Archives: Brokers

Is FINMAX Scam or Legit Broker?

FINMAX is not a secure Forex broker since it does not hold a license from any worldwide serious Forex authority. Meaning the broker is suspected of being a fraud company since it was not checked for its compliance before establishment, was never monitored in terms of its safety, and simply may operate the business in any way it wishes.

• The terms and conditions of the broker state that the company is supervised under the laws of the United Kingdom, but there is no mention of the broker in the regulator's register and FINMAX actually doesn’t have any legal rights to offer its financial services to the UK residents.

What is FINMAX?

FINMAX is a CFDs and binary broker (See the list regulated binary brokers). Its trading platform provides an opportunity to use in trading more than 1000 underlying assets, the list of which is constantly expanding. FINMAX offers assets from groups of financial instruments such as Forex currency pairs, stocks, indices, and commodities. The broker claims to have an amazing team of financial market professionals, however, with all the benefits mentioned on the website, we still have a lot of questions about the company's reliability.

• It is not safe to trade with FINMAX as it is not regulated. This broker is owned and operated by Max Capital Ltd, Svitrigailos, Vilnius with the operational office address in Sofia, Bulgaria. However, we didn't find this company in the register of the Bulgarian Financial Supervision Commission.
• Being located in Bulgaria, FINMAX does not hold any financial license to offer its service across major markets. Apart from the legitimate status, the unauthorized nature of trading inflicts the highest risk to lose funds due to the fact that none of the authorities check on the implemented safety measures and protective tools. Therefore, FINMAX or any other non-regulated broker may use and manage the client’s money in any manner with no imposed consequences.

FINMAX in India

FINMAX allows Indian traders to open accounts and trade. However, FINMAX has no mention of complying with any Indian regulators on its website. Here you can find the Best Forex Trading Platform in India for you. The broker is not regulated by any regulatory body in India, that’s why money safety may be the issue here. 

FINMAX in the USA

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

FINMAX Deposits & Withdrawals

The minimum deposit is 250$. The payment options include: credit/debit cards, bank transfer, Yandex money, Qiwi wallet, Webmoney, and Perfect money. 

Trading Apps

FINMAX offers a modern trading platform for your mobile device, we support the following – iOS, Windows Mobile, and Android.

This platform is identical to the terminals that are available for desktop PCs and laptops. However, it is fully adapted to mobile devices which allows you to trade with comfort from any location, wherever you are if your device is connected to the Internet.

Demo Account

The broker does not offer a demo account.

Read about FBS Broker which offers a Demo account.

FINMAX Review Conclusion

Based on our research, even though the trading offering might seem attractive, there are many questions in regard to the trust of the FINMAX company services and the manner they do operate the online trading itself. Of course, an offshore status of the company does not guarantee the provision of services at the necessary level of client and funds protection. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as Pepperstone and TMGM.

Finmax Updates

Based on our findings and research Finmax website is unavailable to reach, so probably Broker no longer operates. Besides, we recommend avoiding Binary Options and offshore brokers. 

Is GrandCapital Scam or Legit broker?

We advise our readers, not to use GrandCapital as it is an offshore entity. GrandCapital is owned by GrandCapital Ltd., which is an offshore company registered in St. Vincent and the Grenadines.

• St. Vincent and the Grenadines is notorious for its practically absent requirements and regulations. The setup cost is low and it does not regulate forex trading. Therefore, it became an offshore zone for shady forex brokers such as Brokerz, TraderUR, and more. You can read our detailed article about the risk of trading with brokers from St. Vincent and the Grenadines.
• According to the GrandCapital website, the broker is registered with the Financial Commission under the number 24598 IBC. 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.

What is Grand Capital?

Grand Capital Ltd is an incorporated company that has operated for 11 years. Originally a Russian company, it performs the operation through its registered offices in St. Vincent and the Grenadines and Seychelles, along with 40 offices around the world as claimed by the company.

