came up. There are numerous complaints from traders in different jurisdictions based on our finds so KonohaFX isn't a reliable Broker.

We advise traders to invest only with brokers holding licenses from authorities alike UK’s FCA, Australian ASIC, or other similar regulators, that provide compensation and are strictly supervised. We advise signing in with reliable brokers such as FP Markets, BDSwiss, and HFM.

• Overall ranking and experience for KonohaFX is Negative

Is Tradefx24 Scam or Legit Broker?

Tradefx24 is not a safe broker. The company is registered in Seychelles (Seychelles, Mahe, Providence, Rue de la Perle, Global Gateway 8). This means that the broker does not hold serious and top-tier regulations that will provide a secure trading environment. Despite the efforts to position itself as a trustworthy and well-regulated broker, Tradefx24 lacks in regard to its safety, and signing with it means putting your investment at risk.

• Seychelles is an offshore zone with very low requirements for registered companies. The cost of the license is very low and easily obtained. The Seychelles legislation does not provide strict rules and does not oversee the company's operation further on. So, we do not recommend traders trust their funds to a broker with an offshore license.

What is Tradefx24?

Tradefx24 offers a wide scale of services, including real estate, cryptocurrencies, startups, securities, exchange markets, alternative energy sources, etc. On its website, Tradefx24 states that the goal of the company is to generate income from the field of digital assets and expand the investment opportunities of any resource capacities. It boasts to have a unique and easy-to-use platform that offers a secure and loss-free environment for trades. However, through professional research, we have come to the conclusion that this is not the real picture.

• The first red flag about the company is the absence of a serious license. The company is registered only in Seychelles, which leaves the broker with only an offshore license.
• The next disturbing truth about Tradefx24 is the confusing and disturbing reviews about the withdrawal. Many clients complain about not being able to withdraw their funds. It seems the broker is only fixed on getting from its clients as much money as possible, by constantly asking for payments, in order to process the withdrawals, that most often fail to be processed.

Overall Tradefx24 Ranking

During our research we found multiple safety and regulation problems with Tradefx24, thus we do not rank positively Tradefx24, based on our Expert Opinion with over 10 Years of experience in Forex Trading.

• Tradefx24 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.

Tradefx24 Alternative Brokers

Based on the issues we revealed about the safety of Tradefx24 here are much better Alternatives to Tradefx24 with good regulations and excellent conditions. We select Good Brokers and reliable options for your comparison below: 

• Tickmill – Variety of Funding Methods
• Capital Index – Low Spreads and Fees
• Trade.com – Good Trading Instruments

Deposits and Withdrawals

Tradefx24 offers three options for investment: beginner, smart start, and smart trade. Deposits differ based on these investment plans. For beginners, the deposit amount is varying between $100 to $999. For a smart start, the deposit plan reaches up to $5,000, and for the smart trade, it is between $5,000 to $14,900.

• Tradefx24 advises small investors to invest in any sector of the economy, by creating a joint corporate account of $50,000. Investors with more serious funds can invest in State projects, ICO projects, and stock markets.
• However, the Tradefx24 website provides little information on the deposit or withdrawal methods and steps, which is also doubtful.

Tradefx24 Review Conclusion

We strongly recommend avoiding offshore and non-regulated entities. We advise traders to invest only with brokers holding licenses from authorities alike UK’s FCA, Australian ASIC, or other similar regulators, that provide compensation and are strictly supervised. We advise signing in with reliable brokers such as FP Markets, BDSwiss, and HFM.

• Overall ranking and experience for Tradefx24 is Negative

Is Fullerton Markets Scam or Legit Broker?

Fullerton Markets is not a safe broker as it does not hold any serious license. On its website, the broker provides its address (Euro House, Richmond Hill Road, P.O. Box 2897, Kingstown, St. Vincent, and the Grenadines) which shows it is registered in St. Vincent and the Grenadines and does not provide proper safety terms and conditions. 

