Archives: Brokers

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

Is Ibex Technology Group Scam or Legit Broker?

Ibex Technology is not safe to trade with. The broker does not provide any evidence of its regulation. Based on the information on the broker's website, it is an offshore broker, located in Nevis, the British Virgin Islands. It is also important to mention that the broker has changed its name from Parnassus Group to Ibex Technology Group. 

• Ibex Technology Group does not hold any license from any world financial authorities, so it is a great risk to trust and invest with it. We only recommend choosing well-regulated brokers with the necessary amount of protection and safety measures.

What is Ibex Technology Group?

Ibex Technology is a Northern California-based technology company that owns and operates a set of highly specialized technology trading platforms, called IBEX. The broker mentions 8 years of continuous development and testing, while Ibex Technology has produced a software-trading engine, Ibex that achieves stable ROI when trading currency pairs on the FOREX. However, the company was organized and established under the laws of Nevis, the British Virgin Islands an offshore zone.

• This means that the company operation is overseen by none of the authorities, as well as the broker carries on the strategy and management of the client's funds and an opening of trades themselves in a way they see right. In a financial world that is full of fraud, this is an unacceptable luxury to trust just the word of mouth of a particular broker when the firm does not devote appropriate settlement tools to comply with reputable authorities.
• In addition, the Ibex Technology Group received a warning and was alerted by the ASIC authority since there is no applicable permission to offer its service.
• The broker used to go under Parnassus Group, yet now it has completely switched to Ibex Technology, with almost no mention of Parnassus Group on its website.

“ASIC advises the company Ibex Technology (Parnassus Group) 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”

ASIC, Australia. May 2017.

Overall Ibex Technology Group Ranking 

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

• Ibex Technology 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.

Ibex Technology Group Alternative Brokers

We revealed that Ibex Technology has a lot of issues, especially in respect of its safety and customer care. Thus, here are much better Alternatives to Ibex Technology with tight regulations and favorable 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

Ibex Technology Group Review Conclusion

In conclusion, we should point out the lack of regulation of Ibex Technology. Besides, the broker has lately changed its name from Parnassus Group to Ibex Technology. Following advice from reputable regulators, we do recommend choosing brokers among ASIC Regulated brokers or similar entities and not to involve in the highest risk with an offshore broker alike Ibex. 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.

• Overall ranking and experience for Ibex Technology Group is Negative

Is ECM Scam or Legit Broker?

According to our research and our finds, ECM is not a secure broker because is based solely in offshore zone and does not guarantee its trading environment. 

What is ECM? 

ECM group is an online trading firm, specializing in forex and CFD brokerage while claiming its global coverage of international individual traders, money managers, and institutions. With an opportunity to trade Forex and Precious Metals with high interbank liquidity conditions, robust order execution in a split second, ultra-tight spreads (Check Brokers with Zero Spread), and other advantages on MT4.

However, being located in the offshore zone of Vanuatu, the company, does not comply with its operational standards with the strictest international set of performance designed by a reputable authority with the purpose of protecting clients. This is the reason why the reliability of the broker cannot be confirmed. 

• In addition, in order to be licensed the firm should prove its capital and are secured by participation in schemes in case things go wrong. Therefore, the client, his funds, and investments are protected by the necessary legitimate authorities at authorized firms. And there are various companies to choose from, with vast investment opportunities and with the following of the strictest rules from ASIC regulations, CySEC or FCA international standards.  

Overall ECM Ranking 

With our finds and issues with regulations and safety of ECM, we do not rank positively ECM, within our Expert Opinion and over 10 Years of experience in Forex Trading since there are brokers with much better safety and trading conditions.

• ECM 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.

ECM Alternative Brokers

With our finds and issues with the safety of ECM, there are much better Alternatives to ECM Broker with good regulations and excellent conditions. We select Good Brokers and trustworthy options for your comparison below: 

• Dukascopy – Excellent for Shares, Futures Trading
• AvaTrade – Good Instrument and CopyTrading
• FXTM – Good for Beginners

Fees

ECM fees are consistent. There are no hidden fees.  Spreads offered by ECM are tight. Based on our research, the proposals are often lower, as compared to other brokers in the market. 

ECM Money Withdrawal

ECM mentions there is No minimum deposit required for a Standard account. However, system restrictions may limit this amount to $ 10 based on funding methods. 

Funding methods available on ECM include:

• Credit Cards, ePayment, Local Bank Transfer, and Bank Wire Transfer.

Since ECM Broker is not regulated there can be issues with money withdrawals, you can submit the withdrawal request yet there is no guarantee that you will get your money back.

ECM Review Conclusion

Mostly we do not recommend trading with a non-regulated broker like with the ECM, as an offshore zone does not bring a lot of credibilities, therefore there is no guarantee that potential gains will be ever returned back and managed correctly. It is much safer to invest with a reputable brokerage firm that is licensed by the industry authority and constantly overseen in terms of the performance and delivery of financial services. 

• The overall ranking and Trading Experience for ECM is Negative

Is EU-Capital Scam or Legit Broker?

EU-Capital is not a safe broker, as it is an offshore company (Find Reliable Forex Companies). EU-Capital is a brand owned and operated by Gelko Partners LTD. Gelko Partners LTD is located in the Republic of the Marshall Islands.

• In fact, the Marshall Islands is an offshore zone attracting various firms that for one reason or another escape from serious regulation or compliance to international service providing. However, in the case of financial investment or trading firms, the company should be a very respected entity, as the statistics show that the majority of non-authorized firms never recovered the sums of investors’ investments. Therefore, we always advise avoiding offshore or companies with no license as there are too many frauds around.

