Archives: Brokers

Is CDG Global Scam or Legit Broker?

CDG Global is not a safe broker to invest in. The broker is located in Saint Vincent and the Grenadines with registration number 1726 LLC. CDG Global positions itself as a good and reliable broker with favorable offerings, however, it’s common knowledge that Saint Vincent and the Grenadines is an offshore zone and does not provide enough protections for the trades to be called safe and secure.

• SVG FSA enables low set up requirements without requiring any business planning, management interview, or check of the company background. Thus, the registered company does not follow any strict guidelines, a handbook, or hold other regulatory obligations. This means, that by signing with SVG FSA -regulated brokers, traders risk their investments. Read our article about why to avoid Saint Vincent and the Grenadines registered brokers.

What is CDG Global?

CDG Global is a fast-growing broker focusing on B2B and institutional market segments. The company was founded by a team of FX industry veterans.

With CDG Global traders have an access to the most popular instruments; FX, Metals, Indices, Energies, Shares, Commodities, and Cryptos. The broker also enables STP/ECN technology. CDG Global offers a variety of trading accounts, including ECN and Islamic accounts.

• However, thorough research shows the other side of the coin. In fact, when it comes to the traders’ feedback, everything is not that bright. Traders report multiple issues regarding the safety of the broker, as well as issues with the withdrawal process.
• The broker’s website mentions low spreads and no additional commissions for a Standard account; however, the spread can be as high as 3 pips, which in itself is not a beneficial offering.
• CDG Global also mentions Negative balance protection on its website, however, offshore brokers do not commonly have negative balance protection, so this is perhaps one of the broker’s attempts to seem trustworthy and reliable.
• Trading environment, conditions, and safety are of utmost importance in Forex trading, and all of the mentioned are provided only by brokers that hold a license from the world’s leading authorities, such as ASIC, FCA, or CySEC.
• And at last, the broker does not provide any address on its website which is a good ground for suspecious. The only contact information it provides is a phone number with a Malaysian code.  This might indicate that the broker is targeting traders from Malaysia. 

Overall CDG Global Ranking

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

• CDG Global 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.

CDG Global Alternative Brokers

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

• BlackBull Markets – Good for High Leverage Trading
• ThinkMarkets – Competitive Spreads
• IC Markets – Excellent cTrader Broker

Deposit & Withdrawal

With CDG Global traders have multiple options for funding their accounts, including bank transfers, credit cards, and e-wallets such as Alipay, Neteller,  Skrill, Ngan Luong, Help2Pay, PayTrust88, and FasaPay.

The broker mentions on its website that some funding methods might be unavailable in certain regions, so it’s up to the traders to check the availability of a certain funding method.

• The minimum deposit for the Standard account is $50.
• CDG Global does not charge any fees for the first 3 withdrawals. However, starting from the 4^th withdrawal request within the same month, there will be an additional fee charged.
• If there has not been trading activity on the account, the withdrawal will be charged 20 USD.

CDG Global Review Conclusion

We recommend avoiding offshore or unregulated brokers, as they do not provide a sufficient amount of protection. Trading with CDG Global might put your investments at risk. A significant amount of complaints from the side of traders only confirms our point.
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 XM, BlackBull Markets, and HFM.

• Overall ranking and experience for CDG Global is Negative

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 Fusion Markets Scam or Legit Broker?

Fusion Markets is not a safe broker as it does not hold any serious license. On its website the broker mentions its license from a leading authority – ASIC. However, on the regulator’s website, there is no information about Fusion Market registration. This means, that the information is incorrect and the broker has only an offshore license – the Vanuatu Financial Services Commission (VFSC).

• However, the Vanuatu Financial Services Commission is an offshore zone and sets very low requirements with very small costs, and almost does not oversee the company operation further on. So, we do not recommend traders to trust their funds to a broker holding an offshore license.

What is Fusion Markets?

Fusion Markets is a forex broker, offering also CFDs trading. It was founded by veterans of the Australian forex industry.
Fusion Markets is a trading name of Gleneagle Asset Management Limited, (ABN 29 103 162 278).

• On its website, the broker mentions its ASIC license with a 226199 registration number. However, we couldn’t find any registration information on the authority’s website.
• This leaves the broker with only the Vanuatu Financial Services Commission (VFSC) license, which is an offshore zone.
• Besides, there are many customers’ complaints about the broker’s withdrawal process mainly. Based on this and the issues with safety and regulation, we do not recommend trusting funds to the broker.

Overall Fusion Markets Ranking

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

• Fusion Markets Overall Ranking is 4 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.

