Archives: Brokers

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.

Is Premium Brokers Scam or Legit Broker?

No, it is not safe to trade with Premium Brokers, as it is an offshore company. This broker is owned and operated by Premium Solutions Ltd, Incorporation number 101925, The Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Republic of the Marshall Islands.

• 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.

What is Premium Brokers?

Premium Brokers is an international brokerage company that offers multi-asset trading to its customers and also advanced information technologies, software products for business, and various financial instruments. The broker also offers such benefits as low market spreads (Find the best forex broker with the lowest spreads, also find 0 spread brokers by link), absence of re-quotes, transparent deals, and innovative trading technologies. 

• However, Premium Brokers has been blacklisted by the Spanish regulator CNMV:

“Premium Brokers 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.”

• 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 Premium Brokers got no license to operate within the EU and other regulated jurisdictions, the broker was blacklisted and alerted by the EU authority.

Premium Brokers Review Conclusion

We strongly advise all investors and traders to avoid Premium Brokers and other brokers from the Marshall Islands. Offshore brokers do not provide enough safety measures, thus trading with them means putting your investments at risk. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as FP Markets and eToro.

Premium Brokers Update

Recently the Premium Brokers website remains inactive, meaning the broker has muted 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 Europe Forex Invest Scam or Legit Broker?

No, it is not safe to trade with Europe Forex Invest, as it is an offshore company. Europe Forex Invest is a brand owned and operated by Terratech Ltd. Terratech Ltd is located in the Republic of the Marshall Islands.

• 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.

What is Europe Forex Invest?

Europe Forex Invest assists retail and institutional investors in using forex and different contraptions as an asset class and a part of their funding targets. The broker claims to offer excellent trading platforms with the right of entry to low-cost pricing, reliable buying and selling infrastructure, speedy execution, and a brilliant patron guide. 

• According to the website the broker is primarily based in Melbourne, Australia, and has places of work in Dallas, Shanghai, Bangkok, and London. Also, the terms and conditions state some other information that the company was incorporated in New Zealand under the International Business Companies. However, we couldn’t find any information about this broker in the registers of the major regulators.
• Moreover, Italian regulator CONSOB has warned against Europe Forex Invest: 

“CONSOB  availed itself of the powers deriving from the “growth decree” regarding the blackout of the sites (including Terratech Ltd (website www.eufxinvest.com)) 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.”

It is the second time that we post about Terratech Ltd. being blacklisted by CONSOB. This company operated a Swissfingroup broker, which we have mentioned as a broker that should be avoided. 

Europe Forex Invest Review Conclusion

We strongly advise all investors and traders to avoid Europe Forex Invest and other brokers from the Marshall Islands. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as FP Markets and eToro.

Europe Forex Invest Update

Based on our findings, the Europe Forex Invest 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 Royal GTX Scam or Legit Broker?

No, it is not safe to trade with Royal GTX as it is not regulated. The broker does not provide any regulatory information, the company behind its name or contact details. That’s when it comes to transparency. Regulated companies keep all the information open to their clients as it is required by the law. Obviously, Royal GTX has no regulation and no authority to report to.  

What is Royal GTX?

Royal GTX was founded in 2010 and claims to be an international online trading leader, bringing closer to traders all the opportunities of financial markets. The broker provides full and free access to the MT4 platform. They specialize in leveraged Forex trading, offering every market FX, indices, commodities, shares, and cryptocurrencies. 

• According to the terms and conditions of the website, Royal GTX falls under the regulation of Estonian Governing Authorities. However, we couldn’t find any mentions of this broker in the register of the Estonian local regulator.  

• Moreover, the UK’s Financial Conduct Authority has warned against Royal GTX:

  “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.”

• 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 Royal GTX got no license to operate within the EU and other regulated jurisdictions, the broker was blacklisted and alerted by the EU authority.

Royal GTX Review Conclusion

We advise all investors and traders to avoid Royal GTX 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.

Royal GTX Update

Recently the Royal GTX website remains inactive, meaning the broker has muted 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 Gallant Finance Scam or Legit Broker?

We advise our readers, not to use Gallant Finance as it is an offshore entity. Gallant Finance is owned by Allmedia LTD., 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 low cost, it does not regulate forex trading. Therefore, it became an offshore zone for shady forex brokers such as Brokerz (Read Brokerz review by link), TraderUR, and more. You can read our detailed article about the risk of trading with brokers from St. Vincent and the Grenadines.

What is Gallant Finance?

Gallant Finance is an offshore Forex and CFD broker owned and operated by Allmedia LTD, based in St. Vincent and the Grenadines.

The registered address of the broker is also at St Vincent and the Grenadines, but they provide British contact phone numbers, which means they are targeting UK residents without being regulated there.

• Moreover, the FCA has issued a warning against Gallant Finance. The SVGFSA (Financial Services Authority of St Vincent and the Grenadines) is famous for its low capital requirements – you can open a forex broker, by having only USD 2,000 in the capital.
• As a comparison, the United Kingdom’s Financial Conduct Authority (FCA), demands a minimum of EUR 125,000 for STP license. Find the list of FCA-regulated brokers here.

Gallant Finance Review Conclusion

We strongly advise opening a trading account only with brokers that are regulated by respected world authorities and comply with the required set of rules with 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 BlackBull Markets.

Gallant Finance Update

Our findings showed that Gallant Finance 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 Blue Trading Scam or Legit Broker?

No, it is not safe to trade with Blue Trading. Blue Trading is owned by BluVenture Group Ltd., a company registered in Japan.  The company is not registered with the reputable authorities, yet states its memberships in various initiatives and associations since at this time major regulators do not regulate this type of trading:

What is Blue Trading?

Blue Trading serves numerous offices globally, and offers financial trading and investment opportunities on a range of instruments, but mainly focuses on Cryptocurrencies (Read HYCM broker review, which offers cryptocurrency trading).

• “Blue Trading is a signatory to the IFMRRC, Foreign Exchange Global Committee. A new initiative was created by the Foreign Exchange Global Committee, a signatory of the International Decentralized Association of Cryptocurrency and Blockchain (IDACB). And is a full member of the Crypto Valley Switzerland ethics organization. At this time major regulators such as the British FCA or German BaFin do not regulate this type of trading, therefore, registration opportunities still remain unavailable. We look forward to pursuing new registration opportunities as they become available.”
• Nevertheless, that statement sounds not very reliable to us and recently the company even lost its membership, which means the unregulated nature of their business fail to its promised obligations. In addition, the regulatory authority in the UK Financial Conduct Authority (Check out FCA Regulated Eightcap & LegacyFX brokers ) has issued its warning to the public investors since the company target UK residents without its legal permission to do so.

"BluVenture Group Ltd and its affiliated brands BlueBroker and BlueTrading were expelled from membership with the Financial Commission due to repeated violations and failures to adhere to membership Rules and Guidelines."

The Financial Commission. September 26, 2018.

"We believe this firm Blue Trading / Bluetrading.com / Blue Group has been providing financial services or products in the UK without our authorization."

FCA, September 2018

Blue Trading Review Conclusion

In conclusion, it is advised to avoid trading with the broker even though their offering might seem competitive and attractive. The safety of funds is always first, therefore we recommend choosing among regulated brokers. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as FP Markets and TMGM.

Blue Trading Update

Based on our research, the Blue Trading 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.