Archives: Brokers

Is Umarkets Scam or Legit Broker?

According to our research, Umarkets is not a secure broker. Umarkets is owned by Market Solutions Ltd. which is an offshore company registered in St. Vincent and the Grenadines, also has moved to Marshall Islands since 2022. 

St. Vincent and the Grenadines 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 Millennium FX, Brokerz and more.

What is Umarket? 

As we found on the Umarkets website, the broker is registered with the Financial Commission under the number 24310 IBC 2017. Even though FinaCom is a well-respected organization, it is a self-regulatory organization that cannot guarantee the safety of the trading environment and does not regulate the daily operations of the company, therefore can’t provide necessary protection to the client.

From our source, it costs €24,000 per year to become a member. However, and there is no handbook or guidelines for brokers to run their business. Therefore, there is zero protection for traders. You can read our detailed article about the risk of trading with brokers from St. Vincent and the Grenadines.

• According to the website, "Umarkets was established in 2008 and is a rapidly growing brokerage house that enables retail and institutional investors (banks, hedge funds, high-frequency traders, brokerage companies) to trade Indices, Commodities and Forex. Umarkets has enjoyed a huge success in the European markets and it is now focusing on the expansion into the Latin America and Asian markets."
• In fact, we haven't found any information about Umarkets being regulated in either Europe, Asia or Latin America, which means the broker has been illegally offering its services. 

Overall UMarkets Ranking 

With our finds and issues with regulations and safety of UMarkets, we do not rank positively UMarkets, based on our Expert Opinion with over 10 Years of experience in Forex Trading.

• UMarket 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.

UMarkets Alternative Brokers

Due to our finds and issues with the safety of UMarkets here are much better Alternatives to UMarkets Broker with good regulations and excellent conditions. We select Good Brokers and trustworty options for your comparison below: 

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

UMarkets Deposits and Withdrawals

Broker offers various deposit and withdrawal options - Bank Transfer, Credit/Debit Card and e-wallets such as Skrill, Neteller, Webmoney. However, due to its unregulated nature there is no strict guarantees on payment procedures. 

How to withdraw money from Umarkets?

Since UMarkets is not a regulated broker there is no guarantee, unfortunately, your withdrawal request will be successful. You can try to submit money withdrawal through the trading account area, in regulated environments requests should be processed within 1-2 business days. But with unregulated Broker, there is no any regulation about that. 

Trading Platform and Apps

Based on our findning UMarkets offers various trading platforms including:

• MetaTrader4 MT4
• xCritical online platform
• Mobile trading Apps

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

For the Trading Instrument Broker offer Forex, Cryptocurrencies, Indices, Shares and Commodities, however is unclear if you trade CFDs and truly getting access to the markets. 

UMarkets Review Conclusion  

We advise all investors and traders to avoid Umarkets and other brokers from St. Vincent and the Grenadines. Despite looking like an attractive proposal in terms of platforms and instruments range, it is much more safe, reliable and convenient to trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as BlackBull Markets, FXGT, FBS (Check out FBS trader).

• Overall ranking and experience for UMarkets is Negative

UMARKETS Update

As we discovered, the UMarkets website is inactive, and the broker is no longer available. It is unclear whether the broker changed its name and operates another fraudulent Forex activity, or has just gone. Since money safety goes first, we recommend avoiding any proposals from UMarkets International and staying alert in case of any proposals. 

Is Profit Trade Scam or Legit Broker?

No, it is not safe to trade with Profit Trade. Profit Trade is owned by Global Top Marketing LTD. 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 Dax300, Trader.Online and more. 

What is Profit Trade?

Profit Trade is an offshore forex broker . The only address that can be found on the website is the Marshall Islands address, although they provide the contact phone number with British country code. Usually, it means that the company wants the clients to think it is located in the United Kingdom. In order to be able to offer its services in the UK, the broker would need to be regulated by the Financial Conduct Authority in the UK. So far, we couldn’t find any records about this forex firm in the FCA’s register.

