Archives: Brokers

Is FxSway Scam or Legit Broker?

No, FxSway cannot be considered a secure broker due to its absence of a credible license from a prominent regulatory body. Trading with unregulated or offshore brokers poses a higher level of risk due to the lack of oversight, investor protection, transparency, etc. 

• Unregulated brokers operate without the oversight and regulations imposed by financial authorities. This absence of regulatory scrutiny can lead to a higher risk of fraudulent activities and malpractices. Not to risk financial investments it is advisable to choose a broker with licenses from top-tier agencies (FCA, CySEC, or ASIC) with good standing in the market and favorable conditions for trading.  

What is FxSway?

With FxSway traders have access to Forex, Crypto, Stocks, Indices, and Commodities trading. According to the broker's website, FxSway assures low commissions, favorable prices, rapid execution, and expert support. The broker enables access to free trading tools, in-depth market analysis, 100+ order types, trader's calculator, etc.

However, when it comes to closer research, there are always important aspects for traders to know about unregulated brokers like FxSway:

• Lack of Regulation: FxSpray operates without a proper Forex license, a huge red flag in forex trading. Fx Sway Ltd. address is  Ground Floor, The Sotheby Building, Rodney Village, Rodney Bay, Gros-Islet, Saint Lucia. It is a well-known fact that unregulated brokers unlike regulated brokers are not required to adhere to strict standards to protect traders and their financial investments. 
• Feedback from real traders: When selecting a forex broker, it's vital to weigh reviews and feedback from real traders. This provides a deeper understanding of the broker's offerings, trading conditions, and overall standing in the market. According to the existing reviews, FxSway appears to be an unreliable broker, with numerous traders labeling it as a complete scam. The primary concern raised revolves around inappropriate deposit and withdrawal processes. 
• Inappropriate deposit and withdrawal process: Similar to numerous offshore brokers, FxSway appears to encounter challenges with its withdrawal process. Clients report difficulties in processing their profits, leading to financial losses. In forex trading, the security of funds is a crucial aspect. Therefore, we advise traders to entrust their money solely to reputable companies known for their quality services, ensuring a more reliable environment for generating profits. 

Overall FxSway Ranking

After conducting extensive research, we have uncovered notable apprehensions regarding the reliability of FxSway and its compliance with regulatory standards. As a result, we are unable to provide a positive rating for FxSway.

• FxSway 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.

FxSway Alternative Brokers

Considering the concerns surrounding FxSway Broker reliability and security, we highly recommend traders to explore alternative options that provide more stringent regulations and enhanced trading conditions. Below is a list of reputable brokers offering trustworthy choices and a secure trading environment for consideration:

• Eightcap– Low Pricing
• E-Trade – Competitive Investment Conditions
• TradeStation – Popular for Futures Trading

Deposits and Withdrawals

To fund their FxSway accounts traders just need to log in to their trading accounts, go to deposits, choose one of the available crypto (BTC, ETH, XRP, LTC, DOGE & USDT), and invest.

• The minimum deposit is $10. There are no deposit fees. 
• After completing the deposit procedure, it takes 3-6 confirmations on the relevant network for funds to be released. This usually requires 1 to 3 hours depending on the Blockchain.
• The only withdrawal option at the moment is Bitcoin. Usually, withdrawals take several hours, however, it depends on the network. Still, our advice is to be careful, especially regarding withdrawals, as there are numerous alerts from traders regarding FxSway's inappropriate withdrawal process. 

Account Types

FxSway offers several account types: Standard, Var, Pro, and Mini. Each account type offers different conditions to meet various trading expectations, FxSway login is easy to process and is accessible via the website.

The highest leverage for all the account types is 1:500. For the Pro account type spreads are considerably low, starting from 0.4 pips. Var accounts do not have any commissions, whereas, for Standard, Pro, and Mini accounts commissions range from $1 to $9 per lot. 

FxSway Review Conclusion

Analyzing the information collected on FxSway, significant doubts arise regarding the broker's reliability and credibility. The absence of proper regulation raises substantial concerns. Furthermore, the multitude of negative client reviews should not be overlooked. It is recommended to prioritize brokers with stringent regulations, a good market standing, and transparent trading conditions.

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

• Overall ranking and experience for FxSway is Negative

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.