Archives: Brokers

Is Admiral-Markets Scam or Legit Broker?

Admiral-Markets broker is a non-regulated Broker. It is NOT SAFE to trade with this company. We have checked the company and there is no authorization or registration of the address, therefore the company seems to be highly suspicious and might operate its services from an absolutely different location.

• Admiral-Markets is a company that claims its leading passions and the best way to access the global financial markets, trading and speculation on cryptocurrencies in particular. The broker, however, does not mention its registration address, or any regulatory status, or even provide legal data.

What is Admiral-Markets?

Admiral-Markets is a quite big trading name, known in markets and the trading industry, which in fact has nothing to do with a current website and offering. Actually, this is a typical tactic of the fraudulent company to take over a reputable name from a regulated and well-established broker, in return to mislead traders and attract possible investors. Specifically, Admiral-Markets.com misrepresent the truly regulated by the Financial Conduct Authority Admiral Market broker (check out reviews about Admiral Markets by the link).

• In addition, it has come to the attention of France's authority AMF that the broker offers the unsolicited trading capability to residents. An unregulated firm means that there is no adherence to requirements and laws, as well as non-compliance to basic investor protection rules, handling, and other obligations. Therefore, we always recommend choosing among the industry-leading and well-regulated Forex brokers to ensure a further positive experience while trading.

“The AMF regularly publishes the list of websites and entities offering in France, without having the right, investments in the foreign exchange market (Forex) and included admiral-market.com. Since the intermediary concerned does not appear on a register in the context of Forex or does not have a registration number for investment, do not respond to his solicitations. You would take the risk of choosing an intermediary who does not respect the basic rules of protection and good information of investors.”

AMF, France. November 2018.  

• The pages and official sources of the international regulators’ list alert are shared with the authority directly or by other countries’ supervisory bodies or transmitted centrally. Those tools and the general purpose of the regulatory bodies operate in order to enable stability of the market offerings, protect clients from potential and numerous frauds, enable reliability rules to financial service entities, and more. As Admiral-Markets got no license to operate within the EU and other regulated jurisdictions, the broker was blacklisted and alerted by the EU authority.

Admiral-Markets Review Conclusion

We advise all investors and traders to avoid Admiral-Markets and other unregulated brokers. The lack of information about the broker’s regulations, 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 Alpari and XM.

Admiral-Markets Update

Based on our research, the Admiral-Markets 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 4xCube Scam or Legit Broker?

4xCube is not a legit broker as it does not hold any serious license. As a general rule, we recommend avoiding offshore and non-regulated entities as traders who invest in non-regulated firms often cannot recover funds invested or gains received. 

What is 4xCube?

4xCube is a CFD and Forex broker that states their 20-year experience across different markets and clear, true STP/ ECN trading environment, which is accessible through unparalleled safety of trading accounts. The given information about the broker’s registration is rather unclear and confusing than confirming an authorized service delivery, despite the fact that the firm established this year in 2018. The company behind the 4xCube brand is registered in the UK, while the leads going to the Cook Islands also with its claimed registered license.

• However, in fact, the Cook Islands license from FSC (Financial Supervisory Commission) is an offshore one and is a very small Island, not a reputable financial location with the strictest investment firm established standards. Your investment and trading itself might be at risk due to the fact the broker holds an only offshore license and not any other compared to financial service licenses like UK’s DCA or Australian ASIC. Simply offshore firm means there is no strict and high check on the firm's operation before its establishment or along the operating process. The offshore authority does not require high professionalism or follow of customer protection, therefore most often offshore brokers deliver service as they wish. For that reason, it is the highest-risk investment, as the trader never knows what to expect.

Overall 4xCube Ranking 

Regarding our finds and issues with regulations and safety of 4xCube, we do not rank positively 4xCube, based on our Expert Opinion with over 10 Years of experience in Forex Trading.

• 4xCube 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.

4xCube Alternative Brokers

Based on the issues we revealed regarding the safety of 4xCube here are much better Alternatives to 4xCube with good regulations and excellent conditions. We select Good Brokers and reliable options for your comparison below: 

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

Deposits and Withdrawals

The broker offers various deposit and withdrawal options – Bank Transfer, Credit/Debit Card, and e-wallets such as Skrill, Neteller, Perfect Money, Sticpay, etc.

• Deposits and withdrawals may be made 24 /7. When a deposit or withdrawal is not carried out instantly, it will be completed within 24 hours.
• The company will not accept direct payments or payments to third parties.
• Withdrawals are limited to one per day per account.
• Withdrawals processed within 48h after the deposit, will be debited by the full amount of deposit charges incurred by 4XC.

4xCube Review Conclusion

Unfortunately, we can’t recommend 4xCube due to the lack of serious regulation, as long as safety measures always go first in trading. We advise choosing among the Regulated brokers from the resected and reputable entities that prove their status with the constant check on the operation by the industry authorities, such as BlackBull Markets, Dukascopy, and FBS.

• Overall ranking and experience for 4xCube is Negative

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.