Archives: Brokers

Is SpearTrader Scam or Legit Broker?

No, it is not safe to trade with SpearTrader. The broker is suspected of being a scam. The terms and conditions on the website state that the company is under the laws of the United Kingdom, which is supposed to mean the broker is regulated by the Financial Conduct Authority in the UK. However, it is actually not licensed by this or any other regulator.

• This means the services the broker provides are not overseen by any legal authority, thus are very suspicious and might put a trader's investments at risk. 

What is SpearTrader?

SpearTrader is a broker that offers Forex, CFD, and options trading. There is not much information about the company behind the brand or its headquarters on the website, only that SpearTrader was founded in 2009.

• The only contact information provided on the website is a contact number with a Swiss phone code when the company is not regulated in Switzerland. Moreover, Austria's regulator Financial Market Authority (FMA) has issued a warning against SpearTrader in June 2018:
  "SpearTrader is not entitled to carry out banking transactions 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 (Article 1 para. 1 no. 7 BWG)."

SpearTrader Review Conclusion

We advise all investors and traders to avoid SpearTrader and other unregulated or offshore brokers. To avoid any risks and losses traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as IG Markets and BlackBull Markets.

SpearTrader Update

Our research revealed that the SpearTrader 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 Markets Xchange Scam or Legit Broker?

It is not safe to trade with Markets Xchange. This is an offshore broker and does not hold any serious license from a top-tier authority. 

• The broker is registered in the Marshall Islands which is an offshore zone, however, the broker pretends it is located and licensed in Ireland, which already gives a firm ground for doubts. 

What is Markets Xchange?

Markets Xchange is a Forex and CFDs broker. The website states that the Company Marshall Islands provides online trading services via its brand “Markets Xchange” and its European billing agent and marketsxchange.com website and the domain registrar. It is clear from the owner company's name that the broker is registered in the Marshall Islands, however, it claims to be located and authorized in Ireland (they don't provide the address, but provide multiple British and Irish contact phone numbers). Markets Xchange is not regulated by Ireland's regulator The Central Bank of Ireland or any other authority.

• Moreover, The Central Bank of Ireland has issued a warning against the broker:
  "Markets Xchange/Company Marshall Islands is not authorized by the Central Bank as an investment firm, or to provide investment advice. Markets Xchange/Company Marshall Islands has cloned the Central Bank authorization number of a legitimately authorized entity (of a different name) that has no connection whatsoever to this unauthorized firm."

Markets Xchange Review Conclusion

As we usually warn, offshore-regulated companies are not the best options to trade with, because of the high risk of losing invested funds. They don't guarantee and/or provide any protection for their customers. The UK's FCA, on the contrary, provides the Financial Services Compensation Scheme (FSCS), which guarantees account protection in case the broker goes bankrupt. Check the list of FCA-regulated brokers here. Traders should trade with well-regulated brokers such as FBS and BlackBull Markets.

Markets Xchange Update

Based on our findings, the Markets Xchange website is inactive. This means the broker has muted its trading offering and does not operate. Anyway, we recommend avoiding and staying alert in case of any proposals. 

Is The Cryptonix Team Scam or Legit Broker?

No, it is not safe to trade with Cryptonix Team. The broker does not give any clear information about its registration. On the contrary, the addresses it provides are confusing, as it states its UK location, however, also mentions being located in Sofia, Bulgaria. To operate in the mentioned locations financial services providers need to hold licenses from the local authorities. This is not the case with Cryptonix Team. So, it can be concluded that the broker is unregulated, offering doubtful services to its clients.

• We never recommend traders choose unregulated or offshore brokers, as the services they provide are not protected by any legal rules. 

What is Cryptonix Team?

The Cryptonix Team claims that the company was founded in June of 2012, while the firm is a digital currency wallet and platform where merchants and consumers can transact with new digital currencies like bitcoin, Ethereum, and litecoin. The broker offers to trade on 45+ most popular exchanges from a single account while the broker is based in the UK, London. However, The Cryptonix Team mentions also its ownership and operation by Sveti George 2016 Registered in Sofia Bulgaria.

