Archives: Brokers

Is JAFX  Scam or Legit Broker?

JAFX is owned and operated by JAFX Ltd, The Financial Services Centre, Stoney Ground, Kingstown, St Vincent and The Grenadine. 

However, the fact is that St. Vincent and the Grenadines is an offshore zone, which does register the financial investment firm, but provides very poor if none requirements for the company's operation. That means, the broker is not regulated, not overseen, and does not comply with strict international rules that provide protective measures to the traders. 

Therefore, it became an offshore zone for shady forex brokers such as CVC Markets, AAG Markets, and more. Read more about St. Vincent and the Grenadines regulation by the link.

What is JAFX?

JAFX states that it is a fully transparent forex broker that is dedicated to providing its clients with tailor-made trading solutions. JAFX claims to be one of the first forex brokers that also offers 24/7 MT4 crypto-trading. JAFX offers 16 cryptos such as bitcoin, Ethereum, litecoin, dash, ripple, and more than 30 crypto-pairs. Overall, the broker's offering is quite interesting as the trading costs are low and the initial deposit is as low as $10. The max leverage is 1:500 (Find high-leverage brokers here).

• The website provides two contact phone numbers with the UK and Australian country codes. Even if the firm has offices in those countries, it is not regulated by FCA in the UK or ASIC in Australia (Read about ASIC Regulated MEXC Global) or any other regulatory agency. 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. 

JAFX in India

JAFX allows Indian traders to open accounts and trade. However, JAFX has no mention of complying with any Indian regulators on its website.  Any regulatory body in India does not regulate the broker, that’s why money safety may be the issue here.

JAFX in the USA

JAFX is not legal in the USA and is not available for American traders. As per U.S law, brokers regulated by CFTC are the only brokers allowed for USA traders. So, except for JAFX, you are only permitted to trade with the U.S-regulated platforms.

• Here is the full list of the countries, the broker does not accept: Ghana, Burma, Ivory Coast, Congo, Cuba, Germany, Iran, Iraq, Japan, Lebanon, Libya, Malta, North Korea, Somalia, Sudan, Syria, Vietnam, and Zimbabwe.

Deposit & Withdrawal

The trading account has a minimum deposit (Also read information on Alpari Broker's Deposit & Withdrawals) of just $10. JAFX charges an inactivity fee of $10 for clients with a non-zero balance that has not traded in the past 30 days. Not many payment methods are available on the platform: credit/debit cards, wire transfers and Bitcoin.

Apps

JAFX offers a mobile trading platform where its clients can access all the needed trading tools. It can be found in the Apple Store for iOS or the Google Play Store for Android.

Demo Account

JAFX offers an Unlimited MT4 Demo Account with virtual $50 000 to their clients. There is no need to sign up for a trading account or even deposit to get a JAFX demo account.

• The Demo Account is provided to give traders a demonstration of the broker’s trading platform and to offer traders the opportunity to trade on simulated real trading conditions. This further allows the trader to gain more experience prior to trading with real funds and facing actual risk. Traders may test their trading strategies and become familiar with the trading platform at their own pace.

JAFX Review Conclusion

Overall, there are many questions in regard to the trust of the JAFX company services and the manner they do operate the online trading itself. We strongly advise opening a trading account only with brokers that are regulated by respected world authorities complying with the required set of rules and have a good reputation through the delivered timeframe of operations.

Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as FP Markets, FXGT Broker, and BlackBull Markets.

JAFX Update

We found that JAFX 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 CFXPoint Scam or Legit Broker?

CFXPoint has been suspected as a scam broker. This broker is blacklisted by a well-known regulatory authority and should be avoided. CFXPoint is owned by Marketier Holdings Limited which is an offshore company registered in the Marshall Islands.

• The Marshall Islands is notorious for its practically absent requirements and regulations. Due to the setup cost is low and it does not regulate forex trading. Therefore, it became an offshore zone for shady forex brokers such as MegaTradeFX, Finbitex, and more.

What is CFXPoint?

