Archives: Brokers

Is FXCL Scam or Legit Broker?

No FXCL is not considered a reliable company. The broker is registered in Botswana under the Number UIN BW00005716042. Given that the broker lacks adequate licensing from a reputable authority, engaging in trading with them could jeopardize investors' funds.

• Trading with unregulated or offshore-based firms carries the highest risk due to the prevalence of fraud. Top-tier regulated brokers are closely monitored by regulatory authorities, ensuring transparency in their operations. In contrast, unregulated firms have greater freedom to engage in potentially unethical or fraudulent activities, leading to numerous instances of fraud within offshore brokers.

What is FXCL?

FXCL Markets Ltd is a company that offers brokerage services for trading in currency pairs and precious metals. It is part of the FX Clearing Group Holding and is registered in Botswana. Traders have the option to engage in trading various instruments with FXCL, including forex currency pairs, indices, precious metals, and crude oil. Traders on FXCL's forex platform have access to the widely acclaimed MT4 trading software, renowned as the most popular and powerful platform in today's market. 

• Insufficient regulation: It's important to exercise caution when considering trading with FXCL Markets Ltd, particularly as it operates as an offshore broker and is not currently regulated. Without regulatory oversight, traders face heightened risks, including a potential lack of fund protection, transparency issues, and limited recourse in case of disputes or malpractice. As FXCL is not regulated, investors should carefully weigh these risks before engaging in any trading activities with the company.
• Market Manipulation: In environments where transparency and regulatory oversight are absent, particularly with unregulated and offshore brokers, the likelihood of market manipulation increases substantially. This manipulation can take on diverse forms, posing a significant threat to investors' assets. Market data might prove unreliable, leaving trades susceptible to manipulation, and overall trading conditions may not favor traders. These circumstances raise the risk of investment losses and can have dire effects on account balances.
• Customer feedback: FXCL customer reviews tend to be overly negative, resulting in a low ranking for the broker. Common complaints center around issues like unprocessed withdrawals, inadequate customer support, and unfavorable market conditions. These reviews cast doubt on the broker's reliability and the quality of the trading experience it offers.
• Withdrawal Issues:  Evaluating a broker's withdrawal procedures is a vital component of assessing its reliability, especially in Forex trading. Difficulties encountered during the withdrawal process can impede traders' access to their investments and profits, severely affecting their overall trading experience. The prevalent complaints from traders predominantly revolve around the inadequacy of the withdrawal process, with many clients reporting lost investments to the broker. 

Overall FXCL Ranking

Following our thorough investigation, we have identified substantial concerns regarding FXCL's trustworthiness and dedication to regulatory adherence. As a result, we cannot issue a positive rating for FXCL at present. Traders must exercise caution and explore alternative options that prioritize transparency, regulatory compliance, and the protection of client interests.

• FXCL 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.

FXCL Alternative Brokers

In view of the uncertainties surrounding FXCL's reliability and security, we strongly advise traders to explore alternative options with enhanced regulatory oversight and superior trading conditions. Below, we have assembled a list of reputable brokers that present reliable alternatives and ensure a secure trading environment for your evaluation:

• HFM – Broker Good for Beginners
• BlackBull Markets – Good for High Leverage trading
• IC Markets – Excellent cTrader Broker

Deposits and Withdrawals

Traders can perform all financial transactions, including deposits and withdrawals, directly from their Trader's Cabinet. They just need to sign in to their cabinet, select the live account they wish to conduct a transaction with and follow the provided instructions. Once they have submitted the transaction for processing, they are able to track its progress at each stage, cancel the request if needed, or review the transaction history.

FXCL enables clients to fund their accounts through different methods such as Bank wire, Credit, PefectMoney, fasapay, Dragonpay, bitcoin, etc. 

• The broker does not accept third-party transactions.
• The fee coverage limits are set at $500 for deposits and $100 for withdrawals per trader per month.
• However, based on the fact that the trader is not regulated, it is strictly advisable to be careful while making deposits with FXCL.

