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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

Is 72option Scam or Legit Broker?

It is not safe to trade with 72option. It is a 100% fraud company and cannot be trusted. It is owned and operated by Epic Ventures LTD, and claims to be located in Sofia, Bulgaria without being authorized to provide financial services. 

What is 72 Option™?

72 Option™ is a Binary Options Trading Broker a brand name of the incorporated Epic Ventures LTD, the company which provides investors with access to trade underlying assets on a Binary Options Trading Platform. The company claims to be located and share an office in Sofia, Bulgaria, however, is not authorized by the local Bulgarian Financial Commission or by any other authority.

• Since the company does not hold any regulatory licenses, the world's leading authorities have issued warnings against unregulated financial services provider 72option to protect clients' investments, as the broker is targeting consumers in the UK, Australia, New Zealand, and other jurisdictions.

72 Option™ Review Conclusion

Based on our research and finds, we advise all investors and traders to avoid 72option 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 BDSwiss and BlackBull Markets.

72 Option™ Update

Our findings showed that 72option is no longer active. The broker's website is unavailable to reach. Besides, there is no evidence of whether the broker operates or not. We recommend avoiding any offshore-based brokers due to their instability and lack of serious regulations.  

Is IronFX Scam or Legit Broker?

Based on our research IronFX is not safe to trade with, as there are numerous misleads and negative points to consider that in fact show the story from another side. For this reason we do not advise trading or opening accounts with IronFX.

• The company changed its registered corporate name to Notesco Financial Services, which causes regulation questioning along with other existing issues.
• Regardless of the licenses, which should prove a reliable IronFX status, the Broker had cases over the past couple of years with withdrawal delays or well handling, numerous clients’ complaints, and non-compliance with the registration requirements. 

What is IronFX?

IronFX is an online broker with established operations in the EU and worldwide through its registered brand in Bermuda, known offshore zone. The IronFX Group is authorized and regulated by the authority CySEC based in Cyprus, therefore may offer services withing EU, also previously group has license in UK from FCA (Check The FCA Regulated Broker Fortrade UK).

The company claims to be one of the most respected online brokerage firms with a wide offering to the investors and multiple, 30+ received global awards which should confirm the reliable status of the company.

• However, in 2015, due to a large number of clients' dissatisfaction, CySEC investigated the cases and discovered a lack of professionalism in the calculations that caused unfair customer conditions to the benefit of the brokerage. 

“IronFX was announced to a collection of 335,000€ based on the investigation against cheating clients”

For now IronFX lost its FCA license too, so after these findings, IronFX still reconciles its statement to perform legal financial investment services due to its current non-compliance relating to the investors’ operation management and performed promotions.

Therefore, it all shows the firm is not only subject to the checks by the highest instances but to the implementation of the corrective measures to ensure investors’ protection before it is safe to engage with the company. Till then it is not recommended to open an account with IronFX and put capital at high risk as of the broker’s lack of professionalism to handle operations. 

IronFX in India

IronFX 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 as all operation offered via offshore entity known for scams

IronFX in the USA

The United States is one of the countries that is not accepted by IronFX. As per U.S law, brokers regulated by CFTC are the only brokers allowed for USA traders. So, except for IronFX, you are only permitted to trade with U.S-regulated platforms.

Overall IronFX Ranking 

According to our research that we conducted due to a large number of complaints coming from clients, we do not rank positively IronFX, based on our Expert Opinion with over 10 Years of experience in Forex Trading.

• IronFX 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.

IronFX Alternative Brokers

Based on our research on the IronFX safety issues,  here we suggest much better Alternatives to IronFX Broker with good regulations and excellent trading conditions. We select Good Brokers and reliable options for your comparison below: 

• XM – Wide Range of Trading Opportunities
• Pepperstone – Low Spreads and Competitive Trading Conditions
• FXTM – Good for Beginners and Good Fees

Deposits & Withdrawals

IronFX requires a minimum deposit of 500 GBP/USD. Payment and funding claims easy-to-use single interface. The available payment methods include Credit cards, Bank Transfer, Neteller, FasaPay, Debit cards, Payoneer. The deposit can take up to 24 hours to be processed depending on the method you choose. Bank Wire transfers can take up to 3 working days, depending on the bank.

