Archives: Brokers

Is By Trading Scam or Legit Broker?

No, By Trading is a Non-Regulated Broker. It is NOT SAFE to trade. The broker is not regulated by any reliable authority, thus investing with the company means risking your money. 

• BY Trading firm caught the attention of the respected FMA authority, while the warning to investors was issued and followed by other authorities within the EU to spread the state around. (Please check the information hereby)
• The regulators' purpose is to protect the population from fraudulent investments and risky businesses conclude those particular companies are not entitled to carry out certain financial transactions or services. That causes for action and informing the general public is deemed necessary and reasonable with regard to possible disadvantages of the company concerned.

What is BY Trading?

BY Trading is a brokerage firm established in Wien, Austria that claims to conduct trading services on over 15 market destinations. The company offers includes clearing services to institutional and professional traders with specialization in commodities, stocks, options, futures, forex, bonds, CFDs, and funds.

• There is also mention about BY Trading's experience and professional providing of practice for 20 years. However, the main question is why the company promises allegedly professional trading services while located within reputable EU jurisdiction and is a non-authorized firm. Still, remains unclear if the state of about 20 years of operation is true or false, yet what is definitely the fact that the company does not hold an FMA, Austria license and is an Austrian financial service firm means the entity operates illegally.
• Therefore, we would also follow and always strive to support potential clients and traders with the correct decision to choose among the regulated brokers. Among the visual benefits, the authorities brokers operate under the safety rules implied to protect clients and even to cover the trader’s funds in case of the broker’s insolvency.

BY Trading Review Conclusion

Based on our research By Trading is not a safe broker to invest in. We recommend avoiding unregulated and offshore brokers and investing with companies, licensed in the UK or Australia (Find best forex brokers in Australia), such as BlackBull Markets, where regulation is strict and there are certain client protection rules. 

• Overall ranking and experience for By Trading is Negative

BY Trading Update

We found the By Trading website inactive and unavailable to reach. This means the broker no longer operates. However, it is best to avoid and stay alert in case any proposals show up.

Is NordFX Scam or Legit Broker?

NordFX is not a secure broker because it is registered offshore and does not hold a proper Forex broker license. While we checked the company there is no authorization or registration of the address, therefore the company seems to be highly suspicious and might operate its services from an absolutely different location.

What is NordFX?

NordFX is a Forex broker, the nordfx.com website is operated by Nfx Capital Vanuatu Inc., a company registered offshore, in Vanuatu.

The website supports a lot of languages from Asian countries (Vietnamese, Chinese, Malay, Indonesian, and Thai). They also provide contact phone numbers in China, India, Sri Lanka, and Thailand, which means the broker is targeting people from the mentioned regions.

• It is always better and safer to trade with a reliable broker licensed by Australia’s ASIC (Check out ASIC Forex Brokers), Cyprus’ CySEC, or UK’s FCA. For example, the license from UK’s Financial Conduct Authority requires EUR 125,000 of capital for the STP license aside from client deposits. 

Overall NordFX Ranking 

Our research results revealed multiple issues connected with the regulations and safety of NordFX, so we do not rank positively NordFX, based on our Expert Opinion with over 10 Years of experience in Forex Trading.

• NordFX 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.

NordFX Alternative Brokers

Due to our negative finds on NordFX here we offer much better Alternatives to NordFX with good regulations and excellent 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

NordFX Deposits and Withdrawals

The broker offers various deposit and withdrawal options, including Bank Transfers, Credit/Debit Card,s and e-wallets such as Skrill, Neteller, and Webmoney. The broker claims that its e-wallet deposits and withdrawals are instant, whereas bank transfers can take 3-5 working days. However, due to its unregulated nature, there are no strict guarantees on payment procedures. 

NordFX Account Types

NordFX has a wide range of account options. It enables the traders to choose the most suitable and favorable option, based on their trading expectations. The main types of accounts offered by the broker include Fix, Pro, Zero, and Savings accounts.

• The minimum deposit for Fix accounts is $10, spreads start from 2 pips, and the available leverage is 1:1000. 

