Archives: Brokers

Is CobraCFD Scam or Legit Broker?

No, it is not safe to trade with CobraCFD, as it is an offshore company. Cobracfd is owned and operated by Cobracfd Ltd and Kings Power Ltd. registered in Trust Company Complex, the Marshall Islands.

• The Marshall Islands is notorious for its practically absent requirements and regulations. Due to the setup cost being low, it does not regulate forex trading. Therefore, it became an offshore zone for shady forex brokers such as MegaTradeFX, Swissinv24, and more.

What is CobraCFD?

CobraCFD claims to deliver options for trading in some of the most popular liquid assets, including currency pairs, stocks, most major financial indices, and commodities. CobraCFD operates around the globe and places great emphasis on providing professional and reliable services to all its customers. They offer several trading platforms that have been designed to meet the needs of investors from beginners to advanced. However, we have some concerns about the reliability of this broker (Best Forex Brokers for Beginners). 

• According to the website, Cobracfd operates in accordance with international financial and money laundering laws. However, they do not provide any specific information about the regulation and it doesn’t seem CobraCFD is regulated by any authority. The broker provides British contact number without having an actual office there or being regulated in the United Kingdom.
• Moreover, CobraCFD has been blacklisted by the Italian regulator CONSOB:

“CONSOB  availed itself of the powers deriving from the "growth decree" regarding the blackout of the sites (including CobraCFD Ltd (website www.cobra-cfd.biz) of abusive financial intermediaries, as well as the new power introduced by Law no. 8 of 28 February 2020, regarding the blackout of the site through which the abusive bid is made.”

CobraCFD Review Conclusion

We strongly advise all investors and traders to avoid CobraCFD and other brokers from the Marshall Islands. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as City Index and eToro.

CobraCFD Update

Recently the CobraCFD website remains inactive, meaning the broker mutes 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 Videforex Scam or Legit Broker?

Videforex 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.

• It is not safe to trade with Videforex, as it is an offshore company. Videforex as the Company is operated by INVOLVA CORP - Nr. 104693, Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands. The Marshall Islands is notorious for its practically absent requirements and regulations. Due to the setup cost being low and it does not regulate forex trading. Therefore, it became an offshore zone for shady forex brokers such as CobraCFD, GoldenSkyCapital, and more. 

What is Videforex?

Videforex offers Forex, CFD, and Options trading with more than 100 assets available for trading. The broker guarantees the clients can trade from any device, any time, with the highest level of security, a wide range of funding and withdrawal methods, and 100% secured trading with data protection. However, it seems like the broker is missing the most important, the regulation.

• However, Videforex doesn’t hold any license from a trustworthy and reputable authority. The broker does not provide any trading conditions/details as well as its address. All regulated brokers keep this information transparent for their clients. The lack of these details can indicate that the company is up to something bad. 

Videforex in India

Videforex accepts traders from India. However, Videforex 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.

Videforex in the USA

Videforex nor its agents or partners are not registered and do not provide any services on the USA territory. As per U.S law, brokers regulated by CFTC are the only brokers allowed for USA traders. So, except for Videforex, you are only permitted to trade with the U.S-regulated platforms. 

VideForex Deposit & Withdrawal

The minimum deposit is $250. You can fund your account by credit cards (VISA/MasterCard), Bank wire transfer, Bitcoin, Ethereum, Litecoin, Altcoins, Neteller, Skrill, or Perfect Money. The funds will be available for trading immediately, after confirmation from the payment system.

The minimal amount allowed for withdrawal is $50. Videforex processes all withdrawal requests within 1 hour.

• For security reasons, identification of the person is required for all withdrawals, regardless of the withdrawal amount. For accounts without bonus: trader has to reach a 100% turnover from deposited amount, to claim for withdrawal. For account with bonus: trader has to reach 300% turnover from deposited amount, to claim for deposited amount and profit withdrawal.  

Apps

Videforex CFD and Options offers Android and iPhone based trading platform. It allows to stay connected with the global market and never miss a trading opportunity. The application allows regular CFD and Options trading and direct deposit and withdrawal via APP. It allows for instant execution of trades, shows live charts of every option available on the platform, and enables traders to view their entire trade history. Application is free to download.

