Archives: Brokers

Is NPBFX Scam or Legit Broker?

No, NPBFX cannot be considered a reliable option for investment. The broker does not hold any top-tier license. NPBFX is a trading name of NMarkets Limited.

• NMarkets Limited is a company incorporated in the Island of Moheli with the license number T2022137, which is regulated by the laws of that country. NMarkets Limited is also incorporated in Saint Vincent and the Grenadines and registered by the Financial Services Authority. 
• Besides, NPBFX is a participant in the Financial Commission, which is an independent global organization dedicated to addressing financial disputes, offering insurance coverage of €20,000 per trader.

However,  both of the registrations are offshore, which means signing with NPBFX carries inherent risks due to the absence of rigorous regulations and supervision. For secure and risk-free trading it is essential to choose brokers with top-tier CySEC, ASIC, and FCA licenses, as robust regulatory oversight plays a vital role in establishing a highly secure trading environment, thus reducing the likelihood of financial losses and other possible complications.

What is NPBFX?

NPBFX (NEFTEPROMBANK FOREX) has been offering brokerage services in the Forex market since 1996. They provide quotes for 38 currency pairs, along with gold (XAUUSD), silver (XAGUSD), and oil Brent (XBRUSD) & WTI (XTIUSD). NPBFX operates on a broker model, acting as an intermediary between clients and liquidity providers in the interbank foreign exchange market. The company allows customers to employ a wide range of trading strategies without limitations, from traditional trading approaches to high-frequency trading (HFT) and algorithmic trading. NPBFX offers its clients high leverage up to 1:500, copy-trading ZuluTrade, 24/5 customer support in 8 languages, and MetaTrader 4 and its mobile version available on Android, iPhone, or iPad. 

Upon closer research, we were able to reveal important points about NPBFX that will help clients make informed decisions: 

• Insufficient Regulation: At first sight, NPBFX seems an attractive broker with favorable conditions and diverse offerings. However, one of the biggest drawbacks of the broker is its lack of proper regulation. On its website, the broker mentions that the services on the website are provided and regulated by NMarkets Limited, a company incorporated in Island of Moheli with a registered office at Bonovo Road, Fomboni, Island of Moheli, 1257, Comoros Union, with registered number HY00922114, and registered license number T2022137. Also, NMarkets Limited is incorporated in Saint Vincent and the Grenadines and is registered by the Financial Services Authority with company number 24454 IBC 2018. It's crucial to keep in mind that offshore brokers typically operate with less stringent regulations and oversight. Therefore, entrusting your investments to such brokers could potentially result in significant consequences.
• Complaints from customers: Considering feedback from other customers is essential. Strangely, reviews from clients about NPBFX are either strictly negative or quite positive. However, negative feedback prevails, and the complaints are mostly directed to aspects that are common for offshore brokers, like issues with withdrawals, insufficient customer care, etc.
• Issues with Withdrawals: Being able to successfully and easily withdraw money from the trading account is one of the most essential aspects of Forex trading. According to multiple complaints from real clients, the NPBFX withdrawal process can be complicated resulting in financial losses for traders. Before making a final decision to sign with the broker, always consider the negative aspects that can negatively affect the trading process and its results.  

Overall NPBFX Ranking

After conducting our research, we have identified significant concerns regarding the reliability of NPBFX and its compliance with regulatory standards. As a result, we cannot provide a positive rating for NPBFX.

• NPBFX 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.

NPBFX Alternative Brokers

Due to safety concerns associated with NPBFX, we strongly recommend considering alternative options that offer stringent regulations and improved trading conditions. Below is a list of reputable brokers that provide reliable choices and a secure trading environment for your consideration:

• Eightcap – Good Market Instruments 
• FP Markets – The best selection of Educational Resources
• HYCM– Low Spreads and Competitive Trading Conditions

Deposits and Withdrawals

The minimum initial deposit of the broker is 10 USD, 10 EUR, or 500 RUB, depending on the chosen account currency. NPBFX offers several methods for traders to deposit and withdraw funds, including VISA, MasterCard, WebMoney, Wire Transfer, etc.

• However, NPBFX does not provide much information on its deposit and withdrawal processes, which is a notable drawback given the significance of these aspects in trading.
• Besides, there are numerous complaints regarding the broker's withdrawal process, which should not be disregarded. 