The currencies in which you can deposit depend on the payment method you chose. The main currencies, which are covered, are USD, EUR, GBP, AUD, JPY, CHF, PLN, RUB, and HUF.

IronFX does not charge any fees for deposits, so overal proposal looks decent and good. However, numerous clients reviews with claiims of false withdrawals and non transparency is a serious issue. 

Trading Apps

IronFX offers its traders MT4 Mobile trading options for both iOS and Android. Therefore, Mobile trading with MT4 allows to have complete control over a trading account and trade from anywhere 24/5 which is quite handy.

Traders can perform all order types and execution modes, check the history of the trades, along with interactive symbol charts. The mobile version also provides 3 types of charts: bars, Japanese candlesticks, broken lines, and 9 timeframes from one minute to one month with access to 30 of the most popular technical indicators. So overall, technical part of IronFX is quite strong, yet notwithstanding the fact that only good software is not enough to mark Broker as trustable and good. 

Demo account 

IronFX offers a demo account so you can try the IronFX platform with virtual trading before you put down a payment. The demo account is a great opportunity to practice strategies and become familiar with the platform with their demo account option.

IronFX Review Conclusion  

We advise investors to avoid IronFX and better choose more reliable company to invest with. Even so IronFX is authorized by CySEC, it previously had numerous regulatory issues, also lost some of its licenses and was imposed with heavy fines. For now, main branch operates via International entity based offshore, known for its lack of proper regulation. Besides there are numerous complaints from the traders.

For these reasons, traders should better trade with well-regulated brokers and those who have always a good reputation. There are indeed much better brokers that do not have confusing histories or proposals, in trading money safety always first so it is better to choose Brokers such as UK brokers or brokers in Australia. Like FP Markets and BDSwiss considered great options to start forex trading and make investments with. 

• Overall ranking and experience for IronFx is rather Confusing which is not considered good for Investment purposes

Is TDMarkets Scam or Legit Broker?

No, TD Markets is a Non-Regulated Broker. It is NOT SAFE to trade. Based on our findings the company is not authorized and registered with the provided address, therefore the company seems to be highly suspicious and might operate its services from an absolutely different location.

What is TD Markets?

TDMarkets is an FX and CFDs company of TDM Holdings Inc. which is registered by the Financial Services Authority of St Vincent and the Grenadines, under the number 23129 IBC.

The company doesn't provide its address or contact phone number, only the email. It is dangerous to invest with offshore-based companies as they don't provide any funds protection.

Overall TD Markets Ranking 

Based on our finds on the safety and regulations issues of TD Markets, we do not rank positively TD Markets.  With an  Expert Opinion with over 10 Years of experience in Forex Trading we have come up with the following ranking:

• TD Markets 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.

TD Markets Alternative Brokers

As we found many issues regarding the safety and reliability of TD Markets, here we offer much better Alternatives to TD Markets with tight regulations and favorable conditions. We select Good Brokers and reliable options for your comparison below: 

• XM– Good for Beginner Traders
• FP Markets – Good for CopyTrading
• XTB – Good for CFDs trading

Deposit & Withdrawal

The minimum deposit for opening an account with TD Markets is $50 USD. The broker supports various instant deposits and withdrawal methods, including Bank Transfer, Credit/Debit Cards, bitcoin, PayFast, etc. 

• Client withdrawals are processed in 24 hours to ensure that clients have the assurance of access to their funds.

TD Markets Review Conclusion

Based on our research TD Markets is not a safe broker to invest in. An important point is that TD Markets was not active for an extended period, and then it revised its operation after the break. This fact also gives ground for more concerns and doubts. We recommend avoiding 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 TD Markets is Negative