Archives: Brokers

Is AroTrade Scam or Legit Broker?

No, it is not safe to trade with AroTrade. AroTrade is owned by Speed Solutions Ltd. which is an offshore company registered in Belize.

• Belize is notorious for its practically absent requirements and regulations. Due to the setup cost being low it does not regulate forex trading. Therefore, it became an offshore zone for shady forex brokers such as BlueMax Capital, ZeegosFX, and more. We have a detailed article explaining the risk of trading with brokers from Belize.

What is AroTrade? 

AroTrade is a financial service provider with an asset index of over 1,000 stocks, forex, commodities, and indices available on CFDs on a range of account types and platforms. The broker claims to be authorized by the International Financial Services Commission (IFSC), while the client transactions are processed by Speed PA Ltd situated in Bulgaria.

That is quite confusing, while it seems the company performs its service within the EU with its alleged authorized operation. Indeed AroTrade is regulated by IFSC in Belize, however, with all respect to the regulator, it is still considered to be an offshore license. Axiory is a regulated broker that is also based in Belize. Thus we suggest you do research on the broker before using it.

• The Financial Commission is not a financial regulatory body from any Government. It is an independent self-regulatory organization. From our source, it costs €24,000 per year to become a member. However, there is no handbook or guidelines for brokers to run their business. Therefore, there is zero protection for the traders. 

• In addition, there were cases while the traders stated company as a scam due to their failure to withdraw funds, which is typical among the companies with non-serious regulation.

AroTrade Review Conclusion

We advise all investors and traders to avoid AroTrade and other brokers from Belize. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as BDSwiss and BlackBull Markets.

AroTrade Update

Based on our research, the AroTrade 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 PTBanc Scam or Legit Broker?

No, it is not safe to trade with PTBanc. PTBanc doesn't disclose the name of the company behind the brand's name, as well as its regulation details. However, the terms and conditions on the website state that the company is under the Marshall Islands Governing laws.

• The Marshall Islands is notorious for its practically absent requirements and regulations. Due to the setup cost being low, it does not regulate forex trading. Therefore, it became an offshore zone for shady forex brokers such as Dax300, Finbitex, and more.

What is PTBanc?

According to the website, PTBanc provides sophisticated Forex and CFD solutions to institutional and private investors. It claims to be located in Luxemburg, however, the company is not regulated by its local regulator Commission de Surveillance du Secteur Financier (CSSF).

• Moreover, the CSSF has issued a warning against PTBanc in September 2018:

"The Commission de Surveillance du Secteur Financier (CSSF) warns the public of the activities of an entity named PtBanc (website: https://ptbanc.com/) which claims to be established at 2 A rue Albert Borschette, 1246 Luxembourg. The CSSF informs the public that PtBanc is unknown to it and that the entity has not been granted any authorization to provide investment or other financial services in or from Luxembourg."

• There is also one more warning, more recent, issued by the UK's Financial Conduct Authority:

"PT Banc is not authorized by us and is targeting people in the UK. Based upon information we hold, we believe it is carrying on regulated activities which require authorization."

PTBanc Review Conclusion

We strongly advise all investors and traders to avoid PTBanc and other brokers from the Marshall Islands. Brokers with offshore licenses do not provide a sufficient level of safety and security, and signing with them might mean risking your funds. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as City Index and eToro.

PTBanc Update

Our research revealed that the PTBanc 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 TradeInvest90 a Scam or Legit Broker?

No, it is not safe to trade with TradeInvest90. TradeInvest90 is owned by Celestial Trading Ltd. which is an offshore company registered in Seychelles.

• Seychelles is notorious for its easy process of financial or investment firm establishment, through a very low list of requirements, small budgets, and what is more crucial no strict overseeing of the brokers’ operation or history. Therefore, it became an offshore zone for shady forex brokers such as AG Capitals, Swift Bit Options, and more.

What is TradeInvest90?

TradeInvest90 offers a wide range of different assets including Forex, CFDs, stocks, bonds, futures, indices, as well as crypto. According to the terms and conditions on the website, all the payments are processed by CELTIC PAY LTD., based in the United Kingdom, however, the broker is not authorized to provide financial services in the UK. Also, the broker claims to be licensed and regulated by the Montenegro security exchange commission, which is a false claim.

• Moreover, TradeInvest90 has been blacklisted by the Austrian FMA:
  "Celestial Trading Ltd / Tradeinvest90 is not entitled to carry out banking transactions in Austria that require a license. The provider is therefore neither permitted to trade on a commercial basis on its own account or on behalf of others."

TradeInvest90 Review Conclusion

We advise all investors and traders to avoid TradeInvest90 and other brokers from Seychelles. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as eToro and BlackBull Markets.

Tradeinvest90 Update

Recently TradeInvest90 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 Kapitalfx Scam or Legit Broker?