Trading Platforms

FXCL enables trading on the market's popular MT4 platform. MT4 provides traders with access to a comprehensive range of essential features. These include real-time market data, advanced charting tools, and the ability to execute trades instantly. Clients can download the platform on Android, Windows, App Store, MacOS, and Webterminal.

FXCL Review Conclusion

Is Exclusive Markets Scam or Legit Broker?

No Exclusive Markets is not considered a reliable company. The broker is regulated by the Seychelles Financial Services Authority (FSA) with license no SD031. This means that the broker is not regulated under a top-tier authority and does not follow any strict rules and guidelines. 

• Engaging in trading with unregulated or offshore brokers significantly heightens the risk of experiencing investment losses. In contrast, regulated brokers are mandated to adhere to stringent rules and guidelines, promoting fair and transparent practices. This ensures the protection of clients' interests and upholds the integrity of the financial system.

What is Exclusive Markets?

Exclusive Markets provides access to a wide range of popular markets, allowing users to trade FX, Indices, CFD ETFs, CFD Bonds, Metals, Commodities, CFD Stocks, and CFD Cryptos effortlessly. The broker enables access to Mt4 and MT5 platforms, available in PC, Web, and Mobile versions, providing flexibility and convenience for traders across various devices. Exclusive Markets offers low spreads and high leverage of up to 1:2000.

Our thorough research uncovered more information and insight into the broker, gaining more details on various aspects of the broker's operations:

• Insufficient Regulation: While Exclusive Markets may initially seem attractive due to its favorable conditions and diverse offerings, it's important to note a significant drawback: its lack of proper regulation. The broker is incorporated under the Seychelles Financial Services Authority (FSA), a jurisdiction known for its less stringent regulations and oversight of offshore brokers. Investing with such brokers carries considerable risks due to the potential for inadequate supervision and protection of investors' interests. The broker also mentions a payment agent in Cyprus. However, traders shouldn't be confused by this information, as a paying agent does not mean the broker is regulated in Cyprus (CySEC). 
• Market Manipulation:  In trading environments lacking transparency and regulatory oversight, especially with unregulated and offshore brokers, the risk of market manipulation is significantly heightened. This manipulation can manifest in various forms, posing a threat to clients' investments. Market data may be unreliable, orders vulnerable to manipulation, and overall trading conditions unfavorable to traders. Such circumstances increase the probability of investment losses and can negatively affect account balances.
• Customer feedback:  Exclusive Markets reviews are predominantly mixed, encompassing both positive and negative feedback from clients. While some clients express satisfaction with their experiences, highlighting good service, there are also numerous negative reviews. Common complaints revolve around issues such as insufficient withdrawal processes, inadequate customer support, and unfavorable market conditions. These negative reviews raise potential concerns regarding the broker's reliability and the overall trading experience it provides.
• Withdrawal Issues: Assessing withdrawal procedures is a crucial aspect of evaluating a broker, particularly in Forex trading. Challenges encountered during the withdrawal process can hinder traders' ability to access their investments and profits, significantly impacting their trading experience. The substantial volume of complaints against Exclusive Markets concerning its withdrawal process is indeed a cause for serious concern.

Overall Exclusive Markets Ranking

After conducting our investigation, we have uncovered significant reservations regarding Exclusive Markets' trustworthiness and commitment to regulatory compliance. Therefore, we are unable to issue a positive rating for Exclusive Markets at this time. It's essential for traders to exercise caution and consider alternative options that prioritize transparency, regulatory compliance, and client protection.

• Exclusive Markets 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.

Exclusive Markets Alternative Brokers

Given the uncertainties regarding Exclusive Markets' reliability and security, we strongly recommend traders explore alternative options with stronger regulatory oversight and better trading conditions. Below, we have compiled a list of reputable brokers that offer reliable choices and guarantee a secure trading environment for your consideration:

• HFM – Broker Good for Beginners
• BlackBull Markets – Good for High Leverage trading
• IC Markets – Excellent cTrader Broker

Deposits and Withdrawals

Exclusive Markets offers a variety of funding methods: Perfect Money, Neteller, beeteller, BERRYPAY, fasapay, dragonpay, nuvei, skrill, BINANCEPay, etc. The minimum deposit offered by the broker is $200. 