• Moreover, the broker has recently been banned by Austria's Financial Market Authority:
  "Global Top Marketing LTD (www.profit-trade.com) are not entitled to carry out banking transactions in Austria that require a licence. The provider is therefore neither permitted to trade on a commercial basis on its own account nor on behalf of others."

Profit Trade Review Conclusion

We advise all investors and traders to avoid Profit Trade 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 TMGM.

Profit Trade Update

Profit Trade website remains inactive and unavailable to reach. This means the broker has muted its trading offering and does not propose account openings.

Is FXGlory Scam or Legit Broker?

 FXGlory as it is an offshore entity. It is owned by FXGlory Ltd, which is an offshore company registered in St. Vincent and the Grenadines. St. Vincent and the Grenadines is notorious for its practically absent requirements and regulations. It has become an offshore zone for shady forex brokers such as Brokerz, TraderUR, and more. 

What is FXGlory?

FXGlory, as stated on the website, was firstly established in the Department of Economic Development of the UAE (See Forex Brokers UAE) while after the year of operation in Asia region opened new branches in European countries.

FXGlory has branches in Malaysia, Cyprus, United Kingdom, and Spain. However, none of the branches are regulated or registered with any authority that oversees the Forex or financial investment services companies. Therefore, there is no strict implementation of the rules that are typically deployed by the reputable organizations in a purpose to protect customers and their investments.

• Overall, the broker offers reasonable and competitive trading conditions on the range of trading instruments, yet with an extreme level of leverage up to 1:3000 and binary options that are also very controversial. That level of leverage is considered to be a very risky one, since the capital is traded at significant risk while the opportunities and losses are multiplied timely.
• Apart from the numerous negative reviews and complaints from the traders which had an experience with FXGlory, the company was detected for scam operations that obviously showed cases with withdrawal delays, or ignorance of the clients, as well as the market price violations. In addition, Italian regulator CONSOB (Italian Companies and Exchange Commission) issued a warning against the FXGLory, informing investors that the firm is not authorised to provide its investment services or activities in Italy.

Overall FXGlory Ranking 

Our research revealed the multiple issues FXGlory has in terms of regulationa and reliability, thus we do not rank positively FXGlory, based on our Expert Opinion with over 10 Years of experience in Forex Trading.

• FXGlory 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.

FXGlory Alternative Brokers

Due to safety issues we found with FXGlory, here we have come up with much better Alternatives to FXGlory with tight regulations and excellent trading conditions. We select Good Brokers and trustworty 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

FXGlory in India

FxGlory accepts traders from Australia, Thailand, Canada, United States, United Kingdom, South Africa, Singapore, Hong Kong, India, France, Germany, Norway, Sweden, Italy, Denmark, United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar and most other countries. In India the broker is available, though it is uncertain whether it is regulated by the Indi's financial regulatory body. 

Traders cannot use FxGlory from Georgia, Bangladesh, Korea, Syria, Sudan, Iran, Nigeria.

Deposit & Withdrawal

The minimum deposit is quite accessible for the traders, because it is only $1. FxGlory offers many different payment methods including all major credit cards (including Visa and Mastercard), cryptocurrency, and e-wallets including Neteller and Skrill. Bank wire transfer is also available and usually processed within 7 business days. 

• The minimum withdrawal is $10. However, note that the minimum amount of withdrawal via all e-wallet methods (PayPal, Skrill, …) and credit/debit card is 50$ for clients whose balance is more than 50$ and for those whose balance is less than 50$ is as much as their balance.

Apps

FxGlory offers a mobile trading app for traders convenience. Mobile trading allows traders to manage their accounts from portable devices like smartphones, pocket and tablet PCs. In MetaTrader 4, mobile trading offers a great variety of analytical options and graphical display of quotes in addition to complete trade account management. Using mobile terminals in daily activities offers a convenient way to keep up with accounts when traders don’t have access to a desktop computer. FxGlory mobile app is compatible with all Android and iOS devices. 

Demo Account

FxGlory offers traders the opportunity to practice strategies and become familiar with the platform with their demo account option. 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, movements and crises of the Forex market.