What is EU-Capital?

EU-Capital forex and CFD broker is owned by a Marshall Islands-based holding company called Gelko Partners LTD. Their registered office address is at the Trust company complex, Ajeltake Road, Ajeltake Islands, Majuro, Marshall Islands. The Marshall Islands is an offshore destination where usually brokerage services are not regulated. There is no information about an actual place of registration of the EU-Capital.

• Dealing with a broker which has a Marshall Islands license is risky as it only takes USD 2,000 to get one. Compared with the Financial Conduct Authority, the licenses cost USD 50,000 and also USD 100,000 of capital for the STP license (Find STP brokers' list here) aside from client deposits.

EU-Capital Review Conclusion

We strongly advise all investors and traders to avoid EU Capital and other brokers  from the Marshall Islands. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as FP Markets and HotForex.

• Overall ranking and experience for EU Capital is Negative

EU-Capital Update

We found EU-Capital Website inactive. Since money safety in forex goes first we recommend avoiding any proposals from EU-Capital and staying alert in case of any proposals. 

Is Zeurcher Capital Scam or Legit Broker?

It is not safe to trade with Zeurcher Capital. The broker is suspected to be a scam. On its website,  Zeurcher Capital does not provide any official information about the company address, location, registration or even the legal name of the entity. This might mean only one thing -  that the broker is a non-regulated and, therefore, illegal entity.

What is Zeurcher Capital?

Zeurcher Capital is an online trading provider that promises the simplest way to trade the top Cryptocurrencies through a modern and latest advancements in online technology. ZUERCHER CAPITAL mentions their worldwide coverage through offices including leading locations London, Germany, Spain and France, while the company has managed to become the largest Cryptocurrency broker serving Europe, Oceania, and the Middle East.

• However, there is no any official mentioning about the company address, location, registration or even the legal name of the entity, which is rather suspicious than presentable for the investment firm. Considering abovesaid, it just seems that the broker is a non-regulated and, therefore, illegal entity, or maybe an offshore company, which is still not the one to trust.
• In addition, the Austrian authority FMA issued warning against Zeurcher Capital, as the entity showed their activity without its legal permission, with a further follow-up of other European regulators in parallel.

“Zeurcher Capital is not entitled to carry out banking transactions in Austria that require a license. The provider is therefore not permitted to trade in financial futures contracts (futures) on its own account or on the account of others, including equivalent instruments settled in cash as well as call and put options on the instruments.”

FMA, Austria. November 2017

Zeurcher Capital Review Conclusion

In conclusion we recommend to avoid Zeurcher Capital and to choose among the CySEC regulated brokers or similar European Brokers, that enable customer and trading protective tools in order to deliver the sufficient environment. 

Traders should trade with well-regulated brokers (Top 10 Forex Brokers in the World) such as UK brokers or brokers in Australia and reliable brokers such as FP Markets and TMGM.

Zeurcher Capital Update

Our research revealed that the Zeurcher Capital 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 Primus Forex Financial Group Scam or Legit Broker?

According to our research, Primus Forex Financial Group is a total scam. The broker is not regulated and has no legal right to provide financial services to the public. Moreover, Primus Forex Financial Group has been suspected of fraud, when pretending to be another company with a better reputation.

What is Primus Forex Financial Group?

Primus Forex Financial Group is the clone company of the forex trading broker Primus Capital Markets UK Limited. The clone claims to have the same address as the original company - 3rd Floor, 9 Devonshire Square London EC2M 4YD UNITED KINGDOM. Therefore, the clone should also be carrying the UK FCA license as the original company does. But the Primus Forex Financial Group is not licensed in the UK or any other countries.

• In case, of obtaining the STP license (Find STP brokers by link) from UK’s Financial Conduct Authority, the company would need to pay USD 50,000 and also need USD 100,000 of capital aside from client deposits.

Primus Forex Financial Group Review Conclusion

We advise all investors and traders to avoid Primus Forex Financial Group and other clone brokers. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as FP Markets and BlackBull Markets.

Primus Forex Financial Group Update

Our findings showed that Primus Forex Financial Group 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 Bitex360 Scam or Legit Broker?

Bitex360 is a 100% fraud company. 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 Bitex360. 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 competitive trading conditions, yet there is no guarantee from the official entities that oversee the Forex industry. 

What is Bitex360?

Bitex360 is owned by Km Media Ltd. It is an offshore forex broker registered in the Marshall Islands with a Banking Commission of Marshall Islands license. The brokerage claims to be located in the UK (the website provides UK's phone number as their office number), but there are no records that it’s authorized in the UK.

• Dealing with a broker which has a Marshall Islands license is risky as it only takes USD 2,000 to get one. Comparing the license from the UK’s Financial Conduct Authority, which costs USD 50,000 and also needs USD 100,000 of capital for the STP license (Check out STP forex brokers) aside from client deposits. On the other hand, to obtain an Italian trading license with CONSOB, the company would need to have EUR 50,000 of corporate capital.

Bitex360 Review Conclusion 

We advise all investors and traders to avoid Bitex360 and other brokers from the Marshall Islands. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as FP Markets and BlackBull Markets.

Bitex360 Update

Our research showed that Bitex360 Website is inactive. It is unclear whether the broker has changed its name and operates another fraud Forex activity or is just gone. We recommend avoiding any proposals from Bitex360 and staying alert in case of any proposals.