• Exclusive Markets boasts of keeping its customer's funds secured with 100% safe segregated bank accounts.
• The broker doesn't impose any fees or additional charges on deposits. However, there might be fees charged by the payment method provider.
• Finally, considering Exclusive Markets' status as an offshore broker, we strongly advise exercising extreme caution during the withdrawal process to safeguard your investments.

Trading accounts

Exclusive Markets enables traders to choose from the multitude of trading accounts and experience a trading environment with unique benefits. The account options offered by the broker are Exclusive account, Standard account, Standard Plus Account, Cent account, and Shares account. Each account type comes with its own set of features and conditions, and traders should select one based on their specific trading expectations and preferences.

• All trades for all account types are executed on both the MT4 and MT5 trading platforms. However, trades for the Shares account type are exclusively conducted on the MT5 platform.
• The leverage for all account types can reach as high as 1:2000. However, for Cent accounts, the leverage is fixed at 1:500.

Exclusive Markets Review Conclusion

After conducting thorough research into Exclusive Markets, significant doubts have arisen regarding the broker's reliability. The lack of substantial registration, as the broker is solely regulated by the Seychelles Financial Services Authority, raises notable concerns. Additionally, the multitude of negative client reviews serves to magnify these apprehensions.

Therefore, it is highly recommended to prioritize tightly regulated brokers with established reputations and transparent trading conditions. It's always advisable to select a trustworthy broker holding licenses from reputable authorities such as  FCA, ASIC, or CySEC. Numerous regulated brokers combine reliability with exceptional offerings, such as Eightcap,  OANDA, and BDSwiss.

• Overall ranking and experience for Exclusive Marketsis Negative

Is Immediate Edge Scam or Legit Broker?

Is Anzo Capital Scam or Legit Broker?

No, Anzo Capital cannot be considered a reliable broker due to its absence of a top-tier license and rather registration only. Anzo Capital is incorporated in St. Vincent & the Grenadines as an international business company with registration number 308 LLC 2020. Also, Anzo Capital Limited is a firm regulated by the Financial Services Commission of Belize, with registration no: 000005722 and license no: 000331/469.

• However, both St. Vincent & the Grenadines and Belize are classified as offshore jurisdictions, which lack adequate proper protection and rigorous guidelines to ensure a secure trading environment necessary for trading or investing

What is Anzo Capital?

Anzo Capital operates as an offshore broker, providing CFDs on over 100 instruments such as forex, stocks, indices, and metals. The platform supports MetaTrader 4 and MetaTrader 5, offering traders the option of an STP account with spreads beginning at 1.4 pips. Additionally, the broker provides educational materials tailored specifically for beginner traders, aiming to support their learning and development in the trading world.

However, our research into the broker has uncovered significant issues, among which the most notable include:

• Insufficient Regulation: Anzo Capital is registered as an international business company both in St. Vincent & the Grenadines and Belize. It's crucial to emphasize that offshore brokers are frequently subject to less stringent regulations and oversight. Consequently, investing with such brokers can entail considerable risks.
• Market manipulation: The absence of transparency and regulatory oversight within trading environments, particularly with unregulated and offshore brokers, can create conditions conducive to significant concerns about market manipulation. This manipulation can manifest in various ways, including unreliable market data, susceptibility of orders to manipulation, and overall unfavorable trading conditions for traders. Consequently, investors may experience losses in investments and account balances.
• Client Feedback: Many clients have voiced dissatisfaction with their trading experiences with Anzo Capital.  Common complaints from traders revolve around difficulties in withdrawing funds, unfavorable trading conditions, and closing the current account without warning. 
• Withdrawal Issues: When assessing a broker, we place significant emphasis on the withdrawal procedures, which are a crucial aspect of Forex trading. If the withdrawal process is insufficient, traders may encounter difficulties in accessing their investments and profits. Numerous complaints have surfaced regarding the broker's withdrawal system, with traders highlighting the inability to access their investments and profits. Additionally, many traders have reported that shortly after attempting to withdraw their funds, the broker closes their accounts abruptly, without providing any prior notice.
   

