Archives: Brokers

Is Goptions Scam or Legit Broker?

No, Goptions is not safe to trade with. The company is not regulated by any of the authorities. Goptions broker is a firm, which location and address are not clear, but most recently located in some offshore zone.

What is Goptions?

Goptions states that several professional traders rely on developing a tangible binary options strategy that combines both binary options and the traditional Forex and Stock trading, in order to diversify their investments and enjoy greater exposure to the markets.

• In addition, the official website is full of information about the necessity of company regulation as a critical component, which ensures that the firm is completely eradicated from the scam. The broker even mentions the Traits Of A Bad Trading Site and advises looking for a good broker with quality regulation along with credible information and dedicated maintenance of trading service. Overall, the website seems to be devoted to giving all the information about trading binary options and Forex, with strategies, news, and necessary information. Yet we revealed that the Goption offers clients as well a way to trade on leading financial markets – Forex, Commodities, Indices, and Stocks.
• Moreover, the internet sources and forums are full of complaints from traders, which shows that suspicious guesses are true. As well, the European regulators issued a warning against GOptions which originally came from FMA and was followed by other partner authorities within the EU (please check the link to confirm the status).

Goption Review Conclusion

We advise avoiding signing in with Goptions. Well-respected financial authorities like the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission (ASIC), and the Cyprus Securities and Exchange Commission (CySEC) are effectively enforcing strict financial and ethical rules on all overseen brokers. That’s why we recommend choosing among the brokers regulated by the mentioned authorities. Traders should trade with well-regulated brokers (Top 10 Forex Brokers in the World) such as UK brokers or brokers in Australia and reliable brokers such as FP Markets and TMGM.

Goption Update

We found that Goptions website is not available, instead, it leads to different financial offerings with an entirely different name. Thus, we recommend avoiding and staying alert in case of any proposals. 

Is UKFinvest Scam or Legit Broker?

UKFinvest 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 UKFinvest?

UKFinvest is a trading provider that offers a range of over 250 trading instruments including Forex, Commodities, Stocks, and Indices, yet mainly offers trading Bitcoins and Cryptocurrency. The broker mentions its high liquidity access and cross-platform trading through unparalleled quick execution and API solutions.

• However, the broker's address mentions the beautiful islands of Seychelles, which is a rather good place for vacation, not the financial investment firm.

• The point is that Seychelles offers an 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. For that reason, offshore zones attract vast non-scrupulous, or shady brokerages that aim to attract clients, grab their funds, and disappear.

• In regards to UKFinvest, as the company is relatively young in the market, still there is no cruel history of fraud or negative reviews from traders. Yet, the lack of regulation is a serious issue, when talking about trading and choosing a reliable broker. Besides the mentioned implemented security and protection the only thing trader remains is a good word from a broker.

UKFinvest Review Conclusion

We strongly recommend to our readers and traders community carefully check on the broker and choose Forex brokers such as FXPrimus (Read about FXPrimus minimum deposit) and XM (Read about XM global) that are strictly overseen by sharp legit authorities in charge of smooth and fair offering to investors. For instance, CySEC or FCA Forex Brokers are rated among popular brokers and deliver various benefits towards clients with segregation of funds, and participation into compensation schemes besides its regular reporting on every operation to the authority in terms of misleading. 

UKFinvest Update

Based on our research, the UKFinvest 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 Emporio Trading Scam or Legit Broker?

Emporio Trading 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 Emporio Trading?

Emporio Trading is a trading provider that offers an STP execution (Also check STP Brokers) through a range of assets and market-leading platform MetaTrader4. The broker mentions their worldwide, internationally recognized business position, while the company serves hundreds of thousands of traders from Europe, Asia, and Latin America.

• However, once we got closer to the points about Emporio Trading the facts revealed that the company was first of all located and established in the offshore zone of Vanuatu. As general advice, we do not recommend trading with offshore brokers, as recently offshore brokers naturally most often scammers, or poorly funded companies that can easily establish their business only in a location like Vanuatu and perform their dim businesses. The registration of such a brokerage requires only 2,000$ while no further overseeing of operation or service follows. Therefore, an offshore zone is a perfect place, with no strict regulation and easy legislation that attracts and produces many frauds.
• In addition, Emporio Trading, in particular, indicated shady performance and service as the traders' responses and reviews show, while the main target of the broker is residents of Latin America.

