Archives: Brokers

Is ItradeFXoption Scam or Legit Broker?

No, it is not safe to trade with ItradeFXoption. The broker doesn't provide any information about the company behind the brand's name as well as any regulatory information and contact details. This is actually a big red flag, as well-regulated brokers always provide information about their regulations, licenses, and locations. 

What is ItradeFXoption?

ItradeFXoption offers Forex, CFDs, and Cryptocurrency trading and claims to be the safest and the best trading platform. However, without disclosing important details about the company and its trading conditions the broker usually cannot be trusted and taken seriously. The website itself doesn't look attractive and professional and also the content has some grammar mistakes.

• We also revealed that ItradeFXoption denies traders withdrawing funds. We have feedbacks from traders that they cannot withdraw money. You can read the feedback here.

ItradeFXoption Review Conclusion

We advise all investors and traders to avoid ItradeFXoption 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 eToro and XM.com.

ItradeFXoption Update

Our research revealed that the ItradeFXoption 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 TopTrader Scam or Legit Broker?

At first glance, TopTrader seems to be a legitimate broker (See the list of best forex brokers), as the company presents itself as one of the leading global Forex and CFD trading providers. The firm opens access to opportunities across thousands of financial markets through its intuitive platforms and helps to trade financial markets. 

What is TopTrade?

The broker assures that the implemented strictest security measures ensure the strength and stability of the trading and integrity to the safest trading account. However, the trademark TopTrade is used by the company, which is not showing clearly its location, therefore regulatory status, while the only fact they reveal is their payment provider PayPeq OU based in Estonia. For that reason, all the states may not be a fact, as simply none of the authorities confirm this status.

TopTrade Alternative Brokers

Due to our finds and issues with the safety of TopTrade here are much better Alternatives with good regulations and excellent trading conditions. Besides, there are so many attractive offerings among the Forex industry, so we always ask why to involve yourself into the risk to lose funds and trading with a non-regulated entity.

Of course, it is much safer to choose among the brokers that located and regulated in jurisdictions alike UK, Cyprus or Germany. We select Good Brokers and trustworty options for your comparison below: 

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

TopTrade Review Conclusion

Considering all the information found on TopStep Trader, it shows that the company definitely not well regulated (See forex scammer list here), has no legal license to deliver its financial service, therefore might be just another scam. Moreover, after looking at the TopTrade reviews on several review websites we found nothing but complaints or the negative experience faced by the traders. In our conclusion, we would advise avoiding TopTrade company and their proposals by any means, as it’s not the business to trust.

TopTrade Updates

We found TopTrade website is no longer active so the broker probably ceased its operation and does not provide access to trading anymore. We recommend staying alert and better choose trustworthy brokers with proven records of operation. 

Is 365 FX Scam or Legit Broker?

No, it is not safe to trade with 365 FX. 365 FX is owned by Fintech Software Inc. which is an offshore company registered in the Marshall Islands.

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

What is 365FX? 

365 FX is a brand name owned and operated by Fintech Software Inc., which is managed and owned by a team of professionals, specializing in forex trading, financial options, online marketing, commodities, stocks, derivatives, etc., as claimed on the website.

The broker states its address in London, however, is not registered officially to be able to deliver its financial services. In addition, the ruts of the company show the entity is located in the Marshall Islands, which is a known offshore zone.

• Nevertheless, the brokerage operates trading without licensing while targeting clients from various entities, therefore the company was warned by the authorities to stop its business offering. The statement below was issued by the Irelands Central Bank, while further, the regulatory bodies from the EU spread the information through their sources, too.

• “The Central Bank of Ireland published the name of an unauthorized investment firm, 365-FX/365BinaryOption/Oproserv Limited/Fintech Software Inc., that states its addresses in the United Kingdom and the Marshall Islands. It is a criminal offense for an unauthorized firm to provide financial services in Ireland that would require authorization under the relevant legislation, which the Central Bank is the responsible body for enforcing.”

  Central Bank of Ireland. October 2018.

365 FX Review Conclusion

We advise all investors and traders to avoid 365 FX 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 FP Markets and BlackBull Markets.

365 FX Update

Based on our findings, 365 FX 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 in. 

Is Capital TradeFX Scam or Legit Broker?

It is not safe to trade with Capital TradeFX since Capital TradeFX is an offshore company licensed in St. Vincent and the Grenadine. Besides the fact that Capital TradeFX is solely offshore broker with a lack of proper regulations, it is also quite unstable in its operations. We found that the Capital TradeFX website was inactive for some time and now it is back to operate again. Generally, this is a common practice among scam brokers to go inactive and then appear after a while. 

