Archives: Brokers

Is xChief  Scam or Legit Broker?

xChief previously known as ForexChief is not a legit broker as it does not hold any serious license. As a general rule, we recommend avoid offshore and non-regulated entities as traders who invest in non-regulated firms often cannot recover funds invested or gains received, besides offshore registration is very easy to obtain so you never know for sure if a company follows scrupulous trading business or not.

Thus, we strongly advise against responding to any suspicious offering in regard to trading of financial investments and choosing only among the regulated entities.

• xChief company office previously mentioned its location in Vanuatu, with representative offices around the world, as well as registration and regulation available for ex name ForexChief  with the local authority VFSC (Vanuatu Financial Services Commission). For now xChief shows licenses from another offshore zone Comoros, which is still very poorly regulated and overseeing financial companies. Therefore, there is not much trust in such companies, as offshore registration almost does not oversee the company operation further on which is not safe for traders.

What is xChief?

xChief is a Forex brokerage firm that proposes trading opportunities on 35 currency pairs, including metals, Crypto and other derivatives through an STP execution access to the market.  In order to carry out transactions with currency contracts and metals, the Company's customers are offered the most popular platform in the area of forex trading - MetaTrader 4/5. There are also some alluring opportunities like ForexChief no deposit bonus, now known as xChief Bonus and high leverage, which is typically for offshore brokers. 

There are several account types offered, promising STP and ECN execution, in line of account types there is "cent" accounts, where the balance size can be used not only for the reduction of investment risks but also for testing trading conditions in general.

Overall xChief Ranking 

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

• xChief 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.

xChief Alternative Brokers

Based on our finds and issues with the safety for all the previous name ForexChief scam risk is very high and current xChief serves the same concerns. Here are much better Alternatives to ForexChief 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
• FXTM – Good for Beginners

xChief Deposits and Withdrawals

The broker offers various deposit and withdrawal options – Bank Transfer, Credit/Debit Card and e-wallets such as Skrill, Neteller, Webmoney. However, due to its unregulated nature, there is no strict guarantees on payment procedures. 

• For Credit/Debit cards deposits are almost instant. However, for other methods, it takes up to 2 working days to transfer the funds into the client's accounts. The minimum deposit of the broker is 10%. 
• The withdrawals take from 2 to 7 working days to be set on the client's account. For electronic payment methods, the withdrawal time is 1 working day. 
• The Company mentions that it will not be responsible for the Client's financial losses if they were caused by a delay in a transfer due to a fault in a payment system. Crediting funds to the trading account will be made only after the Company receives a confirmation from a payment system regarding the remittance of the transfer.

xChief Review Conclusion

Overall xChief previously known as ForexChief reviews company that is solely offshore based. Even conditions seems to be quite pleasant with good choice of platforms and account types as a general rule, we recommend avoid offshore and non-regulated entities. xChief is based under offshore jurisdiction therefore the only safety applied there is just personally to test the company our, which in our view is not reasonable and very very risky. 

We advise firms to trade and invest only with brokers that are regulated by reputable authorities alike UK’s FCA, Australian ASIC, or other similar regulators, that for instance apply for compensation and are supervised at every step they do. We recommend signing in with reliable brokers such as BlackBull Markets, FXGT, and FBS.

• Overall ranking and experience for xChief is Negative

Is Ayrex Scam or Legit Broker?

Ayrex has been suspected as a scam broker. This broker is blacklisted by a well-known regulatory authority and should be avoided. Ayrex is owned by Advanced Binary Technologies Ltd which is an offshore company registered in St. Kitts and Nevis. 

As the company is located in a jurisdiction that does not implement any regulation of the financial investment firm that simply means the company can say and promise many things while there is no guarantee to receive the promises. Generally, binary trading (Check the binary trading brokers reviews) is the paramount risk investment, which is also restricted in many countries, thus it is of the utmost importance to choose a reliable broker like HYCM Broker (read about the broker by this link) to trade with.

What is Ayrex?