No, it is not safe to trade with Kapitalfx. Kapitalfx is a social trading and Investing company that allows its users to watch the financial trading activity of other users, copy them, and make their trades. It is owned and operated by Altea Investments Limited, and claims to be located in Frankfurt am Main, Germany. However, it does not carry a license from the German regulator – Federal Financial Supervisory Authority (BaFin).

What is Kapitalfx?

All the brokers based in Germany that offer their financial services to the German public have to be authorized by its local regulator BaFin. Those who don't have such licenses are usually considered to be frauds as the investments are not protected by the local authority. You can read our detailed article about why traders should choose BaFin-regulated brokers.

• Also, the terms and conditions on the website state that Kapialfx is under the jurisdiction of Cyprus, however, it is not regulated by the Cyprus Securities and Exchange Commission or probably any other regulator.

• We found that Kapitalfx denies traders withdrawing funds. We have feedbacks from traders that they cannot withdraw money. You can read the feedback here.

Kapitalfx Review Conclusion

We advise all investors and traders to avoid Kapitalfx 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 and XM.com.

Kapitalfx Update

Our research revealed that the Kapitalfx 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 TGC FX Scam or Legit Broker?

It is not safe to trade with TGC FX, because it is an unregulated broker. In addition, the company has been suspected to be a fraud. While we checked the company there is no authorization or registration of the address, therefore the company seems to be highly suspicious and might operate its services from an absolutely different location.

What is TGC FX?

TGC FX is a broker that offers trading in Forex, as well as CFDs on indices and commodities. The broker is owned and operated by Times Global Capital Group Limited, a company founded in Hong Kong in 2010. It does not claim to be regulated in Hong Kong.

Although it mentions being headquartered in the NFA (National Futures Association in the USA)regulation, there is no record of this company in the NFA Register (Find Best Forex Brokers for US Clients). Instead, we can recommend you to trade with CFTC regulated safe broker Oanda.

• The website states that the TGC FX cooperates with the world's top Banks, including Barclays Bank, HSBC etc, but this information seems to be deluding as well as the NFA registration.
• As a general rule, unregulated brokers or those who make false claims, are better to be avoided, as there is a high chance of them to be frauds.

TGC FX Review Conclusion

We strongly advise opening a trading account only with the brokers that are regulated by the 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 BlackBull Markets and Pepperstone.

TGC FX Update

Our research showed that the TGC FX website is unavailable to reach. Besides, there is no evidence of whether the broker operates or not. We recommend avoiding any offshore-based brokers due to their instability and lack of serious regulations. 

Is Ace Forex Scam or a Legit Broker?

Ace Forex 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.

• However, 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 no requirements for the company's 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 Ace Forex?

Ace Forex claims to be the global leader and an award-winning broker specializing in trading Forex, CFDs, Commodities, and Binary Option (Check out Best Regulated Binary Options Brokers).

• According to the website, Ace Forex's headquarter is located in New Zealand and also located in St. Vincent & the Grenadines, the U.S., and Hong Kong. The trading services are provided by ACEFX LIMITED, a company registered in St Vincent and the Grenadines under Licence number 24338 IBC 2017. Even if the broker announces to have offices located in countries like New Zealand, the U.S., and Hong Kong, it does not hold any reliable licenses in the mentioned countries.
• We also keep reminding that FSA has announced that it does not issue any licenses for forex trading or brokerage nor does it regulate, monitor, supervise or license international companies, which engage in such activities.

Ace Forex Review Conclusion

Trading with offshore brokers (See the list of scam forex brokers by link) is extremely risky. Many of these brokers are scam companies seeking to cut financial and regulatory corners. We advise all investors and traders to avoid Ace Forex 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 AvaTrade and XM.com.

Ace Forex Update 

Recently Ace Forex 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 BlueMax Capital Scam or Legit Broker?

No, it is not safe to trade with BlueMax Capital. BlueMax Capital is owned by BlueMax CapitalGlobal Ltd. which is an offshore company registered in Belize.

• Belize is notorious for its practically absent requirements and regulations. Due to the setup cost being low and it does not regulate forex trading. Therefore, it became an offshore zone for shady forex brokers such as Trading Epic, BTCHOME, and more. We have a detailed article explaining the risk of trading with brokers from Belize.

What is BlueMax Capital?

BlueMax Capital doesn't provide much information about its trading conditions as well as its regulation. It claims to have offices in Belize, Hong Kong, and the UK. However, we couldn't find any records of this company in the regulators' registers, which means that the broker most probably doesn't have a license to provide financial services in any of the mentioned countries.

• According to the website, the broker provides PAMM "Percentage Allocation Money Management" accounts that should guarantee the reliability, security, and transparency of all the activities within the system. However, the terms and conditions state that BlueMax Capital will not be held responsible for any of the investment decisions made on PAMM Accounts. This statement is actually the opposite of the "safety and security of funds" that the company promises and it usually means that the company will not compensate investors' losses in any case. 

BlueMax Capital  Review Conclusion

We advise all investors and traders to avoid BlueMax Capital and other brokers from Belize. 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.

BlueMax Capital Update

Recently BlueMax Capital 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.