Archives: Brokers

Is Titan FX Scam or Legit Broker?

It is not safe to trade with Titan FX, as it is an offshore broker (Forex Broker). Titan FX is owned by Titan FX Limited which is an offshore company registered in Vanuatu and claims to be registered with a Vanuatu Financial Services Commission (VFSC) license.

• Vanuatu is the easiest jurisdiction to open a brokerage, as the opening requires the company to submit a register online, prove initial established capital which is $2,000 only, pay a fee, and within 2-3 months, the firm is crisp and registered. Therefore, it became an offshore zone for shady forex brokers such as RCM FX, EssenceFX, and more. 
• As to the broker’s VFSC license, from our source, it costs €24,000 per year to become a member. However, there is no handbook or guidelines for brokers to run their businesses. Therefore, there is zero protection for traders. We have a detailed article explaining the risk of trading with brokers from Vanuatu. 

What is Titan FX?

Titan FX is a foreign exchange broker serving both institutional and retail clients across the globe. Titan FX offers a CFD trading environment to our customers. CFDs include FX currency pairs, stock indices, metals, and energy. Titan FX customers can trade those CFD products using MetaTrader 4 and MetaTrader 5 (for PC, Apps, or Web Trader). Titan FX was created in 2014 to provide a stable no dealing desk forex broker to service a global client base.

• Its veteran management and support team comprises highly experienced forex and fin-tech professionals with combined decades of experience providing the best possible trading conditions and client support to both retail and institutional clients. The broker offers high leverage on all currency pairs (Check out our list of High Leverage Forex Brokers), zero pip spreads, and zero latency (See 0 Pip Spread Forex Brokers). This all sounds quite good, but let’s have a closer look at Titan FX. 
• Titan FX has previously been registered and regulated in New Zealand, but the license was suspended. According to the website, the company has offices in New Zealand and the United States, however, this same website states "United States, New Zealand or Vanuatu residents are welcome to browse our website but please note due to regulatory limitations we are unable to accept any United States, New Zealand or Vanuatu resident as a client." This means Titan FX is not regulated in the mentioned countries and is not allowed to offer its financial services in other countries due to the lack of regulation. 
• In addition, the broker has been blacklisted by Japan's Financial Services Agency (FSA). The website has targeted potential clients across the globe, including Japan, so the FSA was right to pay attention to the broker: "being a licensed investment entity overseas does not automatically translate into authorization for the Japanese market."

Overall Titan FX Ranking 

Taking into consideration the issues with regulations and safety of Titan FX, we do not rank positively Titan FX, based on our Expert Opinion with over 10 Years of experience in Forex Trading.

• Titan 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.

Titan FX Alternative Brokers

Based on our revelations in respect of Titan FX unregulated nature, here are much better Alternatives to Titan FX with good regulations and favorable conditions. We select Good Brokers and reliable options for your comparison below: 

• OANDA – Good for Currency trading
• InteractiveBrokers – Good for US Trading and Trading of Real Stocks
• Trading 212 – Good for Beginners

Titan FX in India

Titan FX allows Indian traders to open accounts and trade. However, Titan FX has no mention of complying with any Indian regulators on its website. The broker is not regulated by any regulatory body in India, that’s why money safety may be the issue here.

Titan FX in the USA

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

• Other restricted countries: Aland Islands, Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, United Kingdom, Germany, Greece, Hungary, Ireland, Italy, Japan, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, China, Hong Kong, Israel, Macao, Singapore, United Arab Emirates, Turkey, Canada.

Deposits and Withdrawals

The minimum deposit to open an account in Titan FX is $200 for all available accounts. Titan FX does not charge any account maintenance fees on inactive accounts. You can fund your trading account using our Secure Client Cabinet and through a wide variety of payment options: Visa, Mastercard, AMEX, Neteller, Skrill, STICPAY, Local Japanese Bank Transfer, and bitwallet.

• Withdrawals are normally automatically processed within 1 business day, however, receipt of funds into your account can depend on the withdrawal method used as it may rely on the payment being processed by your payment provider. Titan FX enables clients to withdraw funds from their forex trading account via the following: Visa, Mastercard, Neteller, Skrill, STICPAY, Local Japanese Bank Transfer, bitwallet.