CFXPoint is a brand and trading name used by KLDC Technological Systems Ltd, a company incorporated and located in the Marshall Islands. The CFXPoint claims to be a DMA (Direct Market Access) and no dealing desk broker that provides an offering to trade 65 currency pairs and 33 CFD products through the most competitive spreads (Read about zero spread accounts) and advanced client support from the company. 

• The overall offering of the broker shows a competitive proposal designed for both institutional and retail clients, however, the company is located in a jurisdiction, which does not regulate Forex and investment firms. The CFXPoint is a “self-regulation” entity that creates standards of operation by itself and is not overseen by any other authority. Therefore, it is a high risk to trade, as the capital may be at risk due to the fact that no protection rules are implied, even though the company states so. We always advise trading only with Regulated Brokers, as the trading itself requires an attentive choice of the trustful company.
• Nevertheless, apart from the non-regulated operation of the broker, the industry authorities with the purpose to warn and educate the investors about the frauds and potentially highest risk involvements, regularly check on the financial service companies that target clients and apparently are not authorized to do so. Therefore, CFXPoint appeared and has been outlined by the Italian authority CONSOB, June 2018

“The National Commission for Companies and the Stock Exchange, in accordance with article 7-octies, letter b) of the Consolidated Law on Finance, has ordered the following company to cease infringement consisting of the offer and performance of investment services and activities to the public, put in place by Cfx Point Ltd, through its website.”

CFXPoint Review Conclusion

We strongly advise opening a trading account only with brokers that are regulated by respected world authorities that comply with the required set of rules and have a good reputation through the delivered timeframe of operations. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as FP Markets and TMGM.

CFXPoint Update

Our research showed that the CFXPoint 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 Royaltd24 Scam or Legit Broker?

No, it is not safe to trade with Royaltd24, as it is an offshore company. Royaltd24 is the Company, operated by RL Ltd., Marshall Islands.

• The Marshall Islands is notorious for its practically absent requirements and regulations. Due to the setup cost being low, it does not regulate forex trading. Therefore, it became an offshore zone for shady forex brokers such as CobraCFD, GoldenSkyCapital, and more. As we already know, offshore registration usually doesn’t guarantee the safety of funds and clients’ protection, especially in the Marshall Islands, where the local authority doesn’t regulate forex businesses. 

What is Royaltd24?

Royaltd24 claims to have been founded in 2011 by a group of economists in the global financial markets. Royaltd24 offers its investors trading with Forex and CFDs and a leverage of up to 1: 200. The clients can trade with fixed and variable spreads (Also read about zero spread forex brokers here), which are among the lowest in the industry, starting from just 0.1 on ECN accounts (Find ECN Trading Platform for you) and 0.5 on Standard accounts.

• Moreover, Royaltd24 has been blacklisted by the Italian regulator CONSOB:

“CONSOB  availed itself of the powers deriving from the “growth decree” regarding the blackout of the sites (including RL Ltd (website www.royaltd24.net) of abusive financial intermediaries, as well as the new power introduced by Law no. 8 of 28 February 2020, regarding the blackout of the site through which the abusive bid is made.”

• The pages and official sources of the international regulators' list alert are shared with the authority directly or by other countries' supervisory bodies or transmitted centrally. Those tools and the general purpose of the regulatory bodies operate in order to enable stability of the market offerings, protect clients from potential and numerous frauds, enable reliability rules to financial service entities, and more. As Royaltd24 got no license to operate within the EU and other regulated jurisdictions, the broker was blacklisted and alerted by the EU authority.

Royaltd24 Review Conclusion

We strongly advise all investors and traders to avoid Royaltd24 and other brokers from the Marshall Islands. Very often offshore or unregulated brokers run investment spam, thus it is wiser to avoid them and choose a reliable broker. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as FP Markets and eToro.

Royaltd24 Update

Recently the Royaltd24 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 Circle Markets Scam or Legit Broker?

Circle Markets 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 Circle Markets?

Circle Markets is a forex broker and trading service provider that offers over 140 instruments through a comprehensive cTrader platform and pure STP connectivity (Check out STP Trading) to execution.