Demo Account

To receive demo account access you need to fund your trading account and contact customer support to get demo account credentials. Demo account is a great opportunity to practice strategies and become familiar with the platform with their demo account option.

VideForex Review Conclusion

Overall, there are many questions in regards to the trust of the Videforex company services and the manner they do operate the online trading itself. We strongly advise opening a trading account only with the brokers that are regulated by the 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 Admiral Markets.

Videforex Update

Based on our findings, Videforex 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 any proposals. 

Is Finq Scam or Legit Broker?

Finq is not a secure Forex broker (see the list of Best Forex Brokers) 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.

• Finq.com is operated by Dilna Investments Ltd which is the primary payment provider and website operator. Dilna Investments Ltd is acting on behalf of its mother company, Leadcapital Corp Ltd is regulated as a Securities Dealer by the Seychelles Financial Services Authority.

The point is that Seychelles offers an easy process of financial or investment firm establishment, through a very low list of requirements, small budgets, and what is more crucial with no strict supervision of the brokers' operation or history. For that reason, offshore zones attract vast non-scrupulous, or shady brokerages such as Hugo’s Way, and Prime XBT that aim to attract clients, grab their funds, and disappear.

What is Finq?

Finq provides trading in CFDs by offering tried and tested reliable platforms for web and mobile with over 2100 assets – stocks, commodities, forex, ETFs, indices, and bonds. According to the website, Finq takes no commission and has multi-lingual client support standing by 24/5 to assist account holders. On Finq, they guarantee some of the lowest spreads (Check out lowest spread forex brokers) in the market and zero commission, whilst offering leverage up to 1:300. 

Among the platforms offered by Finq the WebTrader is one of the most up-to-date popular platforms allowing clients to trade over 2,100 assets backed by 90 edit tools, Trending tools, Analysis Recommendation tools and Events & Trade tool. The MT4 platform is also available to Finq traders.

• However, despite the fact that Finq  atates it is regulated, it is not monitored by any governmental agency, which makes the broker a dangerous place for investing.

Overall Finq Ranking 

With our revelations in regard os Finq security and regulations issues, we do not rank positively Finq, based on our Expert Opinion with over 10 Years of experience in Forex Trading.

• Finq 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.

Finq Alternative Brokers

As we have found safety issues with Finq here are much better Alternatives to Finq with tight regulations and great trading conditions. We select Good Brokers and trustworthy options for your comparison below: 

• XM – Best Broker for Low Minimum
• Interactive Brokers – Good for Real Stock trading
• Plus500 – Good for Futures Trading

Finq in India

Finq has no mention of complying with any Indian regulators on its website.  The broker does not own any license issued by the regulatory body in India. Thus, traders' investments may be at risk here.(forex trading brokers in india)

Finq in the USA

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

Finq Deposits & Withdrawals

The minimum deposit in FINQ.com is $/€/£ 100. The broker offers several payment methods: debit/credit cards, bank transfers, Neteller, FasaPay and Skrill. 

Apps

Finq provides its traders with mobile trading through its iOS and Android apps. The traders can trade on the branded Finq WebTrader to access 2,100 assets from the world’s financial markets with free apps for mobile trading. They can view the Traders Trend Bar, see the Trending Now asset list, and use Stop Loss, Take Profit, Entry Limit and Entry Stop as they trade.

• Most importantly, the broker's technical team constantly updates its app to give traders the best solution for trading anytime anywhere, so they never have to miss an opportunity to trade.

Demo Account

Finq offers a demo account so you can try the Finq platform with virtual trading before you put down a payment. This FREE demo account comes loaded with $10,000 of virtual money. Demo account is a great opportunity to practice strategies and become familiar with the platform with their demo account option. Also check info on FBS Broker Demo account.

Finq Review Conclusion

In any case, we never advise trading with a non-licensed broker, since the financial investment service they deliver is not trustable. The reason is simple: the broker may promise the most competitive trading conditions or the trading environment, yet the trader has no guarantee from the official entities that oversee the Forex industry. Thus signing with such a broker means risking your money. 

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 Australian Forex Brokers and reliable brokers such as AvaTrade and XM.

• Overall ranking and experience for Finq is Negative