Overall Anzo Capital Ranking

Following our comprehensive research, we have identified substantial concerns regarding Anzo Capital's reliability and adherence to regulatory standards. Consequently, we are unable to issue a positive rating for Anzo Capital.

• Anzo Capital 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.

Anzo Capital Alternative Brokers

Given the uncertainties surrounding the reliability and security of Anzo Capital, we strongly advise traders to explore alternative options that offer stronger regulatory oversight and more favorable trading conditions. Below, we have compiled a list of reputable brokers that provide dependable choices and guarantee a secure trading environment for your consideration:

• eToro – Good for CopyTrading and Cryptocurrency Trading
• Dukascopy – Excellent for Shares, Futures Trading
• BlackBull Markets – Good for High Leverage Trading

Deposits and Withdrawals

Anzo Capital offers a variety of payment options to fund trading accounts, such as Wire transfers, Credit/Debit cards, and Digital Wallets like Skrill, Neteller, and Sticpay. The minimum deposit is $100. 

• Any deposits or withdrawals after non-working hours will be processed on the next working day.
• Credit/Debit Card payment method is unavailable for residents of several countries, such as Australia, Brazil, Iran, Mexico, New Zealand, the United Kingdom, the United States, etc. 
• Traders must exercise extreme caution when considering entrusting their funds to the broker. It is not uncommon for traders in the Forex market to experience significant losses due to their association with unregulated brokers.

Account Types

Clients of Anzo Capital have the option to open either STP or ECN accounts. The conditions for each account type are different and traders should choose one according to their trading expectations.

• For STP accounts, the minimum deposit required is $100, whereas for ECN accounts, the initial deposit starts from $500.
• The leverage varies between account types: for STP accounts, the maximum leverage offered is 1:500, whereas, for ECN accounts, it can go as high as 1:1000. Additionally, spreads for both account options are floating.
• In STP accounts, there are no commission fees, while ECN accounts involve certain commissions, which are $4/lot RT or €4/lot RT.

Anzo Capital Review Conclusion

Based on the data we've gathered about Anzo Capital, there are significant reservations regarding the broker's credibility. Additionally, Anzo Capital's lack of robust registration, coupled with negative feedback from clients regarding the broker's withdrawal process and doubtful practice of closing traders' accounts raises concerns about its reliability.

Hence, it is highly recommended to prioritize tightly regulated brokers with a strong reputation in the market and transparent trading conditions. Opting for a reliable broker with licenses from reputable authorities such as FCA, ASIC, or CySEC is always advisable. Many regulated brokers are both reliable and have favorable offerings, such as IC Markets, Go Markets, and HFM so it is better to choose among them rather than signing yourself for a highest risk. 

• Overall ranking and experience for Anzo Capital is Negative

Is World Forex Scam or Legit Broker?

No, World Forex cannot be considered trustworthy as it lacks a license from a top-tier regulatory authority. World Forex is a brand registered as a trade name owned by the company Existrade LTD. The broker carries a license from the Saint Vincent and the Grenadines. Also, the broker has a Saint Lucia registration. 

• Brokers with only a license from an offshore entity, such as Saint Vincent and the Grenadines may raise concerns because the regulatory standards in this jurisdiction are not as stringent as those in other countries with top-tier regulatory authorities. Additionally, some brokers choose this jurisdiction due to its relatively lax regulatory requirements, which could potentially expose investors to greater risks of fraud or misconduct.

What is World Forex?

World Forex is an offshore broker based in St. Vincent and the Grenadines, providing commission-free trading with a minimum deposit of $1 and high leverage of up to 1:1000. The broker enables access to Forex, CFD Stocks, Metals, Energies, Cryptos, Digital Contracts. World Forex is favorable for beginner traders, enabling them access to a Demo account. Trades can be conducted on the market-popular MT4 and MT5 platforms. 

