Archives: Brokers

Is Finpari Scam or Legit Broker?

No, it is not safe to trade with Finpari. The broker does not provide any clear information about its regulations and registration, which may mean only one thing. Either the broker is unregulated or located in an offshore zone. In both cases, it is not safe to invest with Finpari or any other broker that lacks regulation. After thorough research, we found that Finpari is actually a Seychelles-based broker.

• Not all offshore or unregulated brokers are necessarily scams, however, most often, a broker with no regulations turns out to be a fraud. 

What is Finpari?

Finpari trading brand is operated by the Finance Group Corp that offers vast Forex and CFDs trading opportunities. The company claims its numerous awards within the industry, as well as the regulated environment and opportunity to copy trades or engage in contests.

• However, this is all that is available on the official website. There is no mention of an address, location, regulation, or even phone number. Actually, that means the company is located in an offshore zone while attracting worldwide clients just by the competitive proposals with no any confirmation of its legal status to offer anything.
• Our concerns were confirmed during research, as the broker appeared to be a Seychelles-based firm under the name Lerona Imprex S.A., as well which operated another brand Finrally.
• Besides the attractive proposal, the real facts show another side of the company's operation. The traders faced issues with money withdrawals, funds were locked within the account due to some strange terms and conditions, as well as the manipulations in the process. These issues are quite typical for those brokers who pretend to be regulated and fully legitimate but in fact, are offshore or unregulated brokers. Their operation is simply not overseen by anyone, thus the firm can do whatever they wish.
• Apart from the guilty verdicts against Finpari, while the traders' complaints confirmed established fraud operation and trading environment, the broker also appeared in alert lists of regulatory authorities. This includes a list of non-authorized or registered domains listed by CySEC (Check the CySEC regulated brokers list), Cyprus (checklist here).

Finpari Review Conclusion

Therefore, we recommend being very careful in dealing with a non-regulated and offshore broker in order not to fall into fraud. It is much better to choose among the recommended FCA Regulated brokers or similar regulated entities that were confirmed by the legal authority in terms of their sustainability and performance. Traders should trade with well-regulated brokers such as FBS and BlackBull Markets.

Finpari Update

We have found that the Finpari 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 LatAm Scam or Legit Broker?

It is not safe to trade with LatAm. The broker does not hold any serious license, although it tries to pretend it has tight regulations. The truth is, the broker is registered in Seychelles. Seychelles is an offshore zone that does not oversee the activities of the registered firms. Also, the broker mentions their registered number with FSA as 133076, but we couldn’t find even that number too. 

• We do not recommend signing with an offshore or unregulated broker. 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.

What is LatAm?

LatAm is a trading name used by the incorporated in Seychelles company Latam Global Markets Inc. which provides access to the trading range of Forex and CFD instruments. LatAm FX claims a developed and secure business environment that was maintained with the aim to have lasting relationships with its clients. The broker states its clear alliance with world-class banks and safe online transactions through the best guarantees. 

• However, while checking all information we realize that the company is regulated by none of the serious international authorities. This means there is no confirmation of any applied procedures, therefore the broker is non-licensed.

LatAm 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. Rather than involving 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.

LatAm Update

We found the LatAM 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 Noble Capital House Scam or Legit Broker?

No, Noble Capital House is not safe to trade with. The company is not regulated by any of the authorities. 

• The company is located in St. Vincent and the Grenadines, which is a known location for its liberal requirements towards financial firms and their maintenance. That means the reliability requirements are minimal and do not meet international standards that truly protect clients and what is more that none of the authorities check on every step of the company. Therefore, any offshore firm cannot be a safe option due to the lack of regulations.

What is Noble Capital House?

Noble Capital House offers convenient trading conditions on a range of trading instruments throughout various account types and education with support from the company. The broker also promises the safety of funds by using separate bank accounts and compliance with international standards of service.

• In addition, authorities of reputable forex and trading hubs supervise offerings among their jurisdictions and warn the companies that are not set in accordance with the protective rules. Thus, Noble Capital House appeared on blacklists of the UK’s FCA, while other partner regulators followed the necessary actions.

  “We believe this firm has been providing financial services or products in the UK without our authorization. We strongly recommend being especially wary of dealing with this unauthorized firm and to protect yourself from scammers. We advise to only deal with financial firms that are regulated and authorized to perform financial business.”

  FCA, UK. April 2018.

Noble Capital House Review Conclusion

In order to establish a successful trading carrier and process, it is a paramount and first priority to choose a broker to trust, that’s why we advise avoiding non-legitimate companies and to choose only among the recommended FCA Regulated brokers or similar regulated entities. Traders should trade with well-regulated brokers such as FBS and BlackBull Markets.

Noble Capital House Update

We have found that the Noble Capital House 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 OPCompany Scam or Legit Broker?

It is not safe to trade with OPCompany. The broker states about its MFSA regulation, however, the broker seems to use fake information to conceal the fact of not being regulated. 

What is OPCompany?

OPCompany is a Forex broker that seems to be offering its financial services mostly to Italian customers as the first language supported on the website is Italian. The broker is owned and operated by OPC Services and claims to be regulated and located in Malta. There is even a license number and the text of the agreement with the Malta Financial Services Authority (MFSA) provided on the website.

• We took a look at the MFSA's register and didn't find the license number or broker's name mentioned there. It seems like OPCompany is just another broker that uses fake regulation/license from a reliable authority to get people's trust and make them invest. We highly recommend avoiding such entities, who try to delude investors as usually all the invested money is gone for good with the fraud broker.
  In addition, the Italian Companies and Exchange Commission (CONSOB) issued a warning against OPCompany on 29th of October:
  "The National Commission for Companies and the Stock Exchange, has also prohibited, pursuant to article 99, paragraph 1, letter d), of the Consolidated Law on Finance, the offer to the Italian public of standardized units of "managed accounts" through the www.opcompany.net website."

