Archives: Brokers

Is TNFX Scam or Legit Broker?

No, TNFX is not a reliable choice, mostly due to the lack of proper licenses. The broker lacks top-tier licenses that ensure the financial safety and security of a trader's investments. Instead, TNFX is only authorized and regulated by the Financial Services Authority (FSA) in Seychelles, known offshore zone. 

• While engaging in Forex trading it is essential to understand that safety is one of the most important aspects. Neglecting its significance could result in making precarious decisions. Opting for top-tier licenses like FCA, CySEC, and ASIC is highly advisable, as they come with stringent regulations and robust oversight, effectively minimizing various forms of risk. On the contrary, offshore regulatory authorities like the Financial Services Authority, often lack to provide adequate guidelines and oversight. 
• Read more about offshore Brokers here

What is TNFX?

Founded in 2019, TNFX claiims to be an ECN firm that offers access to trading various financial instruments such as currencies, stock indices, stocks, and commodities in the form of CFDs. The broker provides access to trade over 50 currency pairs, offering leverage of up to 1:400. In terms of software, they offer the market-popular MetaTrader trading platforms, which include support for Trading Central charts and AutoChartist. TNFX also offers very low spreads, starting from 0 pips. 

To learn more about the broker we conducted deeper research and revealed important facts about it to be considered:

• The first thing while analyzing a broker, we look into its licenses and registration. In fact, TNFX is authorized and regulated by the Seychelles Financial Services Authority (FSA) under license number SD133. The registered address is CT House, Office 9A, Providence, Mahe, Seychelles. Seychelles is recognized as an offshore jurisdiction, and it lacks stringent regulations that would guarantee the safety of traders' investments. For added safety, we consistently recommend opting for a broker that is thoroughly regulated. FCA, ASIC, and CySEC-regulated brokers give this sense of security and safe grounds to conduct profitable trades. Find out what makes a great Forex Broker. 
• TNFX has some really interesting offerings and features that attract traders, such as very low spreads, high leverage opportunities, a large assortment of trading accounts, and client-oriented platforms. This led us to go through the real trader reviews and check for clients' feedback. We revealed that most of the reviews are on the negative side, complaining of the insufficient withdrawal process, and other issues. Therefore, our recommendation is to exercise greater caution and not to be easily attracted by favorable offerings. 
• Deposits and withdrawals are one of the most important aspects of trading. TNFX provides a variety of choices for funding accounts and withdrawing profits. However, it's worth noting that there have been numerous reviews, particularly regarding withdrawal issues. We strongly advise traders to be aware and consider the possible risks in case of engaging with the broker.

Overall TNFX Ranking

With our decade of experience in the Forex trading industry, our research has unearthed substantial concerns regarding TNFX's reliability and its compliance with regulatory standards. Consequently, we are unable to provide a favorable rating for TNFX.

• TNFX Overall Ranking is 3 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.

TNFX Alternative Brokers

In light of safety concerns related to TNFX, we strongly recommend exploring alternative options that prioritize strict regulations and enhanced trading conditions. Below is a list of reputable brokers that provide great trading features and a secure trading environment for your consideration:

• OANDA– Good Market Instruments 
• Plus500– Low Spreads and Competitive Trading Conditions
• Pepperstone– The best selection of Educational Resources

Deposits and Withdrawals

TNFX offers a variety of funding methods, including Bank transfers, Mastercard, PerfectMoney, Webmoney, Payeer, and many other options. Besides, it does not charge any fees for depositing or withdrawing funds.

• For deposits and withdrawals, the estimated timeframe is 24 hours.
• All withdrawals and deposits are made in US dollars. To withdraw money clients need to submit a Withdrawal form. 
• Yet, we always recommend being very careful when it comes to withdrawals, as offshore brokers often have a track record of falling short in this regard.

Account Types

Opening a live account with TNFX is a quick and straightforward process. The broker offers multiple account types: Standard, Fix Account, VIP account, Zero Account, and Cent Account. Each of the account types has its unique features, offering clients different opportunities based on their trading expectations. Also, different account types come with different benefits, as for the Standard Account contains a 20% deposit bonus, and also a $100 birthday bonus. 

• All the account types enable access to Automated trading. 
• For Cent accounts the minimum deposit is $100, while for Zero accounts it is $ 1,000.

TNFX Review Conclusion

Based on the information we have gathered regarding TNFX, significant questions arise concerning the broker's trustworthiness and credibility. Although it offers quite enticing features and services, the fact that Broker is registered only in Seychelles - an offshore jurisdiction, raises substantial doubts.