Ayrex is a trading name used by the Advanced Binary Technologies Ltd company, with its alleged declared offices in St. Kitts and Nevis. The company states their trusted trading environments with over 230k traders that choose Ayrex, along with the numerous recognitions and awards received from reputable agencies stating their “Best Platform” and “Best offering”.

• However, the world industry authorities detected that Ayrex targets and engages with the residents of particular countries although to do so it requires authorization. So the company appeared on blacklists while the investors were warned in trading with Ayrex. 

“Having considered that Advanced Binary Technologies Ltd is not authorized to provide investment services to the Italian public, insofar as it is not registered on the register held by CONSOB, also carries out services that requires authorization. Hereby resolves to order the cessation of the Art. infringement consisting of the provision of investment services and activities to the public.”

CONSOB, Italy. May 2018.

Ayrex in India

Ayrex allows Indian traders (Find out the best forex brokers in India here) to open accounts and trade. However, Ayrex 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.

Ayrex in the USA

Ayrex does not accept traders from the USA (Check out Best US Forex Brokers).

Ayrex Deposit & Withdrawal

The minimum deposit is 25 USD/EUR. The broker does not charge any commission for depositing to the traders accounts. Credit cards, wire transfers, e-wallets, and other forms of online payment can all be used to deposit funds into an Ayrex account.

• The minimum withdrawal is 5 USD/EUR. Traders can make one free withdrawal within a calendar month. Each subsequent withdrawal shall be charged with a commission based on the processing fees and/or conditions of the payment system used for withdrawal. The broker usually processes the withdrawals within 3 business days.

Apps

The mobile trading app (Find best forex trading apps by link) mirrors the platform of the website, with a full range of options and markets available to trade online.

Demo Account

Ayrex offers a Demo account without any registration at all Demo account is an important tool in terms of learning how to work with the platform and a great aid for new traders to get used to the platform interface and features before investing their funds. The full platform can be used with $1000 demo funds – real prices, real assets – without the need to register or supply any contact details whatsoever.

Ayrex Review Conclusion

Overall, there are many questions in regard to the trust of the Ayrex company services and the manner they do operate the online trading itself. We strongly advise opening a trading account only with brokers that are regulated by respected world authorities and 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.com.

• Overall ranking and experience for Ayrex is Negative

Ayrex Update

Based on our findings, the Ayrex 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 Templer FX Scam or Legit Broker?

It is not safe to trade with TemplerFX. TemplerFX is owned by Templer Holdings Management Ltd. which is an offshore company registered in St. Vincent and the Grenadines. The SVG authorization is considered an offshore license and traders are recommended not to trust and invest with SVG-registered brokers. The reason for that is the set of rules and established requirements that are implemented by the SVG FSA are very far from the international strictest standards that truly protect clients.

• In addition, the authority does not actually oversee the firm’s operations, therefore the claims about its regulated nature, integrity, and transparency are very far from reality. 
• Based on research, it costs €24,000 per year to become a member of the SVG. However, there is no handbook or guidelines for brokers to run their businesses, therefore, there is zero protection for traders. You can read our detailed article about the risk of trading with brokers from St. Vincent and the Grenadines.

What is Templer FX?

Templer Holding was founded by foreign exchange veterans with over 40 years of combined experience, commencing business at the end of 2004. The company operates as an institutional and retail ECN (ECN brokers) counterparty to clients trading in the foreign exchange ("Forex") market.

Templer FX is a trademark of St. Vincent and the Grenadines financial investment firm, which is also authorized by the local agency FSA, the Financial Service Provider Commission with license number 23395. The broker offers a variety of trading opportunities including speculation on Forex, CFD, Indices, and Metals through an industry leader MetaTrader4.

• The company states their payment service provider is a firm located in Scotland, Mayside Solutions LP, which is rather confusing than a positive fact. Moreover, the company mentions numerous international standardization and successful operations through the years since its start in 2004.
• It is a quite long operation history, yet there are not so many online reviews from the traders, which is definitely a negative aspect, as it is simply impossible to operate for so long and remain with just several mainly negative reviews. Even though the only few available responses from the real traders show that the company delivers trading conditions with cases of manipulation, issues with withdrawals, and aggressive tactics. 

