Archives: Brokers

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. 

Is Fx Option Trade247 Scam or Legit Broker?

Fx Option Trade247 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.

• It is not safe to trade with Fx Option Trade247, as it is an offshore broker. Fx Option Trade247 is owned and operated by EXPERT Ltd, located in Seychelles.
• The point is that Seychelles offers an easy process of financial or investment firm establishment, through a very low list of requirements, small budgets and what is more crucial with no strict supervision of the brokers' operation or history. For that reason, offshore zones attract vast non-scrupulous or shady brokerages such as Hugo’s Way, Prime XBT that aim to attract clients, to grab their funds and disappear.

What is Fx Option Trade247?

Fx Option Trade247 offers a selection of 250 underlying assets from four different classes including Currency Pairs, Commodities, Indices or Treasuries. The broker claims to provide the industry leading platforms along with the advanced charting tools and indicators to help its clients manage the risk and better determine price direction. However, there are a few concerns about the brokers regulation (The Best Brokers for Forex).

• It gets really confusing when it comes to the broker’s regulations. Fx Option Trade247 claims to be regulated by multiple regulators all around the world, however, the registration details state they belong to another broker, BDSwiss, a regulated entity that has no association with Fx Option Trade247. 

• As proof to all said above there is a warning from the Cyprus regulator CySEC (Check out the CySEC regulated TriumphFX broker):

  “The Cyprus Securities and Exchange Commission (‘CySEC’) wishes to inform investors that the following websites do not belong to an entity which has been granted an authorization for the provision of investment services and/or the performance of investment activities.”

Fx Option Trade247 in India

Fx Option Trade247 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.

Fx Option Trade247 in the USA

The United States is one of the countries that is not accepted by Fx Option Trade247. As per the U.S law, brokers regulated by CFTC are the only brokers allowed for the USA traders. So, except for Fx Option Trade247, you are only permitted to trade with the U.S regulated platforms.

Deposits & Withdrawals

Fx Option Trade247 works with a variety of payment service providers to ensure that you can choose from a wide range of deposit methods in your country. You can always make a deposit via credit card or bank transfer.

• Normally the minimum deposit required is 200€/$/£.
• When opening your trading account, you can select your desired currency. You can choose between EUR (€), USD ($), GBP (£), PLN (zł), DKK (kr), SEK (kr), NOK (kr) and CHF (Fr.).
• The minimum withdrawal amount is €10 / $10 / £10. This is in most cases processed free of charge. The following exceptions exist: The customer has not invested (traded) their deposited amount at least once. The customer has more than €100 / $100 / £100 in their trading account and would like to withdraw less than €100 / $100 / £100. In these situations, a withdrawal fee of 5% of the withdrawal amount (minimum €25 / $25 / £25) will be applied.

Demo Account

Fx Option Trade247 does offer a Forex / CFD "Demo Account". Demo account is a great opportunity to practice strategies and become familiar with the platform with their demo account option.

Fx Option Trade247 Review Conclusion

We advise all investors and traders to avoid Fx Option Trade247. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as Alpari and FXTM.

• Overall ranking and experience for Fx Option Trade247 is Negative

Fx Option Trade247 Update 

Based on our findings, Fx Option Trade247  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 any proposals. 

Is UFX Scam or Legit Broker?

UFX is not officially registered with any industry authority to offer trading services, and its performance is not overseen or supervised by anyone. Moreover, the broker was previously listed as a trading scam while investors were warned by its unregulated nature and use of marketing techniques to attract traders. UFX is owned by UFX Global Limited which is an offshore company registered in Vanuatu and claims to be registered with a Vanuatu Financial Services Commission (VFSC) license.

• The Vanuatu jurisdiction gained its popularity among the investors and business owners in the Forex industry looking to become a regulated broker, yet obtain its status through a simplified process and operate almost without supervision.

What is UFX?