Our further research uncovered additional insights into World Forex's operations, offering a more comprehensive understanding of the broker.

• Insufficient Regulation: While World Forex may appear appealing initially due to its favorable conditions and diverse offerings, one significant drawback is its lack of proper regulation. World Forex is a brand registered as a trading name owned by the company Existrade LTD. The broker is incorporated in St. Vincent & the Grenadines known Financial offshore zone, with registration number 24441 BC 2018. Also, it is a registered International Business Company (IBC) in Saint Lucia with a registration number 2023-00137. However, due to the lax nature of the mentioned authorities, engaging with such brokers may entail significant risks.
• Market Manipulation: In trading environments characterized by a lack of transparency and regulatory oversight, especially with unregulated and offshore brokers, there is an increased risk of market manipulation, which may manifest in different ways. While Forex market manipulation may not be a frequent occurrence in every market, it remains a concern that requires ongoing attention from regulators, market participants, and investors to maintain the integrity and fairness of the Forex market.
• Client Feedback: Many clients initially find World Forex's offerings appealing and attractive. However, a majority of reviews highlight difficulties with the withdrawal process, prompting other traders to steer clear of the broker.
• Withdrawal Issues:  Assessing a broker involves scrutinizing withdrawal procedures, crucial in Forex trading. Difficulties with withdrawals can obstruct traders' access to their investments and profits. The substantial volume of complaints against World Forex regarding its withdrawal process raises significant concerns.

Overall World Forex Ranking

Upon concluding our investigation, we have uncovered substantial concerns regarding World Forex's reliability and adherence to regulatory standards. As a result, we cannot provide a favorable rating for World Forex.

• World Forex 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.

World Forex Alternative Brokers

Given the uncertainties surrounding World Forex's reliability and security, we strongly recommend traders explore alternative options offering stronger regulatory oversight and more favorable trading conditions. Below, we present a selection of reputable brokers that provide reliable choices and ensure a secure trading environment for your consideration:

• FP Markets – Powerful trading technology and ECN environment
• InteractiveBrokers – Good for Trading Real Stocks
• XM – Wide Range of Trading Opportunities

Deposits and Withdrawals

Payment methods offered by the broker typically include bank wire transfers, credit/debit cards, e-wallets, and cryptocurrencies. World Forex does not impose any deposit fees, although third-party charges may be applicable. The minimum deposit requirement for all account types is $1 or equivalent currency. However, note that certain payment methods may have their minimums.

• With a minimum amount of 100 USD (or equivalent in any currency) deposit clients receive a bonus of +100% on the deposited amount. The bonus is credited to the trader's account irrespective of the chosen trading account type.
• Clients are required to withdraw funds using the original deposit method. World Forex typically processes withdrawals within 30 minutes, which is considerably fast.
• However, when it comes to withdrawals, we advise exercising caution as numerous client reviews regarding the withdrawal process of the broker are negative.

Account Types

Trading accounts are available for real trading with standard lot sizes or cent accounts with micro-lots. Depending on the type, traders can open accounts in one of the following currencies: EUR, USD, RUR, or UAH. These accounts are suitable for professional traders looking to trade with a currency other than the US dollar.

• Accounts for trading digital contracts are available in the following currencies: EUR, USD, RUR, and UAH. Trading digital contracts offer the potential to earn up to 100% of the invested amount.
• The trading account types offered by the broker are the following: W-CENT-fix, W-CENT, W-PROFI-fix, W-PROFI, W-CRYPTO, and W-DIGITAL. Conditions and costs vary depending on the account type. 

World Forex Review Conclusion

From the information we've gathered about World Forex, it's clear that this broker offers some attractive advantages with favorable features and trading conditions. However, it's important to recognize significant concerns regarding the broker's trustworthiness and credibility. The fact that World Forex is registered in an offshore jurisdiction (St. Vincent and the Grenadines) raises substantial concerns. Furthermore, there are numerous reviews from real traders who express dissatisfaction with the withdrawal process, claiming it is insufficient.