Fusion Markets Alternative Brokers

Based on our finds and issues with the safety of Fusion Markets here are much better Alternatives to Fusion 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

There are no deposit fees at Fusion Markets. It is possible to fund the accounts with multiple options, including Bank transfers, credit/debit cards, as well as electronic wallets such as PayPal, Neteller, or PerfectMoney.

• Bank transfers can take up to several days, whereas a credit/debit card payment is instant.
• Traders can deposit money only from trading accounts under their names.

Fusion 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 Fusion 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 AMarkets Scam or Legit broker?

AMarkets is not one of the secure Forex Brokers since it does not hold a license from any worldwide serious Forex authority. Meaning the broker is suspected of being a fraud company since it was not checked for its compliance before establishment, was never monitored in terms of its safety, and simply may operate the business in any way it wishes.

• It is not safe to trade with AMarkets as it is an offshore broker. AMarkets is registered by the Financial Services Authority (FSA) of Saint Vincent, registration No. 22567 IBC 2015. AMarkets is a member of The Financial Commission, an independent external dispute resolution (EDR) organization.

What is AMarkets?

AMarkets is a Forex and CFDs broker that provides trading through the MT4 and MT5 trading platforms. Providing brokerage services in the CIS countries, Asia and Europe, AMarkets focuses on offering high-quality services and comprehensive support to its clients and partners.

• However, in terms of regulation AMarkets is not safe at all. The fact is that St. Vincent and the Grenadines is an offshore zone, which does register the financial investment firm, but provides very poor if none requirements for the company operation. Therefore, it became an offshore zone for shady forex brokers such as CVC Markets, AAG Markets, and more. Read more about St. Vincent and the Grenadines regulation by the link.
• According to the website, AMarkets is a Member of the Financial Commission, which settles disputes between financial market participants, and protects each of our clients with the Commission’s compensation fund, for up to 20 000 EUR per case. 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.

Overall AMarkets Ranking 

Our research showed multiple issues in respect of the regulation and reliability of AMarkets, we do not rank positively AMarkets, based on our Expert Opinion with over 10 Years of experience in Forex Trading.

• AMarkets 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.

AMarkets Alternative Brokers

Based on the AMarkets safety and regulations issues we found during our research, we suggest much better Alternatives to AMarkets with good regulations and excellent conditions. We select Good Brokers and reliable options for your comparison below: 

• Dukascopy –  Excellent for Shares, Futures Trading
• XM – Broker with Low Minimum Deposit
• Interactive Brokers – Good for Stock Trading

AMarkets in India

AMarkets has no mention of complying with any Indian regulators on its website. The broker does not hold any license from the regulatory body in India. This means, that the investments with the broker might be at risk. 

AMarkets in the USA

The United States is one of the countries that is not accepted by AMarkets. As per U.S law, brokers regulated by CFTC are the only brokers allowed for USA traders. So, except for AMarkets, you are only permitted to trade with the U.S-regulated platforms.

Deposits and Withdrawals

The minimum deposit to start trading is $100/€100. To be able to fund your trading account, you have to complete the identity verification (Also read about Fortrade minimum deposit). 

• AMarkets does not charge any additional commission on withdrawal in its favor. When withdrawing funds from your account, you only pay transaction fees charged by the payment system. The payment system might also deduct the fixed commission on withdrawal.
• The broker offers the following payment methods: VISA, MasterCard, Bank Transfer, ADVcash, Skrill, WebMoney, Perfect Money, FasaPay, Neteller, and TopChange. 

Apps

AMarkets offers its traders MT4 Mobile and MT5 trading options for both iOS and Android. With smartphones, forex traders no longer need to be tied up to their desks, spending hours watching their trading screens. Instead, they can monitor the markets through their mobiles whenever they are. Mobile trading with MT4 allows you to have complete control over a trading account and trade from anywhere 24/5.

• The MetaTrader 5 (Check the best MT5 brokers here) custom trading app condenses the core features of the desktop platform into a simple and user-friendly smartphone interface. Trade on the go in your iOS or Android device and access current price quotes, analyze data with customizable candlestick and line graphs with the tap of a finger.

Demo Account 

AMarkets offers a demo account so you can try the AMarkets platform with virtual trading before you put down a payment. A demo account is a great opportunity to practice strategies and become familiar with the platform with their demo account option. Also, check FBS Broker Review which offers a Demo account.

AMarkets Review Conclusion

Even though the trading offering might seem attractive, in our opinion, you may find something more interesting among the regulated brokers. But an offshore status of the company does not guarantee the provision of services at the necessary level of client and funds protection. For that reason, we would advise choosing the broker more carefully and checking its regulation status first. The reputable firms that hold FCA, FINMA, or other licenses are established by international standards, protecting clients at every step and even compensating the trader in case things go wrong with the company. Thus, sign in with reliable brokers, such as  Pepperstone and TMGM.