Account Types

The broker offers three account types: Master, Expert, and VIP. The account types differ by their features and conditions:

• For the Master account type the minimum trade volume is 0,01 lots, spread starts from 0,8 pips. The minimum initial deposit is 10 USD. The maximum leverage for this account is 1:200.
• For Expert account types spreads start from 0,6 pips. The initial deposit is 5 000 USD and the leverage is up to 1:100.
• VIP accounts enable a minimum of 1,0 lots of trade volume. The minimum spread is 0,4 pips, and the minimum deposit starts from 50,000 USD. The maximum leverage for a VIP account is 1:100.

NPBFX Review Conclusion

Based on the information we have gathered about NPBFX, this broker does present attractive offerings, including tight spreads and high-leverage options. Nevertheless, there are substantial concerns surrounding the broker's trustworthiness and credibility. Despite the appealing features and opportunities offered, the fact that NPBFX is registered in an offshore jurisdiction raises significant concerns, and traders are advised to exercise caution when considering this broker.

We strongly recommend traders consider brokers with licenses from reputable authorities such as  FCA, ASIC, or CySEC. Numerous regulated brokers offer excellent terms and conditions that align with top-tier regulations, providing a risk-free trading environment. Some noteworthy options include Eightcap, HFM, and FP Markets.

• Overall ranking and experience for NPBFX is Negative

Is Air FX Scam or Legit Broker?

Air FX is not regarded as a dependable investment choice due to the lack of regulatory oversight. Air FX is registered in St. Lucia, with the Financial Services Regulatory Authority. However, it does not provide safety for the traders and their investments.

• Engaging with unregulated or offshore brokers comes with inherent risks because they lack stringent regulations and supervision. Strong regulatory bodies such as CySEC, ASIC, and FCA play a crucial role in creating a highly secure trading environment, thereby lowering the chances of financial losses and other potential complications.

What is Air FX?

Based on the broker's website, Air FX offers a versatile trading platform where you can trade a wide range of assets, including forex pairs, cryptocurrencies, stocks, commodities, metals, and indices. Retail traders can benefit from highly competitive trading conditions, low spreads, and attractive commission rates.

To provide more detailed and trustworthy information about the broker, we carried out thorough research and revealed the following:

• Lack of Regulation: Although Air FX is registered in St. Lucia under registration number 2023-00353, it does not possess any significant licenses that would indicate regulatory oversight or compliance with trustworthy and stringent regulations. Opting for an unregulated broker for financial investments carries inherent risks and may result in the loss of funds.
• Mostly negative reviews: While researching a broker, we pay close attention to the feedback given by fellow traders. In the case of Air FX, the reviews are increasingly negative. The complaints are various, yet most traders point out insufficient customer support, withdrawal problems, and high commissions. 
• Problems with the withdrawal process: It is crucial to prioritize the withdrawal process. Completing withdrawals successfully is a vital aspect of trading, ensuring convenient access to your investments and profits. Unfortunately, with offshore or unregulated brokers traders frequently encounter withdrawal issues, which can result in inevitable financial losses.

Overall Air FX Ranking

After conducting our research, we identified significant concerns regarding Air FX's reliability and adherence to regulatory standards. As a result, we are unable to provide a positive rating for Air FX.

• Air FX 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.

Air FX Alternative Brokers

Considering the doubts surrounding the reliability and security of Air FX, we strongly advise traders to explore alternative options that offer more robust regulatory oversight and improved trading conditions. Below is a list of reputable brokers that present dependable choices and a secure trading environment for your consideration:

• Capital Index – Good Trading Conditions
• ThinkMarkets – Competitive Spreads
• XM – Wide Range of Trading Opportunities

Deposits and Withdrawals

Air FX offers multiple deposit methods including BTC/ ETH/ USDT (ERC-20). Clients need to select the deposit method and proceed to input the details of their deposit. Then, they will be given a wallet address to which they can send their funds. The minimum deposit is $250.

• The broker is currently working on adding new payment options such as credit/debit cards, ACH Transfer, Wire Transfer, Skrill, and Neteller for both deposits and withdrawals in addition to the cryptocurrencies.
• The funds are sent to the client's account within 6 hours depending on the blockchain network.
• Withdrawals are reviewed by the financial department. They conduct security checks to ensure that funds are being sent out to the correct person.  Once approved by the broker's financial department, funds should arrive in the trader's wallet within an hour, depending on blockchain traffic.
• However, we have revealed various complaints regarding Air FX withdrawal process, thus our advice is to be extremely careful with financial investments. 

