Archives: Brokers

Is Kato Prime Scam or Legit Broker?

No, it is not safe to trade with Kato Prime. The broker is registered in offshore zone New Horizon Building, Ground Floor, 3 1/2 Miles Philip S.W. Goldson Highway, Belize City, Belize, with the IFSC: 000392/228 registration number. However, Belize is an offshore zone and brokers with a Belize license are not safe and trustworthy enough. 

• The Belize license fee is relatively low compared to top-tier authorities, and getting one is quite easy. Besides, the regulatory body does not set many requirements before the financial firms. Thus, signing in with a broker holding only a Beize license is not safe. Very often offshore brokers turn out to be scams, which puts the traders' investments at risk. Read more about why to avoid IFSC brokers from Belize.

What is Kato Prime?

Kato Prime login provides access to trade Stocks, Indices, Commodities, Cryptocurrencies, and Foreign Exchange. The broker is registered in Belize. However, Belize is an offshore zone, and signing in with the broker might put the trader's investments at risk. 

• In general, brokers registered in offshore zones such as Belize are not reliable. Although the authority has developed certain rules and requirements to oversee the companies registered in the zone, they are still quite lax in comparison with world-known authorities. Usually, offshore brokers still manage to run investment spam. 
• The other red flag with Kato Prime is its withdrawal issues. There are many negative reviews from traders in this respect. In many instances, traders are not able to withdraw their profits or investments. 
• If engaging in Forex Trading, then only with a safe broker with tight regulations. It is wise to choose brokers with FCA or CySEC licenses. These authorities have very strong rules and guidelines. Getting a license with them requires stable capital and registration fee is rather high. Yet, they provide compensation and negative balance protection. For instance, FCA provides up to £85 000. 

Overall Kato Prime Ranking

Based on the revelations we were able to come up with regarding Kato Prime safety and regulations issues, we do not rank positively Kato Prime, based on our Expert Opinion with over 10 Years of experience in Forex Trading due to its lack of regulation and many negative reviews from traders.  

• Kato Prime 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.

Kato Prime Alternative Brokers

Taking into account our findings of Kato Prime reliability and safety issues, here are much better Alternatives to Kato Prime with tight regulations and favorable conditions. We select Good Brokers and reliable options for your comparison below:   

• AvaTrade – Good Instruments and CopyTrading
• Pepperstone – Low Spreads and Competitive Trading Conditions
• XM – Wide Range of Trading Opportunities

Account Types

Kato Prime offers its clients several account options: Advanced Account MT4, Raw Premium Account MT5, and Platinium Account MT5. With the Advanced option, the minimum deposit starts from $15, $50 for Raw Premium, and $3,000 for Platinium Account respectively. Kato Prime also offers a Demo account. It is especially a favorable chance for beginner traders, enabling them to practice trading before starting real trades and investing real money. 

• By signing with Kato Prime traders gain access either to MT4 or MT5  platforms, which are the most demanded platforms in Forex trading. 

Deposits and Withdrawals

With Kato Prime, it is possible to fund the accounts via Credit/Debit cards and Wire transfers. The minimum deposit with the broker is $15. However, there are numerous complaints from traders regarding its deposits and withdrawals. 

• Besides, the broker does not specify any rules and steps regarding the withdrawal process. This is a big drawback, as withdrawal of the funds is an important moment in Forex trading, and if there are problems with the process clients are at risk of losing their profits and investments. 

Kato Prime Review Conclusion

We found that Kato Prime is not a reliable broker as it has only a Belize license, which is an offshore zone. The offerings of the broker might seem attractive and favorable, however, offshore brokers are not reliable. Most often, unregulated or offshore brokers are spam. We strongly recommend choosing brokers with UK’s FCA or Australian ASIC and signing in with reliable brokers such as Tickmill, Interactive Brokers, and HFM.

• Overall ranking and experience for Kato Prime is Negative

Is Forex Market Income Scam or Legit Broker?

No, Forex Market Income is not a safe broker to trade with. The registered address of the broker provided on its website is 5895 W Olympic Blvd, Los Angeles, CA 90036, USA. Clearly, the broker is located in the United States, however, it does not hold any license from the local financial authority – NFA.

• Forex trading in the USA is strictly regulated by NFA. Companies under it are obliged to follow strict rules and guidelines. The unregulated nature of Forex Market Income makes the broker an unfavorable offering. In forex, lack of regulation is the biggest red flag, as money safety and security of investments always go first.

What is Forex Market Income?

Forex Market Income provides money transfer services over the Bitcoin cryptocurrency network. The broker claims to be reliable and secure, with high-quality, trader-oriented services. However, the facts we revealed about Forex Market Income make us believe otherwise.

