Archives: Brokers

Is Gerchik & Co Scam or Legit Broker?

No, Gerchik & Co is not a safe broker as it lacks a reputable license from a leading regulatory authority. The company conducts its operations under Gerchik & CO Limited and is registered in Vanuatu, a jurisdiction often associated with questionable practices.

• The Forex industry in Vanuatu functions with limited regulatory supervision. While brokers located there may offer various appealing financial services, their oversight falls short of the stringent standards introduced by renowned authorities like ASIC and FCA. Consequently, engaging in trading within offshore jurisdictions is generally considered less secure. Read more about why avoid brokers from Vanuatu.

What is Gerchik & CO Limited?

Based on the information we collected Gerchik & Co provides access to over 400 assets and tight spreads that begin at 0 pips. The trading platforms are powered by the Equinix LD4 data center, ensuring high-performance trading experiences. Gerchik & Co provides traders with fundamental and technical analysis, financial news, and video analytics. 

• The broker also mentions that the interests of traders at Gerchik & Co are safeguarded by the International Financial Commission, FinaCom. This means that in the event of any disputes, FinaCom assesses the situation from both technical and legal perspectives and there is a compensation fund guaranteeing payments to traders up to €20,000 covered per claim.

Nonetheless, to provide an unbiased and comprehensive overview of Gerchik & Co, we conducted an extensive research and revealed the following key points:

• Lack of serious registration: Gerchik & Co is registered in Vanuatu (Dauphiné Street, Numbatu area, Port-Vila). It is a well-established fact that Vanuatu, being an offshore jurisdiction, lacks adequate oversight and regulatory guidelines. Consequently, Gerchik & Co and other brokers registered in this jurisdiction may not be the optimal choice for financial investments. However, the broker mentions its cooperation with the International Financial Commission, that ensures compensation of €20,000.
• Clients reviews: Traders are often uncertain about a broker’s trustworthiness. In this case seeking guidance from authentic trader reviews is crucial. Based on our research, it is evident that Gerchik & Co reviews are mostly positive, with traders frequently highlighting the broker's tight spreads and favorable trading conditions.
• Withdrawals Issues: Hassle-free withdrawal of funds from a trading account ranks among the utmost priorities in Forex trading. Based on the fact that Gerchik & Co is an offshore broker, the withdrawal process with the broker might turn out to be intricate, potentially leading to financial losses for traders. When contemplating whether to engage with this broker, it's crucial to thoroughly assess the potential drawbacks that could impact the trading process and its outcomes.

Overall Gerchik & Co Ranking

Through research, we have uncovered noteworthy apprehensions regarding Gerchik & Co's trustworthiness and its adherence to regulatory standards. Consequently, we are unable to offer a favorable rating for Gerchik & Co.

• Gerchik & Co 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.

Gerchik & Co Alternative Brokers

Considering the safety concerns surrounding Gerchik & Co, we strongly recommend exploring alternative options that prioritize robust regulations and improved trading conditions. Below is a list of reputable brokers that offer reliable choices and a secure trading environment for your consideration:

• Dukascopy – Excellent for Shares, Futures Trading
• AvaTrade – Good Instrument and CopyTrading
• InteractiveBrokers – Good for US Trading and Trading of Real Stocks

Deposits and Withdrawals

Gerchik & Co provides over 10 convenient methods for deposits and withdrawals, through Credit/Debit Cards, Bank Transfers, Perfect Money, Bitcoin, Ripple, Ethereum, Litecoin, Tither, etc.

• For some deposit methods the funds are processed to the client's account instantly, for other funding methods, the process might take from 1-2 working days.
• Withdrawals are generally processed within 24-48 hours.
• Based on the fact that Gerchik & Co is an offshore broker, our advise is to be very careful in investing with this broker. 

Account Types

Gerchik & Co offers 6 types of trading accounts: Zero, Mini, Simple, Silver, Gold and Platinum. Traders can also open a Demo account. The minimum deposit starts from $100 for Zero accounts ranging up to $100 000 for Platinum account clients. With Gerchik & Co traders can conduct their trades through the market popular MT4 and MT5 platforms. 

• For Silver, Gold and Platinum accounts the spreads start from 0.0 pips. 
• The maximum leverage for all the account types is 1:100.

Gerchik & Co Review Conclusion

Based on the information we have gathered about Gerchik & Co, it is evident that this broker does offer enticing benefits, such as tight spreads and favorable features. However, it is essential to acknowledge substantial concerns regarding the broker's trustworthiness and credibility. The fact that Gerchik & Co is registered in an offshore jurisdiction (Vanuatu) raises significant red flags. As a result, traders are strongly advised to exercise caution when contemplating this broker as their choice.