• St. Vincent and the Grenadines is notorious for its practically absent requirements and regulations. Therefore, it became an offshore zone for shady forex brokers such as 4xincome, Monfex, and more. You can read our detailed article about the risk of trading with brokers from St. Vincent and the Grenadines.

What is Capital TradeFX?

According to the website, Capital TradeFX Ltd is an International Foreign Exchange broker offering tailored trading services to clients from all over the world. However, the company doesn't provide any regulation information besides the offshore one. It claims to be registered and located in Hong Kong, but it is not authorized by its local Securities and Futures Commission (SFC).

• Moreover, the broker has been blacklisted by the Spanish regulator CNMV (the National Securities Market Commission):

"Capital TradeFx Ltd is not authorized to provide the investment services of the Securities Markets Law, which include investment advice, or to provide auxiliary services in relation to the financial instruments including, for those purposes, foreign currency transactions."

• Another red flag about the broker is numerous negative feedback from the customers. We found that clients are dissatisfied by the way the broker conducts its business, especially when it comes to the money withdrawal process. As you know the safety of founds is essential in Forex trading, thus, this is not an issue to overlook while choosing a broker. 

Overall Capital TradeFX Ranking

Based on our informed Expert Opinion, supported by over a decade of hands-on experience in Forex Trading, we have revealed certain concerns regarding Capital TradeFX's regulation and overall reliability. As a result, we are unable to offer a favorable ranking of Capital TradeFX.

• Capital TradeFX 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.

Capital TradeFX Alternative Brokers

Due to the considerable safety concerns associated with Capital TradeFX, we strongly recommend exploring superior alternatives known for their stringent regulations and exceptional trading conditions. Below, we have a selection of reputable brokers and reliable options for your comparison:

• OANDA – Good Broker with Low Deposit
• XM– Low Spread Broker
• Go Markets – Good for High Leverage and Online Banking

Account Types

Capital TradeFX offers 3 main types of accounts: Mini, Micro, and Standard. The account types have many features in common, however, there are some differences such as leverage, and deposit amount. 

• The minimum deposit for Micro and Standard accounts is $100. For Mini accounts the minimum deposits start from $300. 
• Standard accounts in comparison to Mini and Micro ones offer a lower leverage ratio - 1:200. Traders have access to up to 1:500 leverage if they choose Micro or Mini accounts. 

Deposits and Withdrawals

Capital TradeFX informs on its website that Telegraphic Transfer (TT)/Wire Transfer fees are waived based on the transferred fund's amount. If a deposit is equal to or exceeds USD 500, Capital TradeFX will cover the expenses incurred from Intermediary Bank charges.

• For deposits that are equal to or exceed USD 3,000, Capital TradeFX provides reimbursement for both Local and Intermediary Bank charges.
• However, it is worth mentioning that there are some complaints about the broker's withdrawal process. This needs to be considered before making a decision to sign with Capital TradeFX. 

Capital TradeFX Review Conclusion

Based on the information we were able to reveal regarding Capital TradeFX, significant concerns arise regarding the broker's reliability and ethical standards. Consequently, the broker is not advisable for trading. 

We advise all investors and traders to avoid Capital TradeFX 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 HYCM and BlackBull markets.

Is Hugo’s Way Scam or Legit Broker?

It is not safe to trade with Hugo's Way, as it is unregulated. Hugo’s Way is owned by Hugo’s Way Limited which is an offshore company registered in St. Vincent and the Grenadines. 

• However, 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 no 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.

What is Hugo's Way?

Hugo’s Way offers forex currency pairs, indices, commodities, stocks, and also cryptocurrency trading. It claims to offer a new level of trading and is able to offer market-leading pricing and trading conditions through the MT4 platform by providing clients with true ECN connectivity. Hugo’s Way offers a wide variety of instruments, including 24/7 trading on 35 Cryptocurrency Pairs with leverage of up to 1:100. 

Based on the provided information on the broker’s website, the company is in the process of applying for a license, however, for now, it remains unregulated. As proof, the website states that Hugo’s Way is not directed at any jurisdiction and is not intended for any use that would be contrary to local law or regulation, therefore any of the statements about True ECN or quality trading can not be proved since Broker is never checked by serious audit  Regulators usually do 

Overall Hugo's Way Ranking 

Due to the regulation and safety issues, we found during our research of Hugo’s Way, we do not rank positively Hugo’s Way, based on our Expert Opinion with over 10 Years of experience in Forex Trading.

