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.