Traders should prioritize brokers holding licenses from reputable authorities like  FCA, ASIC, or CySEC. Numerous regulated brokers offer excellent terms and conditions that align with top-tier regulations, providing a risk-free trading environment. Some noteworthy options include Fortrade, HFM, and FP Markets.

• Overall ranking and experience for Gerchik & Co is Negative

Is CMS Prime Scam or Legit Broker?

No, CMS Prime is not a trustworthy broker as it lacks a top-tier license. CMS Prime is an offshore broker registered in several offshore zones.

•  CMS Securities Ltd is authorized and overseen by the Financial Services Commission (FSC) in Mauritius. However, it is a known fact that Mauritius is an offshore zone and it does not provide sufficient protection and stringent laws to ensure the safety of the broker. 
• Capital Market Solutions LLC is also registered with Saint Vincent and the Grenadines. Nevertheless, brokers registered in the Saint Vincent and the Grenadines are not reliable options for financial investment either, as the jurisdiction facilitates an easily achievable setup with a swift and simplified process, the firm is not obligated to maintain an office in SVG, enabling to run the business without following strict requirements and rules. Learn more about the brokers established in the Saint Vincent and the Grenadines.

What is CMS Prime?

Based on the information on the broker's website, CMS Prime provides exceptional trading conditions across a range of asset classes and account types tailored to meet the needs of both experienced professionals and beginner traders. The broker enables access to Commodities, Indices and Stock CFDs. CMS Prime claims to offer tight spreads, high leverage up to 1:500, STP execution model, trading on the market popular MT4/MT5 Platforms, and segregation of client funds.

However, to be able to give an objective and detailed information regarding CMS Prime, we conducted a thorough research and came up with the following points:

• Lack of regulation: Considering regulation is paramount in Forex trading, our investigation uncovered that CMS Prime operates as an offshore broker. It is registered by the Financial Services Commission (FSC) in Mauritius (GB19024331) and the Saint Vincent and the Grenadines (3060 LLC 2023). This implies that the broker conducts its business without adhering to any serious regulatory rules or guidelines, affording it a considerable degree of operational autonomy. 
• Feedback from clients: Traders are often uncertain about a broker's trustworthiness. In this case it is essential to turn to reviews from actual traders for informed assessments. Our research showed, that CMS Prime reviews are mostly on the positive side and traders often mention the broker's tight spreads and favorable conditions.
• Withdrawal Issues: When we conduct a research on a broker, we pay a close attention to the broker's withdrawal process. This is one of the most important aspects in Forex trading; if the withdrawal process is insufficient, traders would simply be unable to get their investments and profits. In the case of CMS, there seem to be only a few complaints about the broker, and most of them are not about withdrawals. However, taking into consideration the fact that the broker has only offshore licenses, we strongly advise to be very careful in trusting your funds with this broker.

Overall CMS Prime Ranking

Following our thorough investigation, we have uncovered notable issues concerning the dependability of CMS Prime and its adherence to regulatory standards. Consequently, we are unable to assign a favorable rating to CMS Prime.

• CMS Prime 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.

CMS Prime Alternative Brokers

In light of safety concerns related to CMS Prime, we highly advise exploring alternative options that prioritize stringent regulations and enhanced trading conditions. Here is a list of reputable brokers that present reliable choices and a secure trading environment for your consideration:

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

Deposits and Withdrawals

CMS Prime offers a variety of payment methods for funding trading accounts, including Wire Transfer, Card Payment, Perfect Money, etc. 

• Certain deposit methods, such as credit cards and Perfect Money, offer instant funding. 
• In terms of withdrawals, withdrawal requests are typically processed within a 24-hour timeframe.
• However, there is not much information regarding the brokers deposit and withdrawal processes. Considering that CMS Prime is registered in an offshore zone, we strongly advise exercising caution when entrusting your funds to this broker.

Account Types

CMS Prime provides a range of account options designed to suit the needs of various traders. Regardless of the chosen account type, all offerings ensure access to a diverse array of financial instruments. CMS account types are Standard, Premium, and ECN, each of them offering different trading conditions to meet different trading expectations. 

• The minimum deposit to fund the Standard account is $500. For Premium it is $10,000 and $20, 000 for ECN account respectively.
• The highest available leverage is 1:500 (Standard accounts). For Premium and ECN accounts the leverage is lower: 1:300 for Premium and 1:200 for ECN. 
• There are also other differences between the account types that shouldn't be overlooked. 

CMS Prime Review Conclusion

Having examined the available information on CMS Prime, it is evident that this broker offers favorable features such as tight spreads and high-leverage options. However, there are serious concerns regarding the broker's reliability and credibility. Despite the attractive features and opportunities, the fact that CMS Prime is registered in an offshore jurisdiction raises substantial doubts. Traders are strongly advised to exercise caution when contemplating this broker.

