Archives: Brokers

Is iFXOPTION Scam or Legit Broker?

No, it is not safe to trade with iFXOPTION. The broker doesn’t provide any information about the company behind the brand’s name as well as any regulatory information. Signing with the broker is risky because of its unregulated nature. Often, brokers without any licenses turn out to be scams. 

What is iFXOPTION?

According to the website, iFXOPTION is a member of the Financial Services Compensation Scheme (FSCS). The company participates and is a member of the Investor Compensation Fund (ICF) which covers the clients of investment companies and is governed by the laws of the Republic of Cyprus. The website also mentions that the broker is based in London, UK. Both FSCS and ICF protect customers when authorized financial services firms fail. However, we couldn't find any information about iFXOPTION authorization, which means the broker is not allowed to provide its financial services and cannot be a member of compensation schemes.

• Moreover, iFXOPTION has been banned in Spain by the local regulator CNMV:

  "IFX OPTION is not authorized to provide the investment services, which include investment advice, or to provide auxiliary services in relation to the financial instruments, including, for those purposes, foreign currency transactions."

• There is no information or any kind of reviews about iFXOPTION broker on the net, which probably means it is a brand new company, that has already gotten into the warning list.

iFXOPTION Review Conclusion

We advise all investors and traders to avoid iFXOPTION 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 City Index and XM.

iFXOPTION Update

Our research revealed that the iFXOPTION 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 GoldFxTrading Scam or Legit Broker?

GoldFxTrading is not a secure Forex broker since it does not hold a license from any worldwide serious Forex authority. Meaning the broker is suspected of being a fraud company since it was not checked for its compliance before establishment, was never monitored in terms of its safety, and simply may operate the business in any way it wishes.

• GoldFxTrading is owned by GFT, which claims to be located in London, UK. However, the company's office is based in St. Vincent and the Grenadines.

  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 CapitalXP, TraderUR and more. You can read our detailed article about the risk of trading with brokers from St. Vincent and the Grenadines.

What is GoldFxTrading?

Gold Fx Trading offers its customers online trading of currencies, commodities, and of major stocks via CFDs (Contracts for Difference) in a sophisticated trading platform called PROfit. According to the website, GFT is authorized and regulated by the Financial Conduct Authority (Reg.438879).

• However, the regulator's website states that: "This is a firm that can no longer provide regulated products and services, but was previously authorized by the PRA and/or FCA."

• It gets more confusing with the terms and conditions of the company that state it is under Australian jurisdiction. GoldFxTrading is not authorized in Australia or any other country.

• Moreover, the broker has recently been banned by Italy's regulator CONSOB:

  "The National Commission for Companies and the Stock Exchange has also ordered the following company GoldFxTrading (Gft) to cease infringement of art. 18 of the TUF"

GoldFxTrading Review Conclusion

We advise all investors and traders to avoid GoldFxTrading 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 eToro and HYCM.

GoldFxTrading Update

Recently GoldFxTrading website remains inactive and unavailable to reach, meaning the broker mutes its trading offering and does not propose account openings. However, we still advise the traders to be alert and careful, in case their receive trading proposals. 

Is Ultrontradefx Scam or Legit Broker?

No, it is not safe to trade with Ultrontradefx. The company is owned and operated by Ultrontradefx Limited and claims to be located in the United States. Ultrontradefx is not a secure Forex broker since it does not hold a license from any worldwide serious Forex authority. Meaning the broker is suspected of being a fraud company since it was not checked for its compliance before establishment, was never monitored in terms of its safety, and simply may operate the business in any way it wishes.

What is Ultrontradefx?

According to the website, Ultrontradefx is legally registered with all the relevant authorities as an online investing firm, with the goal of providing profits from investing. However, we have found that the "About us" section mentions and is literally identical to the section on the 247TradesOption website. The terms and conditions on both websites are also identical as well as their interfaces.

• Also, the terms and conditions state the Company is licensed and regulated under e-gaming in the British Isles by the Isle of Man GSC (which is a British territory). However, Gambling Supervision Commission is not the regulator that authorized brokers in the UK. Obviously, Ultrontradefx is not regulated in the UK by the Financial Conduct Authority or the USA, despite its US location (Find forex brokers in the US). 

• In addition, the identical 247TradesOption has been blacklisted by The Financial Services Commission (FSC), the Mauritian regulator.

Ultrontradefx Review Conclusion

We advise all investors and traders to avoid Ultrontradefx 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, RoboForex, and XM.

Ultrontradefx Update

Our research revealed that the Ultrontradefx 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 Trade12 Scam or Legit Broker?

Trade12 has been suspected as a scam broker. The company is registered in the Marshall Islands, an offshore zone, and does not hold any authorization or license to perform financial services. 

• 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 CobraCFD, GoldenSkyCapital, and more. As we already know, offshore registration usually doesn’t guarantee the safety of funds and clients’ protection, especially in the Marshall Islands, where the local authority doesn’t regulate forex businesses. 

What is Trade12?

