Archives: Brokers

Is Pro X Finance Scam or Legit Broker?

No, Pro X Finance is not safe to trade with,  as the broker is registered offshore. Investing with offshore brokers is quite risky as the broker might turn out to be a scam.

• Pro X Finance provides contact numbers with British and German phone codes, which means the company should have offices there. It is also targeting the residents of the mentioned countries. However, Pro X Finance is not authorized to provide financial services in the UK or Germany, and most probably all the other countries.

What's Pro X Finance?

Pro X Finance is an offshore Forex and CFDs broker. The website www.proxfinance.com and Pro X Finance trademark are owned and operated by the company Finovative Technologies Limited reg. number 85452, Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960.

• Moreover, the UK's regulator Financial Conduct Authority has recently issued a warning against Pro X Finance:
  "This entity is not authorized by us and is targeting people around the world but primarily in Germany, France, Spain, and Italy. Based upon information we hold, we believe it is carrying on regulated activities and making financial promotions without authorization or exemption."

Pro X Finance Review Conclusion

The first thing the potential investor should do when he is choosing a broker is to determine if it is a legitimate or a scam broker. It is very easy to do. You just need to check if the broker is licensed by CySec in Cyprus, or it is under the regulation of the MIFId in the European Union (EU), or it is registered with the UK’s FCA or Australian ASIC. We recommend signing in with reliable brokers such as BlackBull Markets, FXGT, and FBS.

Pro X Finance Update

Based on our research, the Pro X 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 OptionStars Global Scam or Legit Broker?

No, it is not safe to trade with OptionStars Global. The company is not registered, thus it does not hold any reliable license. Although the broker pretends to be located in London, in reality, it is registered in Samoa - an offshore zone. 

What is OptionStars Global?

OptionStars Global is a trading name used by the company, which claims its address in London, UK. However, during the research, we revealed that the owning company of OptionStars Global is a New Markets S.A. that is registered in Samoa. Therefore it means that the company is not in fact located in an offshore zone that does not provide strict regulation of financial firms, but also the broker manipulates and misleads by disinformation.

• Apart from the issue with trading options itself, as many reputable jurisdictions and authorities forbid this kind of trading due to its highest level of risk. The OptionStars Global broker does not confirm its status to be a trusted firm not only by its non-regulated nature but by receiving numerous complaints and negative reviews from the traders. In addition, the company received warning from the Austrian authority, while other EU regulators followed.

  “The Austrian Financial Market Authority (FMA) may disclose to the general public by publication on the Internet, in the official gazette “Amtsblatt zur Wiener Zeitung”, or in any other newspaper with nationwide circulation, that a particular company OptionStarsGlobal is not entitled to carry out certain banking transactions or investment services. The company is not entitled to provide investment services or banking services in Austria that require a license. The provider is therefore neither permitted to trade on a commercial basis on its own account or on behalf of others.”

  FMA, Austria. April 2018.

OptionStars Global Review Conclusion

We recommend choosing among the brokers regulated by the mentioned authorities. Well-respected financial authorities are effectively enforcing strict financial and ethical rules on all overseen brokers.  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.

OptionStars Global Update

Our research revealed that the OptionStars Global 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 Pinprotrade Scam or Legit Broker?

No, it is not safe to trade with Pinprotrade. Pinprotrade is an offshore broker registered in the Marshall Islands. The fact is that the Marshall Islands is an offshore zone, which does register the financial investment firm, but provides very poor if no requirements for the company operation. 

• This means, that traders are likely to put their investments at risk with Pinprotrade, as there is no sufficient legal protection from the side of the authority. Thus, we recommend starting forex trading only with well-regulated brokers with proven experience. 

What is Pinprotrade?

Pinprotrade is an unregulated broker that offers to trade with Forex, Stocks, Bonds, Indices, and Commodities. The website services are provided by Pinnacle Strategies LTD., based in the Marshall Islands. Payment services are provided by Pinnacle Strategies Group LLP, based and registered in Edinburgh, Scotland.

• The first thing that is not quite fine with the broker is that the main company is based offshore. There are definitely some pros of opening an account with an offshore entity (no leverage restrictions, better spreads (Find lowest spread forex brokers and also find the list of zero spread brokers here), and no taxes).
• The offshore zones are popular among forex brokers as it is easy and cost-effective to get a license there. However, sometimes brokers registered offshore but don't hold any license, even from an offshore regulator. It means that the client's funds are not protected by any laws and there's a huge risk of losing them. Also, many such brokers are pure scams.
• Another problem with Pinprotrade is that the contact numbers provided on the website are with the phone codes of the UK, New Zealand, and Australia. The broker also claims to have offices in Singapore, Tokyo and Hong Kong and investment conduits in Australia and Zurich Switzerland. However, the firm is not regulated to provide financial services in any of the mentioned countries.