• Hugo’s Way 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.

Hugo's Way Alternative Brokers

We found that Hugo's Way has a lot of issues, mainly in respect of its safety and customer care. Thus, here are much better Alternatives to Hugo's Way with tight regulations and great trading conditions. We select Good Brokers and trustworthy options for your comparison below: 

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

Hugo's Way in India

Hugo’s Way has no mention of complying with any Indian regulators on its website. It is also worth mentioning that Forex trading is actually prohibited in India. The broker is not regulated by any regulatory body in India, that’s why money safety may be the issue here.

Hugo's Way in the USA

The USA is not on the restricted list of the Broker himself, which means the broker accepts US residents. However, as per U.S law, brokers regulated by CFTC are the only brokers allowed and safe for USA traders. So, in other words, the Hugos Way doesnt follow the US regulatory advise and may be suspended at any times, meaning US traders are only permitted to trade with U.S-regulated trading platforms besides trading with Offshore and non-regulated firms is never advised due to high risks of scam too.

• There are also countries the broker does not accept client from including: Bahamas, Botswana, Burma, Cambodia, Congo, Cuba, Democratic Republic of Congo(DPRK), Democratic Republic of Congo(Republic of Zaire), Ethiopia, Ghana, Iran, Iraq, Japan, Kenya, Lebanon, Libya, Malta, North Korea, Pakistan, Panama, Somalia, Sri Lanka, Sudan, Syria, Trinidad and Tobago, Tunisia, United Kingdom, Vietnam, Yemen, Zimbabwe.

Hugo's Way Deposit & Withdrawal

The minimum Hugo's Way deposit is $50 via Credit/Debit Card and $50 via BitCoin and $10 via VLoad. They are constantly adding new funding sources. The minimum withdrawal amount is $10. There are NO fees to withdraw the funds, however, the additional profits will incur withdrawal fees depending on the additional withdrawal method.

Apps

Hugo's Way gives a trading opportunity by staying up to date with the latest market events with MT4 mobile trading. Smartphone and tablet-optimized, MT4 mobile supports all trading functions and comes equipped with broad analytical capabilities featuring technical indicators among other graphical objects. The broker's availability is 24 hours, from any spot worldwide. The app is supported by iOS and Android OS, it has a full set of trading orders as well as analytics and technical indicators.

Demo Account

Hugo's Way offers unlimited MT4 Demo Accounts to its clients. By opening a demo account, traders are able to improve their trading skills and learn everything about the basics of Forex trading, rules and conditions, and movements and crises of the Forex market.

Hugo's Way Review Conclusion

Overall, the company's offering is among the competitive ones along with its reputation, but generally, options are a high-risk investment due to its nature of trading. Besides, we do not recommend signing in with Hugo's Way as the broker is not regulated by serious regulators like FCA company.

Since the capital and the security of the investors’ funds is a primary goal, it is advisable to choose among well-regulated companies that hold all necessary licenses such as Pepperstone with authorized operations and great customer support. 

• Overall ranking and experience for Hugo's Way is Negative

Is PrimeFX Scam or Legit Broker?

No, it is not safe to trade with a Forex broker PrimeFX. It claims to be owned and operated by PFXBank and doesn't seem to be regulated.

The broker doesn’t disclose any information about its location as well as regulation. The contact phone numbers are British and the terms and conditions state that the company is under British jurisdiction, however, PrimeFX is not licensed by the UK’s Financial Conduct Authority.

What is PrimeFX?

PrimeFX is a broker that offers to trade in Forex, Indices, Commodities & Share CFDs.

However, the broker is not properly regulated, and signing with it might mean risking your investments. Based on our research we have found the following:

• The broker's website states that PFXbank operates globally except within the European Economic Area and at the same time the website supports German and Spanish languages which means it has been targeting European clients.
• There is a warning from Spain's regulator CNMV against PrimeFX issued in May 2017:

"DGX SYSTEMS LTD (PRIME FX BANK / PFXBANK) www.pfxbank.com/www.pfx-bank.com is not authorised to provide the investment services detailed in Article 140 of the Securities Markets Law, which include investment advice, or to provide the auxiliary services detailed in letters a), b), d), f) and g) of Article 141 of the said Law in relation to the financial instruments detailed in Article 2 of the said Law, including, to those purposes, foreign currency transactions."

PrimeFX Review Conclusion

We advise all investors and traders to avoid PrimeFX 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 FXTM, and AvaTrade.

PrimeFX Update

Based on our findings, PrimeFX 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 there are any proposals.