We recommend traders consider brokers with licenses from reputable authorities such as  FCA, ASIC, or CySEC. Many regulated brokers provide favorable terms and conditions that align with top-tier regulations, fostering a trading environment that prioritizes safety and minimizes risks. Some noteworthy options include Eightcap, HFM, and FXTM.

• Overall ranking and experience for CMS Prime is Negative

Is Leo Prime Scam or Legit Broker?

No, Leo Prime is not a trustworthy broker as it lacks regulation. Leo Inc Limited has a registered office in Hong Kong, however, it is not regulated by the financial authority of the region -  the Hong Kong Securities and Futures Commission (SFC). Besides, the broker is registered in Seychelles. It is a well-known fact that Seychelles is an offshore zone and engaging with unregulated or offshore brokers pose inherent risks due to the lack of stringent regulations and supervision.

• It's crucial to ensure that any forex broker you consider is regulated by the appropriate authorities to protect your investments and provide a certain level of financial integrity.

What is Leo Prime

Leo Prime accommodates a wide range of trading services, enabling access to Forex, Spot Metal, Energies, Indices, and Stock trading. The broker claims to provide tight spreads and unmatched liquidity, provides a client-centric trading experience to every trader, and offers social trading. With Leo Prime clients can conduct their trades via market popular MT4 platform. 

To reveal more about Leo Prime, we headed with our detailed research and came up with the following information:

• Absence of serious regulation: Regulatory oversight is a critical factor to consider in Forex trading. Through our investigation, it has come to light that Leo Prime operates as an offshore broker. The broker is authorized and regulated by the Financial Service Authority (FSA) – Seychelles, with license number SD032. Besides, Leo Inc Limited is registered in Hong Kong (1833611), however, to operate in Hong Kong brokers have to be authorized by the Hong Kong Securities and Futures Commission (SFC).
• Feedback from clients: When traders have doubts regarding a broker's trustworthiness, it is important to turn to reviews from authentic traders. However, caution is advised even in this approach, as there exists a multitude of fabricated reviews that may portray an unregulated and untrustworthy broker positively. Leo Prime, with its mix of positive and numerous negative reviews, needs careful consideration. Numerous reviews specifically highlight issues with the withdrawal process and inadequate customer support.
• Withdrawal Issues: One of the main complaints with Leo Prime seems to be the insufficient withdrawal process. Clients claim that in many cases their investments are impossible to withdraw. 

Overall Leo Prime Ranking

Through thorough research, we have identified significant concerns regarding the dependability of Leo Prime and its adherence to regulatory standards. Consequently, we cannot issue a favorable rating for Leo Prime.

• Leo Prime 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.

Leo Prime Alternative Brokers

Given the apprehensions surrounding the reliability and security of Leo Prime, we strongly advise traders to explore alternative options that offer more rigorous regulations and improved trading conditions. Presented below is a list of reputable brokers that provide trustworthy choices and a secure trading environment for your consideration:

• Trade.com – Wide Range of Trading Instruments
• Capital Index – Good Trading Conditions
• ThinkMarkets – Competitive Spreads

Deposits and Withdrawals

With Leo Prime clients can fund their accounts via multiple methods: Wire transfers, Credit and Debit cards, and e-wallets. The minimum deposit with Leo Prime is $10.  Deposits or withdrawals are mostly carried out instantly. In case of delay, the process is completed within 24 hours. 

• Funds can only be withdrawn to clients’ personal accounts to ensure financial security and prevent money laundering.
• If a client deposits funds into their trading account using various payment systems or multiple wallets within the same payment system, withdrawals must be made proportionally based on the deposited amounts.
• As we have already revealed, many clients complain about the insufficient withdrawal process of the broker, claiming that they have lost all their investments and funds. This is a good ground to consider investing with Leo Prime and looking for a more reliable option with good client feedback.

Account Types

Leo Prime offers its clients a wide range of account options, that fit different trading expectations. The broker's available account types are Classic, Pro, ECN, Cent, and Demo. The minimum deposit starts from $10 for a Classic account, whereas for other account types, the minimum deposit is higher, ranging up to $2000 (ECN account).

• Leo Prime offers considerably high leverage. For Classic and Cent accounts the leverage is as high as 1:1000. 
• There are also commissions while trading with Pro ($3) and ECN ($6) accounts.

There are more differences in trading conditions for different account types that should be considered, based on the experience and trading expectations the clients have. 

Leo Prime Review Conclusion

Upon analyzing the gathered information about Leo Prime, considerable uncertainties emerge regarding the broker's reliability and credibility. The lack of adequate regulation raises significant concerns, as the broker is only registered in Seychelles, which is an offshore zone and does not provide sufficient protection. Additionally, the abundance of negative client reviews should not be disregarded. It is advisable to prioritize brokers with stringent regulations, a favorable market standing, and transparent trading conditions.

