Archives: Brokers

Is FinmarkFX Scam or Legit Broker?

No it is not safe to trade with FinmarkFX, as the company is suspected of being a scam. FinmarkFX is owned and operated by Finmark Ltd located in Kingstown, Saint Vincent, and the Grenadines. Saint Vincent and the Grenadines is known for being an offshore zone. 

• St Vincent is an attractive solution among financial companies and those businesses that for one reason or another choose to operate through an offshore company. The jurisdiction itself offers easy-to-achieve setup demands through a very quick, simplified process, while the firm does not necessarily need an office in SVG. There are no strict establishment rules or requirements, giving an opportunity to run a global business. Furthermore, there is no sharp regulation or overseeing of the company operation implemented. Read more about why avoid brokers from St Vincent & The Grenadines. 

What is FinmarkFX?

FinmarkFX is a Forex, CFDs, and cryptocurrency broker. The company is owned and operated by Finmark Ltd (Kingstown, Saint Vincent, and the Grenadines). The services are provided by Financial Markets FX OU, based in Tallinn, Estonia.

• According to the broker's website, it is a regulated entity, however, we didn't find any information about its regulation. If they meant FinmarkFX is regulated by the Financial Services Authority (FSA) of St. Vincent and the Grenadines, then we have to remind 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. Moreover, the broker has been banned by the CNMV in Spain in October 2016:
  "Financial Markets Limited https://finmarkfx.com is not authorised to provide the investment services detailed in Article 140 of the Securities Markets Law, or provide the auxiliary services detailed in letters a), b), d), f) and g) of Article 141 of said Law, which includes investment advice, in relation to the financial instruments detailed in article 2 of the said Law, including, to those purposes, transactions on foreign currency."

FinmarkFX Review Conclusion

We recommend avoiding doubtful offerings like FinmarkFX and signing with only tightly regulated brokers that follow strict guidelines from authorities such as  UK’s FCA or Australian ASIC. Traders should trade with well-regulated brokers such as such as BlackBull Markets and XM.

FinmarkFX Updates

Based on our research, the FinmarkFX 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 InvestingPRO Scam or Legit Broker?

InvestingPRO has been suspected as a scam broker. This broker is blacklisted by a well-known regulatory authority and should be avoided. InvestingPRO is owned by Milton Group LTD which is an offshore company registered in the Marshall Islands.

• The Marshall Islands is notorious for its practically absent requirements and regulations. The setup cost is low and it does not regulate forex trading (See the Best forex brokers list). Therefore, it became an offshore zone for shady forex brokers such as MegaTradeFX, Finbitex, Tradersway, and more.

What is InvestingPRO?

InvestingPRO is a broker that provides Forex and CFD (Read about Forex and CFD broker HYCM) solutions to institutional and private investors. The website is owned and operated by a group of companies. The group includes Milton Group LTD, registered in the Marshall Islands, and Kyoto Limited LTD., registered in Sofia, Bulgaria. Although the company claims to be registered in Bulgaria, it is not regulated by Bulgaria's Financial Supervision Commission.

• The broker provides a copy of the license with the Financial Commission which is also an offshore entity and is considered to be a fraud and has a lot of negative reviews.
• One more thing to pay attention to is the contact phone numbers with Italy's and Poland's country codes which only shows that the broker has been targeting EU countries without any authorization. Moreover, Spain's National Securities Market Commission (CNMV) has issued a warning against InvestingPRO: 

" www.investingpro.com is not authorized to provide the investment services detailed in Article 140 of the Securities Markets Law, which includes investment advice, or to provide the auxiliary services..."

InvestingPRO Review Conclusion

It is recommended to trade with brokers regulated by UK’s FCA or Australia’s ASIC instead (Find the list of ASIC-regulated forex brokers by link). Check the list of FCA-regulated brokers. We strongly advise signing in with reliable brokers such as FP Markets and BlackBull Markets.

InvestingPRO Updates

InvestingPRO website remains inactive and unavailable to reach. This means the broker has muted its trading offering and does not propose account openings.

Is TradeFTM Scam or Legit Broker?

TradeFTM is not a safe broker. According to our research, TradeFTM has been suspected of fraudulent actions. The company does not hold any financial licenses but claims the opposite. Therefore the company seems to be highly suspicious while might operate its services from an absolutely different location.

What is TradeFTM?

TradeFTM is a trading name of FX TRADING LTD, authorized and registered by the HOC (Companies House UK) in the conduct of its investment business. TradeFTM is entered on the HOC register and it's registered. TradeFTM is a Public Limited Company registered in England, company number DJ812687.