Account Types 

Air FX has several accounts to meet different trading expectations: Zero Commission, Raw Spread, and Deposit Bonus. Each account type offers different features and conditions. However, there are also common features. All three account types offer spreads starting from 0.01 pips, offer flat-rate commissions, enable hedging, and are EA-enabled. 

Air FX Review Conclusion

Is GOFX Scam or Legit Broker?

GOFX cannot be regarded as a reliable option for engaging in Forex trading. The company is registered in St. Vincent and the Grenadines (25865BC2020) and holds a license issued by the Seychelles Financial Services Authority (FSA).

• Both the Seychelles Financial Services Authority (FSA) and Vincent and the Grenadines Financial Services Authority (SVGFSA) are considered offshore regulatory bodies and do not provide the same level of regulatory oversight and investor protection as top-tier authorities like FCA, CySEC, ASIC, etc. Brokers like GOFX, Kot4X, and IQCent are often viewed as less trustworthy due to their offshore licenses.

What is GOFX?

Established in 2020, GOFX offers trading in six different asset classes: forex CFDs, precious metal CFDs, stock CFDs, energy CFDs, index CFDs and cryptocurrencies. The company provides multiple account options, access to the market's popular investment platform (MT4), high leverage rates, etc.

Upon further research, we revealed more information about GOFX and estimated its level of security. Here are important points we were able to find: 

• Lack of proper regulation: Although the firm is regulated, it's important to note that the FSA may not offer the same level of trader protection as the UK's FCA. Traders should exercise caution, as the broker does not provide essential safety features like negative balance protection, segregated accounts, or compensation funds.
• Negative reviews:  When selecting a reliable broker, it's crucial to consider customer reviews. Upon our investigation of reviews from actual clients, we predominantly encountered negative feedback. The complaints covered a wide range of issues, including difficulties with withdrawals, inadequate customer support, excessively high leverage, and more.
• Withdrawal Issues: With unregulated or offshore brokers, problems with withdrawals are not rare. Research and customer feedback show that the GOFX withdrawal process is not always smooth. Customers complain about not being able to receive their withdrawals, causing a loss of financial investments.
• All in all, it is essential to conduct thorough research when considering a Forex trading platform or broker. Traders should verify the company's regulatory status, check for customer reviews and feedback, and consider the jurisdiction in which the company is registered before making any decisions.

Overall GOFX Ranking

Drawing upon a decade of experience in the Forex trading industry, our research has uncovered substantial concerns regarding the reliability and adherence to regulatory standards of GOFX. Consequently, we are unable to give GOFX a favorable ranking.

• GOFX 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.

GOFX Alternative Brokers

Given the safety concerns associated with GOFX, we strongly advise considering alternative options that offer more rigorous regulations and enhanced trading conditions. Below, we have assembled a list of reputable brokers with secure trading environments for your consideration:

• FXGT– Good Market Instruments 
• BlackBull Markets–Competitive Trading Conditions
• Go Markets – The best selection of Educational Resources

Deposits and Withdrawals

There is not much information about GOFX withdrawals and deposit terms. The broker offers limited funding methods, including Bank Transfers, Debit and Credit cards, and Skrill.

• The minimum deposit with GOFX is $1.
• It is important to note that there is not much information about the broker’s withdrawal process. Besides, there are numerous negative reviews regarding GOFX withdrawals. This is why we recommend exercising caution if you choose to invest with the broker.

Account Types 

GOFX provides a selection of five distinct account options: GO Mini, GO Standard, GO Low-Spread, GO Pro, and GO Inter. Each account type requires a minimum deposit of $1. 

• GOFX provides demo accounts to all its clients, offering an excellent opportunity for traders to familiarize themselves with the platform and practice implementing their investment strategies without exposing themselves to real financial risk.

GOFX Review Conclusion

Based on the information we've collected about GOFX, there are significant concerns regarding the broker's trustworthiness and credibility. Even though the broker offers attractive features and services, its registration in an offshore jurisdiction raises substantial doubts, and traders should exercise caution when dealing with it.

We highly recommend seeking out a broker that holds licenses from respected authorities such as FCA, ASIC, or CySEC. There are many regulated brokers with great offerings and conditions, also aligned with top-tier regulations which is considered a safe choice to trade, including FP Markets, HFM, or FXGT. 

• Overall ranking and experience for GOFX is Negative.

