Archives: Brokers

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. 

Is NBR Trading Scam or Legit Broker?

NBR Trading is not a safe broker to trade with. The broker does not hold any serious license and it might be a scam. Being based in Japan the broker should hold a license from the country's top financial authority - JFSA. However, this is not the case with NBR Trading.

What is NBR Trading?

NBR Trading is a multi-tier private equity firm involved in global derivatives and risk management providing in-depth analysis and trading of financial markets globally. This info is claimed on the company website, while the firm mentions their exceptional expertise, run of business since 2013, and addresses in Japan.

• However, our main concern about NBR Trading is the regulatory status, which is not confirmed by any mention on the website. That means that the company delivers its service without a proper license and authorization. Being based in Japan the broker should hold a license from JFSA (Japan Financial Service Agency) (Learn about JFSA regulated Avatrade Platform), and therefore if the company didn’t apply for the license there are questions appearing.
• In addition to that, the industry authorities monitor the market offering in order to prevent their responsible residents from fraud and risky investments. As NBR Trading is not licensed to offer its service to world traders, the company received a warning from the Australian and other regulators.

“ASIC advises the company NBR Trading Co Ltd 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 or an Australian Credit license from ASIC.”

ASIC, Australia. October 2018

NBR Trading Review Conclusion

Together with the Forex authorities we always recommend investing and trading only with regulated entities. As scams and frauds are growing daily every trader should protect his funds from non-compliant companies. For that reason, it is better to choose among ASIC-regulated brokers or similar. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as FBS and BlackBull Markets.

NBR Trading Update

Based on our findings, the NBR Trading 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 CK Markets Scam or Legit Broker?

CK Markets has been suspected as a scam broker. According to the website, CK Markets is providing financial services under the laws of Saint Vincent and the Grenadines.

• The broker’s office is located in an offshore area in Saint Vincent and the Grenadines. Although there is a local registration by the Financial Service Authority, it does not supervise and implement necessary protection rules for investment firms.

What is CK Markets?

CK Markets is Forex and CFD’s trading provider and platform that offers a diversity of products through industry-leading MetaTarder4. The company claims its professionalism and dedication to the clients need through their dynamic approach and 100% client focus.

• However, due to the lack of registration, the safety of the trading, investment and trader’s funds, in particular, are at the highest risk, as the CK Markets is not obliged to perform an operation in a way that provides security to the traders.

• Besides, the CK Markets has already received complaints from the engaged traders that faced some misleads in trading offering during the sessions and in general throughout the CK Markets performance. In turn, in order to avoid unlikely situations industry authorities advises to involve in investments or trading only with the firms that prove their maintenance of reliability and trust.

Overall CK Markets Ranking 

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

• CK Markets 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.

CK Markets Alternative Brokers

We revealed that CK Markets has a lot of issues, mainly in respect of its safety and customer care. Thus, here are much better Alternatives to CK Markets 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
• FXTM – Good for Beginners

Deposit & Withdrawal

At CK Markets, making deposits and withdrawals is simple and quick. The broker offers multiple funding options, including Bank wire transfers, cryptocurrencies, Visa and Mastercard payment cards, plus Skrill, Neteller, tether, etc. Deposits are processed instantly.

• When an account is inactive for a period of 6 months the broker applies an inactivity fee of 5 USD.
•  If the trader withdraws the funds after no trading activity, CK Markets reserves the right to charge the equivalent amount of any banking fees incurred, or 3% of the total withdrawal amount.

CK Markets Review Conclusion 

We advise to stay away from CK Markets 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.

• Overall ranking and experience for CK Markets is Negative

Is AG Capitals Scam or Legit Broker?

No, AG Capitals is not a safe broker to trade with. AG Capitals is a brand name operated by AG Capital Ltd is registered in the Republic of the Marshall Islands. Many brokerages operate without regulation in offshore jurisdictions such as St. Vincent and the Grenadines, the Marshall Islands, and Seychelles. 

What is AG Capitals?

AG Capitals is a Forex, CFDs, and options broker. However, the broker is not trustworthy as it does not hold a serious license.

• One of the major reasons that these brokers choose to forego regulation is to cut their operational costs.
• Another reason is that those brokers are basically not regulated by any authority. That's why we recommend avoiding trading with offshore-registered brokers. In addition, AG Capitals claims to be regulated by FCA, however, we didn't find any records of this broker in the regulator's register. Moreover, UK's FCA has recently banned the broker:

"AG Capitals (link is external) is not authorized by us and is targeting people in the UK to invest in binary options (see regulated binary options brokers) and other investment products. Based upon information we hold, we believe it is carrying on regulated activities which require authorization."

• Instead, world-known top-tier authorities oversee brokers and provide full safety measures. For instance, if an FCA-regulated broker goes bankrupt, its clients are covered by the Financial Services Compensation Scheme (FSCS). The traders are entitled to receive up £50,000 in total. Check the list of FCA-regulated brokers.

AG CapitalsReview Conclusion

All traders are advised to avoid unregulated/offshore brokers as there is a huge risk of losing money with such firms. Based on our findings, AG Capitals is not a reliable broker. 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 Alpari and XM.

AG Capitals Update

Recently the AG Capitals 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 Topstep Scam or Legit Broker?

No, it is not safe to trade with Topstep. Topstep is owned and operated by Topstep, LLC, and claims to be located in Chicago, USA. However, the broker does not provide information about their registration of history, therefore we can conclude that it does not hold any license from any authority.

• Brokers located in the USA should hold a license from the top-tier authority - NFA. Read more about NFA-registered brokers. 

What is Topstep?