• Saint Vincent and the Grenadines (SVG) is a popular offshore jurisdiction for forex brokers due to its low set-up requirements and minimal regulation. However, the lack of regulatory oversight and lax requirements can also lead to potential risks for traders who choose to sign up with brokers registered with the SVG Financial Services Authority.

What is Fullerton Markets?

Fullerton Markets is a forex broker, offering also CFDs trading. Fullerton Markets is a forex broker that offers a variety of trading instruments to its clients, including currency pairs, indices, precious metals, and oil. Forex currency pairs are the main focus of the broker, with over 100 pairs available for trading, including major, minor, and exotic currency pairs.

• Although Fullerton Markets tries to position itself as a favorable broker with good conditions, it is not a regulated broker. It only holds an offshore license that does not provide full protection to its traders.
• Although being registered in an offshore zone, Fullerton Markets mentions segregated accounts. In reality, the segregation of accounts is a benefit that enjoys traders that sign with regulated brokers. Top-tier authorities, such as UK FCA, ASIC, and other well-known bodies require this from the brokers. However offshore brokers mostly do not have the benefit of segregated accounts.
• Fullerton Markets does not accept customers from Iran, Cuba, Sudan, Syria, and North Korea. The broker states on its website, that it follows the same rules that are applied in Hong Kong, Singapore, Japan, and the United Kingdom. 
• Besides, when having a better look, there are many negative reviews about the broker, especially where withdrawal is concerned. 
•  To avoid risks in trading, it is better to find a reliable broker with a license from a top-tier regulatory body. 

Overall Fullerton Markets Ranking

During our research we found issues regarding Fullerton Markets safety and regulations, thus we do not rank positively Fullerton Markets, based on our Expert Opinion with over 10 Years of experience in Forex Trading.

• Fullerton 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.

Fullerton Markets Alternative Brokers

Based on our finds and issues with the safety of Fullerton Markets here are much better Alternatives to Fullerton Markets with good regulations and excellent conditions. We select Good Brokers and reliable options for your comparison below: 

• AvaTrade – Good for Currency trading
• InteractiveBrokers – Good for US Trading and Trading of Real Stocks
• FXTM – Good for Beginners

Deposits and Withdrawals

 It is possible to fund the accounts with multiple options, including MasterCard, Sticpay, Visa, and MasterCard bank cards; electronic payment systems such as Skrill, Neteller, FasaPay, etc.

• Funding a trading account takes about 1 business day. Bank transfers might take 2-5 business days.

• Withdrawal requests are finalized within 1 business day, while funds are transferred within 2-4 days.

Fullerton Markets Review Conclusion

We always recommend avoiding offshore and non-regulated entities. We advise firms to trade and invest only with brokers that are regulated by reputable authorities alike UK’s FCA, Australian ASIC, or other similar regulators, that provide compensation and are strictly supervised. We advise signing in with reliable brokers such as BlackBull Markets, XM, and BDSwiss. 

• Overall ranking and experience for Fullerton Markets is Negative

Is Eternal Wealth Group Scam or Legit Broker?

Eternal Wealth Group is a 100% fraud company. Although the broker claims to be regulated by ASIC under registration number 427848, in reality, there is no such entity registered by ASIC.

• We never advise trading with an unregulated broker, since the financial investment service they deliver is not trustable. The reason is simple; the broker promises competitive trading or a favorable trading environment, while the trader has no guarantee at all. Traders should trust their funds only to companies overseen by top-tier authorities.

What is Eternal Wealth Group?

Eternal Wealth Group is a forex platform provider. It seems the broker provides its services by two different names and websites - eternalwealthfx.com and fxtrading-hk.com. Both are unregulated companies with identical websites and the same information about fake regulations.