Is HeroFX Scam or Legit Broker?

No, HeroFX cannot be considered a reliable option for investment as the broker is not regulated. The lack of appropriate regulatory status and licenses raises doubts about HeroFX's legitimacy. 

• It is a well-known fact that engaging with unregulated or offshore brokers carries inherent risks due to their absence of rigorous regulations and supervision. Robust regulatory bodies like CySEC, ASIC, and FCA play a vital role in establishing a highly secure trading environment, thus reducing the likelihood of financial losses and other possible complications.

What is HeroFX?

HeroFX enables trading with Forex, Indices, Shares, Futures, Crypto, Metals, and Energies. The broker mentions its raw spreads, low commissions, and favorable trading conditions. It enables access to Social trading, offers trading signals and expert advisors with no fees.

Yet, closer research revealed significant concerns about HeroFX that every trader should be aware of before investing with the broker:

• Lack of Regulation: Our investigation revealed that HeroFX is not a regulated broker. While it is registered in St. Lucia under registration number 2085846 BC 2021, it lacks any substantial licenses that would demonstrate regulatory oversight or compliance with relevant regulations. Choosing an unregulated broker for financial investments is risky and might lead to a loss of investments. 
• Lack of Information: The HeroFX website lacks sufficient information regarding the trading conditions it offers. This insufficient disclosure of terms and conditions prevents clients from gaining a complete understanding of the broker's services.
• Negative reviews: HeroFX stands out for the abundance of negative reviews. These complaints cover a wide range of issues, including the broker's lack of transparency, difficulties with withdrawals, exorbitant commissions, and inadequate customer support. It is essential to take into account the feedback provided by other clients, as they share their personal experiences to help prevent other traders from potential mistakes and financial losses.
• Withdrawal problems: One of the main complaints about the broker is its insufficient withdrawal process. Many clients complain about numerous issues that come up during the process, others point out very high and unacceptable withdrawal fees.
• Given these findings, we strongly advise traders to exercise utmost caution and opt for brokers that adhere to stringent regulations, maintain transparency in their offerings and conditions, and have a positive reputation in the market. This approach can help safeguard against potential risks and uncertainties associated with less reputable brokers.

Overall HeroFX Ranking

Based on our research, we have encountered substantial concerns regarding HeroFX's reliability and its adherence to regulatory standards. Consequently, we are unable to issue a favorable rating for HeroFX.

• HeroFX 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.

HeroFX Alternative Brokers

In light of the concerns surrounding the reliability and security of HeroFX, we highly recommend that traders explore alternative options that offer stronger regulatory oversight and enhanced trading conditions. Below is a list of reputable brokers that provide reliable choices and a secure trading environment for your consideration:

• FXTM – Good Market Instruments 
• HYCM– Low Spreads and Competitive Trading Conditions
• Trading 212– The best selection of Educational Resources

Deposits and Withdrawals

HeroFX offers multiple deposit methods including BTC/ ETH/ USDT (ERC-20). The minimum deposit in BTC is $250. The funding process can take up to 6 hours and mostly depends on the blockchain network. 

• Traders may withdraw their funds in their wallets while having other funds in their trading account with open trades.
• Withdrawals are reviewed by the payments team throughout the day. They conduct security checks and once approved by the team, funds arrive in the client's Bitcoin wallet within an hour, depending on blockchain traffic.
• However, because there are numerous complaints about the HeroFX withdrawal process, we advise traders to be extremely careful not to risk their funds. 

Account Types

HeroFX offers two account options: Raw Spread and No Commission. The trading conditions for the account types differ.

• Raw Spread account type offers spreads starting at 0.01pips, flat-rate Commissions, hedging and enables EA.
• No Commission account type offers spreads starting at 1.5 pips,  Zero Commissions, hedging, and enables EA.

HeroFX Review Conclusion

Considering the information we have gathered about HeroFX, there are substantial concerns regarding the broker's trustworthiness and credibility. The main concern about the broker is the absence of regulation. Besides, there are numerous complaints and negative reviews regarding the broker's withdrawal process and customer support. Therefore, we strongly urge traders to exercise caution and refrain from using HeroFX for their trading activities.

We highly recommend considering brokers that are licensed by reputable authorities such as FCA, ASIC, or CySEC.  Many regulated brokers offer excellent services and favorable trading conditions while adhering to top-tier regulations, thus ensuring a secure trading environment. Some examples of such brokers include HFM, OANDA, and BlackBull Markets. These options can provide traders with a higher level of confidence and protection.