• Based on the information provided on the broker’s website, Forex Market Income is based in the USA. As the law obligates, all the brokers located in the country need to have an NFA license, to be able to legally operate. However, this is not the case with Forex Market Income, as the broker holds no license.
• The unregulated nature of the broker is not the only downside that should keep the traders away. By digging a little deeper we found that Forex Market Income is not the only broker registered at the provided address. In fact, there were several companies, and one of them is Fnx Trading Capital (www.fnx-trdingcaps.com). One does not need to be a genius to see how identical the websites of the two brokers are. This means that the company tries to attract new customers under different names, which is a common practice in Forex.
• Besides, when we tried to find information on the deposit or withdrawal processes, we couldn’t find anything that would ensure trust in the company. It is a well-known fact that smooth withdrawals are crucial in trading. Thus, for clients, more information about it is necessary, which the broker evidently does not provide. Here you can also read trader's reports about the broker. 
• In addition, when looking for a trustworthy broker located in the USA, we strongly recommend choosing one with an NFA license, as trading in the country can be a little tricky. With a good broker, such as OANDA US your investments and gains are protected.

Overall Forex Market Income Ranking

Taking into account our findings relating to safety and regulations issues with Forex Market Income, we do not rank positively Forex Market Income, based on our Expert Opinion with over 10 Years of experience in Forex Trading due to its lack of regulation and many negative reviews from traders.  

• Forex Market Income 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.

Forex Market Income Alternative Brokers

Taking into account our findings of Forex Market Income reliability and safety issues, here are much better Alternatives to Forex Market Income with tight regulations and favorable 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

Account Types

Forex Market Income offers different investment packages to choose from: Mini, Silver, Gold, and Platinum. The minimum deposit starts from $500 for the Mini account type. For Silver, the investments start from $4 000, $10 000 for Gold, and $15 000 for Platinum. The broker states that signing in with the Platinum account gives traders lots of opportunities and many valuable bonus features.

Deposit & Withdrawal

The broker does not provide much information on the deposit and withdrawal processes.

• With Forex Market Income deposits are made by copying the wallet address in the trader’s profile and making the deposit with it. The funds are processed almost immediately.
• To apply for withdrawals traders need to log in to their accounts using their usernames and passwords and click on the Withdraw button.
• The minimum deposit is with the Mini investment plan and starts from $500.

Forex Market Income Review Conclusion

Forex Market Income is not a trustworthy broker. No matter how attractive a broker’s offering might seem, we always recommend traders avoid unregulated brokers. Most often, unregulated brokers are spam, and investments are always at risk with such brokers.

It is more advisable to choose brokers with UK’s FCA or Australian ASIC, or NFA licenses and sign in with reliable brokers such as OANDA, Interactive Brokers, and HFM.

• Overall ranking and experience for Forex Market Income is Negative

Is LCMFX Scam or Legit Broker?

LCMFX is not a safe broker to trade with. LCMFX is an offshore broker located in Saint Vincent and The Grenadines. The broker boasts about its high-level services and years of immaculate experience, however, it does not hold any license from world-known financial authorities, which is a big red flag when it comes to Forex trading.

• LCMFX has its office in Saint Vincent and the Grenadines. However, brokers registered in SVG FSA are not trustworthy. The regulatory body does not set many requirements before the financial firms. This is proved by the license's low set-up costs, lack of business planning and other significant requirements.

What is LCMFX?

LCMFX is a registered business name of Lucror Ltd, which is a privately owned brokerage firm with a registered office in Saint Vincent and The Grenadines. The broker does not mention its address, however, the number provided indicates New Zealand (1005, Level 10, 300 Queen Street, Auckland CBD 1010, New Zealand). An essential thing is, we found that there is also another broker under the company– LUCROR (www.lucrorltd.com), with the same registered address. Thus, these two are the same company, operating under different names.

• LCMFX states its superior level of service to retail and institutional customers. Besides, the broker mentions about its lowest spreads and commissions in the industry, with no requotes, delays, or interventions. LCMFX also mentions its good customer support with 24/5 access and availability in different languages.

• LCMFX mentions on its website that it does not open or maintain accounts for Caribbean Islands-based entities or residents. Governmental restrictions along with their internal company policies prohibit LCMFX from opening accounts originating from restricted and/or OFAC-sanctioned countries.

• Another thing the broker seems to prioritize is the safety of its client’s funds, assuring that they are held in the top trusted financial institutions and Banks. However, this is when it gets tricky. In fact, LCMFX is an offshore broker, and it is not a secret that brokers with offshore licenses do not provide a sufficient level of safety and security. Among other disadvantages, if something happens with the company, it is unlikely that clients will be compensated. They will simply lose all of their investments. Whereas, top-tier authorities such as UK FCA, ASIC and CySEC provide compensation schemes and guaranteed stop-loss strategies.

• Also, we cannot overlook the numerous negative reviews and complaints from LCMFX clients. Many traders point out the problem with the withdrawal process. Some of them were never able to get their profits or invested funds. Besides, traders even warn that in many instances managers of the brokerage firm persuade them to make large investments, however, the invested money never goes to the client’s account.

Overall LCMFX Ranking

Taking into account our findings relating to security and regulations problems with LCMFX, we do not rank positively LCMFX, based on our Expert Opinion with over 10 Years of experience in Forex Trading due to its lack of regulation and many negative reviews from traders.  

• LCMFX 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.