Pinprotrade Review Conclusion

Concluding all the above, we wouldn't recommend investing with Pinprotrade. Investing with a properly regulated broker is crucial for the safety of any investment. Here are some reliable regulators: UK’s FCA, the Cyprus Securities and Exchange Commission (CySEC), and the Australian Securities and Investments Commission (ASIC). Always make your own research before signing with a broker, and pick a tightly regulated broker such as FXTM and XM. 

Pinprotrade Update

Based on our research, the Pinprotrade 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 NewSolid Scam or Legit Broker?

No, it is not safe to trade with NewSolid as the broker might be a scam. The strange thing about the broker is that once it provided information that the company is owned and operated by Solid Global Investment Limited and based in New Zealand.

Now, the contact information on the broker's website is different. On its website, it says that the broker is registered in Samoa (registration number: 84459, registered office address: Vistra Corporate Services Centre, Ground Floor NPF Building, Beach Road, Apia, Samoa, Tel: +852 6773 8846, Flat B, 1/F, House of Corona 50 Hung to Road Kwun Tong, Kowloon, Hong Kong, Tel: +852 3908 7900).

• This change of contact information is confusing and certainly gives solid ground for doubts. 

What is NewSolid?

NewSolid is a broker that claims to provide trading with crude oil, indices, currency pairs, precious metals, cryptocurrencies, and other assets. Formerly, the broker claimed that the company was owned and operated by Solid Global Investment Limited and is based in New Zealand. However, it didn't seem to be regulated by New Zealand's regulator FMA. Moreover, the broker had been blacklisted by the FMA in New Zealand. According to the official notice published on the regulator's website, the company could be involved in a scam as it is offering its services in New Zealand without holding the proper licenses or authority:

"Solid Global Investment Limited could be involved in a scam. We note a recent alert published by the Securities and Futures Exchange of Hong Kong in relation to Solid Global Investment Limited. The website www.newsolid.com is not associated with nor authorized by the NZ company Digital Asset Coin Exchange NZ Limited (formerly Solid Global Investment Limited)."

• As we can see from the warning, it also seems that Solid Global Investment Limited is a clone firm of the Digital Asset Coin Exchange NZ Limited, an FMA-regulated company. We have checked the mentioned warning from the Securities and Futures Exchange of Hong Kong and it states that Solid Global Investment Limited has been using a name of an SFC-regulated entity:

  "Unlicensed entities often use names similar to legitimate companies to confuse investors."

• However, the most confusing part that gives good ground for doubts, is that the location and registration information on the broker's website has been changed recently. It is mentioned that NewSolid is registered in Samoa, with the registration number: 84459.

Overall NewSolid Group Ranking 

We found multiple regulation and safety issues with NewSolid, thus we do not rank positively NewSolid, based on our Expert Opinion with over 10 Years of experience in Forex Trading.

• NewSolid 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.

NewSolid Review Conclusion

It is best to avoid dealing with NewSolid, as well as any other firms flagged by the regulators. We advise investing with brokers regulated by well-respected financial institutions such as the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission (ASIC), or the Cyprus Securities and Exchange Commission (CySEC). Traders should trade with well-regulated brokers such as IG Markets and BlackBull Markets.

• Overall ranking and experience for NewSolid Group is Negative

NewSolid Update

We discovered that the NewSolid website is unavailable. It is unclear whether the broker changed its name, or is gone altogether. Since money safety goes first, we recommend avoiding any proposals from NewSolid and staying alert in case of any proposals. 

Is Cointeck Scam or Legit Broker?

No, it is not safe to trade with Cointeck. The broker is located in Estonia and it should have a license from the local authority to be able to offer financial services in the country.

• However, despite the fact that Cointeck positions itself as a regulated broker, it does not registered by the Estonian Financial Supervision Authority (EFSA).

What is Cointeck?

Cointeck is a broker that offers CFDs and cryptocurrency Forex trading. Cointeck.io is operated by CCLR Limited. According to the terms and conditions that can be found on the website, "CCLR Limited is registered in Estonia under the Companies Law, with a license to provide financial and crypto services. The license number is 14447182. Its registered office is at 4 Parda St., downtown district, Harju county, Tallinn, 10151", however, we have checked the register of the Estonian Financial Supervision Authority (EFSA) and there is no record of Cointeck's license. It can be considered the main problem with this brokerage.

• In addition, Cointeck claims to be based in Leicester, UK, but again, it doesn't hold a license from UK's Financial Conduct Authority that would let it provide financial services in the UK.

What is Cointeck?

We highly recommend trading only with entities regulated by well-respected institutions such as the Financial Conduct Authority in the UK or the Cyprus Securities and Exchange Commission (CySEC). As the safety of funds should be a priority for all investors as well as brokerages.

Well-regulated brokers are required to follow strict rules which include protection of the money in segregated accounts and providing compensation schemes. For example, the FCA ensures up to 50,000 GBP and CySEC's compensation scheme covers up to 20,000 EUR. Check the list of FCA-regulated brokers. In order to succeed in trading, it is always recommended to choose a reputable firm, such as FXTM or XM. 

Cointeck Update

Based on our research, the Cointeck 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 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.