OPCompany Review Conclusion

We advise traders to avoid not licensed brokers and choose among the regulated ones. The most reliable regulators are the UK's FCA, the Australian Securities and Investments Commission (ASIC), and the Cyprus Securities and Exchange Commission (CySEC). These regulators require a certain amount of capital from the brokers to guarantee the compensation of funds and a certain level of safety of clients' money. Traders should sign in with reliable brokers such as FBS and BlackBull Markets.

OPCompany Update

Based on our findings, the OPCompany 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 VNC Brokers Scam or Legit Broker?

It is not safe to trade with VNC Brokers. The broker is a Cyprus-based investment firm, however, holds a license from the Vanuatu Financial Services Commission.

• This means the broker is an offshore regulated company, which is a not very reliable broker to invest with, even though the company mentions their strong regulation and monitoring of their transparent business.

What is VNC Brokers?

VNC Brokers is a Forex and CFD trading provider that offers over 350 trading instruments with diversified opportunities to various sizes of investors.

• VNC Brokers is a Cyprus-based investment firm, however, it is not regulated by the local CySEC regulatory body, which is a must for financial firms located in Cyprus. 
• In addition, there are many negative reviews from the traders invested with VNC Brokers, as they faced issues of manipulation during the trading sessions or with the operation itself. The Cyprus authority also included the broker in their list of non-authorized companies, which should be a serious warning to any potential investor or trader (Check the list of CySEC non-authorized domains here)
• In fact, the offshore license does not include overseeing the company's operation, as well as the establishment requirements are very low. So somehow, the company is regulated but there is no necessary level of protection and the broker can operate however it wishes.

VNC Brokers Review Conclusion

We do not advise trading with an offshore broker such as VNC Broker. Safety of funds always goes first in trading, therefore, it is better to choose among the authorized companies with a proper license like ASIC Brokers. The licensed companies provide safe trading conditions and are strongly supervised. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as FBS and BlackBull Markets.

VNC Brokers Update

We found the VNC Brokers 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 XECrypto Bank Scam or Legit Broker?

It is not safe to trade with XECrypto Bank. The broker is suspected of being a scam. On its website, it offers unclear information about its location and regulation, clearly trying to conceal the fact of being not regulated. 

What is XECrypto Bank?

On its website, the broker states that traders enjoy the safety and security of a regulated environment, through the implementation of consolidated and harmonized sets of compliance controls and a team with over 25 years of Fintech and Brokerage experience. That’s how the XECrypto Bank firm describes itself, yet let's check if the states are true.

First of all, there is no clear information about anything, or even if the company is legit in general, since the address is mentioned in Bulgaria, Sofia yet it says that the office is in London, while headquarters are in Monaco with a second branch in London. Seriously we couldn’t understand anything, these states are not just confusing but presenting absolute unprofessionalism.

• Obviously, the broker just uses different attractive terms while in fact might be just a standard scam, even without a normal address of the firm. And of course, the XECrypto Bank offering caught the attention of the authorities while the firm received warnings and was blacklisted.

“The Commissione Nazionale per le Società e la Borsa (CONSOB) has ordered the following companies to cease infringement of art. 18 of the Italian Legislative Decree No. 58/1998, consisting of the provision of unauthorized investment services and activities to the Italian public”  

MFSA, Malta. November 2018.

“The CMVM is warning the public against the activities of XECrypto Bank followed by the alert received from the CONSOB (Italy) and other authorities, as the mentioned company proposing investment services without being authorized to do so”

CMVM, Portugal. November 2018.

XECrypto Bank Review Conclusion

We advise you to avoid signing with XECrypto Bank, or any other unregulated or offshore broker, and not to put your investments at risk. Instead, we advise choosing only among regulated brokers that hold licenses from world-known authorities. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as FBS and BlackBull Markets. 

XECrypto Bank Update

We have found that the XECrypto Bank 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 Pearson Investments Scam or Legit Broker?

It is not safe to trade with Pearson Investments. The broker does not hold any license and is suspected to be a scam.

• According to the provided information, Pearson Investments is located in China. However,  the local law obligates financial investment firms in Hong Kong to be authorized by the financial regulator the Securities and Futures Commission (SFC). Pearson Investments does not hold a license from the authority, thus being engaged in unauthorized activities. 

What is Pearson Investments?

Pearson Investments is a brokerage company with a claimed office in China and Hong Kong with a boutique-style reputation established in 1978 while offering a range of financial services. Moreover, beneath the broker's website, it is stated that Pearson Investments is a limited liability company incorporated under Hong Kong law and is fully independent.

• However, according to local law, every financial investment firm in Hong Kong should be authorized by the financial regulator the Securities and Futures Commission (SFC), yet Pearson Investments is not. Actually, SFC updated Alert List features the name of Pearson Investment businesses as unlicensed in Hong Kong with an address there, but it is not located there.

“The Alert List includes Pearson Investments entity, which has come to the attention of the SFC because they are unlicensed in Hong Kong and are believed to be, or targeting Hong Kong investors or claim to have an association with Hong Kong.”

SFC, Hong Kong. April 2017.

• In addition, the Australian authority ASIC issued a warning as well, as the broker was detected offering their service to the residents.

“The business Pearson Investments 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. September 2017.

Pearson Investments Review Conclusion

Overall, we never advise trading with an unregulated brokerage regardless of its offerings. Traders should only invest with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as FBS and BlackBull Markets.

Pearson Investments Update

Based on our findings, the Pearson Investments 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.