Archives: Brokers

Is Extick Scam or Legit Broker?

No, it is not safe to trade with Extick. Extick is a newly established online trading provider, which established its operation in July 2018 and offers CFD and Cryptocurrency instruments. The company states its address in London, UK while the operation is performed through the owning company PPSAI GROUP LIMITED.

• To be able to offer financial services in the UK, a company should hold a license from the well-known FCA. However, this is not the case with Extick, which means that the broker is unregulated and does not have legal permission to provide its services in the country. 

What is Extick?

Extick offers individuals the ability to trade a variety of digital assets through a web-based simple interface of a trading platform.

However, in order to be a legit firm and offer financial investment services to the public, the company should maintain and prove its sustainable positions, as well as apply various rules in order to deliver safe trading conditions.

• All this is established and controlled strictly by the local authority FCA (Financial Conduct Authority), while it is mandatory to obtain an FCA license before you start the trading business. Yet, Extick didn’t bother to receive a license and be authorized. Therefore, it is unknown what kind of business they are doing, and especially how they treat the investors' funds.
• Still, the company is a very fresh issue and there is no evidence or confirmation of their fraud nature, yet the operation with no license is definitely a good start for brokerage.

Extick Review Conclusion

We advise all investors and traders to avoid Extick 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 FP Markets and BlackBull Markets.

Extick Update

We found that the Extick 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 KryptoWize Scam or Legit Broker?

No, it is not safe to trade with KryptoWize as the broker seems to be a scam. The firm is owned and operated by Rushtag Limited with its registration in Gibraltar, which does not regulate Forex and financial business. 

• Lack of registration is a huge red flag for any broker, and traders should avoid signing with unregulated or offshore brokers, as their investments are not protected legally. 

What is KryptoWize?

Cryptocurrencies are attracting increasing interest, for the technology they are based on and for the profits they can generate. There are thousands of companies currently that offer access to trade and speculate on Cryptocurrencies, while just a few are legally permitted to do so. The rest are considered to be very risky, as simply the client never knows which outcome he will see.

• Safety measures should be implemented before any investment is done, and the first status of reliability to the firm is its regulatory status and if the company has passed all necessary requirements.

• In the case of KryptoWize, the firm is owned and operated by Rushtag Limited with its registration in Gibraltar, which unfortunately does not regulate Forex and financial business. Even with a general overview, there is nothing that attracts that much in KryptoWize trading and evermore acts against trading with them.

• Therefore, we do not advise trading with KryptoWIze as they are simply not overseen by anyone. In addition, the firm already received its warning for an illegal target of residents and offering of service it is not permitted to offer.

  “In spite of prior warnings by the FSMA, cryptocurrency fraud continues to trap ever more victims in Belgium. Therefore the FSMA is publishing a new warning today against these forms of fraud.“

  FMSA, Belgium. October 2018.

KryptoWize Review Conclusion

We constantly remind traders that investing with a non-authorized entity is a high-risk business. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as BlackBull Markets and XM.

KryptoWize Update

Based on our research, the KryptoWize 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 RCPro Scam or Legit Broker?

No, RCPro is an unregulated broker. RCPro is a Forex and CFD broker, owned and operated by GoldTech Media Services OU. GoldTech Media Services OU is incorporated and located in Tallinn, Estonia, however, the company is not regulated in Estonia or any other European country. There is no information about the broker's regulation at all, so it has no legal right to provide its financial services. 

What is RCPro?

Another thing that should be a huge red flag for those who want to invest with this broker is the reputation of GoldTech Media Services OU. The company has been blacklisted multiple times under the names of other unregulated brokers such as S2Trade and Glenmore Investments. These brokers along with GoldTech Media Services OU have been blacklisted by the UK's Financial Conduct Authority: S2Trade in February 2018 and Glenmore Investments in August 2018.