Overall Templer FX Ranking 

Our research revealed multiple issues on Templer FX regulations and safety, thus we do not rank positively Templer FX, based on our Expert Opinion with over 10 Years of experience in Forex Trading.

• Templer FX 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.

Templer FX Alternative Brokers

Due to our finds and issues with the safety of Templer FX here are much better Alternatives to Templer FX with good regulations and excellent conditions. We select Good Brokers and trustworthy options for your comparison below: 

• AvaTrade – Good for Currency trading
• FP Markets – Good for CopyTrading
• FXTM – Good for Beginners

Templer FX in India

With Templer FX Indian traders are able to open accounts and trade. However, Templer FX has no mention of complying with any Indian regulators on its website.  However, the broker is not regulated by any regulatory body in India, thus money safety might be an issue here.

Templer FX in the USA

The United States is one of the countries that is not accepted by Templer FX. As per U.S law, brokers regulated by CFTC are the only brokers allowed for USA traders. So, except for Forex Birds, you are only permitted to trade with U.S-regulated platforms. Also, the broker does not provide services to UK, EU, Canada, Turkey, Israel, and Japan residents and entities of any kind.

Templer FX Deposits and Withdrawals

Templer FX minimum deposit requirement is 25 USD. Templer FX Brokerage withdrawal fees vary on payment method. Templer FX Brokerage does charge a fee for inactive accounts. Templer FX Brokerage does charge deposit fees. Temper FX offers a lot of payment methods including bank wire transfers, credit cards, and popular e-wallet systems such as Skrill, Perfect Money, fasapay, Qiwi Wallet, and more.

Demo Account

Templer FX also offers a demo account. The Demo Account is provided to give traders a demonstration of the broker’s trading platform and to offer traders the opportunity to trade on simulated real trading conditions. This further allows the trader to gain more experience prior to trading with real funds and facing actual risk. Traders may test their trading strategies and become familiar with the trading platform at their own pace.

Templer FX Review Conclusion 

Overall, 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 sign in with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as FP Markets, HotForex, and Infinox.

• Overall ranking and experience for Templer FX is Negative

Is Prime Scam or Legit Broker?

Prime has been suspected as a scam broker. According to the website, the broker is a part of the ADS Dahui Group as a part of ADS Securities LLC. ADSS is a limited liability company registered under the laws of the UAE (Check out Forex Brokers in UAE) and licensed by the Central Bank of the United Arab Emirates and the Financial Conduct Authority in the United Kingdom. All the information about ADSS is correct and the company is legal, however, Prime broker has nothing to do with the regulated entity.

What is Prime?

Prime is a Forex and CFDs broker. It turned out the broker has been using the details of the ADSS in order to delude the traders.

• It is called a 'clone firm'; and fraudsters usually use this tactic when contacting people out of the blue, so investors should be especially wary if they have been cold-called. They may use the name of the genuine firm, the 'firm reference number (FRN) that was given to the authorized firm, or other details. The Prime broker is just one of these "clone firms", so it definitely should be avoided.
• Moreover, the FCA in the UK has issued a warning against Prime by ADS Securities (a clone of FCA authorized firm):
  "This firm (Prime) is not authorized or registered by us but has been targeting people in the UK, claiming to be an authorized firm. Fraudsters are using or giving out the following details as part of their tactics to scam people in the UK. This FCA-authorised firm (ADS Securities) that fraudsters are claiming to work for has no association with the ‘clone firm’. It is authorized to offer, promote or sell services or products in the UK."

Prime Review Conclusion

FCA warns about suspicious brokers and urges investors to consult its website prior to investing with any forex broker that claims to be regulated in the UK. Prime is evidently a scam that should be avoided to trade with. We highly recommend only dealing with regulated forex brokers, authorized by reputable regulatory institutions like CySEC, FCA, or ASIC, and brokers such as FBS and BlackBull Markets 

Prime Update

We found that the Prime 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.