• Actually, this is quite confusing, as the company gives uncertain conditions to its address and therefore legitimate status. Obviously, that means that the broker is not regulated, nor authorized to deliver its service within the EU. The most crucial factor with non-regulated entities is that the company does not fall under oversight, while the funds can be managed in any possible manner. That means that investment with non-licensed brokers like The Cryptonix Team can be very risky while there is no any assurance for the safety of funds.
• Besides, the regulatory authorities that constantly monitor and regulate forex brokers issue warning against those who are considered risky businesses and warn clients to not engage in potential fraud. Before signing up with the broker check on its legal information, licenses, and compliance with international law, and then choose the best suitable for your particular needs.

The Cryptonix Team Review Conclusion

In conclusion, we advise avoiding The Cryptonix Team and similar offerings and instead checking out the trusted lists of brokers. This list of trusted brokers includes reputable ASIC Regulated brokers, FCA Regulated Brokers, or similar providers that significantly lower the risks in trading. To avoid any risks and losses traders should trade with well-regulated brokers such as IG Markets and BlackBull Markets.

The Cryptonix Team Update

Our research revealed that the Cryptonix Team 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 Cyber FX Scam or Legit Broker?

No, it is not safe to trade with Cyber FX. The broker does not hold any serious license, which means that investing with it might put your funds in jeopardy. 

• In Forex trading, the most important part is the safety and reliability of the broker. To be legally protected, it is essential to sign with a well-regulated broker from such authorities as ASIC, FCA, etc. 

What is Cyber FX?

Cyber FX is a trading name used by a company that states its full incorporation in the Republic of South Africa while additionally serving an office in Zambia. The broker offers clients a platform to trade Derivatives Instruments such as Contracts for Difference, Warrants, Futures and more through some of the best trading conditions with pure STP/ECN connectivity (Best ECN Brokers).

• However, in order to be a trusted company the good proposal and technology unfortunately not enough. First of all the financial service providers should be a legitimate and strictly controlled firm that is overseen by the authorities in terms of their reliability and sustainability, as well to be sure all claims are true. In the case of the Cyber FX, the firm, in fact, is only registered in the Republic of South Africa and does not hold any other license to deliver its service or to be constantly supervised.
• That means that investment and trading can be very risky to the trader, due to the company’s non-regulated nature. Specifically, the Africa area is full of scammers and fraudulent companies that try to attract potential clients with attractive high gains and incomes, while in fact, they are a typical scam. Therefore, we advise always to sign up only with the companies that have a link to the regulatory authorities and will provide necessary customer protection conditions.

Cyber FX Review Conclusion

In conclusion, we advise avoiding Cyber FX and similar offerings and instead choosing ASIC Regulated brokers, FCA Regulated Brokers, or similar providers that significantly lower the risks in trading. To avoid any risks and losses traders should trade with well-regulated brokers such as IG Markets and BlackBull Markets.

Cyber FX Update

Our research revealed that the Cyber FX 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 PlusOption Scam or Legit Broker?

It is not safe to trade with PlusOption as the broker does not hold any serious license. Although the broker is located in the UK, it does not hold a license from the country's top financial authority - FCA. This means, that engaging in trading with the broker might put your investments at risk. 

What is PlusOption?

PlusOption is CFD’s trading platform that offers diverse products through its user-friendly trading experience and company support. The company is located in London and claims over 23k engaged traders, numerous received awards, and a huge office team.

• However, almost every entity based in the UK related to financial investments and those firms that offer trading opportunities should be authorized by the local licensor FCA (Financial Conduct Authority). Unfortunately, this is not the case for PlusOption, therefore the company may state various benefits but the client will never know if this is true or false. The unregulated brokers most often just aim to target a maximum number of traders to make deposits, while further on the trader most probably will never see his funds again.
• That happens quite often, as the non-regulated company is overseen by none of the governmental authorities and can do whatever they think is correct. Yet, international regulators monitor the market offering and issue warning against those who seem to be scams, and PlusOption received some of them. 