• The company has achieved some significant results in its trading offerings alike enabling high-quality connection to the markets through ECN bridges (Read more about ECN Forex Trading), Web-Based terminal, access to over 330 assets, as well as offering comfortable conditions for investment with copy trading and other additional sources to cover the needs of various traders. Moreover with the received awards and the titles ‘Best Broker’, ‘Best trading technology and more from world publicity and organizations.
• Nevertheless, there is no confirmation about the regulatory compliance and the necessary protection of the clients, which enables international investors to trade rest assured. Also, the range of trading instruments includes options that put trading capital at risk, including trading on CFDs, and binaries along with an extreme level of leverage that comes up to 1:2000, and is considered a highly adventurous trading.

Overall Grand Capital Ranking 

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

• Grand Capital 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.

Grand Capital Alternative Brokers

As our research finds revealed issues with the safety of Grand Capital, here are much better Alternatives to Grand Capital with good regulations and excellent conditions. We select Good Brokers and trustworthy options for your comparison below: 

• eToro – Good for CopyTrading and Cryptocurrency Trading
• Dukascopy – Excellent for Shares, Futures Trading
• BlackBull Markets – Good for High Leverage Trading

Grand Capital Deposits and Withdrawals

Grand Capital 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 are no strict guarantees on payment procedures. 

• Deposits via bank card take about 15 minutes to be accomplished. Bank transfers take 24 hours for the funds to be transferred.
• Withdrawals via bank transfers take 24 hours and there is a 1% commission. Transfers through electronic payment systems take 3 days on average. Based on the transfer method, there is a 0,5%-1% commission. 

Grand Capital Review Conclusion

We advise all investors and traders to avoid Grand Capital 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 FP Markets and BDSwiss.

• Overall ranking and experience for Grand Capital is Negative

Is Capoinvest Scam or Legit Broker?

No, it is not safe to trade with Capoinvest as it is not regulated. Capoinvest claims to be a subsidiary of a CAPITAL GROUP INVESTMENT (LUX). The broker provides a valid registration number of this broker with the FCA (reg. 747792), but the register states it is a US-based company. Meanwhile, Capoinvest claims to be located in the UK (30 Coleman Street, London EC2R 5AL, United Kingdom).

About Capoinvest

🗺️ Registered in	No registration
🗺️ Type of License	No License
🛡️ Is Capoinvest safe to trade	No
🗺️ Recommended Licenses	FCA in UK 🇬🇧 & ASIC in Australia 🇦🇺
🖥 Alternative Broker	GO Markets - licensed by ASIC in Australia

What is Capoinvest?

Capoinvest claims to be one of Europe’s leading financial institutions specializing in Forex/CFDs and Cryptocurrency trading. The broker offers various types of trading software and tools that allow individuals and institutional customers to trade Forex, CFDs, and Cryptocurrency online. There is one thing that remains questionable in the broker’s statements which is that it provides clients with a 100% transparent and secure form of trading. Unfortunately, after doing some research, we cannot confirm it, on the contrary, there is some information that only proves Capoinvest is not regulated and should be avoided. 

• It really seems like this broker has just been using the registration details of a regulated entity and that’s why investors should be very attentive here and check twice before investing with this broker.

Capoinvest Review Conclusion

We advise all investors and traders to avoid Capoinvest 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.

Capoinvest Update

Recently the Capoinvest website remains inactive, meaning the broker has muted its trading offering and does not propose account openings. However, we still advise the traders to be alert and careful, in case they receive trading proposals. 

Is XtreamForex Scam or Legit Broker?

XtreamForex is a scam broker. The broker is located and incorporated in the Marshall Islands and does not hold any other license apart from an incorporation one, while Marshall is an offshore zone that requires only a very small capital in order to establish a firm. In fact, there is no regulation of company financial services or implementation of international investment standards.

• Therefore, the statements of the broker are absolutely misleading and confuse the potential investors about the services provided while the real things go in a different direction. That means that the company is a simple offshore firm that uses an STP connectivity to trade, attracts with bonuses and competitive conditions while the rest remains unknown.

What is XtreamForex?