UFX Global Limited is a company incorporated in the Republic of Vanuatu that operates under the trading name UFX Markets or UFX, yet confuses investors with the statement about its offices in Germany, Czech, and UK. UFX is an online trading brokerage specializing in currencies trading, and commodities, stocks, and indices in the form of CFDs. The UFX broker claims it’s providing a secure trading environment as a priority, while all clients' funds are always held in segregated accounts.

• In addition, the broker states numerous industry awards that recognize them as an “FX Broker of the Year” or “Best Trading Platform and Tools”.
• The VFSC regulator does not require strict proof of the company background, nor checks on the implementation of the secure fund management or operation guidelines, does not require regular reporting, and further on never imposes fines in case of fraud operation. You can read more about Forex Trading: Why Avoid Brokers from Vanuatu in our article.

• New Zealand's regulator Financial Markets Authority has issued a warning against UFX:

  "We believe the registration and regulation information claimed on the website is false and misleading. We are concerned that UFX Global Limited could be involved in a scam. It (www.ufx.com) is based overseas with no presence in New Zealand and does not appear to be subject to regulation by an overseas regulator."

UFX in India

UFX does not offer its services in India. Most likely this is because it is not regulated in India, and cannot process payments. Traders from India are blocked from opening an account with UFX.

UFX in the USA

UFX does not accept traders residing in the US at this time.

Deposit & Withdrawal

UFX offers a wide variety of international and local deposit methods, including credit cards, debit cards, Skrill, CashU, Neteller, and Wire Transfer. In order to enjoy all essential services, the required minimum deposit is US$100 for a Micro account. With the leverage of 400:1 (Also read about MEX Exchange's leverage by link), this gives traders control of $200,000 in trading capital. UFX does not charge fees on deposits.

• Withdrawals can only be processed and transferred via the payment method traders used to make their deposit. Withdrawals take 3-10 business days to process. UFX does not charge fees for withdrawals. However, any transfer fees imposed by banks are the trader's responsibility.

Apps

UFX offers both MetaTrader4 (MT4) and the award-winning ParagonEx Web Trader. The ParagonEx trading platform was designed in-house, is recognized as the best in the market, and provides traders with all the advantages of MetaTrader in a very simple and intuitive way. UFX provides a mobile trading platform for the traders' convenience to trade anytime.

UFX Review Conclusion

We strongly advise avoiding offshore brokers like UFX and opening a trading account only with brokers regulated by respected world authorities that 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 TMGM.

UFX Update 

We found the UFX website inactive and unavailable to reach. This means the broker no longer operates. However, it is best to avoid and stay alert if any proposals show up. 

Is Forex Birds Scam or Legit Broker?

It is not safe to trade with Forex Birds as it is an offshore unregulated broker. Forex Birds LTD is a fully licensed and Regulated broker governed and supervised by the Saint Vincent Finance Service Authority (FSA).

• 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 none requirements for 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 by the link.

What is Forex Birds?

Forex Birds claims to be a well-regulated, safe, and secure Forex broker with optimal trading conditions. The broker offers a wide range of solutions to trade CFDs and Forex, commodities, indices, and spot metals. It also provides clients with the leverage of up to 1:100 and user-friendly platforms with useful functionalities. However, there are some concerns about its regulation which we are going to look at in this Forex Birds Review.

• Forex Birds LTD claims to be a registered company from UK company house registration number 1203823. However, Companies House is only the United Kingdom’s registrar of companies, it is not the regulator that approves licenses for the brokers in the UK. And, of course, there is no information about this broker in the UK’s FCA register (Read the FCA-regulated Fortrade Review).
• Moreover, the Spanish regulator CNMV (National Securities Market Commission) has issued a warning against Forex Birds:

“The Comisión Nacional del Mercado de Valores (National Securities Market Commission) warns that Forex Birds is not authorized to provide the investment services, which include investment advice, nor to provide the auxiliary in relation to the financial instruments, including, for those purposes, foreign currency transactions.”

