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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. 

Is Hugo’s Way Scam or Legit Broker?

It is not safe to trade with Hugo's Way, as it is unregulated. Hugo’s Way is owned by Hugo’s Way Limited which is an offshore company registered in St. Vincent and the Grenadines. 

• However, the fact is that St. 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. That means, the broker is not regulated, not overseen, and does not comply with strict international rules that provide protective measures to the traders. Therefore, it became an offshore zone for shady forex brokers such as CVC Markets, AAG Markets, and more. Read more about St. Vincent and the Grenadines regulation.

What is Hugo's Way?

Hugo’s Way offers forex currency pairs, indices, commodities, stocks, and also cryptocurrency trading. It claims to offer a new level of trading and is able to offer market-leading pricing and trading conditions through the MT4 platform by providing clients with true ECN connectivity. Hugo’s Way offers a wide variety of instruments, including 24/7 trading on 35 Cryptocurrency Pairs with leverage of up to 1:100. 

Based on the provided information on the broker’s website, the company is in the process of applying for a license, however, for now, it remains unregulated. As proof, the website states that Hugo’s Way is not directed at any jurisdiction and is not intended for any use that would be contrary to local law or regulation, therefore any of the statements about True ECN or quality trading can not be proved since Broker is never checked by serious audit  Regulators usually do 

Overall Hugo's Way Ranking 

Due to the regulation and safety issues, we found during our research of Hugo’s Way, we do not rank positively Hugo’s Way, based on our Expert Opinion with over 10 Years of experience in Forex Trading.

• Hugo’s Way 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.

Hugo's Way Alternative Brokers

We found that Hugo's Way has a lot of issues, mainly in respect of its safety and customer care. Thus, here are much better Alternatives to Hugo's Way with tight regulations and great trading conditions. We select Good Brokers and trustworthy options for your comparison below: 

• Dukascopy – Excellent for Shares, Futures Trading
• AvaTrade – Good Instrument and CopyTrading
• InteractiveBrokers – Good for US Trading and Trading of Real Stocks

Hugo's Way in India

Hugo’s Way has no mention of complying with any Indian regulators on its website. It is also worth mentioning that Forex trading is actually prohibited in India. The broker is not regulated by any regulatory body in India, that’s why money safety may be the issue here.

Hugo's Way in the USA

The USA is not on the restricted list of the Broker himself, which means the broker accepts US residents. However, as per U.S law, brokers regulated by CFTC are the only brokers allowed and safe for USA traders. So, in other words, the Hugos Way doesnt follow the US regulatory advise and may be suspended at any times, meaning US traders are only permitted to trade with U.S-regulated trading platforms besides trading with Offshore and non-regulated firms is never advised due to high risks of scam too.

• There are also countries the broker does not accept client from including: Bahamas, Botswana, Burma, Cambodia, Congo, Cuba, Democratic Republic of Congo(DPRK), Democratic Republic of Congo(Republic of Zaire), Ethiopia, Ghana, Iran, Iraq, Japan, Kenya, Lebanon, Libya, Malta, North Korea, Pakistan, Panama, Somalia, Sri Lanka, Sudan, Syria, Trinidad and Tobago, Tunisia, United Kingdom, Vietnam, Yemen, Zimbabwe.

Hugo's Way Deposit & Withdrawal

The minimum Hugo's Way deposit is $50 via Credit/Debit Card and $50 via BitCoin and $10 via VLoad. They are constantly adding new funding sources. The minimum withdrawal amount is $10. There are NO fees to withdraw the funds, however, the additional profits will incur withdrawal fees depending on the additional withdrawal method.

Apps

Hugo's Way gives a trading opportunity by staying up to date with the latest market events with MT4 mobile trading. Smartphone and tablet-optimized, MT4 mobile supports all trading functions and comes equipped with broad analytical capabilities featuring technical indicators among other graphical objects. The broker's availability is 24 hours, from any spot worldwide. The app is supported by iOS and Android OS, it has a full set of trading orders as well as analytics and technical indicators.

Demo Account

Hugo's Way offers unlimited MT4 Demo Accounts to its clients. By opening a demo account, traders are able to improve their trading skills and learn everything about the basics of Forex trading, rules and conditions, and movements and crises of the Forex market.

Hugo's Way Review Conclusion

Overall, the company's offering is among the competitive ones along with its reputation, but generally, options are a high-risk investment due to its nature of trading. Besides, we do not recommend signing in with Hugo's Way as the broker is not regulated by serious regulators like FCA company.

Since the capital and the security of the investors’ funds is a primary goal, it is advisable to choose among well-regulated companies that hold all necessary licenses such as Pepperstone with authorized operations and great customer support. 

• Overall ranking and experience for Hugo's Way is Negative

Is PrimeFX Scam or Legit Broker?

No, it is not safe to trade with a Forex broker PrimeFX. It claims to be owned and operated by PFXBank and doesn't seem to be regulated.

