Archives: Brokers

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. 

Is Financial.org Scam or Legit Broker?

Financial.org is not a legit broker as it does not hold any serious license. As a general rule, we recommend avoiding offshore and non-regulated entities as traders who invest in non-regulated firms often cannot recover funds invested or gains received. 

What is Financial.org?

Financial.org is a UK-established company that claims its leading position in trading and financial services with a simple and straightforward process. Even though Financial.org mentions its educational nature of a business, as a nonprofit organization of the platform while the costs are covered by the referral programs and membership fees or educational activities, while the company does not handle any investments. The facts revealed thousands of investors that fall into a scam through financial.org, while the clients were targeted mainly across the Middle East and Asia region.

• The company and its asset manager were red-flagged by numerous regulators including UK’s FCA, Singapore, and other authorities, while investors were warned to not engage in any programs or offerings coming from Financial.org. The authorities received complaints from customers that contributed to investment schemes operated by financial.org, while all transactions were processed through a Blockchain system.
• Despite the statement that the company is not a broker, but only educates traders, any financial investment advice or service should be performed by a legitimate firm or company. Otherwise, the traders might fall at high risk to be scammed if not by an advisory company itself but by their affiliated “partners”. In a scenario it became obvious already with the financial.org performance, therefore traders are strongly recommended to choose among regulated entities and trading providers.
• The licensed company is constantly supervised and monitored by the authority, while fraud risks are minimized, as the company will be dismissed or sharply fined by the regulator. Along with that, the educational sources or trading environment should be operated through a number of protective tools that also delivers safe conditions for trade.

Financial.org Review Conclusion

We recommend avoiding offshore and non-regulated entities. Instead, we advise to trade and invest only with brokers that are regulated by reputable authorities alike UK’s FCA, Australian ASIC, or other similar regulators, that for instance apply for compensation and are supervised at every step they do. We recommend signing in with reliable brokers such as BlackBull Markets, FXGT, and FBS.

Financial.org Update

Based on our research, the Financial.org 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 FxOnUs Scam or Legit Broker?

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

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

What is FxOnUs?

FxOnUs is the brand name of the offshore company MarketOnUs which is located and registered in the Marshall Islands, yet, the company provides an additional address in London, UK which supposes to bring more trust to the company.

• However, the registration address in Yorkshire has not been listed in the regulation or registration listing of the UK or their respected authority FCA, thus there is a question about the sustainability of the information provided.
• Therefore, the broker is an offshore, non-regulated firm, which delivers multiple trading solutions to a vast of investment opportunities to trade CFDs, Forex, and Metals, as well as PAMM (Also learn about PAMM Trading) management while there is no authority watch how exactly the company treat their clients and specifically manages the funds.
• Of course, the license from a reputable authority does not guarantee that the broker will be 100% transparent and there is no any risk of scam, yet if so the regulated company will fall to the investigations and other possibly strict consequences.
• For this reason, we always advise opening an account and starting trading only with reputable Regulated Forex Brokers, since the risks are minimized, while the customer is protected by the applicable jurisdictional organization.

• In regards to the FxOnUs, apart from the lack of regulation and misleading about their registrations and some false details about the operation, there are some industry authorities that also issued warnings against the broker to their residents due to a big number of complaints received.

  “Suspicious company FxOnUs is not licensed or authorized to offer or provide its services within the Poland territory, therefore the public should refrain from any transaction with the entity”.

  Poland Financial Supervision Authority KNF, March 2017

Overall FxOnUs Ranking 

Our research revealed multiple safety and regulation issues with FxOnUs, thus we do not rank positively FxOnUs, based on our Expert Opinion with over 10 Years of experience in Forex Trading.

• FxOnUs 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.

FxOnUs Alternative Brokers

As our research of FxOnUs showed multiple issues in respect of the safety of the broker, here are much better Alternatives to FxOnUs 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
• Dukascopy – Excellent for Shares, Futures Trading

Deposits and Withdrawals

With FxOnUs account funding is a quick and easy process. There is a wide range of payment methods including Credit Cards, Debit Cards,  Bank Wire transfers, and e-wallets, including Skrill and Neteller. 

• The minimum deposit at FxOnUs is $100. The broker does not charge any additional fees for deposits. Generally, deposits are processed instantly

FxOnUs 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 FBS and Eightcap.

• Overall ranking and experience for FxOnUs is Negative

Is OriginalCrypto Scam or Legit Broker?

OriginalCrypto is not a legit broker as it does not hold any serious license. As a general rule, we recommend avoiding offshore and non-regulated entities as traders who invest in non-regulated firms often cannot recover funds invested or gains received. Thus, we strongly advise choosing only brokers regulated by top-tier regulators, such as  FCA and ASIC.

What is OriginalCrypto?