To avoid risks often associated with trading through unregulated or offshore brokers, we always recommend choosing a reliable broker that holds licenses from reputable authorities like FCA, ASIC, or CySEC. Many regulated brokers are both reliable and have exceptional offerings, such as BlackBull Markets, Go Markets, and FP Markets.

• Overall ranking and experience for Leo Prime is Negative

Is FxSway Scam or Legit Broker?

No, FxSway cannot be considered a secure broker due to its absence of a credible license from a prominent regulatory body. Trading with unregulated or offshore brokers poses a higher level of risk due to the lack of oversight, investor protection, transparency, etc. 

• Unregulated brokers operate without the oversight and regulations imposed by financial authorities. This absence of regulatory scrutiny can lead to a higher risk of fraudulent activities and malpractices. Not to risk financial investments it is advisable to choose a broker with licenses from top-tier agencies (FCA, CySEC, or ASIC) with good standing in the market and favorable conditions for trading.  

What is FxSway?

With FxSway traders have access to Forex, Crypto, Stocks, Indices, and Commodities trading. According to the broker's website, FxSway assures low commissions, favorable prices, rapid execution, and expert support. The broker enables access to free trading tools, in-depth market analysis, 100+ order types, trader's calculator, etc.

However, when it comes to closer research, there are always important aspects for traders to know about unregulated brokers like FxSway:

• Lack of Regulation: FxSpray operates without a proper Forex license, a huge red flag in forex trading. Fx Sway Ltd. address is  Ground Floor, The Sotheby Building, Rodney Village, Rodney Bay, Gros-Islet, Saint Lucia. It is a well-known fact that unregulated brokers unlike regulated brokers are not required to adhere to strict standards to protect traders and their financial investments. 
• Feedback from real traders: When selecting a forex broker, it's vital to weigh reviews and feedback from real traders. This provides a deeper understanding of the broker's offerings, trading conditions, and overall standing in the market. According to the existing reviews, FxSway appears to be an unreliable broker, with numerous traders labeling it as a complete scam. The primary concern raised revolves around inappropriate deposit and withdrawal processes. 
• Inappropriate deposit and withdrawal process: Similar to numerous offshore brokers, FxSway appears to encounter challenges with its withdrawal process. Clients report difficulties in processing their profits, leading to financial losses. In forex trading, the security of funds is a crucial aspect. Therefore, we advise traders to entrust their money solely to reputable companies known for their quality services, ensuring a more reliable environment for generating profits. 

Overall FxSway Ranking

After conducting extensive research, we have uncovered notable apprehensions regarding the reliability of FxSway and its compliance with regulatory standards. As a result, we are unable to provide a positive rating for FxSway.

• FxSway 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.

FxSway Alternative Brokers

Considering the concerns surrounding FxSway Broker reliability and security, we highly recommend traders to explore alternative options that provide more stringent regulations and enhanced trading conditions. Below is a list of reputable brokers offering trustworthy choices and a secure trading environment for consideration:

• Eightcap– Low Pricing
• E-Trade – Competitive Investment Conditions
• TradeStation – Popular for Futures Trading

Deposits and Withdrawals

To fund their FxSway accounts traders just need to log in to their trading accounts, go to deposits, choose one of the available crypto (BTC, ETH, XRP, LTC, DOGE & USDT), and invest.

• The minimum deposit is $10. There are no deposit fees. 
• After completing the deposit procedure, it takes 3-6 confirmations on the relevant network for funds to be released. This usually requires 1 to 3 hours depending on the Blockchain.
• The only withdrawal option at the moment is Bitcoin. Usually, withdrawals take several hours, however, it depends on the network. Still, our advice is to be careful, especially regarding withdrawals, as there are numerous alerts from traders regarding FxSway's inappropriate withdrawal process. 

Account Types

FxSway offers several account types: Standard, Var, Pro, and Mini. Each account type offers different conditions to meet various trading expectations, FxSway login is easy to process and is accessible via the website.

The highest leverage for all the account types is 1:500. For the Pro account type spreads are considerably low, starting from 0.4 pips. Var accounts do not have any commissions, whereas, for Standard, Pro, and Mini accounts commissions range from $1 to $9 per lot. 

FxSway Review Conclusion

Analyzing the information collected on FxSway, significant doubts arise regarding the broker's reliability and credibility. The absence of proper regulation raises substantial concerns. Furthermore, the multitude of negative client reviews should not be overlooked. It is recommended to prioritize brokers with stringent regulations, a good market standing, and transparent trading conditions.

To avoid risks often associated with trading through unregulated or offshore brokers, we always recommend choosing a reliable broker that holds licenses from reputable authorities like FCA, ASIC, or CySEC. There are many regulated brokers that are both reliable and have exceptional offerings, such as BlackBull Markets, Go Markets, and HYCM.

• Overall ranking and experience for FxSway is Negative