Archives: Brokers

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. 

Is Worldwide CapitalFX Scam or Legit Broker?

No, it is not safe to trade with Worldwide CapitalFX. Worldwide CapitalFX is owned by Algobit Ltd. which is an offshore company registered in Seychelles.

• Seychelles 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 Hugo's Way, AG Capitals, and more.

What is WorldWide CapitalFX?

WorldWide CapitalFX (CapitalFX) claims to be an online binary option (Check US Regulated Binary Options Brokers), cryptocurrencies, Forex, and Contracts for Difference trading platform provider. The broker claims to be located in the USA and even provides the registration number with IBC. However, the company is not authorized to provide financial services in the USA or any other company.

• Moreover, several regulators have warned the public against Worldwide CapitalFX:
  CySEC, February 11, 2019:
  "The Cyprus Securities and Exchange Commission (‘CySEC’) wishes to inform investors that the worldwidecapitalfx.com, does not belong to an entity which has been granted authorization for the provision of investment services and/or the performance of investment activities."
• Also, the is a warning from the British Columbia Securities Commission (BCSC):
  "We recently became aware of CapitalFX and that it had solicited a British Columbia (BC) resident to trade with the company. CapitalFX is not registered to trade in, or advise on, securities or exchange contracts in BC."

CapitalFX Review Conclusion

We advise all investors and traders to avoid Worldwide CapitalFX and other brokers from Seychelles. Remember that it is not safe to sign in with an offshore broker, as they do not provide a sufficient level of reliability and safety. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as FP Markets and BDSwiss.

Worldwide CapitalFX Update

Our research revealed that the Worldwide CapitalFX 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 LottMarket Scam or Legit Broker?

No, it is not safe to trade with LottMarket. The broker is suspected of being a scam, as it does not hold any serious license from a top-tier authority. In fact, LottMarket is an offshore broker located in Vanuatu, which is an offshore location. Read why it is not safe to engage in trading with Vanuatu brokers. 

What is LottMarket?

LottMarket is a trading name used by the company that the company claims its establish date since 2014 with an office located in the UK. The broker offers vast trading opportunities promises potentially high investment profits and states that 75% of traders have become successful managers while delivering PAMM service (You may be interested in checking PAMM accounts for US residents). However, during the research, we revealed that the company, in fact, is registered in Vanuatu, which means the broker is regulated by none of the authorities and can promise a lot, while the truth can be different.

• The risk of trading with non-regulated entities hides at the point when the trader deposits funds and then suddenly either loses capital, or the broker will find reasons why funds will not return to their owner. This is typical fraud behavior, and a nonlegitimate company, of course, can do so. For that reason, we strongly recommend engaging in trading only with regulated brokers from the UK or other reputable jurisdictions.
• In regards to LottMarket, there is no damming evidence that LottMarket is a pure scam, but there is evidence of some negative reviews from the traders. Along with the warning issued by the authorities caught LottMarket offering their service without its legal permission, which is a serious issue. Therefore, of course, we would advise choosing among the brokers that are reliable and actually, offer much better trading conditions.

“The Cyprus Securities and Exchange Commission (CySEC) would like to inform the investors and the public at large that the domainLottMarkets.com included in the list of not owned or operated by Cyprus Investment Firms (CIFs) which have been authorized by CySEC to provide Investment Services.”

CySEC, Cyprus.

LottMarket Review Conclusion

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

LottMarket Update

We have found that the LottMarket 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 Pro TradeFX Scam or Legit Broker?

No, it is not safe to trade with Pro TradeFX. Pro TradeFX is owned by Game Capital Ads Limited, which is an offshore company registered in St. Vincent and the Grenadine.

• St. Vincent and the Grenadines 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 Binomo, Monfex, and more. You can read our detailed article about the risk of trading with brokers from St. Vincent and the Grenadines.

What is Pro TradeFX?

Pro TradeFX claims to provide premium-quality commodities and Forex trading services, which have fulfilled the commodities trading needs of clients since the creation of the company in 2013. 

As to the Game Capital Ads Limited company, its image does not seem to be that perfect and reliable. This entity is known for managing unregulated brokers that have been involved in scams and blacklisted by different regulators. We have reviewed some of them (such as 247SmartFx and 247 World BTC Fx).

In addition, Pro TradeFX itself has entered the warning lists of several authorities:

• " We believe this firm has been providing financial services or products in the UK without our authorisation. This firm is not authorised by us but has been targeting people in the UK."

FCA, February 2016

• " National Commission for Companies and the Stock Exchange has also ordered the following company (www.protradefx.com) to cease the infringement."

CONSOB, June 2018

Pro TradeFX Review Conclusion

We advise all investors and traders to avoid Pro TradeFX and other brokers from St. Vincent and the Grenadines. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia (Check out forex brokers Australia) and reliable brokers such as BlackBull Markets and FBS Forex.