Therefore, it is highly recommended to prioritize tightly regulated brokers with established reputations and transparent trading conditions. It's always advisable to select a trustworthy broker holding licenses from reputable authorities such as FCA, ASIC, or CySEC. Many regulated brokers combine reliability with exceptional offerings, such as Go Markets, HFM, and FP Markets.

• Overall ranking and experience for World Forex is Negative

Is HSB FOREX Scam or Legit Broker?

No, HSB FOREX is not a reliable company. HSB FOREX is an investment company, yet its lack of a license raises suspicion regarding its legitimacy and regulatory compliance. The lack of information about registration leads us to believe that HSB FOREX is not regulated and is not overseen by any legal authority. 

• Trading with unregulated companies poses significant risks. Unregulated brokers operate without oversight from financial regulatory authorities. This absence of supervision means there are no guarantees regarding the fairness of trading practices, security of funds, or adherence to industry standards.

What is HSB FOREX?

HSB FOREX TRADE operates as an investment and stock trading firm with a global presence spanning nearly all countries worldwide. In addition to forex and crypto trading services, the company extends offerings to include lucrative and dependable investment contracts, ensuring daily payouts across all investment packages. HSB Forex offers a maximum of 1:1000 leverage. The company offers scalping and hedging, and provides stop-loss protection.

• However, upon examination of the company's website, it was observed that in certain articles, particularly in the FAQ section, the company is referred to as Daxtradefx. This suggests that at some point, the company may have operated under the name Daxtradefx. However, there is no explicit mention or acknowledgment of this transition on the website.

Our further research revealed additional details about the broker and helped us gain insights into various facets of HSB Forex Trade’s operations.

• Lack of regulation: Regulation helps safeguard investors by ensuring that financial firms adhere to specific standards of conduct, transparency, and accountability. This reduces the risk of fraud, misconduct, and mismanagement, providing investors with greater confidence in the financial system. We found that HSB FOREX is not regulated. As an investment plan company, HSB FOREX may offer enticing opportunities. However, the absence of regulation renders it untrustworthy and unfavorable for investments. We strongly advise engaging in trading only with thoroughly regulated brokers to avoid the risks of financial losses.
• Market Manipulation: In trading environments where transparency and regulatory oversight are lacking, particularly with unregulated and offshore brokers, the risk of market manipulation is significantly heightened. This manipulation can take various forms, endangering clients' investments. Instances may include unreliable market data, susceptibility of orders to manipulation, and overall trading conditions unfavorable to traders. Such circumstances elevate the probability of investment losses and adversely affect account balances.
• Client Feedback: We didn't find many reviews on the broker, but the small number of feedback we were able to find was mostly negative, ranging from unsatisfactory services to the insufficient withdrawal process. 
• Withdrawal Issues: When assessing a broker, thorough attention is given to withdrawal procedures, a critical aspect of Forex trading. If the withdrawal process is not sufficient, traders may encounter difficulties accessing their investments and profits. Complaints against HSB FOREX regarding its withdrawal process raise significant concerns. Additionally, the broker's lack of regulation serves as a warning to traders to exercise utmost caution when considering investments with the company.

Overall HSB FOREX Ranking

Extensive investigation has unveiled substantial apprehensions regarding the dependability of HSB FOREX and its adherence to regulatory norms. Consequently, we are unable to endorse HSB FOREX with a positive rating.

• HSB FOREX 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.

HSB FOREX Alternative Brokers

Considering the uncertainties surrounding the reliability and security of HSB FOREX, we highly recommend traders to explore alternative options offering enhanced regulatory oversight and superior trading conditions. Below, we have comprised a list of reputable brokers for investment that present reliable choices and ensure a secure trading environment for your consideration:

• Robinhood – Good Broker with Excellent Platform Range
• Webull – Good for Beginners and Good Fees
• TD Ameritrade – Wide Range of Trading Instruments

Deposits and Withdrawals

Clients can deposit funds into their accounts using different methods including bank transfer, bitcoin, and more.