• The broker claims to have branches in the US and Hong Kong. However, for providing services in the mentioned locations, a broker needs to hold licenses from these country financial authorities - NFA and Hong Kong SFC (Read on the Wikipedia Page). Evidently, Eternal Wealth Group does not hold any of the mentioned licenses.
• Besides, for a broker operating since 2007, it does not have any reviews or any other kind of feedback from its clients, which looks quite suspicious and not very trustworthy. On the other hand, many of the leading world authorities, such as the Australian Securities and Investments Commission (ASIC) have already issued their warnings in regard to Eternal Wealth.
• In addition, there are many negative reviews on different platforms from people who have trusted their funds to the broker and lost their investments. Traders claim that they got favorable offerings to invest with the broker, after which both their funds and the contact person evaporated.

Eternal Wealth Group Review Conclusion

Based on our research, we claim Eternal Wealth Group to be a complete scam. It goes without saying that traders should avoid brokers like this by any means. We recommend signing in with only regulated and reliable brokers that hold licenses from well-known authorities, such as CySEC, FCA, or ASIC. Also, we advise trustworthy brokers such as HFM, FP Markets, and BlackBull Markets.

Eternal Wealth Group Update

Based on our research, the Eternal Wealth Group website is inactive. This means the broker has muted its trading offerings and does not operate. However, we recommend avoiding and staying alert in case of any proposals.

Is By Trading Scam or Legit Broker?

No, By Trading is a Non-Regulated Broker. It is NOT SAFE to trade. The broker is not regulated by any reliable authority, thus investing with the company means risking your money. 

• BY Trading firm caught the attention of the respected FMA authority, while the warning to investors was issued and followed by other authorities within the EU to spread the state around. (Please check the information hereby)
• The regulators' purpose is to protect the population from fraudulent investments and risky businesses conclude those particular companies are not entitled to carry out certain financial transactions or services. That causes for action and informing the general public is deemed necessary and reasonable with regard to possible disadvantages of the company concerned.

What is BY Trading?

BY Trading is a brokerage firm established in Wien, Austria that claims to conduct trading services on over 15 market destinations. The company offers includes clearing services to institutional and professional traders with specialization in commodities, stocks, options, futures, forex, bonds, CFDs, and funds.

• There is also mention about BY Trading's experience and professional providing of practice for 20 years. However, the main question is why the company promises allegedly professional trading services while located within reputable EU jurisdiction and is a non-authorized firm. Still, remains unclear if the state of about 20 years of operation is true or false, yet what is definitely the fact that the company does not hold an FMA, Austria license and is an Austrian financial service firm means the entity operates illegally.
• Therefore, we would also follow and always strive to support potential clients and traders with the correct decision to choose among the regulated brokers. Among the visual benefits, the authorities brokers operate under the safety rules implied to protect clients and even to cover the trader’s funds in case of the broker’s insolvency.

BY Trading Review Conclusion

Based on our research By Trading is not a safe broker to invest in. We recommend avoiding unregulated and 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 By Trading is Negative

BY Trading Update

We found the By Trading 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.

BY Trading Update

Our recent research revealed that By Trading has resumed operations and now offers live trading. However, traders should be careful, as the broker’s operational inconsistencies serve as a significant warning.

Is GFCInvestment Scam or Legit Broker?

No, it is not safe to trade with GFCInvestment. GFCInvestment is owned by DARTALON LTD., which is an offshore company registered in St. Vincent and 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 Brokerz, TraderUR, and more. You can read our detailed article about the risk of trading with brokers from St. Vincent and the Grenadines.
• According to the GFCInvestment website, the broker is registered with the Financial Commission under the number 24437 IBC. Even though FinaCom is a well-respected organization, it is a self-regulatory organization that cannot guarantee the safety of the trading environment and does not regulate the daily operations of the company, therefore can’t provide necessary protection to the client.

What is GFCInvestment?

GFCInvestment is a Forex and CFD broker offering a variety of currencies and CFDs on commodities, indices, and stocks as well as cryptocurrency. GFCInvestment seems to be one of those offshore registered companies that offer their services without being licensed or regulated. 