“ASIC advises this company PlusOption also known as Redfield Markets could be involved in a scam. Do not deal with this business as it is unlicensed in Australia. The business listed 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.”

ASIC, Australia. April 2018.

• What is more, there are many negative reviews from the PlusOption engaged traders that state their scammed experience on huge amounts.

PlusOption Review Conclusion

 In conclusion, we recommend choosing a well-regulated broker (Find top forex brokers by link) from FCA Brokers or ASIC Broker (Read ASIC regulated GO Markets review)s and not putting your own trading experience at the highest risks. Read about FCA Regulated Infinox & FXOpen.

PlusOption Update

Based on our findings, the PlusOption website is inactive. This means the broker has muted its trading offering and does not operate. Anyway, we recommend avoiding and staying alert in case of any proposals. 

Is International Markets Live Scam or Legit Broker?

International Markets Live is not a safe broker. It is located in the UK, however, there is no mention of the FCA license, which is obligatory for all the financial firms located in the country. Thus, we recommend avoiding unregulated companies and trusting funds to brokers with tight regulations and favorable conditions. 

What is International Markets Live?

International Markets Live Limited, which uses a trading name declares its offices in London and New York. The company promises education, enrichment, and empowerment of every engaged customer, while currently, the company serves thousands of clients. The company offers an extensive proposal on education, trading itself along with the opportunity to invest with Forex and specifically cryptocurrencies. The firm presents itself mainly as an educational source but it's obvious that further on the open account within their platform.

• However, there is no any mentioning of the regulation or compliance with international laws, therefore the broker is unregulated. Actually, that means that the firm is not a legal entity and has no rights to offer its services to the clients, as simply their operations are not set to standards to protect clients.
• In addition to that in order to educate and warn clients, the respected authorities constantly check on the activity among the marketing offerings and issue warnings against those who seem to be fraud companies (See fake forex brokers list here). Therefore, iMarketsLive appeared in various issues within the regulators, as well as if you check on the reviews from the traders you find nothing but complaints with typical problems like holding of withdrawals.

“International Markets Live is not, authorized to offer financial services and products in Belgium. Moreover, the system proposed by International Markets Live exhibits features characteristic of a pyramid scheme.”

FSMA, Belgium. January 2018.

International Markets Live Review Conclusion

Overall, it should be the priority for any trader to choose only among the safest brokers (Find the best forex brokers here), which are usually regulated brokers like BDSwiss broker and Alpari broker, and not to engage with companies like iMarketsLive. Specifically, there are numerous warnings that include industry reputable regulators like CNMV, AMF, and others.

International Markets Live Update

We found the International Markets Live Limited website inactive and unavailable to reach. This means the broker no longer operates. However, it is best to avoid and stay alert if any proposals come. 

Is OneTradex Scam or Legit Broker?

No, it is not safe to trade with OneTradex. OneTradex is owned by Onetradex Ltd. which is an offshore company registered in the Cayman Islands.

• OneTradex is a company that claims direct market access to stocks, bonds, options, futures, funds, CFDs, ETFs, and precious metals that are available from a single offshore investment account. OneTradex is based in the Cayman Islands and offers tax-neutral trading accounts for offshore residents and expatriate investors, including the non-resident U.S.

What is OneTradex?

The broker states their fully-licensed operation offering through online discount trading, while the license is received by the Cayman Islands authority “OneTRADEx is licensed to conduct securities investment business by the Cayman Islands Monetary Authority”.

• However, in fact, the Cayman Islands as an offshore zone does not regulate Forex or trading business but just issues an established certificate with a very small requirement and that’s all. That means the OneTradex is a typical broker with an offshore license that unfortunately does not operate according to the strictest standards, is not overseen constantly in terms of the operation, and therefore is a broker we do not recommend trading with.
• The safety of funds is the main concern of any trader or investor, while the necessary protection can be provided only by fully legitimate and licensed companies, as they are watched at every level. In addition, the regulated entities fall under the scheme in case of the company insolvency or payment issues, thus the trader can trade rest assured. 

OneTradex Review Conclusion

We advise all investors and traders to avoid OneTradex and other offshore brokers. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as XM.com, Alpari, and FXTM (Check our review on FXTM).