• Prior to initiating any deposits or withdrawals with HSB FOREX, it is imperative to complete the company's security and identification verification process.
• HSB FOREX provides various investment plans, including daily and weekly options, each with distinct contract durations, minimum investment requirements, and other specifications.

Account Types

To open an account traders need to submit Identification proof like a passport or driving license and a residential proof. Unfortunately, there is not much information on the account types, however, the broker mentions a range of trading accounts, along with Islamic Accounts. 

HSB FOREX Review Conclusion

Upon our comprehensive analysis of HSB FOREX, notable doubts arise regarding the broker's credibility. While HSB FOREX operates as an investment company, the absence of registration raises significant concerns, especially when compounded by negative client feedback. Additionally, the lack of information on the website, coupled with the average services and trading conditions provided by HSB FOREX, makes it an unfavorable choice for trading.

In light of these observations, it is strongly recommended to prioritize tightly regulated brokers with established reputations and transparent trading conditions. We advise selecting a trustworthy broker possessing licenses from reputable authorities such as FCA, ASIC, or CySEC. Numerous regulated brokers have earned a reputation for reliability while also providing exceptional services, such as Interactive Brokers, Go Markets, and HFM.

• Overall ranking and experience for HSB FOREX is Negative

Is CedarFX Scam or Legit Broker?

No, CedarFX cannot be considered a reliable broker due to its absence of a top-tier license. CedarFX is incorporated in St. Vincent & the Grenadines. 

• St. Vincent & the Grenadines is commonly recognized as an offshore zone lacking the security assurance for Forex trading despite broker registrations. As a result, brokers operating from this jurisdiction often carry a history of being associated with financial fraud or dubious practices. To ensure the safety of financial investments, it is advisable to engage exclusively with reputable brokers that are well-regulated and have established credibility within the market.

What is CedarFX?

CedarFX operates as a Forex brokerage registered in Saint Vincent and the Grenadines. The platform provides clients with the opportunity to engage in CFD trading across a diverse range of assets, including currency pairs, cryptocurrencies, stock indices, shares, and commodities, all with margin trading capabilities. The broker's minimum deposit is $10. It offers floating spreads from 0.6 pips, high leverage opportunities, engaging in trading via the MT4 platform, accessible through mobile, desktop, and browser versions.

Our research delved deeper, revealing additional insights into various aspects of Evolve Markets' operations, providing a more comprehensive understanding of the broker:

• Insufficient Regulation: While CedarFX may appear appealing initially due to its favorable conditions and diverse offerings, one significant drawback is its lack of proper regulation. The broker is incorporated in St. Vincent & the Grenadines, a jurisdiction known for its less stringent regulations and oversight of offshore brokers. Investing with such brokers may pose considerable risks due to the potential for inadequate supervision and protection of investors' interests.
• Market Manipulation: In trading environments lacking transparency and regulatory oversight, particularly with unregulated and offshore brokers, there exists a heightened risk of market manipulation. This manipulation may manifest in different ways, putting the clients' investments at risk. Sometimes market data may be unreliable, orders susceptible to manipulation, and overall trading conditions unfavorable to the trader. This scenario increases the likelihood of investment losses and negatively impacts account balances.
• Client Feedback:  CedarFX has faced numerous complaints from clients, highlighting various concerns including difficulties in withdrawing funds, perceived lack of transparency, and unfavorable trading conditions.  Traders must heed feedback from fellow clients, as it sheds light on potential issues and concerns.
• Withdrawal Issues: A critical aspect of evaluating a broker is examining the withdrawal procedures, which are essential in Forex trading. Challenges with the withdrawal process can hinder traders' ability to access their investments and profits. The significant number of complaints against CedarFX regarding its withdrawal process is cause for serious concern.

Overall CedarFX Ranking

After completing our investigation, we have uncovered significant reservations regarding CedarFX's trustworthiness and commitment to regulatory compliance. Consequently, we are unable to issue a positive rating for CedarFX.

• CedarFX 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.