You can also share your trading experience with Pro TradeFX by commenting on this review.

Pro TradeFX Update

Our findings showed that Pro TradeFX is no longer active. The broker’s 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 4xincome Scam or Legit Broker?

No, it is not safe to trade with 4xincome. 4xincome is owned by Sky Hub Limited, which is an offshore company registered 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 being low, it does not regulate forex trading. Therefore, it became an offshore zone for shady forex brokers such as CF Merchants, Monfex, and more. You can read our detailed article about the risk of trading with brokers from St. Vincent and the Grenadines.

What is 4xincome?

According to the website, 4xincome is a social trading and investment company that "allows its users to watch the financial trading activity of other users, copy them, and to make their own trades." It offers a wide range of trading instruments – over 60 currency pairs, CFDs, Spot metals and Indices, and over 180 Share CFDs. 

• However, the broker doesn't provide any information about its regulation and most probably it is not supervised by any authority. One more suspicious thing is that they don't provide any contact information, so the user needs to "request a call" and leave his phone number and probably receive hundreds of calls from the company that looks like one more offshore investment scam. 

4xincome Review Conclusion

We recommend all investors and traders avoid 4xincome and other brokers from St. Vincent and the Grenadines. It is not advisable to trust your funds to unregulated or offshore brokers, as many of them run investment schemes. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as HYCM and BlackBull Markets.

4xincome Update

Recently 4xincome 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 they receive trading proposals. 

Is PrimeXBT Scam or Legit Broker?

It is not safe to trade with it, as it is an offshore broker. PrimeXBT is owned and operated by two companies, both registered offshore. Trading Services Ltd is a Seychelles company Reg. nr. 206865 and Prime Technologies Ltd. is registered in St. Vincent and Grenadines company nr. 25369BC2019.

• Both Seychelles and St. Vincent and the Grenadines are notorious for their practically absent requirements and regulations. Due to this, the setup cost is low and it does not regulate forex trading. Therefore, they became offshore zones for shady forex brokers such as Hugo’s Way, JustForex, and more. You can also read our detailed article about the risk of trading with brokers from St. Vincent and the Grenadines.

What is PrimeXBT?

PrimeXBT is a Bitcoin-based platform, offering over 30+ assets including Crypto, Forex, Commodities, and Stock Indices. The company provides traders with access to top-tier liquidity and a wide range of trading tools, while maintaining security, liquidity, enabling a safe and efficient trading environment for everyone. PrimeXBT offers a robust trading system for both beginners (See the list of Best Brokers for Beginners) and professional traders that demand highly reliable market data and performance. 

PrimeXBT also claims to provide the highest leverage (See best high leverage forex brokers) across all of the available instruments and platforms and have low trading fees and benefits from the most competitive trading conditions in the market.

• However, PrimeXBT does not provide any information about its location or any contact details. All the reliable and regulated brokers always provide these details and keep contact information transparent for their clients. This is one of the red flags when it comes to trading with the mentioned broker.

Overall PrimeXBT Ranking 

Based on the revelations about safety and regulations issues of PrimeXBT, we do not rank positively PrimeXBT, based on our Expert Opinion with over 10 Years of experience in Forex Trading.

• PrimeXBT 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.

PrimeXBT Alternative Brokers

Taking into consideration our finds and issues regarding the safety of PrimeXBT here are much better Alternatives to PrimeXBT with good regulations and excellent conditions. We select Good Brokers and reliable options for your comparison below: 

• FP Markets – Powerful trading technology and ECN environment
• InteractiveBrokers – Good for Trading Real Stocks
• XM – Wide Range of Trading Opportunities

PrimeXBT in India

PrimeXBT 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.

PrimeXBT in the USA

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

Deposits & Withdrawals

PrimeXBT offers Direct Crypto deposits from your personal crypto Wallets as well as alternative Deposits via Bank/Credit card/SEPA Transfers. Additionally, the in-wallet currency exchange feature allows you to exchange BTC, ETH, USDT and USDC amongst each other directly in your PrimeXBT account.

• Alternative deposits allows you to buy BTC, ETH and erc20 tokens - USDT and USDC - using a Credit Card / SEPA transfers / Gift cards / Alternative Cryptocurrencies via third-party exchange services
• There are two types of fees: Trade fee and Overnight financing. A trading fee is incurred each time you buy or sell assets on the market (i.e. each time you open and close a position). Overnight financing is due for any position that is carried into a new trading day (past 00:00 UTC) and is withheld from the Trading account balance.