The registered office is 180, Whitton Rd, Hounslow TW3 2ES, UK. With all this information provided on the website of the firm, it is still not registered by the Financial Conduct Authority (FCA), which means they are not allowed to offer services in the UK.

• We always advise avoiding unregulated brokers, as in this case your investments might be at risk. On the other hand, there is almost no risk in trading with regulated brokers, especially those supervised by the FCA or the Australian Securities and Investment Commission (ASIC). Such regulators guarantee the segregation of the funds and even the compensation (for example, up to GBP 50,000 with the FCA).

Overall TradeFTM Forex Ranking 

Based on the safety and regulation issues we revealed as a result of TradeFTM research, we do not rank positively TradeFTM, based on our Expert Opinion with over 10 Years of experience in Forex Trading.

• TradeFTM 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.

TradeFTM Alternative Brokers

Based on our research of TradeFTM we found multiple issues in respect of the broker's regulations, thus here are much better Alternatives to TradeFTM with good regulations and excellent conditions. We select Good Brokers and reliable options for your comparison below: 

• eToro – Best for Copy Traders
• Interactive Brokers – Good for Stock Trading
• Trading 212 – Good for Beginners

Deposits and Withdrawals

It is quick and easy to deposit funds into the TradeFTM trading account. There is a wide range of payment methods including Credit Cards, Debit Cards,  Bank Wire transfers e-wallets including PayPal, Skrill, Neteller, Perfect Money, etc.

• Funds are only withdrawn to clients’ personal accounts in order to ensure financial security 
• The company does not accept direct payments or payments to third parties
• Deposits and withdrawals may be made 24 hours a day, 7 days a week. If a deposit or withdrawal is not carried out instantly, it is usually completed within 24 hours.

TradeFTM 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.

• Overall ranking and experience for TradeFTM is Negative

Is GxFX Scam or Legit Broker?

GxFX 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 GxFX?

GxFX is an online trading company that claims its gained fame for professionalism and honest work. The broker provides a wide range of trading instruments, including Forex instruments, Cryptocurrency CFDs, and other assets for over 300+ instruments. The broker mentions its low initial deposits, unparalleled proficiency, and all-around customer service through an attractive trading cost and enjoyable trading platform suitable for traders of different sizes.  

• In terms of the company location and registration, the broker mentions its owning company SoftGeeks OU with an address in Estonia, while there is no information about the regulatory status. In other words, it means the broker's operation is not overseen or checked by anyone, while the only confirmation of service delivery is a company promise. Of course, in financial investment and trading itself, it is the highest risk to trust in the power of word only, as the safety measures require strict follow of the operation in order to ensure trustful service delivery.  
• As the Forex industry is unfortunately full of scammers and unscrupulous companies (Check the forex scammer complete list), traders should protect themselves and choose only among regulated companies with an applied international set of tools. This includes segregation of funds, regular reporting, and audit, along with the participation into compensation in case of insolvency, and that is all above a simple step that regulators check on the firm adequacy.

GxFX Review Conclusion

Therefore, it is better to avoid GxFX offering, so as not to risk the funds and choose from the list of regulated companies. 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 Alpari and XM.

GxFX Update

Recently GxFX 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 Uptos Scam or Legit broker?

Uptos 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 Uptos as it is an offshore broker. Uptos LTD is registered and operates as a financial investment company under the laws of St. Vincent and the Grenadines.
• 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 none 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 Uptos?

Uptos claims to be a leading foreign exchange broker with competitive trading conditions (See the Best Regulated Forex Brokers). This multi-asset trading platform offers over 250+ products across multi-asset classes such as currencies, stocks, commodities and energies, derivatives, and many more. The broker also provides MetaTrader 5 platform (Check out MT5 brokers' list) and leverage up to 400:1, while also broker adds on new features like Uptos Token and Uptos Coin with purpose to diversify.

However, the claims are not considered serious since Broker is solely offshore firm which is not considered safe enough. Moreover, Uptos has been blacklisted by the Italian regulator CONSOB:

“CONSOB  availed itself of the powers deriving from the “growth decree” regarding the blackout of the sites (including Uptos LTD (website www.uptos.net) of abusive financial intermediaries, as well as the new power introduced by Law no. 8 of 28 February 2020, regarding the blackout of the site through which the abusive bid is made.”

Overall Uptos Ranking 

Since our research revealed multiple issues in respect of Uptos regulation and reliability, we do not rank positively Uptos, based on our Expert Opinion with over 10 Years of experience in Forex Trading.

• Uptos 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.