Emporio Trading Review Conclusion

The funds' security always stands first, thus it is advisable to choose among the companies that set regulation requirement in place. For instance, CySEC or FCA Forex Brokers mandated to segregate clients funds from the company money, participate into compensation scheme and regularly report on every operation. Always make your own research before signing with a broker, and pick a tightly regulated broker such as FXTM and XM. 

Emporio Trading Update

Based on our research, the Emporio 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. 

Is XtradeFX Scam or Legit Broker?

It is not safe to trade with XtradeFX as the broker might be a complete scam. It does not hold any serious license from any regulatory body, thus the services the broker provides might put the trader's investments at risk.

• Signing with an unregulated broker means relying on the broker's words, without being protected by any legal bounds. Not to put your fund into jeopardy, it is wiser to choose a well-regulated broker with tight regulation and favorable offerings. 

What is XtradeFX?

XtradeFX is an STP broker that claims its reputable status with numerous received awards for their Best Trading Conditions, Platform, and Best Value Broker. Xtradefx is owned by 2dots Limited, as mentioned on the official website with its alleged office in Vanuatu.

• Having considered that the XtradeFX was revealed in connection to other trading names that are considered to be scams, which include 24stox, as well as the brokerage firm with its office in Bulgaria - 2dots. The 2dots trading name was previously reviewed by us and included in our brokers to avoid list (please read our 2dots review), while 24stox has received numerous complaints and claims and was dismissed. Therefore, it all looks like the firm decided to start from the new page and continued its operation through a brand name. However, nothing specific was changed, still, the brokerage is non-regulated, while promising a lot and in return does not deliver a safe trading environment.
• As well, the firm was alerted and blacklisted by the European authorities, while the official issue was presented by Italian CONSOB and followed by other EU regulators. In conclusion, we do not recommend trading with the mentioned broker and its affiliated companies and generally not to involve in any business with a non-regulated firm despite the attractive offerings.

“Having established that, according to the information available, people operating in the name of “24stox” and “XtradeFX” have contacted Italian investors by telephone in order to persuade them to open an account and perform trading transactions on the said website. Considered that 2dots Ltd is not authorized to provide investment services to the public, the company resolves to order the cessation of the infringement.”

CONSOB, Italy. April 2018.

XtradeFX Review Conclusion

Well-respected financial authorities like the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission (ASIC), or the Cyprus Securities and Exchange Commission (CySEC) are effectively enforcing strict financial and ethical rules on all overseen brokers. That’s why we recommend choosing among the brokers regulated by the mentioned authorities. Traders should trade with well-regulated brokers (Top 10 Forex Brokers in the World) such as UK brokers or brokers in Australia and reliable brokers such as FP Markets and TMGM.

XtradeFX Update

We found that the XtradeFX 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 Chrono FM Scam or Legit Broker?

No, it is not safe to trade with Chrono FM.  Chrono FM is located in Bulgaria, thus it should hold a license from the local authority to be able to provide legal financial services. However, this is not the case with Chrono FM as it is an offshore company registered in St. Vincent and the Grenadine.

• 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 operation.

What is Chrono FM?

Chrono FM is a trading name operated by the mentioned companies Sanata Group Eood and Pentacle Group Ltd, which claims a world-class trading experience in over 160 countries. The broker offers to trade about 175 products including currencies, CFDs, commodities, indices, and stocks. The company mentions its location in Sofia Bulgaria, as well ita owning a company based in St Vincent and the Grenadines, an offshore zone. Moreover, there is no response to the regulation or authorization status.