We urge traders to give serious consideration to selecting a broker that holds licenses from esteemed regulatory bodies such as FCA, ASIC, or CySEC. A multitude of regulated brokers, such as  FP Markets, eToro, and Admiral Markets, excel in providing outstanding services and favorable trading conditions, all while adhering to top-tier regulations, thereby guaranteeing a secure trading environment. 

• Overall ranking and experience for TNFX is Negative

Is TD365 Scam or Legit Broker?

No, we can not consider TD365 as a fully secure broker due to the absence of a trustworthy license from a reputable regulatory authority. The broker does not hold a top-tier license from one of the leading financial authorities, such as FCA, ASIC, or CySEC. It is only regulated by the Securities Commission of the Bahamas, SIA-F216.

• Research showed that TD365 cooperates with the broker Trade Nation under the Bahamas entity. Trade Nation is a reputable broker, holding multiple top-tier licenses and enjoying a strong reputation within the market. Therefore, if you are considering choosing a trustworthy broker, we recommend considering Trade Nation as your preferred choice, as it provides access to advantageous offerings and favorable trading conditions.
• Regulatory oversight is a crucial factor in determining the trustworthiness of a broker. A reputable regulatory authority helps ensure that the broker complies with industry standards and follows proper financial practices, which can help protect your investments. Read about Brokers for Investment here. 

What is TD365?

On its website, TD365 mentions a range of opportunities that come with trading with the broker. The broker mentions that it enables its clients to trade the most popular markets with low spreads on its CloudTrade platform. In addition, TD365 offers traders negative balance protection, high leverage of 200:1, a single currency Trading Account, and other benefits.

Nevertheless, after conducting thorough research, we have uncovered important information that should be taken into account before making an informed decision about registering with the broker.

• In fact, TD365 is licensed by the Securities Commission of the Bahamas, which in itself is an offshore zone. However, the broker on some level cooperates with a regulated broker Trade Nation under the Baham entity, a factor that enhances the broker's reputation positively.
• While some of TD365 offerings appear favorable, it's worth noting that the broker's website lacks sufficient educational resources. Traders may need to take the initiative to explore alternative information sources to acquire the necessary skills and knowledge. The sole form of assistance the broker provides is the availability of a demo account and a video guide to the platform. 
• When researching a broker, obtaining genuine client feedback is a crucial step. In our investigation of the broker, we discovered that the reviews are varied, but it's noteworthy that positive reviews seem to be more prevalent.
• At last, considering the information we've gathered, it's important for traders to understand that opting for an unregulated or offshore broker can pose risks to their investments. In the market, there are numerous brokers that are tightly regulated, adhering to strict regulatory standards and inspiring a high degree of trust.

Overall TD365 Ranking

Drawing on a decade of experience in the Forex trading industry, our research has brought to light significant concerns regarding TD365 reliability and its commitment to regulatory standards. As a result, we cannot provide a positive rating for TD365.

• TD365 Overall Ranking is 3 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.

TD365 Alternative Brokers

Due to the safety concerns associated with TD365, we strongly advise traders to consider exploring alternative options that offer stringent regulations and improved trading conditions. Here is a list of reputable brokers that provide reliable choices and a secure trading environment for consideration:

• BlackBull Markets – Good Market Instruments 
• HYCM– Low Spreads and Competitive Trading Conditions
• FBS– The best selection of Educational Resources

Deposits and Withdrawals

Transferring funds to the trading account is a quick and straightforward process. To get started, traders need to log in to their accounts, navigate to the Payments menu, and click on "Deposit Funds." There is the option to deposit funds via bank transfer, credit card, or debit card.

• TD365 does not impose a minimum deposit requirement. Traders can decide on the trading amount that suits their individual financial circumstances.
• Yet, we always advise being careful with offshore brokers, as it is a well-known fact that withdrawal processes might become serious issues and even lead to substantial financial loss.

Trading Platforms

According to the broker's website, the CloudTrade Platform, offers fixed bid-ask prices regardless of market volatility, along with some of the industry's lowest spreads. The platform enables instant execution and traders have the flexibility to specify the stake size in their local currency or the chosen base currency.

• TD365 also provides the industry-renowned MT4 platform, offering tight variable spreads for traders on the MetaTrader 4 trading platform.

TD365 Review Conclusion

Based on the information we've gathered about TD365, there are notable concerns about the broker's reliability. While the broker offers quite attractive features, its registration in an offshore jurisdiction, posses inherent risk and raises doubts, in that word we surely belive it is much better to choose Broker with good regulations rather than signing into risky activity Broker, as trading has enough risks itself.