NordFX Review Conclusion

We advise all investors and traders to avoid NordFX due to its regulatory issues. We strongly advise opening a trading account only with brokers that are regulated by respected world authorities with the required set of rules and a good reputation through the delivered timeframe of operations. Sign in with well-regulated brokers such as BlackBull Markets and FBS Broker.

• Overall ranking and experience for NordFX is Negative

Is Olymp Trade Scam or Legit Broker?

After conducting thorough research we found that Olymp Trade is suspected to be a fraud company. It is an offshore company that has no serious regulations. We advise traders not to sign with Olymp Trade. The broker is not regulated and does not comply with strict international rules that provide protective measures to the traders.

The company operates without a proper license from the industry authorities like FCA in the UK or ASIC in Australia that protect clients and deliver necessary regulation to the service providers along with the convenience to the users and, of course, their investments. Unfortunately, it is not the case for Olymp Trade since the company only holds membership in the international Financial Commission (FinaCom) which is not safe enough either.

What is Olymp Trade?

Olymp Trade is a trading name used by Smartex International Ltd., a company that provides options trading services and is registered in St. Vincent and the Grenadines. The company claims to be one of the fastest-growing companies that deliver access to trade to the client at any level, increasing its trading volumes daily and currently closing around 32M trades per month, with Traders from 134 countries trust Olymp Trade.

The platform interface is localized into 19 languages and provides good software. However, lack of regulation is serious issue since Broker may simply claim anything, but reality might be difference since there is no strict guideline how Broker should operate. 

• 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. St. Vincent and the Grenadines is notorious for its practically absent requirements and regulations.

Overall Olymp Trade Ranking 

During our research we found multiple issues connected with regulations and safety of Olymp Trade, thus we do not rank positively Olymp Trade, based on our Expert Opinion with over 10 Years of experience in Forex Trading.

• Olymp Trade 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.

Olymp Trade Alternative Brokers

Due to our finds and safety issues with Olymp Trade, we have come up with much better Alternatives to Olymp Trade with good regulations and excellent conditions. We select Good Brokers and reliable options for your comparison below: 

• FXTM – Good for Beginners and Good Fees
• Dukascopy – Excellent for Shares, Futures Trading
• eToro – Good for Social Trading

Olymp Trade in India

Olymp Trade is not technically illegal in India but it is in no way monitored or controlled by SEBI or RBI. This means if a trader faces any issues with regard to the app's transactions or collections then Indian authorities will not be able to help.

As Olymp Trade is not regulated by Indian authorities, various Indian banks are not dealing with the platform directly, only some international Debit/Credit are accepted on this platform. 

Olymp Trade in the USA

Olymp Trade does not accept clients from the United States, Europe, Canada, Japan, Australia (Find the best forex broker in Australia here), UK, Russia, or Israel. So, except for Olymp Trade, you are only permitted to trade with U.S-regulated platforms.

Deposit & Withdrawal

Olymp Trade accepts deposits via the following methods: credit and debit cards, bank wire transfers, e-payments such as Skrill and Neteller, and cryptocurrency such as Bitcoin.

Depositing is free with no extra charges, with the minimum deposit being $10. This makes the site easily accessible to everyone and a good starting point (Best Forex Platform) for beginners (Find the best forex broker for beginners here). Funds deposit relatively fast, but wire transfers take longer than other methods. Cryptocurrency tends to deposit the fastest.

• The maximum withdrawal amount depends on whether it is a VIP or standard account, with the minimum always remaining at $10. The funds will go back to whatever payment method the trader used to deposit the money.
• However, being Unregulated broker withdrawal issues may occur, which is typical Scam Practise 

Apps

Olymp Trade offers a mobile app. enabling trades from all over the world access. Their mobile app is responsive and has the same capabilities as the desktop and web versions. 

Demo Account

Along with training materials, Olymp Trade offers free demo accounts. Those who registered get access to 10,000 virtual coins to play around with. This way, traders don't risk losing any of their real money while getting over the learning period.

The demo account is also a valuable feature for experienced traders to get a feel for the interface.

