Archives: Brokers

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.  

Is BrighterTrade Scam or Legit Broker?

It is not safe to trade with BrighterTrade, because it is an unregulated broker. In addition, the company has been suspected to be a fraud. While we checked the company there is no authorization or registration of the address, therefore the company seems to be highly suspicious and might operate its services from an absolutely different location.

What is BrighterTrade?

BrighterTrade is a Forex and CFD and cryptocurrency broker. The website is owned and operated by the Brightertrade™ corporate group. The group includes LOGAMET LTD, a St. Vincent & Grenadines company, owner of the website, and INGOTEN OU, an Estonian company, that operates the clearing and settlement for the group.

• There is no information about the company's regulation and it seems like it is not regulated by any authority. Moreover, one of the companies behind the brand is based offshore, which doesn't make BrighterTrade look more reliable.
• In addition, New Zealand's regulator FMA has issued a warning against the broker:
  "WEBSITE: www.brightertrade.com; REASON FOR WARNING: BrighterTrade could be involved in a scam. We note a recent warning published by the Australian Securities and Investments Commission (ASIC) about Igoten OU also known as BrighterTrade."
• This follows another warning from the Australian Securities and Investments Commission against INGOTEN OU:
  "ASIC advises this company could be involved in a scam. Do not deal with this business as it is unlicensed in Australia. The business listed below has made unsolicited calls or sent emails about investing, financial advice, credit, or loans and does not hold a current Australian Financial Services (AFS) license or an Australian Credit license from ASIC."

BrighterTrade Review Conclusion

As regulation is one of the most important things while choosing a broker, we recommend checking those regulated by reputable financial authorities such as ASIC in Australia, FCA in the UK, or CySec in Cyprus. Check the list of ASIC-regulated brokers. To avoid any risks and losses traders should trade with well-regulated brokers such as IG Markets and BlackBull Markets.

The brighterTrade Update

Our research revealed that the BrighterTrade 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 BK-Coin Scam or Legit Broker?

No, it is not safe to trade with BK-Coin. According to the broker's website, the broker is located in London, UK, as well as mentions full regulation and operation under European regulators with numerous received awards for successful operation. However, this is not the case and the provided information is false. 

What is BK-Coin?

BK-Coin claims its leading position in online trading and crypto-currencies offering, through a transparent and enjoyable way, with millions of clients in more than 50 countries around the world. 

• However, the company does not hold a top-tier regulation. It is important to mention that being a UK financial service firm the company license by FCA is mandatory. Therefore, the colorful and bright side of a BK-Coin broker is absolutely false information.
• In addition, the broker received a warning from a Belgium authority FMSA explaining how frauds work and why traders should be very careful while trusting or planning to engage in Crypto trading. 

“Once the fraudsters have your contact details, they offer you an investment they claim is secure, easy and very lucrative. They try to inspire confidence by assuring you that you don’t need to be an expert in cryptocurrencies in order to invest in them. They claim to have specialists who will manage your investments for you.”

FMSA, Belgium. October 2018.

BK-Coin Review Conclusion

We advise to stay away from BK-Coin and sign in with Regulated Brokers only that hold a reliable license and are constantly overseen, with a report of every open trade along to the scheme coverage or even more. There are many companies that are licensed by the regulators like UK’s FCA brokers such as FBS and BlackBull Markets recommended as the best trading company provider.

BK-Coin Update

Based on our research, the BK-Coin 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 CF Group Scam or Legit Broker?

CF Group is not a safe broker. As to the CF GROUP LIMITED, it is actually regulated by the FMA in New Zealand, although the regulated entity has nothing to do with CF Group broker. Seems like CF Group is using the regulatory information of the authorized companies to get clients' trust. 

What is CF Group?