We highly recommend seeking out a broker that holds licenses from respected authorities such as FCA, ASIC, or CySEC. There are many regulated brokers with great offerings and conditions, also aligned with top-tier regulations, which are considered a safe choice to trade, including FP Markets, HFM, or FXGT.

• Overall ranking and experience for TD365 is Negative

Is Evest Scam or Legit Broker?

Evest does not hold any top-tier license from world-known authorities, that is why it is considered Not Safe to trade with Evest. The broker is registered in Vanuatu (an offshore zone) with the registration number 17910. It is a well-known fact that offshore brokers are not overly secure and signing with them might lead to financial losses.

• In fact, the primary role of the VFSC is to oversee the registration process, which is remarkably straightforward and characterized by minimal setup requirements. This simplicity in the registration process, coupled with low associated costs and rapid establishment, makes Vanuatu an attractive destination for numerous brokerage firms seeking registration.

What is Evest?

With Evest clients gain access to trading Forex, Commodities, Indices, Shares, and Crypto via MT5 and Evest trader platforms. As for the benefits of Evest, there are no commissions for some instruments. Furthermore, the broker provides access to a Trading Academy, a valuable resource, especially for novice traders. Additionally, they offer a demo account and a comprehensive market analysis.

Nevertheless, there are significant factors regarding Evest that need careful consideration before selecting it for trading purposes:

• Evest is owned and operated by AtriaFinancial LTD. The company has a Vanuatu registration. According to the website, the broker maintains offices in Vanuatu, the UK, and Cyprus. However, their primary regulatory authorization is granted by the VFSC (Vanuatu Financial Services Commission). As a result, no other regulatory bodies such as the FCA (Financial Conduct Authority), ASIC (Australian Securities and Investments Commission), or CySEC (Cyprus Securities and Exchange Commission) have granted a license to this broker.
• As per the company's policy, they do not impose any commissions. However, it's important to note that they have other fees, including a $5 processor fee, a 2% conversion fee, and a $75 inactivity fee applied after 2 months.
• When we looked deeper, searching for reviews and feedback from real traders, we found numerous traders have expressed dissatisfaction with Evest customer service and encountered withdrawal problems. Thus, we recommend finding a reliable Investment broker, with good standing in the market and positive feedback from clients. 

Overall Evest Ranking

Drawing upon a decade of experience in the Forex trading industry, our research has uncovered significant concerns regarding Evest's reliability and its adherence to regulatory standards. As a result, we are unable to give a favorable ranking to Evest.

• Evest Overall Ranking is 3 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.

Evest Alternative Brokers

Due to the safety-related issues associated with Evest, we strongly advise considering alternative options that prioritize stringent regulations and improved trading conditions. Here is a list of reputable brokers that offer reliable choices and a secure trading environment for your consideration:

• FXTM – Good Market Instruments 
• HYCM– Low Spreads and Competitive Trading Conditions
• Trading 212– The best selection of Educational Resources

Deposits and Withdrawals

Evest enables deposits through a variety of methods; Wire Transfer, Credit/Debit Card, Maestro, Visa Electron, Skrill, and Neteller. The minimum deposit with the broker is $250. 

• The withdrawal process may require up to 14 days for completion. To be able to withdraw money, the client's account should be verified. The minimum withdrawal amount is $25. There is also a $5 withdrawal fee. 
• Considering the feedback and reviews from clients, it appears that there could be issues with the withdrawal process. Therefore, we strongly advise not to overlook this crucial aspect.

Account Types

The broker provides four primary account types: Silver, Gold, Platinum, and Diamond. Each of these Evest account types comes with its unique features and specifications. The Silver account, for instance, requires a minimum deposit of $250, and it offers daily market summary and analysis. Gold accounts, on the other hand, necessitate a minimum deposit starting at $5,000.

Meanwhile, Platinium and Diamond accounts have more substantial investment requirements, but they offer enhanced trading privileges, including access to a Senior account manager, the Trading Central platform, exemption from withdrawal fees, and a range of other benefits.

Evest Review Conclusion

Taking into account the information we have compiled about Evest, there are notable concerns regarding the broker's trustworthiness and credibility. Despite the enticing features and services it provides, the fact that it is registered in an offshore jurisdiction (Vanuatu) gives rise to considerable doubts, thus traders should exercise caution and better avoid Evest Broker for your trading activity.

