Archives: Brokers

Is TP Global FX Scam or Legit Broker?

TP Global FX is not a safe broker for investments. The broker has no license from a world top-tier financial regulatory authority. Instead, based on the information provided on the broker’s website, TP Global FX is registered in two offshore zones:

• TP Global FX is registered in Saint Vincent and the Grenadines with registration number 25274 BC 2019 (registered office: Suite 305, Griffith Corporate Centre, Beachmont, P.O. Box 1510, Kingstown Saint Vincent and the Grenadines). However, brokers registered in SVG FSA are not reliable, as the license set-up costs are very low, and do not necessarily request any business planning, and other major requirements. 
• Besides, the broker also mentions its Vanuatu license with the registration number 40409 (with the address Law Partners House, Kumul Highway, PortVila, Vanuatu). Anyway, Vanuatu is also an offshore zone notorious for scam brokers. To be more informed read why to avoid Vanuatu brokers. 

What is TP Global FX?

TP Global FX is a forex broker that offers online trading services for various financial instruments such as currency pairs, commodities, and indices. The company website states that they offer competitive spreads, fast execution, and a range of trading platforms, including a proprietary platform TPG Trader, also,  MetaTrader 4, and MetaTrader 5.

• Besides, the broker offers educational resources and trading tools to help traders improve their skills and make informed trading decisions. One of the advantages of TP Global FX is its Trading Central. Through Trading Central traders have access to a range of essential tools, that help to make informed market decisions. Also, the broker offers Copy Trading.
• TP Global FX offers three main account types: Standard, Pro, and Institutional. TP Global FX also offers Islamic accounts.
• In fact, TP Global FX offerings are quite diverse and favorable. Yet, the broker does not hold a serious license from one of the world's top regulatory bodies, such as ASIC, FCA, or CySEC. This is a big red flag as it goes without saying, that safety comes above anything in trading.  
• Also, we cannot ignore numerous complaints that traders share on different social platforms about the broker. One of the major complaints seems to be about complications in the withdrawal process. 

Overall TP Global FX Ranking

Taking into account our revelations on the safety and regulations issues with TP Global FX, we do not rank positively TP Global 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.

• TP Global FX 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.

TP Global FX Alternative Brokers

Taking into account our revelations of TP Global FX safety and regulations issues, here are much better Alternatives to TP Global FX with good regulations and excellent conditions. We select Good Brokers and reliable options for your comparison below:   

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

Deposit & Withdrawal

The broker states about its easy and effortless deposits and withdrawals, however, numerous complaints from traders about complicated withdrawals hint about the opposite. On its website, the broker offers multiple options for funding their accounts, such as bank transfer, Bitcoin, or Tether.

• The minimum deposit for the Standard account is $50. For Pro accounts, it is $500, and for Institutional accounts, the deposit starts from $25,000.

• With TPG Global FX bank transfers require a minimum withdrawal of $1,000. Payments under that amount include an additional charge. 

TPG Global FX Review Conclusion

Being an unregulated or an offshore broker does not mean that the broker is a scam. However, many brokers with offshore registration are not trustworthy, and signing with them might result in risking your investments. Thus, we do not recommend trading with TPG Global for this very reason. Instead, traders should pick a well-regulated broker 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 TPG Global FX is Negative

Is Gemliteassetsltd Scam or Legit Broker?

It is not safe to trade with Gemliteassetsltd. On its website the broker praises its reliability, claiming that it conducts absolutely legal activities. However, as proof, the broker has nothing to display.

• Gemliteassetsltd is not a regulated broker and it does not hold any license – neither from a top-tier authority nor even an offshore one. This is a direct red flag and means that traders should stay away from investing with the company, no matter how attractive their offerings are.

What is Gemliteassetsltd?

Gemliteassetsltd positions itself as a leading financial investment platform providing access to over 4,000 funds and assets, from investments banking, stock Broking, fund escrow services, forex, Gold and Cryptocurrencies to ETFs and Assets, etc.

Gemliteassetsltd was established in 2001, incorporated in 2020, and started offering Cryptocurrencies in 2020.

• On its website, the broker’s address is Stirk House, Cross Lanes, Tollerton, England, YO61 1LP. This means the company is located in England, as there is no other information that states otherwise. However, all the companies located in England and offering financial services should hold a UK FCA license. In this case, it is evident that the broker is not FCA-regulated, as there is no mention of the license.
• Another important point is, that the broker mentions its FSO license No. CHE-399.474.466, yet, by further investigation we found that under the same license number, there is another financial company – BinuxFx (.binuxfx.com) and by the looks of it this is just the same company, with the same website interface, the same offerings and conditions. BinuxFX is also located in England, only the provided address is different (1 Great George St, London SW1P 3AA @51.501128,-0.129027, UK).
• Another issue with Gemliteassetsltd is the negative reviews. Clients complain about the services the broker provides. Especially, clients claim to face withdrawal problems, never being able to withdraw their profits or investments. Many reviews state that the broker is a total scam that only tries to get its hands into the traders’ funds.
• Besides, another thing that seems fishy and is a good ground for doubts, is that Gemliteassetsltd constantly tries to attract new customers, by contacting them via different social platforms and offering their services. Experience in the market shows that this is the way scam brokers operate. They find people interested in investments in different online platforms, make very attractive proposals to them, and later just vanish with the traders’ funds.