Apps

The PrimeXBT trading engine is specially designed to execute over 12,000 orders per second. The PrimeXBT platform enables cross-margin trading and automatically performs full risk checks after every order. PrimeXBT aggregator provides feeds from multiple vendors to ensure high liquidity on all tradable assets.

Demo Account

PrimeXBT offers its traders a demo account that allows them to hone their trading skills on a free demo account. Traders can gain experience and familiarize themselves with all the valuable tools and features offered on the PrimeXBT platform, before opening a live account and investing for real in the global financial markets.

PrimeXBT Review Conclusion

We never advise trading with a non-licensed broker, since the financial investment service they deliver is not trustable. We strongly recommend opening a trading account only with brokers that are 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 AvaTrade and XM.

• Overall ranking and experience for PrimeXBT is Negative

Is 70Trades Scam or Legit Broker?

According to our research, it is not safe to trade with 70Trades. 70Trades is owned by Commodius FX Ltd. which is an offshore company registered in Vanuatu and claims to be registered with a Vanuatu Financial Services Commission (VFSC) license.

• Vanuatu is the easiest jurisdiction to open a brokerage, as the opening requires the company to register online, prove initial establish capital which is $2,000 only, pay a fee, and within 2-3 months, the firm is crisp and registered. Therefore, it became an offshore zone for shady forex brokers such as Circle Markets, Wigmarkets, and more.
• As to the broker’s VFSC license, 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 businesses. Therefore, there is zero protection for traders. We have a detailed article explaining the risk of trading with brokers from Vanuatu.

What is 70Trades?

70Trades is an offshore Forex broker. Its traders can choose from a large list of Stocks, Commodities, Currencies, and Indices. Among attractive broker’s offerings, are also the 24 hours a day customer service, user-friendly platforms, and multilingual support: English, Arabic, and Spanish. They claim to provide an easy withdrawal process, online trading courses, market news and updates, professional analysis, training sessions for each level, and webinars with investors from all around the world. However, all these benefits and pros do not guarantee the safety of funds and other issues during trading.

• There is also a group of companies Wanakena Ltd. behind the brand's name. It claims to be registered in Cyprus by the Cyprus Securities and Exchange Commission (check the CySEC-regulated TriumphFX Review), however, it is not overseen by this or any other reliable regulator and therefore, is not allowed to provide financial services. We have heard brokers from Vanuatu deny traders withdrawing funds. We have feedback from traders about their negative experience with 70Trades. You can read the feedback here.

Overall 70Trades Ranking 

Based on our 70Trades research, we do not rank positively 70Trades.  With an  Expert Opinion with over 10 Years of experience in Forex Trading we have come up with the following ranking:

• 70Trades 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.

70Trades Alternative Brokers

Based on the research we conducted, we revealed many issues concerning the safety and reliability of 70Trades, thus here we offer much better Alternatives to 70Trades with tight regulations and favorable conditions. We select Good Brokers and reliable options for your comparison below: 

• XM– Good for Beginner Traders
• FP Markets – Good for CopyTrading
• XTB – Good for CFDs trading

70Trades in India

70Trades has no mention of complying with any Indian regulators on its website.  Any regulatory body in India does not regulate the broker, so money safety may be the issue here.

70Trades in the USA

The United States is one of the countries that is not accepted by 70Trades. As per U.S law, brokers regulated by CFTC are the only brokers allowed for USA traders. So, except for IronFX, you are only permitted to trade with the U.S-regulated platforms.

Deposits & Withdrawals

70Trades provides a variety of deposit methods to make funding your account as easy as possible (Bank Transfer, Credit/Debit Card, and e-wallets such as Skrill, Neteller, and Webmoney). The withdrawal process has also been simplified for traders' convenience. 

• 70Trades clients can open an account with only an initial deposit of $200 and start trading immediately. Accounts at 70Trades are denominated in US Dollars, so all trading deposits are going to be converted into the base currency of the client’s trading account (US Dollars).
• In case of the absence of any activity for a period of at least three (3) months, 70Trades reserves the right to apply a fee of US$ 500 thereafter, charged on a quarterly basis.

Rollover Fee is charged at 0.02% of the overnight exposure on CFDs (Indices, Currencies, Stocks, and Commodities) and 0.50% on CFDs (Cryptocurrencies) due to high volatility.

Apps

70Trades offers a mobile platform to its traders. With the new technology that the mobile brings plus their advanced and responsive mobile platform traders can open trading positions anytime, anywhere. The platform is user-friendly and gives access to market analysis. It is also suitable for Apple and Android.

Demo Account

70Trades does not offer a demo account. 

70Trades Conclusion

Based on the issues we revealed on 70Trades mainly concerning its lack of regulations and safety, we strongly advise choosing only reliable companies to invest with. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as BDSwiss and BlackBull Markets.

• Overall ranking and experience for 70Trades is Negative