Archives: Brokers

Is FTE FX  Scam or Legit Broker?

No, it is not safe to trade with FTE FX as it is an offshore broker. Ftefx is operated by Ace Capital Ltd, with registration number: 25324 BC 2019, St. Vincent and the Grenadines. 

• St. Vincent and the Grenadines 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 Binomo, JustForex, and more. You can read our detailed article about the risk of trading with brokers from St. Vincent and the Grenadines.

What is FTE FX?

FTE FX offers traders the following 8 groups of financial instruments: Currency Pairs, Precious Metals CFD, Stock CFD, Commodity Futures CFD, Gold Instruments and CFDs on Crypto Futures. The broker also offers risk-free limitless Demo Accounts.

• According to the website, Ftefx is authorized and regulated in various jurisdictions. However, we couldn't find any legal information about its authorization, which means the broker is unregulated and should be avoided.
• In addition, FTE FX has been blacklisted by Italian regulator CONSOB:

"Consob has ordered the black-out of 7 new websites that offer financial services illegally. The commission used the tools provided in the "growth decree", which gave Consob the power to order internet service providers to block access from Italy to websites offering financial services without due authorisation."

FTE FX Review Conclusion

We advise all investors and traders to avoid FTE FX 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 FXTM and XM.com.

FTE FX Update

Recently the FTE FX 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 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.