• The broker provides St. Vincent and the Grenadines as its operational address, but the contact phone number on the website has British country code. The firm is not regulated on the UK. Moreover, UK's regulator Financial Conduct Authority has issued a warning against this broker in October 2018:

"This firm (Dartalon Ltd t/a Greenfields Capital and GFCInvestment) is not authorized 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 authorization."

• Also, the broker was banned in Australian by the Australian Securities and Investments Commission in May 2019:

  "The business listed below has made unsolicited calls or sent emails about investing, financial advice, credit or loans and does not hold a current Australian Financial Services (AFS) licence or an Australian Credit licence from ASIC."

  Check Out the ASIC Regulated Blueberry Markets Review

GFCInvestment Review Conclusion

We advise all investors and traders to avoid GFCInvestment and other brokers from St. Vincent and the Grenadines. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as HYCM and AvaTrade.

• Overall ranking and experience for GFCInvestment is Negative

GFCInvestment Update

We found the GFCInvestment 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 Ocean Markets Scam or Legit Broker?

Ocean Markets is not a legit broker. It is impossible to find any information about the broker’s license or its regulations.

• On the Ocean Markets website it is mentioned that it is owned and operated by Valep Ltd, Marshal Islands. In contradiction, the contact number is British which leads to doubts. Moreover, the terms and conditions of the broker are close to European regulations.
• Trading with Ocean Markets might put the client’s investment at risk since it is not a Regulated Broker and clients are not protected by any tight and reliable regulations. 

Marshal Islands is notorious for its practically absent requirements and regulations. Due to the low setup cost, there are almost no regulations and rules present. Therefore, it became an offshore zone for shady forex brokers such as Millennium FX, Umarkets, and more.

What Is Ocean Markets?

Ocean Markets claims to be a developing broker in the global trading market. They boast of providing the best conditions for investment and trading, as well as the most up-to-date information on economic and political events to investors. Ocean Markets offers its users CFD, Forex trading, commodities, indices, and other assets.

Ocean Markets gives access to an array of innovative tools. It provides 24/7 customer service.

• However, no matter how attractive Ocean Markets’ offerings are, it is still an unregistered and unregulated broker, and signing in with it means putting the investment at risk.
• Besides, based on our research, we have accumulated a large number of complaints regarding Ocean Markets’ withdrawals. Clients complain that they are not able to withdraw their money even after months of trading and depositing. 

Overall Ocean Markets Ranking 

Taking into account our revelations on the safety of Ocean Markets, we do not rank positively Ocean Markets, based on our Expert Opinion with over 10 Years of experience in Forex Trading.

• Ocean 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.

Ocean Markets Alternative Brokers

Based on our finds and issues with the safety of Ocean Markets, here are much better Alternatives to Ocean Markets with good regulations and excellent conditions. We select Good Brokers and reliable options for your comparison below: 

• BlackBull Markets – Good for High Leverage Trading
• HFM – Low Forex Spread Broker
• IC Markets – Excellent cTrader Broker

Account Types

Ocean Markets offers a range of account types, designed to meet traders’ expectations. For beginner traders, the broker offers Starter’s account. The minimum deposit for this account type is $500. Silver or Gold accounts have a higher entry threshold, but they offer more options and provide access to additional services. Experienced traders choose either Platinum or VIP accounts.

Ocean Markets Deposit & Withdrawal

Ocean Markets offers different funding methods, including Visa/MasterCard, Neteller, and Skrill. The minimum deposit is $500 for Starter’s account. The broker also offers different bonuses that are determined by the volume of trades.

• To get access to the earned money on the account, traders need to reach a certain limit to withdraw the funds. In case, traders decide to withdraw the money before the limit is reached, all the funds on the account will be cleared.
• It is worth mentioning that clients have a lot of complaints regarding the withdrawal process. Many cannot withdraw their money even after months of trading and depositing.

Trading Platforms

Ocean Markets offers a range of different trading platforms: xCritical online - mobile and desktop platforms, MetaTrader4, MetaTrader5.

