Archives: Brokers

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

Finq Update

We discovered that the Finq website is unavailable. It is unclear whether the broker changed its name, or is gone altogether. Since money safety goes first, we recommend avoiding any proposals from Finq and staying alert in case of any proposals. 

Is Elite Trading Scam or Legit Broker?

No, it is not safe to trade with Elite Trading as it is not regulated. Elite Trading is owned and operated by Netbit services and solutions limited, Reg. Number 14718830, Address: Harju County, Tallinn, Estonia. 

• The broker doesn’t provide any information about its regulation or license and it actually seems it doesn’t have any. As it claims to be registered in Estonia, it was supposed to be regulated by the local regulator Estonian Financial Supervision Authority. We didn’t find the mentioned above registration number in the FSA’s register, which means Elite Trading is not regulated to provide its financial services in Estonia as well as other EU countries.

• The company mentions Austrian and British contact phone numbers without having offices there or more importantly, without being regulated in those countries. Also, the broker has been blacklisted by the Belgian regulator Financial Services and Markets Authority

What is Elite Trading?

Elite Trading claims to be a world-renowned financial services provider offering a range of investment products, including Online Trading and FX. Its high-tech trading platform offers clients across the globe an opportunity to invest in over 1,000 world-class assets including forex, stocks, commodities, and indices. Elite Trading allows trading forex, stocks, commodities, and indices with zero commissions and fees on its unique next-generation trading platform (desktop, mobile, or tablet).

Elite Trading Review Conclusion

We advise all investors and traders to avoid Elite Trading  and other offshore brokers. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as FXTM and XM.

Elite Trading Update

Based on our findings, the Elite Trading website is no longer active. This means the broker has muted its trading offerings and does not operate, however, we recommend avoiding and staying alert in case of any proposals. 

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.