Apps

Titan FX offers its clients the world’s leading trading platforms, including MetaTrader 4 (MT4) and MetaTrader 5 (MT5), as well as a Mobile trading applications. With the Titan FX Metatrader application, available for iPhone, iPad and Android, you can control your account, trade in financial markets and use 30 technical indicators for market analysis, as well as get financial news and emails. It also includes real-time quotes of financial instruments, the full set of trade orders, including pending orders, full trading history with search.

Demo Account

All Titan FX clients have access to their customised version of the industry standard trading platform, MetaTrader 4 and MetaTrader 5 (MT5 Forex Brokers).

The broker gives an opportunity to trial the platform for free with a demo account, valid for 30 days and with USD$50,000 of virtual funds included. Other equity amounts and account currencies are available by request. Its demo account uses a live price feed from Titan FX servers and is as close to the real trading experience as you can get. Whether you want to expand your trading knowledge or prove your trading strategy, MetaTrader platforms from Titan FX are the perfect tool.

Titan FX Review Conclusion

Overall, there is not a sustainable trust to the delivered Titan FX trading environment since there are many complaints from the broker’s clients along with the official statement from the regulator.

We strongly advise opening a trading account only with the brokers that are regulated by the respected world authorities that comply with the required set of rules and 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.

• Overall ranking and experience for Titan FX is Negative

Is Binomo Scam or Legit Broker?

Based on our research Binomo is not a legit broker. It is owned by Dolphin Corp., which is an offshore company registered in St. Vincent and Grenadine.

• The fact is that St. Vincent and the Grenadines is an offshore zone, which does register the financial investment firm, yet provides very poor if none requirements to 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.
• 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.
• In addition, the broker has recently been blacklisted by the Cyprus Securities and Exchange Commission (‘CySEC’):

"CySEC wishes to inform investors that the website binomo.com, does not belong to an entity that has been granted authorization for the provision of investment services and/or the performance of investment activities."

What is Binomo?

Binomo works with clients all over the world, guaranteeing the most advantageous terms and providing high-quality access to the world's financial markets. Binomo is an offshore broker that offers assets of the following asset classes: currencies (FOREX), cryptocurrencies, stocks, and commodities. The broker states that their priority is to offer the highest quality brokerage services and support, including professional-level tutorials, analytical services, and client support.

• According to the website, Binomo is a member of the International Finance Commission. Nevertheless, the company operates without a proper license from the industry authorities like FCA (UK) (Also Read about Fortrade, an FCA Regulated Broker) or ASIC (Australia) that protect clients and delivers necessary regulation to the service providers along with the convenience to the users and, of course, their investments.
• Unfortunately, it is not the case with Binomo since the company only holds membership in the international Financial Commission (FinaCom). 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 Binomo Ranking 

Based on the revelations about safety and regulations issues of Binomo, we do not rank positively Binomo, based on our Expert Opinion with over 10 Years of experience in Forex Trading.

• Binomo 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.

Binomo Alternative Brokers

Taking into consideration our finds and issues with the safety of Binomo here are much better Alternatives to Binomo 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
• XM – Good for Beginners

Binomo in India

As per the Binomo website, it is legal to trade Binary Options (Check The List of Binary Options Brokers) with Binomo from India. Now, the addition of Indian payment systems like PayTM, UPI, NetBanking, IMPS, and Globe Pay assures its legal status in India.

Binomo in the USA

Binomo doesn’t accept traders from the United States (Find out Best Forex Brokers for US Clients) and European countries.

Deposit & Withdrawal

The minimum deposit required depends on the type of account traders want to open. They can get started trading with $10 with a Standard account, but for a VIP account, the minimum deposit is at least $1000. There might be a 10% fee for the withdrawal of the funds if a minimum number of trades were not made. 

• There are several payment methods available to Binomo’ clients: Bank Wire and the following Credit cards: Visa, MasterCard, and VPay. Popular e-payment systems like Skrill, Neteller Webmoney, Yaand ndex.Money, QIWI, Neand teller are also supported by this broker.

Apps

Binomo offers a mobile trading platform. It can be found in the Apple Store for iOS or the Google Play Store for Android. One feature available on the app that is not available on the web platform is the option to receive notifications. Notifications can help maximize thofits by alerting traders to market trends and letting them know when they meet certain trade preconditions.

Demo Account

Binomo offers traders the opportunity to practice strategies and become familiar with the platform with their demo account option. To create a demo account, all you need to do is sign up with your email, and you will receive $1000 in virtual money.