The broker doesn’t disclose any information about its location as well as regulation. The contact phone numbers are British and the terms and conditions state that the company is under British jurisdiction, however, PrimeFX is not licensed by the UK’s Financial Conduct Authority.

What is PrimeFX?

PrimeFX is a broker that offers to trade in Forex, Indices, Commodities & Share CFDs.

However, the broker is not properly regulated, and signing with it might mean risking your investments. Based on our research we have found the following:

• The broker's website states that PFXbank operates globally except within the European Economic Area and at the same time the website supports German and Spanish languages which means it has been targeting European clients.
• There is a warning from Spain's regulator CNMV against PrimeFX issued in May 2017:

"DGX SYSTEMS LTD (PRIME FX BANK / PFXBANK) www.pfxbank.com/www.pfx-bank.com is not authorised to provide the investment services detailed in Article 140 of the Securities Markets Law, which include investment advice, or to provide the auxiliary services detailed in letters a), b), d), f) and g) of Article 141 of the said Law in relation to the financial instruments detailed in Article 2 of the said Law, including, to those purposes, foreign currency transactions."

PrimeFX Review Conclusion

We advise all investors and traders to avoid PrimeFX 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 FXTM, and AvaTrade.

PrimeFX Update

Based on our findings, PrimeFX 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 there are any proposals. 

Is PWRTrade Scam or Legit Broker?

No, it is not safe to trade with PWRTrade. PWRTrade is owned by GN Capital Limited, which is an offshore company registered in the Marshall Islands.

The Marshall Islands is notorious for its practically absent requirements and regulations. The setup cost is low and it does not regulate forex trading. Therefore, it became an offshore zone for shady forex brokers such as MegaTradeFX, Finbitex, and more.

What is PWRTrade?

PWRTrade is a Forex and CFDs broker. The company doesn't provide much information about its location (only a British phone number) and there is no information indicating any regulatory authority that supervises PWRTrade. In addition, PWRTrade has been blacklisted by a few regulatory authorities.

• There is a warning from The Manitoba Securities Commission in Canada:

  "PWR Trade, GN Capital Limited, GN Management, and www.pwrtrade.com are not registered in Manitoba to engage in the business of trading securities or advising anyone with respect to investing in, buying, or selling securities. "

• Also, The Financial Services and Markets Authority in Belgium warns the public about PWRTrade:

  "GN Capital Ltd, operating under the trading name PWRTrade, is not an authorized investment firm or credit institution in Belgium. It is therefore not allowed to provide banking and/or investment services in or from Belgium. Furthermore, certain investment instruments that this company offers are speculative and particularly risky."

PWRTrade Review Conclusion

We advise all investors and traders to avoid PWRTrade 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 FBS and BlackBull Markets.

PWRTrade Update.

Based on our findings, the PWRTrade website is inactive. This means the broker has muted its trading offering and does not operate. Anyway, we recommend avoiding and staying alert in case of any proposals. 

Is Pocket Options Scam or Legit Broker?

Pocket Options has been suspected as a scam broker. According to the website, Pocket Options is providing financial services under the laws of the Marshall Islands Business Corporation Act. However, it doesn’t mean the company is regulated or licensed. 

• Marshall Islands are known hub for various scams and fraud companies, as the incorporation requirements are very low, while the only “standard” is a small initial start capital. Of course, it doesn’t mean that all companies are frauds, but a firm with a trustful trading environment should be authorized by any other reputable world agency. Even though the Pocket Option brokerage is a “freshly” established firm and there are not many scary stories about their violations, some reviews still appear mainly concerning manipulations in the trading process.

What is Pocket Options?

Pocket Options is an online trading provider offering over 100+ trading instruments, along with competitive promo and bonuses that reward clients with social trading capabilities and other tools. The trading name Pocket Option is owned and operated by Gembell Limited, which is registered in the Marshall Islands investment firm, as well claimed to operate under the regulation of IFMRRC (International Financial Market Relations Regulation Center).

• However, its regulated status is doubtful, since IFMRRC is a non-governmental authority that acts as an independent organization and does not strictly oversee the operation of the registers.

Overall Pocket Option Ranking 

Because of the regulation and safety issues we found during our research of Pocket Option, we do not rank positively Pocket Option, based on our Expert Opinion with over 10 Years of experience in Forex Trading.

• Pocket Option 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.

Ranking	Pocket Option	FP Markets	XM
Our Ranking	⭐	⭐⭐⭐⭐⭐	⭐⭐⭐⭐⭐
Is Broker safe?	No	Yes	Yes
Advantages	None	Trading Instruments	Platforms

Pocket Option Alternative Brokers

We found that Pocket Option has a lot of issues, mainly in respect of its safety and customer care. Thus, here are much better Alternatives to Pocket Option with tight regulations and great trading conditions. We select Good Brokers and reliable options for your comparison below: 

• HFM – Good for Currency trading
• FP Markets – Good for CopyTrading
• FXTM – Good for Beginners

Pocket Option Deposit & Withdrawal

To fund a Pocket Option account traders can choose among the following methods: Bank wire transfers, cryptocurrencies, Visa and Mastercard payment cards, plus Skrill, Neteller, FasaPay and Load e-wallets. Depending on the chosen method, it may take some time for the transfer to reflect on the Pocket Option trading account.