XtreamForex is a trading name that is operated by Grand Investing Ltd. Company registered in the Marshall Islands. XtreamForex claims it is an Award Winning pure STP/ ECN trading environment with real-time execution, tight spreads (see Zero Spread Forex Brokers), and truly advanced trading instruments offered on a variety of platforms. What is more, the broker states its delivery of fully licensed and regulated services and license to provide investment services along with funds security protection.

• In fact, the Marshall Islands is an offshore zone attracting various firms that for some reason or another escape from serious regulation or compliance with international service provision. However, in the case of financial investment or trading firms, the company should be a very respected entity, as the statistics show that the majority of non-authorized firms never recovered the sums of investors’ investments. Therefore, we always advise avoiding offshore or companies with no license as there are too many frauds around.

Overall Xtream Ranking 

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

• XtreamForex 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.

XtreamForex Alternative Brokers

Regarding the safety issues of XtreamForex we managed to reveal, here are much better Alternatives to XtreamForex with good regulations and excellent conditions. We select Good Brokers and trustworthy options for your comparison below: 

• eToro – Good for CopyTrading and Cryptocurrency Trading
• Dukascopy – Excellent for Shares, Futures Trading
• BlackBull Markets – Good for High Leverage Trading

XtreamForex in India

XtreamForex allows Indian traders to open accounts and trade. However, XtreamForex 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.

XtreamForex in the USA

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

XtreamForex Deposits & Withdrawals

In order to deposit into your account, you can choose Wire Transfer, Bitcoins, Visa, Skrill (Moneybookers), Neteller. You can deposit funds in widely used currencies such as the U.S Dollar (USD). 

• The minimum deposit to open trading starts from $5 to $20,000.  It depends upon the account type one selects. In a Micro account, the minimum deposit is $5 USD, the Standard account is $250 USD, the ECN account is $250 USD, ECN Pro is $5000 USD, VIP account is $20000 USD.
• It’s an Instant deposit of the fund at the same time to your MT4 account. In the case of bank transfer, the deposit is affected by your bank and correspondent bank timings. 
• All withdrawal requests are processed within the same working day of receipt, but it will take 2-4 working days for the funds to reach your card/bank account.

Apps

XtreamForex MetaTrader 5 Mobile integrates the possibility to view market statistics of financial instruments traded in the exchange execution mode, as Forex is a large market with a massive daily trading volume and can require your constant attention. XtreamForex now provides you with every solution where you can monitor the market quickly and easily. The mobile app allows you to access the Economic Calendar and online market news. It also has Internal mail alerting you of any updates, full management of the trading account, and a detailed trade window.

Demo Account

XtreamForex also offers a demo account with 100,000 USD virtual money for trading. 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.

XtreamForex Review Conclusion

We always advise trading only with regulated brokers, since the financial investment is a risky business that requires much more standardization of the service delivery than the sweet words about its service. For that reason, XtreamForex remains a Broker to Avoid while our recommendation will go to those companies who comply with the set of customer protection rules. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as Pepperstone and BDSwiss. 

• Overall ranking and experience for XtreamForex is Negative

Is BForex Scam or Legit Broker?

No, it is not safe to trade with BForex. BForex is owned and operated by BForex Limited and claims to be located in Limassol, Cyprus. Bforex group operates several companies that include the trading names and websites of BForex, FXGM, and others. Though the broker claims to serve over fifteen offices around the world, it is however not clear where exactly the company is located and registered, since through its history of operation from 2007 the firm changed jurisdictions and names while still offering its services.  

What is BForex?

The main issue is that the broker was never regulated, while it tries to enable its operation in BVI, a famous financial offshore zone, yet received a warning from the local authority BVI FSC to cease all its services.

Furthermore, the Bforex brand was banned and blacklisted by various jurisdiction authorities to deliver its services, as the company was targeting the local residents to trade with them.

• “BForex Limited to cease and desist carrying on all investment business in or from within the Territory with immediate effect, and to provide the Commission with evidence that it has ceased such investment business activities.”