• As to the RCPro, it has also been banned by the Estonian Financial Supervisory Authority:

"Finantsinspektsioon (the Estonian Financial Supervisory Authority) would like to inform clients and investors that GoldTech Media Services OÜ (commercial registry code 14185919) does not hold an activity licence for the provision of investment services in Estonia and therefore GoldTech Media Services OÜ is not authorised to provide investment services in Estonia. The company offers the possibility to trade different derivatives through web page https://www.rcpro.com/."

RCPro Review Conclusion

We advise all investors and traders to avoid RCPro and other unregulated brokers. The lack of 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 Australia and reliable brokers such as FP Markets and BlackBull Markets.

RCPro Update

We found that the RCPro 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 BrokerYard Scam or Legit Broker?

No, BrokerYard is not safe to trade with. The company is not regulated by any of the authorities. Due to its unregulated nature BrokerYard is not recommended to trade with.

What is BrokerYard?

BrokerYard is a trading provider with the opportunity to trade on the FOREX and CFD markets through a dedicated platform. The company claims its location in the UK, however, there is no license or registration of the broker appears. Therefore, the broker operates illegally, due to the fact that almost every financial service company and trading service provider should obtain an FCA (Financial Conduct Authority) license in order to offer their service to UK residents and beyond.

• An FCA authorization, first of all, confirms that the company is sustainable and conducted according to strict capital requirements along with the applied customer protection rules. Thus, the FCA-regulated broker maintains a sufficient level of safety in order to offer a quality product to potential clients and perform smooth trading itself.
• As all mentioned is not the case of BrokerYard, due to their non-regulated establishment, we do not advise trading with them. Moreover, the firm received a warning from the authorities, which is also should be strongly considered. Generally, trading with non-regulated or offshore firms increases the chances to lose funds due to some unknown circumstances and unfortunately, no one will be able to protect the client’s interests further.

 “Established that, from the information available, people operating in name of "Broker Yard" have contacted Italian investors by telephone in order to persuade them to open an account and carry out trading transactions on the said website. Moreover, some complainants have received emails containing operational instructions and that the provision of investment services and activities is reserved for authorized entities only. Hereby CONSON resolves to cease the infringements of the provision of the Broker Yard services.”

CONSOB, Italy. April 2018.

BrokerYard Review Conclusion

We advise all investors and traders to avoid BrokerYard and other unregulated brokers. 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.

BrokerYard Update

Based on our research, the BrokerYard 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 Shinsei Corporate Management Scam or Legit Broker?

No, Shinsei Corporate Management is not safe to trade with it. Besides the fact that unregulated and offshore companies are considered to be risky businesses and are not advised as trustable brokers, Shinsei Corporate Management also gained a negative reputation on internet sources and among traders.

What is Shinsei Corporate Management?

The broker Shinsei Corporate Management offers vast trading opportunities with complete resources and investment services with advanced offerings to retail, institutional clients, and wealth management. The company states its address in Japan with 17 years of experience and over 7 thousand clients engaged with them.

• Besides the allegedly attractive offering, the facts reveal that the company does not hold a proper license to deliver its investment service within or beyond its location. This means, that there is no implemented set of rules that confirms company sustainability and ability to maintain obligations towards the clients.
• It is also worth mentioning, that at the moment of our investigation, the broker's website is partly disfunctional. We recommend traders to make their own research and decide whether it is worth signing in with the broker. 
• In addition, the firm’s offering caught the attention of international authorities, as their non-licensed operation was delivered to jurisdictions that strictly monitor market offerings. The alerts were issued by the Austrian FMA, while other partner regulators within and far the EU followed the issue.

“The Austrian Financial Market Authority (FMA) may disclose to the general public by publication on the Internet, or in any other newspaper with nationwide circulation, that a particular natural or legal person Shinsei Corporate Management is not entitled to carry out certain investment services. Provided that said person has given cause for such action and informing the general public is deemed necessary and reasonable with regard to possible disadvantages of the person concerned.”

FMA, Austria. September 2018.

Overall Shinsei Corporate Management Ranking 

Because of the regulation and safety issues we revealed during our research of Shinsei Corporate Management, we do not rank positively Shinsei Corporate Management, based on our Expert Opinion with over 10 Years of experience in Forex Trading.

