Archives: Brokers

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. 

Is SoarFX Scam or Legit Broker?

No, SoarFX is not safe to trade with. The company is not regulated by any of the top-tier authorities. There is no mention of the company address, location or any information that can indicate the broker's reliability. Thus, it seems that SoarFX is operating without a license which makes its offerings unreliable and risky. 

What is SoarFX?

The potential client of SoarFX gets an opportunity to trade on the currency market (FOREX) and in CFDs, shares, and indexes through an MT4 platform. SoarFX is a trading name used by Bluestar International Acquiring Ltd and that is all information available about the broker. There is no any mentioning on the official website about an address, registration, or whatsoever, while the only address mentions a payment provider Hermes Solution DOO in Montenegro.

• Therefore, the broker’s operation and provision of services are in question, and definitely, it means the broker is non-regulated while targeting clients just by attractive proposals and conditions. And this is exactly the reason we always advise trading with a regulated broker only, as these firms are constantly overseen and reported.

• As the industry grows, the market authorities issue regular warnings against those companies that use targeting tactics without legal permission to do so and seem to be scams. Moreover, a non-regulated firm means that no one ever checks the company's sustainability, ability to deliver financial service and what stands behind the firm.

• In regards to SoarFX, of course, we recommend avoiding their proposals by any means. Also, the European authority CONSOB, Italy issued an alert against SoarFX, while further EU regulators followed the issue. 

  “The soarfx.com website, registered in an anonymous form by a user whose identity is not known. Considering that the SoarFX company, with an alleged registered office in London, is not authorized to provide investment services to the Italian public, insofar as it is not registered on the register we recommend avoiding trading with them”

  CONSOB, Italy. April 2018.

SoarFX  Review Conclusion

We advise all investors and traders to avoid SoarFX 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, BlackBull Markets, and HYCM.

SoarFX Update

Based on our research, the SoarFX 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 GSFX Scam or Legit Broker?

No, GSFX is not safe to trade with. The company is not regulated by any of the authorities, although it tries to represent itself as a well-regulated broker by top-tier authorities. 

What is GSFX?

GSFX is an online trading provider and retail broker, which claims its registration and popularity in the UK, as well as one of the top European companies, while the operation is established according to its FCA license. While the broker website is mainly presented in Chinese, thus diverted to the Asia region, the website also serves an English version, which means the company targets worldwide traders.

• However, the main concern and truth are that the broker is neither registered by the FCA (Financial Conduct Authority) nor is allegedly located in the UK. Actually, this is a serious issue, as the company points out absolute false information and claims fake legitimate status. None of the serious firms and trustful financial service providers will allow such abuse, but for non-regulated, scam companies it is typical behavior.

• The primary issue of any non-regulated entity is to formulate an attractive offering, get clients' deposits, and manipulated the clients and their funds so the trader will never see his funds again.

GSFX Review Conclusion

We always put a question, why involve yourself in the highest risk while trading or engaging with a non-authorized entity? We recommend choosing among truly regulated FCA Forex Brokers or companies with similar reputable registration, as this will provide safety and reliable trading environment. Traders should trade with well-regulated brokers such as UK brokers or Brokers in Australia and reliable brokers such as FBS and BlackBull Markets.

GSFX Update

Based on our findings, the GSFX 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 LiteFinTech Scam or Legit Broker?

No, it is not safe to trade with LiteFinTech as the broker seems to be a scam. LiteFinTech states to be located in London, UK, yet, it is not authorized to provide financial services in the UK. On the website, there are also listed contact numbers with the phone codes of Germany, Denmark, Sweden, South Africa, and Singapore, while the broker is not authorized to provide services in those locations because of a lack of regulation. 

What is LiteFinTech?

LiteFinTech is a Forex, cryptocurrency, and CFDs broker. The company doesn't provide any information about its regulation or the entities behind the brand's name. LiteFinTech claims to be located in London, UK, however, it is not authorized to provide financial services in the UK. Also, the website lists the contact numbers with the phone codes of Germany, Denmark, Sweden, South Africa, and Singapore, when the broker is not regulated in either of those countries as well. In addition, the terms and conditions state that LiteFinTech is under the laws of Vanuatu, a popular offshore destination for unregulated brokers. It seems that broker might be actually based offshore, which means a high risk for the funds of the traders.

LiteFinTech Review Conclusion

Considering all the mentioned facts, we don't recommend investing in LiteFinTech. There are a lot of other well-regulated brokers to do business with. Regulated brokers are obliged to follow very strict rules, among which are reporting, keeping all clients' funds in segregated accounts, providing traders with a negative balance protection, and also maintaining a certain minimum of operational capital.

Some regulators, like FCA and CySEC, give an opportunity to participate in traders' compensation schemes. Check the list of FCA-regulated brokers. 

LiteFinTech Update

Based on our research, the TradeLTD 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 TradeLTD Scam or Legit Broker?

No, it is not safe to trade with TradeLTD. Despite its Estonian location and registration, the broker is not authorized to provide financial services by the local Financial Supervision and Resolution Authority in Estonia or any other country.

• This means, that it is not safe to sign with TradeLTD, as the lack of regulation is something clients should be very cautious about in Forex trading. 

What is TradeLTD?

TradeLTD is a Forex, Commodities, Indices, Stocks, and Cryptocurrency broker. The company is owned and operated by Currency Board OÜ with a registered address in Tallinn, Estonia.

• Moreover, the Estonian Financial Supervisory Authority has issued a warning against TradeLTD:

"Finantsinspektsioon (the Estonian Financial Supervisory Authority) would like to inform clients and investors that Bushido Technologies OÜ (registry code 14377139) does not hold an activity licence for the provision of investment services in Estonia and therefore Bushido Technologies OÜ is not authorised to provide investment services in Estonia. The company offers the possibility to trade different derivatives through web page www.tradeltd.com."

• The broker has also been blacklisted by New Zealand's FMA:

"The FMA recommends exercising caution before dealing with TradeLTD and the website www.tradeltd.com as TradeLTD is not listed on the FSPR and Is not an incorporated company in New Zealand. Individuals from TradeLTD have been contacting New Zealand residents with investment offers and withholding client funds. This has the hallmarks of a scam."

TradeLTD Review Conclusion

To sum up, TradeLTD is an unregulated forex broker and it is the biggest concern as the lack of license adds additional risk to forex trading. On the other hand, those brokers regulated by reputable authorities have to follow a lot of rules that are made to protect clients. For example, there is a minimum capital requirement they need to meet and also, and they need to keep the accounts segregated.

Thus, traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as FXTM, eToro (Read about eToro forex broker), and Alpari.

TradeLTD Update

Based on our research, the TradeLTD 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.