Olymp Trade Review Conclusion 

Based on our finds we can state that overall the company's offerings are among the competitive ones along with its reputation, but generally, Trading options are a high-risk investment due to its nature of trading, as well as the unlicensed environment of the Olymp Trade company puts some question marks either to enter the trading or not.

Since in forex trading money security is a priority, it is strongly recommended to trade with well-regulated companies that hold all necessary licenses, uphold authorized operations and deliver customer service on a proper level. We recommend such trustworthy brokers as BlackBull Markets, XM, and HFM. 

• Overall ranking and experience for Olymp Trade is Negative

Is FXGiants Scam or Legit Broker?

Based on our research FXGiants is not a safe and secure broker. While we checked the company, we found there is no authorization or registration of the address, therefore the company seems to be highly suspicious and might operate its services from an absolutely different location.

FXGiants is a trading name of Balvento Limited, a registered company in Bermuda, however, which is in fact a subsidiary of the Brokerage group that was affected by a negative reputation and established a company under the new brand name. Registration Address/ License: Bermuda, Cyprus, Australia, UK Regulated by CySEC – no. 125/10; ASIC – no. 417482; FCA – no. 585561.

What is FXGiants?

FxGiants is an international brokerage firm that operates in more than 15 countries. During our research, we found that the parent of FXGiants group brokerage headquarters is located in Cyprus under the name of IronFX Global Ltd and operated under the same entity names and registration numbers, which is worth mentioning changed several times.

• The company changed names while the cases with a number of clients that claimed IronFX for abuse of money withdrawals as well as promotions appeared and spread around the publicity. 

The shifts of brands and subsidiaries of the company emerged in various jurisdictions while targeting to attract new customers under the fresh names.

• “IRONFX GLOBAL (AUSTRALIA) PTY LTD changes entity name to GVS (AU) PTY LTD, with the business names FXGiants, IronFX, FXDD” ASIC, 2016 The new model of operation supposes to align the obligations and the interests of all parties.

Despite that and the fact that the company holds registration licenses from respected authorities in Cyprus, UK, Australia, South Africa, and more, the customers can’t expect an improvement within the provided operational standard of FXGiants, especially client handling. At the same time, a number of legal cases were filed against the parent company when finally the CySEC authority settled the fine to the company.

Overall FXGiants Ranking 

Taking into consideration the safety issues we found based on our FXGiants research we do not rank positively FXGiants, based on our Expert Opinion with over 10 Years of experience in Forex Trading.

• FXGiants 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.

FXGiants Alternative Brokers

As we found reliability issues with FXGiants, here are much better Alternatives to FXGiants with strict regulations and great trading conditions. We select Good Brokers and trustworthy options for your comparison below: 

• eToro – Good for CopyTrading and Cryptocurrency Trading
• Dukascopy – Excellent for Shares, Futures Trading
• BlackBull Markets – Good for High Leverage Trading

FXGiants Deposits and Withdrawals

FXGiants enables clients to open accounts in a matter of minutes, entering the market and trading instantly without delay. Withdrawals are also made quickly and securely via the FXGiants Hub. 

With FXGiants it is possible to fund the accounts through various methods: credit cards, wire transfers, bitwallet, UnionPay, etc. 

Trading Platforms and Apps

Based on our findings FXGiants offers various trading platforms including:

• MetaTrader4 MT4
• FXGiants Web Trader App
• PMAM
• VPS Hosting

Platforms are user-friendly, MT4 is still a good choice among the majority of traders worldwide with good market analysis. The Apps are suitable for Apple and Android.

PMAM allows traders to manage multiple MT4 accounts while implementing different trading strategies. This is a good solution for those who trade with Expert Advisers. 

FXGiants Review Conclusion 

According to the information we collected via our research, we advise traders to avoid FXGiants because of non-compliance with the regulations and multiple negative feedback from the clients. However, the group of companies still tries to settle an online brokerage operation at a decent level, it is better to avoid investment and engagement in trading with FxGiants and its affiliated companies.

The safety of funds and reliable trading conditions are always a priority in forex trading. For that reason traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as BDSwiss and BlackBull Markets.

• Overall ranking and experience for FXGiants is Negative