• Traders are able to withdraw funds via the methods that they previously used for depositing in their trading accounts.
• It is possible to withdraw the trading account balance at any time without any restrictions on the amount. If traders do not have active deposit bonuses, they can withdraw the trading account balance at any time without any restrictions on the amount. 

Pocket Option Review Conclusion

Based on our finds, we do not see Pocket Option as a trustable broker. We always advise trading only with reputable companies, nor with an offshore one, since the safety of funds and potential investments always go first. For that reason, it is a much better choice to trade with Brokers registered and supervised by the Cyprus Securities and Exchange Commission (CySEC) or the Australian Securities and Investments Commission (ASIC), such as BDSwiss and FBS.

• Overall ranking and experience for Pocket Option is Negative

Is LQDFX Scam or Legit Broker?

LQD Limited has been suspected as a scam broker. According to the website, LQD Limited is providing financial services under the laws of the Marshall Islands Business Corporation Act. However, it doesn’t mean the company is regulated or licensed. 

• In fact, the Marshall Islands is an offshore zone attracting various firms that for one reason or another escape from serious regulation or compliance with international service providers.

Anyway, financial companies should be a very respected entities, as the statistics show that the majority of non-authorized firms never recovered the sums of clients’ investments. Therefore, we always advise avoiding offshore companies with no license as there are too many frauds around.

What is LQDFX?

LQDFX is an STP type of broker, which was established in late 2015. The broker claims to be one of the leaders in the FX industry, naming its numerous awards. LQDFX offers its clients forex pairs (including 7 majors, 21 minors, and 43 exotics). Traders also get an opportunity to trade precious metals, including gold, silver, palladium, and platinum, as well as multiple global stock indices, energy, and agricultural commodities. The broker offers flexible leverage up to 1:500 with the Micro account.

• However, based on our research, the website doesn’t provide the address of the company, there is only a British contact number, which means the company has been offering its services to UK residents without being authorized to do that. Most probably this forex broker is not under any regulation.
• Also, the company provides false information about the rewards it holds, including, Best ECN Broker (Find ECN Forex Brokers here), and Most Reliable Broker, etc.
• In addition, there are a lot of negative reviews that can be found on the forums about LQDFX. People share the horrible customer experience they had with the company and also state that they are not able to withdraw their funds from the broker.

Overall LQDFX Ranking 

Due to the regulation and safety issues, we found during our research of LQDFX , we do not rank positively LQDFX, based on our Expert Opinion with over 10 Years of experience in Forex Trading.

• LQDFX 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.

LQDFX Alternative Brokers

We found that LQDFX has a lot of issues, mainly in respect of its safety and customer care. Thus, here are much better Alternatives to LQDFX with tight regulations and great trading conditions. We select Good Brokers and trustworthy options for your comparison below: 

• HFM – Good for Currency trading
• FP Markets – Good for CopyTrading
• FXTM – Good for Beginners

LQDFX in India

LQDFX allows Indian traders to open accounts and trade. However, LQDFX has no mention of complying with any Indian regulators on its website. 

LQDFX in the USA

As to the LQDFX activities in the US, the broker is not accepting clients from the US as it would mean opposing local laws or regulations. This means clients from the US cannot open an account with LQDFX (See Forex Brokers Accepting US Clients).

LQDFX Deposit & Withdrawal

In order to fund an account traders may choose among the following methods: Bank wire transfers, cryptocurrencies, Visa and Mastercard payment cards, plus Skrill, Neteller, FasaPay, and Load e-wallets.

• LQDFX has a minimum deposit of just $20 on their Micro account. This type of account is usually used for beginners (Forex Trading Platforms for Beginners), for those who just started getting to know the world of online trading. 
• The minimum amount that can be withdrawn is $100 for wire transfers, $20 for payment cards, $10 for Bitcoin, $30 for other cryptos, and $0-10 for e-wallets.

Apps

LQDFX offers mobile trading using a version of MetaTrader 4 designed for iOS and Android devices. The app supports several charting options and technical indicators, though fewer than the desktop version. The application retains much of the other functionality, including one-tap trading, interactive charts, market depth, and internal transfers.

Demo Account

LQDFX offers traders the opportunity to practice strategies and become familiar with the platform with their demo account option. Traders can use this demo account with a balance of $100 000 virtual money in order to be able to evaluate the benefits of the trading platform.

LQDFX Review Conclusion

Overall, it is advised to avoid trading with LQDFX due to its unregulated services and the high-risk operation which targets numerous clients. Dealing with an offshore broker most often carries a significant chance to fall under a scam operation. Therefore, we advise trading with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as BDSwiss and FBS.

• Overall ranking and experience for LQDFX is Negative

LQDFX Update

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