Archives: Brokers

Is Evolution Brokers Scam or Legit Broker?

No, it is not safe to trade with Evolution Brokers. Evolution Brokers is owned by Maximus Global Marketing LTD, which is an offshore company licensed 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 being low, it does not regulate forex trading. Therefore, it became an offshore zone for shady forex brokers such as Capital TradeFX, JustForex, and more. You can read our detailed article about the risk of trading with brokers from St. Vincent and the Grenadines.

What is Evolution Brokers?

Evolution Brokers is a Forex and CFD trading provider that claims the lowest spreads (See the List of Low Spread Brokers) in an industry that maximizes the profit through its established ECN/ STP execution and secure accounts.

• Moreover, the Evolution Broker states its negative balance protection and implementation of the highest level risk management tools, while all client funds are kept in segregated fund accounts.
• The main concern is the states that seemed to be very professional and actually necessary for a reputable broker, are not confirmed by any of the authorities. As the Evolution Brokers are located in an offshore zone, in St. Vincent and the Grenadine, and didn’t bother to obtain a license that will ensure customer protection, all the above said is not guaranteed.
• The mission of industry authorities is to regulate numerous financial investment firms, and report every move and statement they claim along to the protection of the client’s interest in every step.
• In regards to Evolution Brokers, the offerings are quite standard, while the firm is not among the recommended brokers that may involve clients in potential fraudulent investments. In addition, there are numerous complaints revealed by the traders engaged with Evolution Brokers, as well as a warning notification from FINACOM.

“The warning list is to inform the public of companies, including Evolution Brokers, that we do not recommend to trade with, following numerous reports and complaints filed by customers regarding non-member firms concerning fraud or wrongdoing.”

FINACOM. June 2018.

Evolution Brokers Review Conclusion

We advise all investors and traders to avoid Evolution Brokers 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 AvaTrade and FP Markets.

Evolution Brokers Update

Our research revealed that the Evolution Brokers 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. 

Is FXprime Scam or Legit broker?

It is not safe to trade with FXprime as it is an offshore broker. FXprime is owned and operated by Royal Gates LTD, registered in St. Vincent and the Grenadines.

However, 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's 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.  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.

What is FXprime?

FXprime claims to be an industry leader in the Forex and CFD markets. It promises to deliver a powerful, user-friendly, and fair trading platform. Trading at FXprime allows its clients to benefit from tight spreads and low commissions (Low Spread Brokers). FXprime offers a slew of tools for traders to take advantage of, including stop-loss, take profit, entry limit, and entry-stop orders. It provides a web-based platform and a leverage of up to 1:200. On this platform, clients can trade the most popular assets - currencies, commodities, and indices. Fxprime clients benefit from intensive training, dedicated service, and 24/5 professional customer support and assistance.

• The broker doesn’t provide any information about its regulation as well as its location. It provides the contact phone numbers with UK country codes, however, FXprime is not regulated in the UK or any other country.
• In addition, the broker has gotten on the warning list of the Belgian regulator FSMA: 

“During the last weeks, the FSMA continued to receive complaints from consumers concerning new fraudulent online trading platforms that are operating in the Belgian market. The FSMA therefore strongly advises against responding to any offers of financial services made by the following trading platform: FX prime (www.fxprime.io)”

FXprime in India

FXprime allows Indian traders to open accounts and trade. However, FXprime has no mention of complying with any Indian regulators on its website. It is also worth mentioning that Forex trading is actually prohibited in India. The broker is not regulated by any regulatory body in India, that’s why money safety may be the issue here.

FXprime in the USA

FXprime is not legal in the USA and is not available for American traders. As per U.S. law, brokers regulated by CFTC are the only brokers allowed for USA traders. So, except for FXprime, you are only permitted to trade with the U.S-regulated platforms. 

Deposits & Withdrawals

The minimum deposit is 250 USD for a Basic account. Fxprime supports the standard Visa and MasterCard, however, popular e-wallets Skrill and Neteller are not available.

Withdrawal conditions are not clear as well as possible deposit/ withdrawal fees. 

Apps

The platform is not available for mobile trading via mobile devices. 

Demo Account

FXprime does not provide a demo account for its traders. 

FXprime Review Conclusion

Overall, there are many questions in regard to the trust of the FXprime company services, its trading conditions, and its operations in general. We strongly advise opening a trading account only with brokers that are regulated by respected world authorities that comply with the required set of rules and have a good reputation through the delivered timeframe of operations. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as AvaTrade and XM.com.

FXprime Update

Based on our findings, the FXprime website is no longer active. 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 Swissinv24 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.

What is Swissinv24?

Swissinv24 Markets has positioned itself as one of the best spread betting brokers, a leading provider of Online Foreign Exchange (Forex) trading, 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:

Swissinv24 Review Conclusion

We strongly advise all investors and traders to avoid Swissinv24 and other brokers from the Marshall Islands. In Forex trading finding a reliable and well-regulated broker is essential, not to risk your investments. Thus, traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as City Index and eToro.

Swissinv24 Update

Our research revealed that the Swissinv24 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. 

Is GoldmanCFD Scam or Legit Broker?

No, it is not safe to trade with GoldmanCFD. GoldmanCFD is owned by GOLDMANCFD 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 being low, it does not regulate forex trading. Therefore, it became an offshore zone for shady forex brokers such as YFX Capital, Pinprotrade, and more.

What is GoldmanCFD?

GoldmanCFD claims to be one of the leading providers of Online Foreign Exchange (Forex) trading, spread betting companies, and other related services. The company doesn't provide much information about its location or regulation. According to the terms and conditions, the company is under Estonian jurisdiction, however, it is not entitled to operate in Estonia, in Europe, or in any regulated market in general.

• Moreover, Italian regulator CONSOB has blacklisted GoldmanCFD in February 2019:

“The National Commission for Companies and the Stock Exchange has ordered the following company to cease the infringement, consisting of the provision of unauthorized investment services and activities to the Italian public.”

GoldmanCFD Review Conclusion

We advise all investors and traders to avoid GoldmanCFD and other brokers from the Marshall Islands. Based on the information we revealed GoldmanCFD has safety issues, and investing with the broker might put the traders' investments at risk. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as IG Markets and BlackBull Markets.

GoldmanCFD Update

Our research revealed that the GoldmanCFD 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.