It operates under the brand name Trade12 and is a brokerage firm that provides online currencies and CFDs trading services. Trade12 states to facilitate a fair and secure world-class trading environment for retail and institutional clients in high-risk settings and dedication to excellence commitment. The trading offering includes access to deep liquidity sources, high leverage up to 1:400 (See High Leverage Brokers), a range of account types (Also read about MEXC Global's account types), and risk management tools. 

• However, the promised conditions are not regulated by any authority or do not comply with the operational guidelines, thus it is a very risky decision to trade with Trade12. Currently, a market is full of attractive offerings and it may incur additional complexions to choose the best suitable one, thus at any stage of trading experience, the company reliability secures positions of overall trading experience.  The safety of the trader and his capital are always first, therefore we recommend engaging in trading only with companies that perform both competitive trading conditions and reliability of services along with all necessary legislation.
• In fact, the Marshall Islands is an offshore zone attracting various firms that for one reason or another escape from serious regulation or compliance to international service providing. However, in the case of financial investment or trading firms, the company should be a very respected entity, as the statistics show that the majority of non-authorized firms never recovered the sums of investors’ investments. Therefore, we always advise avoiding offshore or companies with no license as there are too many frauds around.
• Moreover, the regulatory watchdogs constantly monitor the situation and alert traders when the firm offers financial services unauthorized. That happened to Trade12 too, while for instance, ASIC (Australia) issued a warning to local traders of Trade12, as well as the CONSOB (Italy). The brokerage was also mentioned previously at the Brazilian Securities Commission, New Zealand’s authority FMA and blacklisted by Russian KROUFR for its services that claim to be registered within the EU and registration address in Estonia and UK in addition to other investigations that Trade12 faced through the last years. 

“ASIC advises this company could be involved in a scam. Do not deal with this business as it is unlicensed in Australia.”

ASIC, September 2017

“Considering that the provision of investment activities and services is reserved by Trade12 a non-authorized party to provide investment services to the Italian public and end the violation of Article 18 of the place through the website www.trade12.com.”

CONSOB, May 2018

The pages and official sources of the international regulators' list alert are shared with the authority directly or by other countries' supervisory bodies or transmitted centrally. Those tools and the general purpose of the regulatory bodies operate in order to enable stability of the market offerings, protect clients from potential and numerous frauds, enable reliability rules to financial service entities, and more. As Trade12 got no license to operate within regulated jurisdictions, the broker was blacklisted and alerted by numerous authorities.

Trade12 in India

Trade12 accepts traders from India. However, Trade12 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.

Trade12 in the USA

Trade12 nor its agents or partners are not registered and do not provide any services on the USA territory. As per U.S. law, brokers regulated by CFTC are the only brokers allowed for USA traders. So, except for Videforex, you are only permitted to trade with U.S-regulated platforms. 

Deposits & Withdrawals

The minimum deposit is $250. Trade12 does not charge additional transaction fees. Trade12 offers a broad variety of payment methods for funding your trading account:  Visa, Mastercard and major credit/debit cards, Wire Transfer, Skrill/Moneybookers, CashU, China Union Pay, Moneta, Yandex Money, Paysafe Card, Ali Pay, WebMoney.

Demo Account

Trade12 does not offer a demo account. 

Trade12 Review Conclusion

We strongly advise opening a trading account only with brokers that are regulated by respected world authorities that comply with the required set of rules and have 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 Eightcap.

Trade12 Update

Our research showed that the Trade12 Website is inactive. Since money safety in forex goes first we recommend avoiding any proposals from Trade12 and staying alert. 

Is 4xpremium Scam or Legit Broker?

No, it is not safe to trade with 4xpremium. 4xpremium is owned and operated by Index Limited. The broker doesn’t provide any information about its regulation as well as its contact details.

What is 4xpremium?

4xpremium offers trading with Forex and CFDs, including Indices, Commodities, and Stocks. However, without disclosing important details about the company and its trading conditions the broker usually cannot be trusted and taken seriously. The terms and conditions on the website state that the company is under the jurisdiction of Cyprus. We have checked the registration of the Cyprus regulator CySEC and didn't find any records of 4xpremium or Index Limited. It seems like the broker doesn't have any license to offer its financial services.

• Moreover, the company has been blacklisted by several regulators. In September 2018, the UK's Financial Conduct Authority has issued a warning against 4XPremium/Index Limited. The regulator mentioned that the owner-company Index Limited is a clone of the FCA-regulated Global Market Index Limited:

  "Fraudsters are using or giving out the following details as part of their tactics to scam people in the UK: Index Limited t/a 4XPremium (clone of FCA authorized firm)"

• Also, the broker has recently been banned in Italy by its local regulator CONSOB:

  "The National Commission for Companies and the Stock Exchange has ordered, pursuant to article 7-octies, letter b) of the Consolidated Law on Finance (TUF), the following companies to cease infringement: Index Limited through the website https://4xpremium.com"

4xpremium Review Conclusion

We advise all investors and traders to avoid 4xpremium 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 City Index and XM.com. Also, check the Xtrade broker's review.

4xpremium Update

Our research revealed that the 4xpremium 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.