• It is a fact, that every financial investment firm and trading provider should be registered and regulated as long as the company is located in the EEA zone and generally has the legal power to offer investment services. Chrono FM trading name being established allegedly in Bulgaria should be then respectively registered by the local authority, yet it is not. Therefore, the broker Chrono FM can be classified as a non-regulated or offshore firm. The traders should strongly consider all risks involved in trading with such companies, and as per our advice should be avoided.
• The reason is that the funds' security goes first in trading, and you should trust only those companies that strongly comply with the set of necessary protective tools applied and controlled only by the industry authorities. Thus, we recommend choosing broker carefully and only from the list of Regulated Forex Brokers. In addition, Chrono FM was detected in its illegal offering towards residents of various jurisdictions and been warned to this action.

“Having established that, according to the information available, people operating in the name of 'Chronofm' have contacted investors by telephone and target population through its website in order to persuade them to open an account and trade on this website. In the fact that Sanata Group EOOD and Pentacle Group Ltd are not authorized to provide investment services to the Italian public, insofar as these companies are not registered in the dedicated register he order is issued to cease the infringement”

CONSOB, Italy. May 2018.

Chrono FM Review Conclusion

We always advise avoiding offshore and unregulated brokers at any cost. Funds safety always goes first, therefore protect yourself and do not engage in the highest risk trading with a non-regulated entity and better consider reputable firms from serious jurisdictions. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as AvaTrade and XM.com.

Chrono FM Update

Based on our research, the Chrono FM 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 Welkron Scam or Legit Broker?

It is not safe to trade with Welkron. The broker holds a license from St. Vincent and the Grenadines, which obviously is an offshore zone. The authority does not properly oversee the international brokerages, which means, that the broker is free to operate however it wishes.   

• The issue with the SVGFSA-regulated brokers is that it is not one of the strictest regulatory bodies in the financial world. Its regulatory rules and conditions are rather lax, thus, not providing the necessary safety.

What is Welkron?

Welkron is a Forex and CFD broker. The company is owned and operated by WBB Consultancy SA which claims to be registered in St. Vincent and the Grenadines. However, the Financial Services Authority (FSA) of St. Vincent and the Grenadines does not issue any licenses for forex trading nor does it regulate, monitor, supervise, or license international companies, which engage in such activities.

• In addition, the terms and conditions of the company state "the Company is not regulated in any jurisdictions and that the Services offered are not regulated within the territory of Saint Vincent and Grenadines", which means the broker cannot guarantee the safety of the client's funds and cannot offer the same level of protection as other regulated entities. It is a common case for most offshore-registered brokers, which is why we always emphasize avoiding such companies.
• Also, the website supports the Russian language and there is a copy of the terms and conditions in Russian. It seems like the broker has been targeting Russian residents.

Welkron Review Conclusion

To sum up, Welkron broker cannot be trusted and might be one more fraud company. We recommend investing only with brokers regulated by well-known reliable authorities, such as the Financial Conduct Authority in the United Kingdom. ATraders should trade with well-regulated brokers (Top 10 Forex Brokers in the World) such as UK brokers or brokers in Australia and reliable brokers such as FP Markets and TMGM.

Welkron Update

We found that the Welkron 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 Jones Mutual Scam or Legit Broker?

Jones Mutual is not a safe broker. It is suspected to be a scam. The broker is located in Estonia, however, it is not regulated by the local financial authority - the Estonian Financial Supervisory Authority. Moreover, the regulatory body issued a warning against Jones Mutual. 

What is Jones Mutual?

Jones Mutual is a Forex and CFD broker. The company is owned and operated by GreenRiver OÜ with a registered address in Tallinn, Estonia. They also provide an operational address in Dublin, Ireland. However, the broker is not regulated either in Estonia by the Estonian Financial Supervisory Authority or in Ireland by the Central Bank of Ireland.

• In order to be able to offer financial services, brokers should obtain a license from one of the regulators depending on the country. Jones Mutual doesn't provide any information about its regulation at all. Moreover, the Estonian Financial Supervisory Authority has issued a warning against Jones Mutual/GreenRiver OÜ:

"Finantsinspektsioon (the Estonian Financial Supervisory Authority) would like to inform clients and investors that GreenRiver OÜ(registry code 14445326) does not hold an activity license for the provision of investment services in Estonia and therefore GreenRiver OÜ is not authorized to provide investment services in Estonia. The company offers the possibility to trade derivatives through web page https://www.jonesmutual.com."