• FxGlory demo account demonstrates the real trading environment as similar as possible. A demo account expires after 60 days since its registration if it’s not active and isn’t used.

FXGlory Review Conclusion

We advise all investors and traders to avoid signing in with FXGlory. It is much safer to open a trading account with the brokers that are regulated by the respected world authorities and comply with the required set of rules and a good reputation through the delivered timeframe of operations. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as FP Markets and Dukascopy.

• Overall ranking and experience for FXGlory is Negative

Is Turnkey Forex  Scam or Legit Broker?

Turnkey Forex is suspected to be a scam broker as it is an offshore company. TurnKey Forex is a registered trading name of TurnKey Forex Limited and as stated on the website headquarters in Mauritius.

Mauritius is the easiest jurisdiction to open a brokerage, as the opening requires the company to submit an online application, prove initial established capital, pay the applicable fees, and within 2-3 months, the firm is registered. Therefore, it became an offshore zone for shady forex brokers.

Turnkey Forex provides a trading opportunity on STP/ ECN execution model (Check ECN Brokers) to trade 85 currency pairs, CFDs on commodities, ETFs, indices, and shares.

What is Turnkey Forex?

Turnkey Forex provides a trading opportunity on STP/ ECN execution model (Check ECN Brokers) to trade 85 currency pairs, CFDs on commodities, ETFs, indices, and shares.

The company claims to be a technology-driven broker, which enters into liquidation and availability to trade through APIs, Robots along with the VPS hosting for better results and other attractive, sophisticated tools. Moreover, the company seems to be extremely customer-oriented with attractive trading costs as well as employed supportive levels through delivered value with no sales culture or commitment to the safety of funds.

• Although the proposals may seem compatible, brokers of a self-regulatory nature more often target clients outside of the UK, pretending to be reliable and well-established companies. This means it is better to avoid brokers like this, as there is a significant risk of losing investments.

Overall Turnkey Forex Ranking 

Based on the safety and regulation issues we found as a result of our Turnkey Forex research, we do not rank positively Turnkey Forex, based on our Expert Opinion with over 10 Years of experience in Forex Trading.

• Turnkey Forex 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.

Turnkey Forex Alternative Brokers

As our research of Turnkey Forex showed multiple issues in respect of regulations, here are much better Alternatives to Turnkey Forex with good regulations and excellent conditions. We select Good Brokers and reliable options for your comparison below: 

• eToro – Best for Copy Traders
• Interactive Brokers – Good for Stock Trading
• FXTM – Good for Beginners

Turnkey Forex Deposits and Withdrawals

It is quick and easy to deposit funds into the Turnkey Forex trading account. There is a wide range of payment methods including Credit Cards, Debit Cards, Cryptocurrencies (including Stable Coins), VLoad, and Bank Wire transfers. The minimum deposit with Turnkey Forex is $10. 

The process of withdrawal is simple and straightforward. Traders just need to raise a withdrawal request from the client portal and the request will be processed in a maximum of 24 hours. The minimum withdrawal amount is $10. 

Turnkey Forex Account Types

The broker offers two main account types - ESN and STP. Overall, there are similarities in many aspects. The main difference is that in the STP account the commission charges are included in the spread, while in the ECN account, there are raw spreads and a very low commission. ECN account charges *$1 per lot. For both of the account types, the minimum required account opening amount is $10. Both accounts enable 1:500 leverage. 

Turnkey Forex Review Conclusion

We advise all investors and traders to avoid  Turnkey Forex due to its lack of regulation. Traders should trade with well-regulated brokers such as FP Markets and XM. Rather than putting capital at risk, as well as overall trading experience, it is much better to choose among the companies that have a proven history of compliance with their registered license of reputable authorities. 

• Overall ranking and experience for Turnkey Forex is Negative

Turnkey Forex Update

We discovered that the Turnkey Forex website is inactive, and the broker is unavailable. It is unclear whether the broker changed its name, or has just ceased operations. Since money safety goes first, we recommend avoiding any proposals from Turnkey Forex and staying alert in case of any proposals.