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.

Capital TradeFX Update

We discovered that the Capital TradeFX 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 Capital TradeFX and staying alert in case of any proposals.