• Shinsei Corporate Management 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.

Shinsei Corporate Management Alternative Brokers

We revealed that Shinsei Corporate Management has a lot of issues, mainly in respect of its safety and registration. Thus, here are much better Alternatives to Shinsei Corporate Management with tight regulations and great trading conditions. We select Good Brokers and reliable options for your comparison below: 

• HFM – Good for Currency trading
• FP Markets – Good for CopyTrading
• XM – Good for Beginners

Shinsei Corporate Management Review Conclusion

Generally, investment and financial services require a high level of caution while dealing with and choosing the company to engage with. We advise choosing among regulated brokers only. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as FBS and BlackBull Markets.

• Overall ranking and experience for Shinsei Corporate Management is Negative

Is DCA-Finance Scam or Legit Broker?

No, it is not safe to trade with DCA-Finance. According to the website, the broker holds an FCA license, while in reality the company is blacklisted by the authority. Besides, the broker seems to target French-speaking societies, as the website has also a French version. 

• DCA-Finance does not hold any regulation, on top of all, it pretends to be a trustworthy broker with tight regulations, which leads to believe that its main intention is attracting clients and their funds.

What is DCA-Finance?

DCA-Finance is a company that claims its world-leading online cryptocurrencies and asset trading position in a transparent, enjoyable, and simple way. The registration and the location of the company are not clear, as the broker didn’t provide a legal or registered name of the firm.

• Broker’s offering diverted to English and the French-speaking population, while in the French version of the website, the company dared to mention its FCA regulation status even with the license number provided. However, this is absolutely fake information which shows that potential traders and investors should be extremely careful before they trust to the offering and check all data in legal sources.

• In addition, DCA-Finance was blacklisted by the EU authority, while potential clients were alerted to invest with the firm and trust their proposal. There are currently numerous similar-looking firms that offer Crypto trading and offer high incomes due to the Crypto boom in the market, yet the companies are frauds.

  “The FSMA has put together a list of cryptocurrency trading platforms, including DCA-Finance about which it has received complaints from consumers and has identified signs of fraud. These are cases of investment fraud pure and simple. In order to avoid such cases of fraud, the FSMA invites would-be investors to exercise utmost prudence and advises them to remain alert to any indication of investment fraud. It, therefore, offers a few recommendations always verify the identity of the company, in case a company cannot be clearly identified, it should not be trusted.”

  FMSA, Belgium. October 2018.

DCA-Finance Review Conclusion

In conclusion, you should avoid DCA-Finance or similar offerings that promise an easy way to trade Cryptos and choose among the reliable brokerage firms with authorization status that protects clients and are fully legal entities. Treaders should sign in with reliable brokers such as BlackBull Markets, FXGT, and FBS.

DCA-Finance Update

Based on our research, the DCA-Finance 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 CryptoNetto Scam or Legit Broker?

No, it is not safe to trade with CryptoNetto, as the broker is suspected of being a fraud. The CryptoNetto company is a suspicious entity, as the mentioned address states London, UK while there is no proof of address provided or even the registered name of the firm. A serious firm will always include all necessary legal information, which also can be confirmed through official sources, like the FCA Regulated entities list or other authority-regulated firms' online listing.

• This means, that the broker does not have any license and the services and signing with it might put the trader's investments at risk.

What is CryptoNetto?

In the recent stage, many platforms appearing that offer vast trading opportunities with Cryptocurrencies, for both investors beginners (Best Forex Broker for Beginners), and professionals with convenient confidence and trust. Many of those platforms propose high guaranteed returns and services as well on derivative assets that include CFDs and Forex instruments.

• However, the concern about potential incomes and opportunities should go in parallel with real facts about trust in the offeree company. In order to be sure the broker is a firm that will deliver what is promised the trader at the first step should look for its legitimate status and check on the registrations.