Jones Mutual Review Conclusion

Well-respected financial authorities like the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission (ASIC), and the Cyprus Securities and Exchange Commission (CySEC) are effectively enforcing strict financial and ethical rules on all overseen brokers. That’s why we recommend choosing among the brokers regulated by the mentioned authorities. Traders should trade with well-regulated brokers (Top 10 Forex Brokers in the World) such as UK brokers or brokers in Australia and reliable brokers such as FP Markets and TMGM.

Jones Mutual Update

We found that the Jones Mutual 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 Swift Bit Options Scam or Legit Broker?

No, it is not safe to trade with Swift Bit Options as the broker is suspected to be spam. The broker is registered in St. Vincent and the Grenadines and Seychelles. Both of the mentioned locations are known as offshore zones that do not provide sufficient protection.

• Thus, trading with offshore brokers might result in the loss of investments. Read more about why not trade with St. Vincent and the Grenadines brokers. 

What is Swift Bit Options?

Swift Bit Options (SBO) claims to be a broker that offers investment accounts to trade in Forex, cryptocurrencies, Contracts for Difference, options, and other investment products.

• The company is owned and operated by Swift Bit Options Ltd. with registration in St. Vincent and the Grenadines and Seychelles. Both locations are offshore zones that are considered to be popular among unregulated forex brokers. It is risky to trade with offshore-registered brokers as they usually don't have licenses and are not overseen by any proper regulator.
• Swift Bit Options also states to be a member of the Financial Commission (FinaCom). The membership guarantees that clients of Swift Bit Options are under the protection of this organization, however, FinaCom is self-regulated and do not strictly regulate or oversee the companies.
• In addition, the British Columbia Securities Commission has issued a warning against Swift Bit Options:
  "We recently became aware of Swift Bit Options (SBO) and that it had accepted funds from a British Columbia (BC) resident to trade with the company. SBO is not registered to trade in, or advise on, securities or exchange contracts in BC."

Swift Bit Options Review Conclusion

Well-respected financial authorities like the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission (ASIC), or the Cyprus Securities and Exchange Commission (CySEC) are effectively enforcing strict financial and ethical rules on all overseen brokers. That’s why we recommend choosing among the brokers regulated by the mentioned authorities. Traders should trade with well-regulated brokers (Top 10 Forex Brokers in the World) such as UK brokers or brokers in Australia and reliable brokers such as FP Markets and TMGM.

Swift Bit Options Update

We found that the Swift Bit Options 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 Blackstone500 Scam or Legit Broker?

No, it is not safe to trade with Blackstone500 as it is not regulated. The broker doesn’t disclose the company behind the brand’s name. It claims to have headquarters in Zürich, Switzerland, but at the same time provides the UK contact number. In addition, according to the terms and conditions, Blackstone500 operates under Estonian Governing laws. It is not clear which jurisdiction oversees the broker’s activities and after checking the registers of the major EU regulator we can say - none of them, as we couldn’t find any mentions of this broker. 

What is Blackstone500?

Blackstone500 claims to be an international trading online corporation, offering 24-hour access to a wide range of trading instruments including currencies trading in Forex, commodities, shares, indices, and Cryptocurrencies. The broker offers trading through Activ8 - a popular trading platform, with leverage up to 1:30 and risk management tools. Despite all these benefits some information on the website doesn’t actually add up because of multiple discrepancies, we are going to list. 

• Moreover, the UK’s Financial Conduct Authority has warned against Blackstone500:

“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 Blackstone500 got no license to operate within the EU and other regulated jurisdictions, the broker was blacklisted and alerted by the EU authority.

Blackstone500 Review Conclusion

We advise all investors and traders to avoid Blackstone500 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.

Blackstone500 Update

Recently the Blackstone500 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.