Monfex

Is Monfex a scam or legit broker?

No, it is not safe to trade with Monfex. Monfex is owned by TENB Ltd., an offshore International Business Company incorporated under the laws of Saint Vincent and the Grenadines.

St. Vincent and the Grenadines 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 GoldFxTrading, 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 terms and conditions, the broker is registered with the Financial Commission under the number 25024 IBC. Even though the FinaCom is a well-respected organization, it is a self-regulatory organization which 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.

Monfex is a broker that Forex and cryptocurrency trading. There is no confirmation about the regulatory compliance and the necessary protection of the clients, which enables international investors to trade rest assured. The broker doesn’t provide its address, but only the contact phone number, which has British country code. This is supposed to mean that the company is located in the UK, however, we have got no proofs from the local regulator Financial Conduct Authority.

We advise all investors and traders to avoid Monfex 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 eToro and Plus500.

iFXOPTION

Is iFXOPTION a scam or legit broker?

No, it is not safe to trade with iFXOPTION. The broker doesn’t provide any information about the company behind the brand’s name as well as any regulatory information.

According to the website, iFXOPTION is a member of the Financial Services Compensation Scheme (FSCS). The company participates and is a member of the Investor Compensation Fund (ICF) that covers the clients of the investment companies, and which is governed by the laws of the Republic of Cyprus. The website also mentions that the broker is based in London, UK. Both FSCS and ICF protect customers when authorised financial services firms fail. However, we couldn’t find any information about iFXOPTION authorization, which means the broker is not allowed to provide its financial services and cannot be a member of compensation schemes.

Moreover, iFXOPTION has been banned in Spain by local regulator CNMV:

“IFX OPTION is not authorised to provide the investment services, which include investment advice, or to provide auxiliary services in relation to the financial instruments, including, for those purposes, foreign currency transactions.”

There is no information or any kind of reviews about iFXOPTION broker on the net, which probably means it is a brand new company, that has already gotten into the warning list.

We advise all investors and traders to avoid iFXOPTION and other unregulated brokers. The lack of information about the broker’s regulation, 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 reliable brokers such as City Index and XM.com.

GoldFxTrading

Is GoldFxTrading a scam or legit broker?

No, it is not safe to trade with GoldFxTrading. GoldFxTrading is owned by GFT, which claims to be located in London, UK. However, company’s office is based in St. Vincent and the Grenadines.

St. Vincent and the Grenadines 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 CapitalXP, TraderUR and more. You can read our detailed article about the risk of trading with brokers from St. Vincent and the Grenadines.

Gold Fx Trading offers its customers online trading of currencies, commodities and of major stocks via CFDs (Contracts for Difference) in a sophisticated trading platform called PROfit. According to the website, GFT is authorised and regulated by the Financial Conduct Authority (Reg.438879). However, the regulator’s website states that: “This is a firm that can no longer provide regulated products and services, but was previously authorised by the PRA and/or FCA.”

It gets more confusing with the terms and conditions of the company that state it is under the Australian jurisdiction. GoldFxTrading is not authorized in Australia or any other country.

Moreover, the broker has recently been banned by Italy’s regulator CONSOB:

“The National Commission for Companies and the Stock Exchange has also ordered the following company GoldFxTrading (Gft) to cease infringement of art. 18 of the TUF”

We advise all investors and traders to avoid GoldFxTrading 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 eToro and HYCM.

GoTechFx

Is GoTechFx a scam or legit broker?

No, it is not safe to trade with GoTechFx. TurboForex is owned by Go T 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 TurboForex, Swissinv24 and more.

According to the website, GoTechFx is a forex broker, dedicated to providing its clients with tailor-made trading solutions, including Metatrader 4, regardless of prior knowledge or experience. The company provides a contact phone number with British code, which should make traders think the broker has something to do with the UK and maybe regulation there. However, GoTechFx is not authorized in the UK or in any other country.

In fact, the broker has recently been blacklisted by Austrian Financial Market Authority:

“Go T limited (GoTechFx) is not entitled to carry out banking transactions in Austria that require a licence. The provider is therefore neither permitted to trade on a commercial basis on its own account or on behalf of others.”

We advise all investors and traders to avoid GoTechFx 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 IG Markets and Plus500.

Ultrontradefx

Is Ultrontradefx a scam or legit broker?

No, it is not safe to trade with Ultrontradefx. The company is owned and operated by Ultrontradefx Limited and claims to be located in the United States.

According to the website, Ultrontradefx is legally registered with all the relevant authorities as an online investing firm, with the goal of providing profits from investing. However, we have found that “About us” section mentions and is literally identical to the section at 247TradesOption website. The terms and conditions on both websites are also identical as well as their interfaces.