• In conclusion, the CryptoNetto trade appears to be just another “attractive” Crypto trading proposal which is rather a fraud than the company. Moreover, the broker received its warning from an EU regulator, while other authorities followed a concern.

  “The FSMA has received numerous complaints about this trading platform CryptoNetto that claims to be active in the cryptocurrency sector. Consumers who have invested in them complain, in particular, that they never recover the funds invested or that they simply have heard nothing further from the company with which they invested their money.”

  FMSA, Belgium. October 2018.

CryptoNetto Review Conclusion

We strongly advise choosing among the regulated companies, which in fact is a mandatory rule for all financial firms incorporated in the UK, so check the list of FCA Regulated Brokers. There are many companies that are licensed by UK’s FCA brokers such as FBS and BlackBull Markets recommended as the best trading company provider.

CryptoNetto Update

Based on our research, the CryptoNetto 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 Empire Option Scam or Legit Broker?

No, Empire Option is not safe to trade with. The company is not regulated by any of the authorities. Being located in an offshore zone - St. Vincent and the Grenadines, the fact is the firm is not overseen and regulated by the strictest international rules that confirm the sustainable status of the company. In addition, the firm also appeared in warning lists of several authorities that include EU regulators and beyond.

What is Empire Option?

Empire Option is a trading name used by Baumann and Kraus Enterprises Ltd, which is located in the offshore zone of St. Vincent and the Grenadines. The broker promises a new way to invest in the world’s leading financial markets through more than 1,000 assets with advanced tools.

• The reviews about the company consist of mainly negative ones, with a history back to 2015. As the reputation of the broker widely spread among internet sources, the broker decided to change their target strategy to those regions that may not find their negative information. And that region includes mainly Spanish-speaking countries and clients, especially from Latin America, as well as the Middle East regions. However, the fraud of the Empire Option performs already revealed through numerous sources while clients still facing the same problems with withdrawals, manipulations, and malicious trading itself.

Empire Option Review Conclusion

In conclusion, of course, the traders should avoid Empire Option brokers and any contact with them, as well as not to involve in any non-regulated sites or entities. The first step to protect funds and engage in reliable investment is to check on the authorization status of the company which confirms the legal status of the entity. We recommend choosing among the recommended FCA Regulated brokers, ASIC Regulated Brokers, or similarly regulated brokers.

Empire Option Update

Based on our research, the Empire Option 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 Dubai FXM Scam or Legit Broker?

No, it is not safe to trade with Dubai FXM. Dubai FXM is owned by Dubai FXM Limited, an offshore company registered in Vanuatu.

Vanuatu is notorious for its practically absent requirements and regulations. The setup cost is low and it does not regulate forex trading. Therefore, it became an offshore zone for shady forex brokers such as LiteFinTech, Emporio Trading, and more. We have a detailed article explaining the risk of trading with brokers from Vanuatu.

What is Dubai FXM?

Dubai FXM was launched in 2012.  The broker offers a wide range of products, including CFDs in crypto and forex. Dubai FXM states its authorized status and compliance with the international financial standards of service by the authorization from The Financial Commission. In fact, this organization is self-regulated and does not strictly regulate or oversee the companies. From our source, it costs €24,000 per year to become a member. However, there is no handbook or guidelines for brokers to run their businesses. Therefore, there is zero protection for traders.

• In addition, the latest list of Italian watchdog CONSOB included Dubai FXM on their warning list, since the firm is not licensed and permitted to offer their services within Italy or the EU.

  “The National Commission for Companies and the Stock Exchange has implemented a precautionary suspension, on the following company Dubai Fxm Ltd. As the company is not authorized to provide investment services and activities in Italy by any means”

  CONSOB, Italy. November 2018.

Dubai FXM Review Conclusion

We advise all investors and traders to avoid Dubai FXM and other brokers from Vanuatu. 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,  such as UK brokers or Brokers in Australia and reliable brokers such as FP Markets and BlackBull Markets, as financial safety in forex trading is essential.

Dubai FXM Update

We found that Dubai FXM 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.