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.