We strongly advise you to consider choosing a broker that is licensed by reputable authorities like FCA, ASIC, or CySEC Brokers. Numerous regulated brokers offer excellent services and favorable trading conditions while adhering to top-tier regulations, ensuring a safe trading environment. Some examples include HFM, OANDA, and BlackBull Markets.

• Overall ranking and experience for Evest is Negative

Is IQCent Scam or Legit Broker?

No, IQCent cannot be considered a secure broker as it lacks a trustworthy license from a reputable regulatory authority. It is only registered in the Marshall Islands, which is categorized as an offshore jurisdiction with inadequate safety measures and regulatory standards (Wave Makers LTD - Nr. 103581, Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960).

• Forex industry in the Marshall Islands lacks strong regulatory oversight. Although brokers based there offer various financial services, their regulatory supervision does not meet the stringent standards set by top-tier authorities such as the CySEC or FCA.

What is IQCent?

IQCent is a recently established binary broker, founded by a team of experts in 2017 and commencing online trading operations in 2023. The company is headquartered in Majuro, Marshall Islands. Using their proprietary in-house trading platform, the broker provides trading services for forex, CFDs, cryptocurrencies, and binary options. They offer customers a selection of three distinct account types to choose from. The IQCent customer support team is available round the clock, 24/7. IQcent does not provide MetaTrader platforms. The broker enables traders access to CopyTrading. 

Based on our research we found the following information traders should know before signing with the broker:

• While looking into IQCent, we found important information about the broker's regulation. The first thing traders need to check about a broker is the existence of a tight regulation. However, this is not the case with IQCent, as it is an offshore broker with a license from the Marshall Islands. 
• Some of the IQCent's offerings seem to be pretty favorable, however, its website does not offer sufficient educational resources, and traders should proactively seek alternative information sources to acquire the required skills and knowledge. The only form of assistance offered by the broker is the provision of a demo account.
• Client reviews are also essential to consider before making a choice to sign in with a broker. We revealed that IQCent has mixed reviews. While certain reviews are notably positive, highlighting the benefits of trading with the broker, there are also numerous negative ones that emphasize issues like inadequate customer support and problematic withdrawal procedures, among other concerns.
• Finally, taking into account the gathered facts, traders should recognize that selecting an unregulated or offshore broker can potentially jeopardize their investments. There are numerous tightly regulated brokers in the market that adhere to rigorous regulatory standards and inspire a high level of trust.

Overall IQCent Ranking

Based on a decade of experience in the Forex trading industry, our research has revealed substantial issues regarding the reliability and adherence to regulatory standards by IQCent. Consequently, we cannot give a positive ranking to IQCent.

• IQCent Overall Ranking is 3 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.

IQCent Alternative Brokers

Because of the safety concerns linked to IQCent, we highly recommend exploring alternative options that offer tight regulations and enhanced trading conditions. Below is a list of reputable brokers that provide reliable choices and a secure trading environment for your consideration:

• GO Markets – Good Market Instruments 
• HYCM– Low Spreads and Competitive Trading Conditions
• XM– The best selection of Educational Resources

Deposits and Withdrawals

With IQCent the client is required to deposit funds into their trading account within a period of 90 calendar days starting from the date of its opening. The available minimum deposit is $50.

• In the event of funding through Visa/Mastercard, withdrawals can be processed either through a bank transfer which will be sent to the client through mail upon order.
• The company retains the authority to decline a withdrawal request if there is a clear intention to transfer customer funds from one payment system to another.

Account Types

IQCent offers several account types to cater to different trading preferences and experience levels: Bronze, Silver, Gold, and VIP accounts. The features and conditions vary between different account types. The minimum deposit for Bronze accounts is $50, for Silver accounts, it is $1,000, for Gold accounts, it's $5,000, and for VIP accounts, the minimum deposit is $50,000.

There are other differences, too, such as:

• Withdrawal time, for instance, for VIP accounts the withdrawal is instant, while for Bronze accounts it might take up to 8 hours. 
• Besides, Gold and VIP accounts also offer personal assistance, while for Bronze and Silver accounts the service is not available. 

IQCent Review Conclusion

Considering the information we have gathered regarding IQCent, there are significant apprehensions regarding the broker's reliability and credibility. Despite the broker's appealing features and offerings, the fact that it is registered in an offshore jurisdiction (Marshall Islands) raises substantial doubts, and traders should exercise caution.

We highly recommend seeking out a broker that holds licenses from respected authorities such as FCA, ASIC, or CySEC. There are many regulated brokers with great offerings and conditions, also alighed with top-tier regulations which is considered safe choice to trade, these including FP Markets, HFM, or FXGT. 

• Overall ranking and experience for IQCent is Negative