• Appointing the facts about Circle Markets' offering important to mention that the broker states its head office in New Zealand, as well as its registration as a New Zealand Financial Services Provider. However, while looking closer it was revealed that the company is only registered in New Zealand, but not regulated.
• That means that the firm indeed has a registration number with a respected FSP, yet its register allows only to trade financial products or foreign exchange on behalf of other persons. Therefore, financial services, broking services, and the offering of trading and providing are not permitted or regulated. (Check the Circle Markets FSP registration by the link.)
• Another license of the Circle Markets company, which indeed allows the processing of the trading service to international clients is a Vanuatu license issued by VFCS. Since Vanuatu's registration is an offshore one, the company has very low establishment standards and is never checked in regard to its reliability of service delivery. As we always recommend not to engage or sign-up with non-regulated or offshore brokers, Circle Markets receives the same “recommendation”.
• Besides, the broker was inactive for a while, and then it is again available, yet the website of the broker seems not to offer its general services. It only provides Forex Compounding Calculator services. So, we recommend checking the availability of the broker's services before engaging with it. 

Overall Circle Markets Ranking 

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

• Circle 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.

Circle Markets Alternative Brokers

We revealed that Circle Markets has a lot of issues, especially in respect of its safety and customer care. Thus, here are much better Alternatives to Circle Markets 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

Circle Markets Review Conclusion

Besides the issue that the Circle Markets broker misleads about its regulatory status, you never know which sort of surprises may occur while trading with them. In this instance, fraudulent brokerages are at every corner and you should be extremely careful while choosing a trading provider, verify its information, and always keep in mind that regulated by trusted authorities brokers deliver much safer trading conditions along with protection. Besides, the broker seems to have ceased its general offerings, so we advise you to be careful.

Thus, traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as FXTM, eToro (Read about eToro forex broker), and Alpari.

• Overall ranking and experience for Circle Markets is Negative

Circle Markets Update

Based on our research, the Circle Markets website was temporarily inactive. Now the website is active but it offers Forex Compounding Calculator services. Thus, we recommend avoiding and staying alert in case of any proposals. 

Is Wigmarkets Scam or Legit Broker?

Wigmarkets 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 Wigmarkets?

Wigmarkets is a Forex broker that offers a wide variety of modern trading solutions including CFDs, indices, cryptocurrencies, algo trading, metals and commodities. The broker doesn't disclose any information about the company behind the brand. It claims to be located in Belfast, UK.

• However, the contact number has a German country code, so it looks quite confusing and suspicious. Also, the terms and conditions mention that the company is under the laws of Vanuatu, a popular offshore zone for forex brokers. Despite its claimed location, Wigmarkets does not seem to be regulated in the UK by the Financial Conduct Authority or actually by any other regulator.
• In addition, Italy's regulator CONSOB has recently issued a warning against Wigmarkets:
  "The National Commission for Companies and the Stock Exchange has ordered the cessation of the infringement of art. 18 of the Consolidated Law on Finance consisting of the provision of unauthorised investment services and activities to the Italian public performed by Wigmarkets via the website www.wigmarkets.com"

Wigmarkets Review Conclusion

Trading with offshore brokers is extremely risky. Many of these brokers are scam companies seeking to cut financial and regulatory corners. Unlike the FCA and other EU financial regulatory entities, offshore agencies pay very little attention to compliance-check. Traders should trade with well-regulated brokers such as UK brokers (Check the list of the FCA-regulated brokers) or brokers in Australia and brokers such as FXPrimus and XM.

Wigmarkets Update

Based on our research, the Wigmarkets 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 UB4Trade Scam or Legit Broker?

UB4Trade is not a safe broker. It does not hold any license which means that the broker's activities are not overseen by any authority. Generally, offshore or unregulated brokers are engaged in fraud offerings, which may put the trader's investments at risk.

• In forex trading, it is essential to sign in with a reliable broker with tight regulations. Many unregulated brokers try to attract traders by favorable conditions and offerings, but often this is just a trap. 

What is UB4Trade?