LCMFX Alternative Brokers

Taking into account our findings of LCMFX reliability and safety issues, here are much better Alternatives to LCMFX with tight regulations and favorable conditions. We select Good Brokers and reliable options for your comparison below:   

• AvaTrade – Good Instruments and CopyTrading
• Pepperstone – Low Spreads and Competitive Trading Conditions
• XM – Wide Range of Trading Opportunities

Account types

LCMFX offers its clients two main account types: Standard Trade and Pro Trade. For Standard account types spreads start from 1.8 Pip, while for Pro Trade the offering is considerably lower – 0.9 Pip. The minimum Deposit for Standard Trade starts from $100, and for Pro Trade from $1,000. The available leverage for Currency trading is 1:500, the same for both account types. Traders can deposit funds in USD/EUR/GBP.

Deposit & Withdrawal

LCMFX offers several methods for deposits and withdrawals of the funds: Bank Transfer, Visa/Master cards, and Skrill. Clients have the chance to choose the one that is more convenient for them.

• The minimum deposit with LCMFX is $100.
• The minimum withdrawal fee is $100 for Banak transfers and $50 for Skrill.
• There are no commission fees. The processing time is estimated up to 72 hours for Bank transfers and instantly for Skrill. However, we recommend our readers not to forget about the problems that former clients reported about the withdrawal process and be very careful.

LCMFX Review Conclusion

We always recommend traders avoid unregulated and offshore brokers. Still, it is also fair to say that not all offshore brokers are spam. Nevertheless, the safety of funds is the most important part of Forex trading, thus we recommend finding well-regulated and reliable brokers.

Our revelations showed that LCMFX, like many other offshore brokers, has some attractive offerings that can draw traders. However, to be on the safer side, it is best to choose brokers with UK’s FCA or Australian ASIC licenses and sign in with reliable brokers such as AvaTrade, Interactive Brokers, and HFM.

• Overall ranking and experience for LCMFX is Negative

Is Tenko FX Scam or Legit Broker?

Tenko FX is not safe to trade with. The broker is suspected to be a scam. Although the broker states its years of experience and favorable conditions, it does not provide any information about registration.

• In Forex trading it is essential to trade with only a reliable broker with tight regulations. In the case of Tenko FX, it seems the broker does not hold any license from top-tier authorities. This means, that traders’ investments are not protected, and by signing with Tenko FX clients might put their trust only in the broker’s words.  

What is Tenko FX?

On its website, TenkoFX states that it provides access to both the Forex market and CFD commodity markets with a focus on delivering flawless and instant deal execution for optimal trading outcomes. The broker also operates as an ECN broker with direct access to the interbank market and executes orders via Market Execution mode, where clients' transactions are processed by other traders, banks, and funds. Also, the broker mentions how important are reliability, tight regulations, and transparency. Since its foundation, it has tried to deliver great services to its clients.

• However, the broker has evidently issues with safety and regulations. Brokers that have licenses from top-tier regulatory bodies, always mention this fact as in Forex trading safety of funds goes first. This is not the case with  TenkoFX, as there is hardly any mention of regulation on the broker’s website.
• Instead, visitors of the website can only find the provided address and company number (Tenko Systems Limited (Сompany No. C 49112), Nevis, Charlestown, Corner of Jews Street & Marion Avenue, Ramsbury Site). Apparently, Nevis is an offshore location that does not provide sufficient protection to the financial companies registered there.
• We strongly recommend choosing a reliable broker with tight regulations, favorable conditions, and years of proven experience in the market.
• On the other hand, based on our investigation, the Tenko FX reviews from traders are mostly positive. Very rarely there are problems with withdrawal or other issues, yet mostly the impressions are good. Thus, it is necessary to mention, that not all unregulated brokers are scams. There might also be good brokers with favorable offerings. However, signing with brokers such as Tenko FX, traders rather trust the broker’s word and reviews from other clients, still being unprotected legally.

Overall Tenko FX Ranking

Taking into account our findings relating to safety and regulations problems with Tenko FX, we do not rank positively Tenko FX, 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.

• Tenko FX 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.

Tenko FX Alternative Brokers

Taking into account our revelations of Tenko FX reliability and regulations issues, here are much better Alternatives to Tenko FX 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

Deposit & Withdrawal

Tenko FX states about its easy and effortless deposits and withdrawals. The range of options and terms is regularly updated by the broker. Besides, Tenko FX covers money transfer costs if any, and does not charge more than the cost to the company.

• Withdrawals are processed on working days (Mon - Fri - 9:00 am to 9:00 pm, GMT+4). The delivery of funds to the client’s bank account depends on the transfer method.
• Deposits and Withdrawals are processed through Bitcoin, BitcoinCash, Litecoin, and Ethereum.

Tenko FX Review Conclusion

Being an unregulated or an offshore broker does not mean that the broker is a scam. Our revelations showed that TenkoFX is a broker with good offerings, and the reviews of traders are also rather good. Still, many brokers with offshore registration are not trustworthy, and signing with them might result in risking your investments. We recommend well-regulated brokers with UK’s FCA or Australian ASIC registration. We advise signing in with reliable brokers such as AvaTrade, Interactive Brokers, and HFM.

• Overall ranking and experience for Tenko FX is Negative