• Overall ranking and experience for AMarkets is Negative

Is ExpertOption Scam or Legit Broker?

ExpertOption has been suspected as a scam broker. It is an offshore registered entity with no proper regulation. In addition, there are negative reviews mostly about payouts once the trading amounts are increased. However, since the company is not registered in the EU it does not provide or target clients from the jurisdiction, therefore didn’t receive any official claims or warnings.

What is ExpertOption?

ExpertOption claims to be the leader in the online trading industry through its offering to trade binary options with a trust of more than 8 000 000 clients at their background.  This broker has been around since 2014 and has over 55 million accounts opened since. As it is an international platform, the website is available in 15 different languages. Expert Option offers a wide range of assets to trade including stocks, forex, commodities, and cryptocurrency.

• ExpertOption is owned by EOLabs LLC., which is an offshore company registered in St. Vincent and the Grenadine. The fact is that St. Vincent and the Grenadines is an offshore zone, which does register the financial investment firm, but provides very poor if none requirements for the company operation. That means, the broker is not regulated, not overseen, and does not comply with strict international rules that provide protective measures to the traders.
• The broker also claims to hold the activity with supervision by the FMRRC organization (Financial Market Relation Regulation Center). Although FMRRC is an independent self-regulatory agency that was created to provide a level of regulation for derivative dealers and brokers it has no connection with the Central Bank of Russia, the official regulatory body in Russia, and has very few legal powers in regard to regulating FMRRC regulated brokers.
• The markets, which are targeted by the broker include those who mainly work with initially low deposits since the company limits deposits to a maximum of $3,000. The potential clients include Russian ones, as the website also uses the .ru domain, and the Indian region clients since the customer services also include Hindi-speaking support.

Overall ExpertOption Ranking 

As our research showed multiple issues in respect of regulation and reliability, we do not rank positively ExpertOption, based on our Expert Opinion with over 10 Years of experience in Forex Trading.

• ExpertOption 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.

ExpertOption Alternative Brokers

Based on the ExpertOption safety issues we found during our research, we suggest much better Alternatives to ExpertOption with good regulations and excellent conditions. We select Good Brokers and trustworthy options for your comparison below: 

• eToro – Best for Copy Traders
• XM – Broeker with Low Minimum Deposit
• Interactive Brokers – Good for Stock Trading

ExpertOption in India

Expert Option is legal in India (Find out top forex brokers in India). There is no mention of any possible legal issues between Indian traders and the broker.

ExpertOption in the USA

The company doesn’t provide services to citizens and residents of the USA, Canada, European Economic Area, Switzerland, Israel, New Zealand, Australia, North Korea, Puerto Rico, Singapore, Bangladesh, Indonesia, Russia, Iran, and Yemen.

Deposit & Withdrawal

ExpertOption has a minimum deposit of just $10 on their Micro account. This type of account is usually used for beginners traders. The minimum investment amount on the platform is as low as $1.

• ExpertOption offers many different payment methods including all major credit cards (including Visa and Mastercard), cryptocurrency, and most major e-wallets including UnionPay, WebMoney, Skrill, Neteller, Perfect Money, Yandex Money, Fasapay, and QIWI.
• The minimum withdrawal amount on the platform is also quite low, only 10 USD. The broker usually processes the withdrawals within 2 business days. To withdraw money, ExpertOption offers the same payment methods that are used for deposits such as credit cards, E-Wallets, cryptocurrency, etc.

Apps

The ExpertOption platform is accessible via mobile and desktop apps. Its mobile app is available on iOS and Android and can be downloaded at the Google Play Store or Apple Store. The desktop app is compatible with Windows or Mac.   

Demo Account

ExpertOption offers traders the opportunity to practice strategies and become familiar with the platform with their demo account option. Traders can use this demo account with a balance of $10 000 virtual money in order to be able to evaluate the benefits of the trading platform.

ExpertOption Review Conclusion

As we have concluded from our research ExpertOption is not a good choice for conducting trades due to its unregulated services and the high-risk operation which targets numerous clients. Dealing with an offshore broker most often results in becoming a victim of scams. 

Therefore, it is better to choose among the brokers that are complied with the industry-leading authorities and governmental entities that are backed with customer protection and the provision of legitimate financial services. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and choose brokers such as Pepperstone and TMGM.

• Overall ranking and experience for ExpertOption is Negative