UB4Trade is a Forex and CFDs broker, owned and operated by Finatex Ltd. The company claims to be located in London, UK, although it is not authorized to provide financial services in the UK. It seems that the broker has been targeting European residents, as the languages supported on the website are English and German, also the provided contact numbers are British and Swiss.

• UB4Trade doesn't seem to be regulated by any of the regulators, moreover, Danish Financial Supervisory Authority has issued a warning against this firm in March 2018:
  "Finanstilsynet has been informed that UB4TRADE provides financial services in Denmark. However, UB4TRADE is not under the supervision of the Danish Financial Supervisory Authority and is thus not authorized to pursue activities covered by the Danish Financial Business Act in Denmark."

UB4Trade Review Conclusion

To sum up, UB4Trade is an unregulated broker that cannot be trusted. As one of the most important things when choosing a broker is whether it is licensed or overseen by any of the financial authorities. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as FP Markets, HotForex, and Infinox (Check Infinox broker review).

UB4Trade Update

We found the UB4Trade 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 Britonprice Scam or Legit Broker?

No, it is not safe to trade with Britonprice. The company is owned and operated by Britonprice FinServices LTD and claims to be located in Sofia, Bulgaria.

• Despite its location, the broker doesn’t provide any information about the regulation/license and we can also confirm that neither Britonprice nor Britonprice FinServices LTD is regulated in Bulgaria by the Financial Supervision Commission.

What is Britonprice?

Previously, Britonprice was owned by Solutions CM which had a bad reputation because it was banned multiple times as an owner of such brokers as Lockwood Investments and Easy Line Pro.

• Also, the only contact number on the website is British, when the broker is definitely not authorized in the UK by FCA. Moreover, Spain’s regulator CNMV issued a warning against Britonprice in April 2018:

"www.britonprice.com is not authorized to provide the investment services detailed in Article 140 of the Securities Markets Law, which includes investment advice, or to provide the auxiliary services detailed in letters a), b), d), f) and g) of Article 141 of the said Law in relation to the financial instruments detailed in Article 2 of the said Law, including, for those purposes, foreign currency transactions.”

• Another and more recent warning was issued by German BaFin:

Britonprice Review Conclusion

We advise all investors and traders to avoid Britonprice and other unregulated brokers. The lack of information about the broker’s regulations, trading conditions, and contact details should be the biggest red flag for those who plan to invest with the entity. Usually, such companies run investment scams. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as FP Markets, HotForex, and Infinox.

Britonprice Update

Based on our research, the Britonprice 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 Easy Line Pro Scam or Legit Broker?

Easy Line Pro is not a safe broker as it does not hold any license. This means that the broker does not provide protection and signing with it might put the trader's investments at risk. In forex trading tight regulation and reliability are of great importance, thus it is recommended to choose only regulated brokers with favorable conditions. 

What is Easy Line Pro?

Easy Line Pro is a forex broker, owned and operated by Solutions CM LTD., a company based in Sofia, Bulgaria. Although it claims to be registered in Bulgaria, it is not regulated in the country by local Financial Supervision Commission and there are no records about it being regulated by any other authority.

• Also, the website interface is very similar to Britonprice's, the broker that is also operated by Solutions CM LTD. We have previously written about Britonprice/Solutions CM LTD being blacklisted by Spain's regulator CNMV. It seems like Solutions CM LTD has quite a bad reputation because Easy Line Pro has also been banned by Spain's regulator in February 2018:
  "EASY LINE PRO (www.easylinepro.com) is not authorised to provide the investment services detailed in Article 140 of the Securities Markets Law, which include investment advice, or to provide the auxiliary services detailed in letters a), b), d), f) and g) of Article 141 of the said Law in relation to the financial instruments detailed in Article 2 of the said Law, including, for those purposes, foreign currency transactions."

Easy Line Pro Review Conclusion

As a general rule, dealing with unregulated brokers is risky and we recommend that clients choose properly licensed and supervised brokers regulated by UK's FCA or the Australian Securities and Investment Commission (ASIC). Traders should trade with well-regulated brokers such as FP Markets, HotForex, and Infinox.

Easy Line Pro Update

We found the Easy Line Pro 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.