OriginalCrypto is a Forex and CFD trading provider which states their address in Bulgaria, as well as established office in Moscow which is provided by the owning company SolutionsCM LTD. The broker offers a variety of over 200 high-liquidity assets to trade through innovative trading tools and world-class execution.

• However, considering the concerns about OriginalCrypto, we tried to check on the legitimate status of the broker, its regulatory status, and operation history. None of the confirmation was found, while there is no link to the broker’s authorization or regulatory status, official registers, or anything else that may lead to the company with a trustable establishment.
• Obviously, the OriginalCrypto offering at high potential is a scam or fraud aiming to attract clients. In addition, we found confirmation of fraud claims from the traders engaged in trading with OriginalCrypto that faced absolutely not fair actions.  Besides, the company had changed its name several times. On top of all, there is an official warning from the CONSOB, Italy (Check the alert by the link).

OriginalCrypto Review Conclusion

We strongly advise avoiding any contact or investment with OriginalCrypto. In order to be successful in trading one of the main priorities is a choice of a reliable broker. As the statistic shows, most of the frauds are non-regulated entities with no specified license or supervision from the authority. Therefore, we recommend choosing among the regulated brokers such as BlackBull Markets, FXGT, and FBS.

• Overall ranking and experience for OriginalCrypto is Negative

OriginalCrypto Update

Based on our findings, OriginalCrypto 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 there are any proposals. 

Is Rocket Consultant Group Scam or Legit Broker?

It is not safe to trade with Rocket Consultant Group as the broker is suspected to be a scam. There is not much information about the broker's registration, however, Rocket Consultant Group states to be located in Switzerland while it does not hold a license from the local financial authority.

• This means, that Rocket Consultant Group is an unregulated broker and it is not entitled to provide financial services in the country. It is very dangerous to invest with unregulated brokers, as it is not clear how they lead their business, and if traders are protected with them. 

What is Rocket Consultant Group?

Rocket Consultant Group claims to provide an online trading platform for Forex, Contracts for Difference, and options. The broker doesn't provide much information about its trading conditions or regulation. It claims to have its main office in Zurich, Switzerland, and offices in Panama, Germany, and Hong Kong. However, the company is not regulated or authorized in any of these countries.

• Forex and CFD brokers must be registered with regulatory institutions, which ensures every trader's to be segregated and protected, in case a licensed broker becomes bankrupt. Besides, brokers will need to comply with different regulations, depending on the country and regulator.
  Moreover, the British Columbia Securities Commission has issued a warning against Rocket Consultant Group Ltd.:

"We recently became aware of RCG and that it had accepted funds from a British Columbia (BC) resident to trade with the company. RCG is not registered to trade in, or advise on, securities or exchange contracts in BC."

Rocket Consultant Group 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.

Rocket Consultant Group Update

We found that the Rocket Consultant Group 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 Bitalong Scam or Legit Broker?

No, it is not safe to trade with Bitalong. The broker is suspected to be a scam. The reason is that Bitalong tries to hide details about its regulation. However, if it held a license from a reputable authority as it tries to position itself, the facts about the regulation would surely be on the broker's website. 

• Signing in with an offshore or unregulated broker might put your investments at risk. Thus, we only recommend choosing a well-regulated broker with favorable offerings and years of experience. 

What is Bitalong?

Bitalong is a brokerage firm that states its world-leading digital asset trading platform that has independent service agencies in Auckland and Hong Kong. The broker also mentions its commitment to providing safe, professional, trustworthy, and high-quality services for users all over the world 

• The concerns about Bitalong started at the stage to find its legal documentation, as it was quite hard to reveal the registration of the company, its legal address, or any information. Normally, a reputable firm presents this sort of data to confirm its legitimate status. Whenever any entity hides its history it simply means the firm is most probably an offshore or non-legal state.
• Moreover, it was revealed, the traders engaged in trading with Bitalong submit various complaints against the performance provided, while in the end the funds were lost. In addition, the New Zealand regulatory body FMA has blacklisted Bitalong broker, while the company was detected in their claims to be associated with FMA-registered firm Jazz Finance Limited. In fact, the authority claimed its false state of the association, while another entity's performance and business are also rather suspicious than legitimate. Therefore, the broker received a legal warning and investors were informed not to interact with this company. (Check the official FMA statement by the link)

Bitalong Review Conclusion

In conclusion, as we always advise traders should choose among the regulated brokers only, like UK’s FCA, Australian ASIC, or other similar regulated companies. The funds of security always go first, and the authorized entities only can guarantee the follow of operation with implemented customer protective measure rules, as the regulator constantly checks on it. We recommend signing in with reliable brokers such as BlackBull Markets, FXGT, and FBS.

Bitalong Update

Based on our research, the Bitalong 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.