• Overall ranking and experience for HeroFX is Negative.

Is Amega Scam or Legit Broker?

No, Amega should not be considered a reliable option because it lacks robust regulatory oversight. The broker is governed by the Financial Services Commission of Mauritius. It is widely acknowledged that entrusting investments to offshore brokers carries significant risks and may result in financial losses.

• Signing in with offshore brokers is considered risky because they typically lack the stringent regulations and oversight provided by top-tier authorities such as CySEC, ASIC, and FCA. These strict regulatory bodies ensure that traders operate within a highly secure environment, thereby minimizing the chances of financial losses or other potential issues that could arise.

What is Amega?

According to the website, Amega has been operating for about a decade offering a range of services. The broker enables access across various markets: Forex, Shares, Indices, Commodities, Metals, and Energy. Amega offers commission-free trading. With the broker clients conduct trading on the MT5 platform. Besides, traders have access to technical analysis and an economic calendar. Amega also provides educational material for beginner traders.

Nevertheless, after conducting a more in-depth investigation of the broker, we uncovered certain facts and issues that should be carefully considered before deciding to sign up with the broker.

• Regulation issues: Amega is an offshore broker registered by the Financial Services Commission of Mauritius with the GB22200548 license number. However, it's important to note that the broker lacks substantial licenses, making its services appear risky and less dependable. When selecting a broker, regulatory status is of paramount importance, as ensuring the safety of funds remains the top priority in Forex trading.
• Feedback from fellow traders: A reliable method for gaining insights into a broker is to examine reviews from actual traders. In this regard, Amega is not in the best position, as its reviews are either highly positive or exceedingly negative. The noteworthy aspect is that it lacks consistency in feedback, resulting in an overall low trust score within the market. Consequently, it may not be the most favorable choice for potential investors.
• Withdrawal issues: Among other complaints, one of the main issues is the lack of the withdrawal process. Many clients indicate either a problem in the withdrawal, which often causes loss of funds or other issues that block profitable trading. 

Overall Amega Ranking

Based on our research, we have identified significant reservations regarding Amega's reliability and its compliance with regulatory standards. Therefore, we are unable to provide a favorable rating for Amega.

• Amega 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.

Amega Alternative Brokers

Given the concerns regarding the reliability and security of Amega, we strongly advise traders to explore alternative options that offer more robust regulations and improved trading conditions. Below is a list of reputable brokers that provide trustworthy choices and a secure trading environment for your consideration:

• BlackBull Markets– Low Pricing
• HFM– Competitive Trading Conditions
• Go Markets – Wide Range of Trading Instruments

Deposits and Withdrawals

Amega offers a range of funding methods: Visa/MasterCard, Qiwi, Epay, B-pay, Sticpay, FastPay, Skrill, Payeer, Bank Transfer, etc. The broker does not specify a certain minimum deposit amount. Depending on the payment method, the funds appear on the account almost instantly. 

• The broker claims about straightforward withdrawal process. During working hours, withdrawal requests are approved almost instantly.
• To enable withdrawals, the withdrawal method must be the same as the deposit method.
• In light of the numerous complaints concerning the inadequacy of the withdrawal process, we strongly encourage traders to carefully assess the potential risks associated with investing with this broker.

Account Types 

Amega offers only one account type. This means, the broker limits trading opportunities and features into a single account type. The minimum deposit seems to be $20, although the broker also mentions there is no deposit amount specification, and the minimum amount depends on the payment methods. Amega offers a high leverage of 1:1000. Spreads start from 0.1 p.

• Amega also offers Islamic accounts - special accounts created for Muslim clients.

Amega Review Conclusion

Based on the data we have gathered about Amega, there are significant reservations regarding the broker's credibility. Amega's lack of serious registration (it has Mauriutus registration only) raises substantial concerns. Additionally, the numerous negative client reviews are serious grounds for concern.  Further, the services and trading conditions are average, thus it is certainly advisable to give preference to tightly regulated brokers with good standing in the market and transparent trading conditions. 

To avoid risks typical in trading with unregulated or offshore brokers, we always recommend choosing a reliable broker that holds licenses from reputable authorities like FCA, ASIC, or CySEC. Many regulated brokers are both reliable and have exceptional offerings, such as BlackBull Markets, Go Markets, and HFM.

• Overall ranking and experience for Amega is Negative