Overall Gemliteassetsltd Ranking

Because of the revelations in regard to the safety of Gemliteassetsltd, we do not rank positively Gemliteassetsltd, 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.

• Gemliteassetsltd 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.

Gemliteassetsltd Alternative Brokers

Taking into account the issues we revealed about the Gemliteassetsltd safety and regulations, here are much better Alternatives to Gemliteassetsltd with good regulations and excellent conditions. We select Good Brokers and reliable options for your comparison below: 

• Capital Index – Good Trading Conditions
• ThinkMarkets – Competitive Spreads
• XM – Wide Range of Trading Opportunities

Deposits and Withdrawals

Gemliteassetsltd offers different funding methods to make the process for its clients easier.

• The deposits are reflected on the account immediately once it is confirmed on the blockchain network. Traders can make as many deposits as they want, there is no limitation.
• When the withdrawal request is received, it is processed immediately and sent to the provided wallet address.
  For cryptocurrency investments, the minimum deposit starts from $100 for the Beginner’s plan. The Business plan deposits start from $10,000, and for the Executive plan, the deposit is $50,000.

Gemliteassetsltd Review Conclusion

It is not safe to trade with unregulated or offshore brokers, so we strongly recommend staying away from them. Traders should 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 recommend signing in with well-regulated brokers, such as eToro, BDSwiss, and HFM.

• Overall ranking and experience for Gemliteassetsltd is Negative

Is GemForex Scam or Legit Broker?

GemForex is not a safe broker to invest in. GemForex is a part of GemForex Limited which is regulated by the Seychelles Financial Services Authority (FSA), with the registration number 076092. The broker has been present in the market for more than a decade and offers good trading conditions, however, it does not hold any serious license. This means that trading with such a broker might be risky and jeopardize your investments.

• With the Seychelles Financial Services Authority, it is possible to start a company with minimum investments and requirements, without any obligatory business planning, management interview, or company background checking. This however means that the registered company does not follow strict guidelines or rules imposed by the authority as other top-tier regulatory bodies such as FCA or CySEC do.

What is GemForex?

GemForex is a Japanese online forex and CFD broker founded back in 2010. The broker is registered with the Seychelles Financial Services Authority (FSA). The registration address of the company is Vista Corporate Services Center, Suite 23, first floor, Eden Plaza, Eden Island, Mahe, Republic of Seychelles.

• When the company started in 2010, it was originally named GemTrade, and only later in 2014 it was renamed to GemForex, which is a brand name of the Gem Group Holdings LTD.
• GemForex offers high-quality services to beginner traders worldwide. It offers the industry-popular MetaTrader 4 and MetaTrader 5 platforms, and a selection of major instruments, including Forex (33 currency pairs), Energy CFDs, Index CFDs, etc.
• All in all, GemForex positions itself as a favorable broker with a long history and a number of awards. Yet, the fact that the broker does not hold a serious license is a big disadvantage in forex trading. It is founded by Japanese professional traders and offers services to the Japan residents. Still, it is not authorized by the Japan FSA, the body that oversees financial activities in the country.
• In forex trading, one of the first things that traders need to consider is the safety and security the broker can provide. In case of any problems, well-regulated brokers can offer compensation schemes and negative balance protection, whereas, in the case of offshore brokers none of these is applicable.
• Top-tier authorities such as ASIC, CySEC, or FCA provide compensation schemes and negative balance protection to the traders, as well as segregated accounts. On its website, the broker mentions that it provides account segregation for its clients, which is more typical for regulated brokers. If so, this is a huge advantage and a certain level of protection.
• GemForex is available in many countries worldwide, however, there are still regions where the broker is unavailable for trades: United States, Afghanistan, Belarus, Myanmar, Central African Republic, Congo, Cuba, Egypt, Guinea, Iraq, Iran, Libya, Mauritius, Pakistan, Somalia, Sudan, Syria, Venezuela, Yemen, Zimbabwe.

Overall GemForex Ranking

Taking into consideration our finds and revelations on the safety of GemForex, we do not rank positively GemForex, 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.

• GemForex 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.

GemForex Alternative Brokers

Based on our revelations in regard to GemForex safety and regulations issues, here are much better Alternatives to GemForex with good regulations and excellent 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

Deposit & Withdrawal

The broker enables its client to fund their accounts through multiple methods, including Credit/Debit cards, wire transfers, Payoneer, UnionPay, Perfect Money, PayPal, Skrill, Neteller, and some other options.

• The minimum deposit for GemForex All-in-one account is $50. For the Elite and Raw account types the minimum deposit is $3,000.
• For the first withdrawal during the month, there are no applicable charges. Yet, for every next withdrawal, there is a 2% charge.
• It typically takes 3-5 business days for the withdrawals to be completed.

GemForex Review Conclusion

Our advice is to avoid non-regulated or offshore brokers as it is not safe to trade with them. GemForex offers good trading conditions and seems to be favorable, especially for beginner traders. However, the fact that it does not hold any serious license is enough reason to stay away from the broker.

Traders should 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 recommend signing in with well-regulated brokers, such as FP Markets, BDSwiss, and HFM.

• Overall ranking and experience for GemForex is Negative

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