OneTradex Update

Our research revealed that the OneTradex 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 Option888 Scam or Legit Broker?

Option888 has been suspected as a scam broker. The information the broker provides on its website on its location and regulation is quite confusing. Research shows, that  Option888 simply does not have and license, thus being an unreliable broker for investments. 

What is Option888?

At Option888 is a trading name and brand used by Capital Force Ltd, with its stated location in the Republic of Samoa. The broker stated their combination of a modern, user-friendly platform with the latest advancements in online technology, to give our users a fast, responsive and accurate trading experience with guaranteed execution and accurate times. Moreover, Option888 mentions its run of offices worldwide including offices in London, Sweden, Malta, Germany, Holland, Spain, and France, while the broker has managed to become the largest Forex broker (Read BDSwiss review, which is one of the largest trading companies) serving Europe, Oceania, and the Middle East.

• However let us check closer the states of Option888, what is first that the company writes its ownership and operation by Celestial Trading Ltd, that is licensed and regulated by the Montenegro security exchange commission. While the payments provided via credit cards are processed Celtic Pay Ltd, located in the United Kingdom. That is a quite confusing information, as addresses of incorporation, alleged regulation and payment providers are different. Also, in fact, Montenegro does not establish strict regulation to a Forex business, therefore the Option888 is rather simple non-regulated broker (Find the fake forex brokers list by link) than the one they wish to be.

• In addition, the broker was banned and warned by Europe at authority as they are not authorized to offer their business. 

  “Option888 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 (Art. 1 para. 1 no. 7 BWG), nor to provide commercial portfolio management

  FMA, Austria. November 2017.

Option888 Review Conclusion

In conclusion, you better avoid Option888 and choose among the brokers that are regulated, while their promises are overseen by the authorities. There are many brokers to choose from, thus select from ASIC Regulated brokers or similar entities (Read about ASIC Regulated GO Markets & Axitrader).

Option888 Update 

Based on our research, the Option888 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 XMarkets Scam or a Legit Broker?

XMarkets is a 100% fraud company (Find the forex scams list). The broker is registered offshore and does not hold any proper license from a well-known reliable financial regulator. It is NOT SAFE to trade with XMarkets.

• We never advise trading with an offshore broker, since the financial investment service they deliver is not trustable. The reason is simple, the broker may promise the most ever competitive trading conditions (Check Alpari broker review here) or the trading environment, yet the trader has no guarantee from the official entities that oversee the Forex industry. Thus the engagement in trading with such a company means the trader will believe only in the broker’s words, and of course, it is a high risk.

What is XMarkets?

XMarkets is a Forex platform provider operated by Celestial Trading Ltd based in Seychelles while using a UK-based firm as their payment provider, which is quite confusing. Obviously, due to its location, the company is not authorized by any authority firm as Seychelles simply does not regulate Forex business.

• Even though the company claims its cutting-edge trading platform and the service delivery to trade the Forex to various investors, the quality can’t be guaranteed by the broker’s compliance with the required international standards.

• Furthermore, the reputable UK authority FCA (Read about FCA regulated Exness broker & FXOpen broker review) warns potential investors and clients about the XMarkets since the broker was detected to offer and provide its financial services without necessary authorization within the UK jurisdiction and further. The flag on investment is based on its unregulated financial service delivery, while there is no overseeing of the trading itself. Generally, we never advise trading with non-regulated companies as the financial investment is a high-risk business that requires compliance with the customer protection rules that are designed to be traded on the safe side.

  “We believe this firm has been providing financial services or products in the UK without our authorization. You should also be aware that if you give money to an unauthorized firm, you will not be covered by the Financial Ombudsman Service or Financial Services Compensation Scheme (FSCS) if things go wrong.”

  FCA, February 2018

XMarkets Review Conclusion

We found that trading with XMarkets is not safe. It is recommended to choose among the FCA-regulated brokers such as Infinox, that deliver an authorized trading environment. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as BlackBull Markets and XM.

XMarkets Update

Based on our research, the XMarkets 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.