BVI FSC, 2013

• “The Comision Nacional del Mercado de Valores (CNMV), the financial regulatory body of Spain, banned the brand and warned investors against investment with the BFOREX group operator of bforex, FXGM and other affiliation companies”

CNMV, 2017

• “The company named BFOREX LTD, registered before the Public Registry of Companies in the British Virgin Islands, has not been issued any kind of license by the SMV, nor has been authorized to carry on activities of intermediation, administration, or advisory”

SMV, 2013

In addition to the official opinion, the internet is full of negative reviews, complaints, and scam alerts from traders and investors. While the company pretends to suspend its operation, there are still “fresh” reviews appearing in order to prevent other investors from fraud.

BForex Review Conclusion

We advise all investors and traders to avoid BForex 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 FP Markets and Eightcap.

BForex Update

Based on our findings, BForex is inactive and unavailable to reach. This means the broker has muted its trading offering and does not propose account openings, however, we recommend avoiding and staying alert in case any proposals come. 

Is LMFX Scam or Legit Broker?

It is not safe to trade with LMFX, because it is an unregulated broker. In addition, the company has been suspected to be a fraud. While we checked the company 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.

• Global Trade Partners Ltd. is an investment firm that operates as a global broker under the name LMFX. LMFX is governed and supervised by the Saint Vincent Finance Service Authority (FSA). 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 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. 

What is LMFX?

LMFX is an innovative online foreign exchange broker that offers advanced institutional and retail trading conditions to a global audience. This broker provides the full spectrum of cutting-edge trading tools and services that its clients require to succeed in the world’s most liquid market. It also provides a comprehensive range of mobile and desktop MT4 platforms so that traders never miss a market movement. According to the website, LMFX offers leverage from 1:1 to 1:1000 (Check best forex brokers with high leverage).

• LMFX offering, the company is not officially registered with any industry authority to offer trading services, and its performance is not overseen or supervised by anyone. In any case, we never advise trading with an offshore or non-licensed broker, since the financial investment service they deliver is not trustable. 

Overall LMFX Ranking 

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

• LMFX 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.

LMFX Alternative Brokers

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

• eToro – Good for CopyTrading and Cryptocurrency Trading
• Dukascopy – Excellent for Shares, Futures Trading
• BlackBull Markets – Good for High Leverage Trading

LMFX in India

LMFX allows Indian traders to open accounts and trade. However, LMFX 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.

LMFX in the USA

The US is among the (See Best Forex Broker for US Clients) countries that cannot register with LMFX, along with the United Kingdom, Japan, or any other jurisdiction that would be contrary to local law or regulation. 

LMFX Deposit & Withdrawal

The minimum deposit is USD/EUR 50 for a Premium Account that has been carefully tailored to meet the trading needs of retail FX traders and with the minimum trade size starting at 0.01 lots, this competitive account offers you the flexibility to trade up to 60 lots in a single trade.

• Deposits (Also check Alpari's Deposit & Withdrawals) can be made via Visa or Mastercard payment cards, bank wire transfer or Skrill, Neteller, FasaPay, and Load e-wallets.

Apps

LMFX offers a mobile trading app for traders' convenience. Mobile trading allows traders to manage their accounts from portable devices like smartphones, pockets, and tablet PCs. In MetaTrader 4, mobile trading offers a great variety of analytical options and a graphical display of quotes in addition to complete trade account management. Using mobile terminals in daily activities offers a convenient way to keep up with accounts when traders don’t have access to a desktop computer. LMFX mobile app is compatible with all Android and iOS devices. 

Demo Account

LMFX offers traders the opportunity to practice strategies and become familiar with the platform with their demo account option. Demo accounts are a wonderful way to get an introduction to the online trading markets and allow traders to experience – as closely as possible – the actual market conditions they will be exposed to. LMFX demo account provides the ability to trade from the LMFX platform of choice and mirrors as closely as possible actual market conditions.

LMFX Review Conclusion

Overall, there are many questions in regard to the trust of the LMFX 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 HotForex, and BlackBull Markets.

• Overall ranking and experience for LMFX is Negative