Forex Birds in India

Forex Birds allows Indian traders to open accounts and trade. However, Forex Birds 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.

Forex Birds in the USA

The United States is one of the countries that is not accepted by Forex Birds. As per U.S. law, brokers regulated by CFTC are the only brokers allowed for USA traders. So, except for Forex Birds, you are only permitted to trade with U.S-regulated platforms.

Deposits & Withdrawals

Forex Birds offers four types of trading accounts (Also explore MEXC Global's account types): ECN, Standard, Premium, and Prime. The minimum deposit for the basic ECN account is 100 USD (See ECN Forex Brokers Reviews). The payment options include Visa, Maestro, Bank Transfers, and e-wallets Skrill and Neteller. 

Apps

Forex Birds offers an advanced mobile platform MT4 compatible with most smartphones and tablets. For the ultimate mobile trading experience, you’re invited to download our innovative, free mobile trading apps. Look for Forex Birds Trading on the App Store or on Google Play.

Demo Account

Forex Birds also offers a demo account. The Demo Account is provided to give traders a demonstration of the broker’s trading platform and to offer traders the opportunity to trade on simulated real trading conditions. This further allows the trader to gain more experience prior to trading with real funds and facing actual risk. Traders may test their trading strategies and become familiar with the trading platform at their own pace.

Forex Birds Review Conclusion

Overall, there are many questions in regards to the trust of the Forex Birds company services and the manner they do operate the online trading itself. 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 AvaTrade and XM.com.

Forex Birds Update

Based on our findings, the Forex Birds 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 Trades.com Scam or Legit Broker?

It is not safe to trade with Trades.com. The broker does not hold any license. Moreover, it pretends to be another regulated broker (TRADE.COM). Evidently, the names of the two brokers are almost identical, and Trades.com tries to benefit from this.

About Trades.com

🗺️ Registered in	No Registration
🗺️ Type of License	No License
🛡️ Is Trades.com safe to trade	No
🗺️ Recommended Licenses	FCA in UK 🇬🇧 & ASIC in Australia 🇦🇺
🖥 Alternative Broker	GO Markets - licensed by ASIC in Australia

What is Trades.com?

Trades.com as mentioned on the official company website is the global forex and CFD provider that gives the possibility to build a varied and robust portfolio. “Diversify your trading and minimize any potential risks, with a broad choice of financial trading products. Trade with no commission, and benefit from highly advantageous trading terms, including versatile leverage (Also read our review on MEX Exchange to know more about its leverage), low margin and tight spreads (Low Spread Forex Brokers), along with employed strictest measures to ensure the safety and privacy of account. We also regularly submit financial reports to the regulators to prove that we hold sufficient capital to cover all client balances.”

• All that, of course, sounds good, but the main issue is that the broker’s name and offering are creating confusion since there is a well-regulated and quite big broker TRADE.COM. This broker is internationally recognized and known, while trades.com changes only a letter and is, in fact, a non-legal, non-licensed entity that strives only to attract clients. What the broker can do after we can just guess, but definitely it seems to be a fraud. Unauthorized firms promoting hardly Forex and the trading investment itself, however, traders should be careful since that company concert is just to take money from the public.
• This is actually a common practice among scam brokerages to use the tactic to pretend another, authorized firm so traders should be especially wary while deciding to deposit funds or engage in trading with a particular company. The first and major step is to check the registration of the company, while mostly all respected authorities publish an online listing with open access to all users, with the purpose to check the current status of the firm or another.

Trades.com Review Conclusion

One of the most essential steps when choosing a broker is whether it is licensed or overseen by any of the financial authorities. Generally, we recommend trading with financial services providers licensed by one of the most respected financial regulators – the Financial Conduct Authority. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as FP Markets, HotForex, etc.

Trades.com Update

We found the Trades.com website inactive and unavailable to reach. This means the broker no longer operates. However, it is best to avoid and stay alert if any proposals come.