Archives: Brokers

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. 

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.