CedarFX Alternative Brokers

Considering the uncertainties surrounding CedarFX's reliability and security, we highly advise traders to explore alternative options that offer stronger regulatory oversight and more favorable trading conditions. Below, there is a selection of reputable brokers that provide reliable choices and ensure a secure trading environment for your consideration:

• Dukascopy – Excellent for Shares, Futures Trading
• InteractiveBrokers – Good for US Trading and Trading of Real Stocks
• IG – Excellent Selection of Educational Materials

Deposits and Withdrawals

CedarFX provides Bitcoin as a primary deposit option, alongside the flexibility to deposit funds using either your Credit Card or Bank Wire Transfer through a third-party platform. 

• While the minimum deposit in Bitcoin is $10, it's important to note that all Bitcoin transactions incur blockchain and miner fees, irrespective of the transaction size. For other payment methods, the minimum deposit requirement is $50. Bitcoin transactions may take anywhere from 5 minutes to an hour to reflect in the client's account.
• CedarFX ensures swift Bitcoin withdrawals for all clients. Once traders submit a withdrawal request, the team processes it within 24 hours, and the funds are promptly sent directly to the Bitcoin wallet.
• The minimum withdrawal amount is $10.
• However, we highly recommend traders exercise utmost caution when entrusting their funds to any broker. It's common in Forex trading for traders to incur losses due to dealings with unregulated or offshore brokers.

Account Types

CedarFX provides two types of account options: the 0% commission accounts and Eco Accounts.

• The only distinction between the two account types lies in the commission rate. In a 0% Commission Account, traders can execute trades across all assets without incurring any commission charges. Conversely, with an Eco Account, traders are subject to a $1 commission fee per lot traded. Notably, all commissions generated from Eco Accounts are allocated to support environmental initiatives through Ecologi. All other account features, including spreads, leverage, and available instruments, remain identical across both account types.

CedarFX Review Conclusion

After extensive research into CedarFX, there are considerable doubts regarding the broker's reliability. The absence of solid registration credentials raises significant red flags. Moreover, the numerous negative client reviews further amplify these apprehensions.

Hence, it is highly recommended to prioritize tightly regulated brokers with established reputations and transparent trading conditions. It's always advisable to select a trustworthy broker holding licenses from reputable authorities such as  FCA, ASIC, or CySEC. Numerous regulated brokers combine reliability with exceptional offerings, such as Interactive Brokers,  OANDA, and FP Markets.

• Overall ranking and experience for CedarFX is Negative

Is Evolve Markets Scam or Legit Broker?

No, Evolve Markets cannot be considered a reliable broker due to its absence of a top-tier license. Evolve Markets LLC is incorporated in St. Vincent & the Grenadines as an international business company with registration number 2788LLC2022. The broker also claims to be regulated by the MWALI International Services Authority (Licence Number: HY00323037). 

• It is widely acknowledged that St. Vincent & the Grenadines serves as an offshore zone where brokers' registrations do not guarantee safety for Forex trading. Consequently, brokers based in this jurisdiction frequently have a track record of involvement in financial fraud or questionable activities. To safeguard financial investments, it is recommended to exclusively trade with well-regulated brokers renowned for their credibility in the market. Brokers such as Evolve Markets,  ProsperityFX, FxBitCapital, and Moon4Trades registered in St. Vincent & the Grenadines may not offer the most reliable option.
• Another crucial point to note is that Evolve Markets mentions to be regulated by the MWALI International Services Authority (M.I.S.A.). However,  M.I.S.A. is a doubtful regulatory body as Financial activities in Moheli island, a constituent of the Union of Comoros, are exclusively overseen by the Central Bank of Comoros.

What is Evolve Markets?

Evolve Markets Ltd was established in 2016. The company offers highly competitive trading conditions, including a diverse range of trading tools, increased leverage options, and the ability to trade cryptocurrency deposit accounts. With Evolve Markets traders can deposit using Bitcoin, altcoins, or stablecoins and utilize high leverage for trading across crypto derivatives, forex, commodities, indices, and stocks. The trades are conducted on the market-popular MT4 and MT5 platforms, also, on WebTrader.