Also, the terms and conditions state the Company is licensed and regulated under e-gaming in the British Isles by the Isle of Man GSC (which is a British territory). However,Gambling Supervision Commission is not the regulator that authorized brokers in the UK. Obviously, Ultrontradefx is not regulated in the UK by the Financial Conduct Authority or the USA, despite its US location. 

In addition, the identical 247TradesOption has been blacklisted by The Financial Services Commission (FSC), the Mauritian regulator.

We advise all investors and traders to avoid Ultrontradefx and other unregulated brokers. The lack of information about the broker’s regulation, 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 reliable brokers such as eToro and XM.com.

FXIG Trades

Is FXIG Trades a scam or legit broker?

No, it is not safe to trade with FXIG Trades. FXIG Trades is owned and operated by FXIG Trades Inc. and claims to be located in London, UK.

According to the website, FXIG Trades offers such services as sales and trade, financial planning, business development, marketing analysis, strategic planning, wealth management. Although, the broker doesn’t disclose any information about its regulation and trading conditions (as it provides sales and trade service).

Since the website mention UK location, the broker was supposed to be authorized in the United Kingdom by its local Financial Conduct Authority. However, we didn’t find any records of the FXIG Trades in the regulator’s register, which means the broker is not allowed to provide its financial services in the country.

In addition, the website seems to be off, as the “signup” option doesn’t work as well as the live chat on the website. Also, FXIG Trades claims to have 24 years of experience in financial consulting, however, we couldn’t find any reviews about this company, which means it is new on the market.

We advise all investors and traders to avoid FXIG Trades and other unregulated brokers. The lack of information about the broker’s regulation, 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 reliable brokers such as Plus500 and XM.com.

4xpremium

Is 4xpremium a scam or legit broker?

No, it is not safe to trade with 4xpremium. 4xpremium is owned and operated by Index Limited. The broker doesn’t provide any information about its regulation as well as its contact details.

4xpremium offers trading with Forex and CFDs, including Indices, Commodities and Stocks. However, without disclosing important details about the company and its trading conditions the broker usually cannot be trusted and taken seriously. The terms and conditions on the website state that the company is under the jurisdiction of Cyprus. We have checked the registered of the Cyprus regulator CySEC and didn’t find any records of 4xpremium or Index Limited. It seems like the broker doesn’t have any license to offer its financial services.

Moreover, the company has been blacklisted by several regulators. In September 2018, the UK’s Financial Conduct Authority has issued a warning against 4XPremium/Index Limited. The regulator mentioned that the owner-company Index Limited is a clone of the FCA-regulated Global Market Index Limited:

“Fraudsters are using or giving out the following details as part of their tactics to scam people in the UK: Index Limited t/a 4XPremium (clone of FCA authorised firm)”

Also, the broker has recently been banned in Italy by its local regulator CONSOB:

“The National Commission for Companies and the Stock Exchange has ordered, pursuant to article 7-octies, letter b) of the Consolidated Law on Finance (TUF), the following companies to cease infringement: Index Limited through the website https://4xpremium.com”

We advise all investors and traders to avoid 4xpremium and other unregulated brokers. The lack of information about the broker’s regulation, 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 reliable brokers such as City Index and XM.com.

TurboForex

Is TurboForex a scam or legit broker?

No, it is not safe to trade with TurboForex. TurboForex is owned by TF Trading Ltd., 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 GoldmanCFD, Obsbit and more.

According to its website, TurboForex is an industry-leading provider of forex, commodities and stocks/indices CFD brokerage services. The company doesn’t provide information about its location or, most importantly, regulation, however, there are a lot of contact numbers with the phone codes from the United Kingdom, New Zealand, Australia, Brazil, Norway, Sweden and some more. Obviously, TurboForex doesn’t have branches or offices in these countries and is not regulated in any of the mentioned or other countries.

Moreover, Spain’s regulator the National Securities Market Commission (CNMV) has issued a warning against TurboForex/TF Trading Ltd:

“TURBOFOREX is not authorised to provide the investment services, which include investment advice, or to provide auxiliary services in relation to the financial instruments, including, for those purposes, foreign currency transactions.”

We advise all investors and traders to avoid TurboForex 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 IG Markets and Plus500.

Swissinv24

Is Swissinv24 a scam or legit broker?

No, it is not safe to trade with Swissinv24. Swissinv24 is owned by Swissinv24 Markets, 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.

Swissinv24 Markets has positioned itself as a leading provider of Online Foreign Exchange (Forex) trading, spread betting, and other related services. However, we have a lot of questions about its reliability. The company doesn’t provide any information about its regulation and most probably is not authorized by any regulatory authority.

The only contact information provided on the website is the phone number with the Swiss code. Swissinv24 is not regulated in Switzerland to provide financial services. Moreover, the Swiss regulator has recently issued a warning against the broker:

We strongly advise all investors and traders to avoid Swissinv24 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 City Index and eToro.