CF Group is a Forex and CFD broker that according to the website is headquartered in London. It owns two subsidiaries: CF GLOBAL UK LIMITED in the UK and CF GROUP LIMITED in New Zealand. Also, the firm claims that CF GLOBAL UK LIMITED is regulated by UK's Financial Conduct Authority and CF GROUP LIMITED is regulated by New Zealand's Financial Markets Authority. The truth is CF GLOBAL UK LIMITED used to be regulated by the FCA, but the regulator's register informs that
"CF GLOBAL UK LIMITED is an appointed representative (AR) that is no longer an agent of an authorized firm. Do not start to do 'REGULATED' business with an AR that is no longer registered."

• Moreover, Financial Markets Authority has issued a warning against CF Group:

"We recommend exercising caution before dealing with CF Group, and the app it has published on the Google Play Store. This app claims to be associated with a New Zealand-registered financial service provider. This app is not associated with the New Zealand registered financial service provider CF Group Limited."

CF Group Review Conclusion

We strongly advise traders to avoid unregulated brokers such as CF Group, especially when there are warnings against them. It is always safer to deal with companies licensed by reputable financial watchdogs such as UK’s FCA or Australia’s ASIC. Here you may check our list of brokers licensed by the FCA. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as FP Markets and eToro.

CF Group Update

Recently the CF Group 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 CryptoAllDay Scam or Legit Broker?

It is not safe to trade with CryptoAllDay. It has been suspected as a scam broker. According to the website, CryptoAllDay is located in the Republic of Seychelles with the registered address Suite 19, First Floor, Eden Plaza, Eden, Island, Victoria, PO Box 428, Mahé, Republic of Seychelles. Seychelles is a known offshore zone.

• It is not safe to trade with the offshore zone. Brokers with offshore licenses are not strictly regulated and do not follow certain guidelines and rules. 

What is CryptoAllDay?

CryptoAllDay is a Forex and FX-Crypto trading provider based in Seychelles and managed by the incorporated company  Petrasoul Ltd. The company promises a high potential income from Cryptocurrencies trading through an incredibly flexible trading system with fast execution and the utmost security. With CryptoAllDay diversified account types every сliеnt can dесidе not оnlу their реrfоrmаnсе rеquirеmеnt but аlѕо рrеfеrrеd lеvеl оf risk, as well as trading conditions.

• Even though the offering might seem quite good, we do not advise getting into that trap. First of all, a serious and reliable financial investment firm and trading broker should hold the necessary registration in order to deliver their services. As CryptoAllDay mentions its location in Bulgaria, which is part of the EU, the company should be authorized. However, it is not the case for CryptoAllDay, therefore there are no guarantees that the company is not another fraud.
• In addition, in spite of numerous warnings from world regulators, cryptocurrencies still remain very attractive to potential investors and especially to scammers. As the Crypto industry still not strictly regulated in order not to fall under insolvency and loss of capital, we recommend choosing a broker carefully and considering only those that have been checked previously by the legal authorities. Therefore, traders should consider only firms with specified licenses and check their status through the authority portals.

Overall CryptoAllDay Ranking 

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

• CryptoAllDay 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.

CryptoAllDay Alternative Brokers

Based on our finds and issues with the safety of CryptoAllDay here are much better Alternatives to CryptoAllDay with good regulations and excellent conditions. We select Good Brokers and reliable options for your comparison below: 

• AvaTrade – Good for Currency trading
• InteractiveBrokers – Good for US Trading and Trading of Real Stocks
• FXTM – Good for Beginners

Deposits and Withdrawals

To open an account with CryptoAllDay, traders need to deposit a minimum of $250 USD. There are two main options for funding: Wire Transfer and Credit Card.

• In order to be able to process withdrawals the trading account should be fully verified within the first 7 days after the first deposit is made.

• The minimum withdrawal for Credit Cards is $100 USD or €100. The minimum of a wire transfer withdrawal is $1000. 

CryptoAllDay Review Conclusion

In the case of CryptoAllDay, the trading they offer is confusing and does not give any trust. To be protected from fraud and doubtful offerings we recommend signing in with a tightly regulated broker.  Check the list of FCA-regulated brokers here. We advise signing in with reliable brokers such as BlackBull Markets, FXGT, and FBS.

• Overall ranking and experience for CryptoAllDay is Negative