These risk-free funds will allow you to see if Binomo meets your needs as a trader. If not, it's easier to opt out than it is to close an account you've already invested in.

Binomo Review Conclusion

Overall, the cocompany'sffering is among the competitive ones along with its reputation, but generally, options are a high-risk investment due to its nature of trading, as well as the unlicensed environment of the Binomo company puts some question marks either to enter the trading or not. 

We advise all investors and traders to avoid Binomo 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 ForexTime Limited and XM.com. Read about InstaForex too. 

• Overall ranking and experience for Binomo is Negative

Is Ocean Markets Scam or Legit Broker?

Ocean Markets is not a legit broker. It is impossible to find any information about the broker’s license or its regulations.

• On the Ocean Markets website it is mentioned that it is owned and operated by Valep Ltd, Marshal Islands. In contradiction, the contact number is British which leads to doubts. Moreover, the terms and conditions of the broker are close to European regulations.
• Trading with Ocean Markets might put the client’s investment at risk since it is not a Regulated Broker and clients are not protected by any tight and reliable regulations. 

Marshal Islands is notorious for its practically absent requirements and regulations. Due to the low setup cost, there are almost no regulations and rules present. Therefore, it became an offshore zone for shady forex brokers such as Millennium FX, Umarkets, and more.

What Is Ocean Markets?

Ocean Markets claims to be a developing broker in the global trading market. They boast of providing the best conditions for investment and trading, as well as the most up-to-date information on economic and political events to investors. Ocean Markets offers its users CFD, Forex trading, commodities, indices, and other assets.

Ocean Markets gives access to an array of innovative tools. It provides 24/7 customer service.

• However, no matter how attractive Ocean Markets’ offerings are, it is still an unregistered and unregulated broker, and signing in with it means putting the investment at risk.
• Besides, based on our research, we have accumulated a large number of complaints regarding Ocean Markets’ withdrawals. Clients complain that they are not able to withdraw their money even after months of trading and depositing. 

Overall Ocean Markets Ranking 

Taking into account our revelations on the safety of Ocean Markets, we do not rank positively Ocean Markets, based on our Expert Opinion with over 10 Years of experience in Forex Trading.

• Ocean Markets 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.

Ocean Markets Alternative Brokers

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

• BlackBull Markets – Good for High Leverage Trading
• HFM – Low Forex Spread Broker
• IC Markets – Excellent cTrader Broker

Account Types

Ocean Markets offers a range of account types, designed to meet traders’ expectations. For beginner traders, the broker offers Starter’s account. The minimum deposit for this account type is $500. Silver or Gold accounts have a higher entry threshold, but they offer more options and provide access to additional services. Experienced traders choose either Platinum or VIP accounts.

Ocean Markets Deposit & Withdrawal

Ocean Markets offers different funding methods, including Visa/MasterCard, Neteller, and Skrill. The minimum deposit is $500 for Starter’s account. The broker also offers different bonuses that are determined by the volume of trades.

• To get access to the earned money on the account, traders need to reach a certain limit to withdraw the funds. In case, traders decide to withdraw the money before the limit is reached, all the funds on the account will be cleared.
• It is worth mentioning that clients have a lot of complaints regarding the withdrawal process. Many cannot withdraw their money even after months of trading and depositing.

Trading Platforms

Ocean Markets offers a range of different trading platforms: xCritical online - mobile and desktop platforms, MetaTrader4, MetaTrader5.

• xCritical online offers more than 170 trading instruments, built-in technical advisor Autochartist, the ability to lock and duplicate positions, online support chat, etc.
• With Ocean Markets traders also have access to the popular MT4 and MT5 platforms, enabling access to modern development technologies and a user-friendly interface, providing the best tools and features for favorable trading.

Ocean Markets Review Conclusion

Based on our professional experience and conducted research, we do not recommend Ocean Markets. There are many questions in regard to the trust of the Ocean Markets company services and the manner they do operate the online trading itself. Besides, many traders shared their negative experiences with numerous complaints and were asking us to assist with resolving, see Ocean Markets Inquiry here. 

We strongly advise opening a trading account only with tightly regulated brokers with good standing (UK brokers or brokers in Australia), that will provide a safe and secure trading environment, such as HotForex, and BlackBull Markets.

• Overall ranking and experience for Ocean Markets is Negative