Uptos Alternative Brokers

Based on the Uptos regulations and safety issues we revealed during our research, we suggest much better Alternatives to Uptos with good regulations and excellent conditions. We select Good Brokers and trustworthy options for your comparison below: 

• Pepperstone – Best for Copy Traders
• XM – Broeker with Low Minimum Deposit
• Interactive Brokers – Good for Stock Trading

Uptos in India

Uptos allows Indian traders to open accounts and trade. However, Uptos 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.

Uptos in the USA

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

Deposits & Withdrawals

The minimum deposit is $250. Traders can deposit with Credit/Debit Cards, American Express, PayPal, Skrill, and Wire Transfer. The broker does not charge any deposit fees. 

Apps

The broker offers an UpTrader platform. The platform offers advanced financial trading functions, as well as tools for technical and fundamental analysis. UpTrader can also trade automatically by using trading robots and trading signals. In addition to the desktop and mobile versions, the platform is available on the web and can be accessed from any device and is available on Windows, Android, and Apple. 

Demo Account

Uptos does not offer a demo account, which is a drawback too. 

Uptos Review Conclusion

Even though the trading offering might seem quite attractive at Uptos, the offshore status of the company does not guarantee the provision of services at the necessary level of client and fund protection. For that reason, we would advise choosing the broker more carefully and checking on at the first step the broker’s regulation status.

Reputable firms that hold FCA, FINMA, or other licenses are established in accordance with international standards, protecting clients at every step and even compensating the trader in case if the things go wrong with the company. Thus we advise to sign in with regulated brokers like Pepperstone and TMGM.

• Overall ranking and experience for Uptos is Negative

Is TraderKing Scam or Legit Broker?

No, it is not safe to trade with TraderKing as it is an offshore broker. The broker is owned and operated by a group of companies which have included Lotens Partners LTD, company registration number: 25471 and registered address: Suite 305, Griffith Corporate Centre, P.O. Box 1510, Beachmont, Kingstown, St. Vincent, and the Grenadines.

• 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 none 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 TraderKing?

TraderKing claims to be a reliable global CFD and Forex broker. The broker offers a wide range of tools with over 100 trading instruments, including currency pairs, metals, CFDs, oil, indices, and cryptocurrencies. They also provide clients with a wide range of desktop, web, and mobile trading platforms, including MetaTrader 4. 

• Despite an offshore location, the broker somehow provides the UK contact number which got us to question its regulation. It turned out the broker is not regulated in the UK. Moreover, the UK’s Financial Conduct Authority has warned against TraderKing:

  “Almost all firms and individuals offering, promoting, or selling financial services or products in the UK have to be authorized by us. This firm 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.”

• Considering all the facts above it is safe to say TraderKing is not regulated and has no legal rights to offer financial services. 

TraderKing Review Conclusion

We advise all investors and traders to avoid TraderKing and other unregulated brokers (See Unregulated Forex Brokers List). The lack of information (or false information) about the broker’s regulation, 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 Cyprus and reliable brokers such as FP Markets and Alpari.

TraderKing Update

Based on our findings, TraderKing 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 StarkMarkets Scam or Legit Broker?

No, it is not safe to trade with StarkMarkets as it is not regulated. Starkmarkets.com is operated by Krisimark Ltd, Registration number 206066758, a Company duly incorporated in the Republic of Bulgaria, EU. 

Despite the broker’s claims of being located and regulated in Bulgaria, we could not find any proof or mention of this broker in the register of the Bulgarian Financial Supervision Commission. 

What Is StarkMarkets?

StarkMarkets is a financial services provider, offering a selection of more than 70 financial assets such as Forex and CFDs to traders from almost all around the globe. 

In general, StarkMarkets has a questionable reputation due to its hidden fees and lack of regulation. The broker was previously owned by the company that was blacklisted by EU regulators multiple times. Most probably it was the reason they changed the company behind the brand’s name, however, it is still dangerous to invest in this firm. 

Moreover, the broker has been blacklisted by at least two regulators:

• “The FMA recommends exercising caution before dealing with StarkMarkets and https://starkmarkets.com. It is not a registered company or financial service provider in New Zealand. We are concerned that it has the hallmarks of a scam.”

New Zealand, FMA.

• “We are aware that StarkMarkets accepted funds from a British Columbia (BC) resident. StarkMarkets is not registered to trade in, or advise on, securities or derivatives in BC. We urge BC residents to exercise caution when dealing with firms that are not registered to trade or advise in BC.”

Canada, BCSC.

StarkMarkets Review Conclusion

We advise all investors and traders to avoid StarkMarkets 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 Alpari and XM.com.

• Overall ranking and experience for StarkMarkets is Negative

StarkMarkets Update

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