The company has interesting offerings, and reviews about it seem to be very promising, and competitive, as the company simply gives a chance to those who are good at trading but for some reason do not put their own funds into trading. The Topstep provides an opportunity to trade while there is no regulation overseeing how exactly the broker delivers their trading condition and maintains the environment.

• As we always say, it is not safe to trade with a non-regulated broker and unfortunately, this is the case with Topstep as well. Not to put your investments at risk, it is essential to engage in trading with only well-regulated brokers. 
• In our opinion,  the Topstep company provides similar to a competition platform, while only a few of the traders will initially gain some money and due to its unregulated nature no one can predict further development. Of course, that also means that novice traders or those who lack experience would not find their way to gain any money and eventually will only lose time.

Overall Topstep Ranking 

Because of the regulation and safety problems we found during our research of Topstep, we do not rank positively Topstep, based on our Expert Opinion with over 10 Years of experience in Forex Trading.

• Topstep 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.

Topstep Alternative Brokers

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

• AvaTrade – Good Instruments and CopyTrading
• Pepperstone – Low Spreads and Competitive Trading Conditions
• XM – Wide Range of Trading Opportunities

Deposit & Withdrawal

Topstep offers multiple methods to fund their accounts, however, the most accepted ones with the broker are via credit/debit cards. 

• There is no commission fee for withdrawals with Topstep. The withdrawal fee is usually from the payment system. Besides, Topstep pays commission costs for withdrawals above  $500. 

• The withdrawal requests are processed within 7-10 business days.

Topstep Review Conclusion

Considering the above, we highly recommend avoiding Topstepand selecting a decent and licensed broker instead. 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 Topstep is Negative

Is Financika Scam or Legit Broker?

No, Financika is not safe to trade with. The company is not regulated by any of the authorities. So there is only a Vanuatu license left - an offshore license that is considered to be cheap and easy to get. It costs only 2,000 USD one, which basically allows anyone to set up a brokerage there. That is one of the reasons why traders should avoid offshore regulated companies.

What is Financika?

Financika is a Forex and CFD broker that claims to have an office in Law Partners House, operating from Vanuatu. The company also states that the customer support office is located in Bulgaria and all the payments administration services are processed by Cubbon Services Ltd from Larnaca, Cyprus (Read TriumphFX Review which is a Cyprus brokerage firm).
In addition to offshore licensing, Financika has been blacklisted by French regulator Autorité des marchés financiers (AMF) in December 2016:

• "The AMF and the ACPR are publishing a list of new websites and entities offering investments on the unregulated foreign exchange (Forex) market in France, without authorization to do so. Here is the list of new websites recently identified: www.financikatrade.com / FINANCIKA (SHARP TRADING) LTD"
• It is recommended to trade with brokers regulated by UK’s FCA or Australia’s ASIC instead. For example, the license from UK’s Financial Conduct Authority requires EUR 125,000 of capital for the STP license aside from client deposits. The regulator also protects customers when authorized financial services firms fail.

Financika  Review Conclusion

In any case, we never advise trading with an offshore or non-licensed 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 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.

Rather than involving yourself with the risk of losing capital, we would recommend choosing among well-regulated and reputable companies. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as FBS and BlackBull Markets.

Financika Update

Based on our research, the Financika 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 CriptoRobot Scam or Legit Broker?

CriptoRobot is not a safe broker. It does not have any license from a reliable authority, thus trading with the broker might be risky. CriptoRobot does not mention any information about its safety measures at all. 

What is CriptoRobot?

CriptoRobot offers a vast of investment proposals with a fast-gaining potential and an extensive list of crypto instruments through its platform that allows easy trade of cryptocurrencies. That is what the company states, however, the information on the official website presented is very poor.  

• In our opinion, CriptoRobot is not the company to believe in, as at a glance the first issue is their non-regulated status and misleading about the company location, which means there is no legal status of the company. And this is just the first alert, furthermore, a general offering is not clear and confusing while the financial world and investment should be sharp and transparent. In addition to the negative reviews from the traders, while the broker mainly targets Spanish speaking population, the Spain authority issued a warning to potential clients and advised to stay far from the CriptoRobot. There are plenty of authorized brokers that perform various security measures to provide the best trading offering and of course, it is better to choose a legal broker from the UK, Europe, or another regulated entity.

“The CriptoRobot entity and persons is not authorized to act in the securities markets and to render the investment services or to perform the activity reserved for collective investment schemes (CIS). Only registered companies have obtained authorization since they have provided proof that they meet certain requirements (sufficient capital, organization and adequate means, etc.) and are subject to supervisory body controls.”

CNMV, Spain. May 2018.

Overall CriptoRobot Ranking 

Because of the regulation and safety problems we revealed during our research of BlackBull Markets, we do not rank positively CriptoRobot, based on our Expert Opinion with over 10 Years of experience in Forex Trading.

• CriptoRobot 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.

CriptoRobot Alternative Brokers

We found that CriptoRobot has a lot of issues, mainly with its safety and customer care. Thus, here are much better Alternatives to CK Markets with tight regulations and great trading conditions. We select Good Brokers and reliable options for your comparison below: 

• Dukascopy – Excellent for Shares, Futures Trading
• AvaTrade – Good Instrument and CopyTrading
• BlackBull Market - Good for leveraged Trading myself

Deposit & Withdrawal

CriptoRobot offers a wide variety of payment methods, both for depositing money and withdrawing. Among the most common payment methods are Vista Card or MasterCard, Bank Transfer, Paypal, Skrill, Neteller, OXXO, etc.

CriptoRobot Review Conclusion

We never advise trading with an offshore or non-licensed broker, since the financial investment service they deliver is not trustable. Rather than risking your capital, we would recommend choosing among well-regulated and reputable companies. 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 CriptoRobot is Negative