• xCritical online offers more than 170 trading instruments, built-in technical advisor Autochartist, the ability to lock and duplicate positions, online support chat, etc.
• With Ocean Markets traders also have access to the popular MT4 and MT5 platforms, enabling access to modern development technologies and a user-friendly interface, providing the best tools and features for favorable trading.

Ocean Markets Review Conclusion

Based on our professional experience and conducted research, we do not recommend Ocean Markets. There are many questions in regard to the trust of the Ocean Markets company services and the manner they do operate the online trading itself. Besides, many traders shared their negative experiences with numerous complaints and were asking us to assist with resolving, see Ocean Markets Inquiry here. 

We strongly advise opening a trading account only with tightly regulated brokers with good standing (UK brokers or brokers in Australia), that will provide a safe and secure trading environment, such as HotForex, and BlackBull Markets.

• Overall ranking and experience for Ocean Markets is Negative

Is OneLife safe or scam?

What is OneLife?

• Moreover, Belize's financial regulator IFSC (International Financial Services Commission) has issued a warning regarding the company One Life Network Limited, stating:

"It has come to the notice of the IFSC that an entity calling itself ‘One Life Network Limited’, an International Business Company registered in Belize, is conducting trading without first obtaining the required license from the IFSC. This entity is not licensed/regulated by the International Financial Services Commission or any other competent authority in Belize to conduct any type of trading business."

• In addition, New Zealand's Financial Markets Authority has recently blacklisted OneLife along with its affiliate company OneCoin:

"We recommend extreme caution before investing with OneLife or OneCoin as we are concerned they bear the characteristics of a scam, including withholding client funds and promising unrealistic returns. We have received information indicating that OneLife and OneCoin are holding promotional events and seminars in New Zealand offering investment services in breach of New Zealand law."

OneLife Review Conclusion

OneLife Update 

Is Europe Forex Invest Scam or Legit Broker?

No, it is not safe to trade with Europe Forex Invest, as it is an offshore company. Europe Forex Invest is a brand owned and operated by Terratech Ltd. Terratech Ltd is located in the Republic of the Marshall Islands.

• In fact, the Marshall Islands is an offshore zone attracting various firms that for one reason or another escape from serious regulation or compliance to international service providing. However, in the case of financial investment or trading firms, the company should be a very respected entity, as the statistics show that the majority of non-authorized firms never recovered the sums of investors’ investments. Therefore, we always advise avoiding offshore or companies with no license as there are too many frauds around.

What is Europe Forex Invest?

Europe Forex Invest assists retail and institutional investors in using forex and different contraptions as an asset class and a part of their funding targets. The broker claims to offer excellent trading platforms with the right of entry to low-cost pricing, reliable buying and selling infrastructure, speedy execution, and a brilliant patron guide. 

• According to the website the broker is primarily based in Melbourne, Australia, and has places of work in Dallas, Shanghai, Bangkok, and London. Also, the terms and conditions state some other information that the company was incorporated in New Zealand under the International Business Companies. However, we couldn’t find any information about this broker in the registers of the major regulators.
• Moreover, Italian regulator CONSOB has warned against Europe Forex Invest: 

“CONSOB  availed itself of the powers deriving from the “growth decree” regarding the blackout of the sites (including Terratech Ltd (website www.eufxinvest.com)) of abusive financial intermediaries, as well as the new power introduced by Law no. 8 of 28 February 2020, regarding the blackout of the site through which the abusive bid is made.”

It is the second time that we post about Terratech Ltd. being blacklisted by CONSOB. This company operated a Swissfingroup broker, which we have mentioned as a broker that should be avoided. 

Europe Forex Invest Review Conclusion

We strongly advise all investors and traders to avoid Europe Forex Invest 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 eToro.

Europe Forex Invest Update

Based on our findings, the Europe Forex Invest website is inactive. This means the broker has muted its trading offering and does not operate. However, we recommend avoiding and staying alert in case of any proposals.