Archives: Brokers

Is ZonggangCaifu Scam or Legit Broker?

ZonggangCaifu 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 ZonggangCaifu?

ZonggangCaifu is a Forex and CFDs broker. The company is owned and operated by Zongangguoxin Group Limited and claims to have offices in Hong Kong, the UK, and the USA.

• According to the broker's website, it is regulated by multiple authorities in different countries: Australian Securities & Investment Commission (ASIC), the Securities and Futures Commission of Hong Kong (SFC), China Banking Regulatory Commission (CBRC) and New Zealand's Financial Markets Authority (FMA). However, we have checked the information about all these licenses and it turned out ZonggangCaifu is not regulated by any regulator.
• Moreover, New Zealand's FMA has issued a warning against ZonggangCaifu:
  "ZonggangCaifu is not registered, licensed, or regulated in New Zealand as claimed on its websites. The financial service provider registration numbers FSP1782, FSP1762, FSP488226, and FSP536586 displayed on ZonggangCaifu’s websites belong to the KVB Kunlun group of companies. KVB Kunlun is NOT affiliated with ZonggangCaifu and its websites. ZonggangCaifu could be involved in a scam."
  Also, there is a warning from the Securities and Futures Commission of Hong Kong:
  "The above Hong Kong address belongs to a secretarial company. Suspicious website operators often use names similar to legitimate companies to confuse investors."

ZonggangCaifu Review Conclusion

To sum up, ZonggangCaifu is an unregulated forex broker and it is the biggest concern as the lack of license adds additional risk to forex trading ( Check top 10 forex brokers in the world). On the other hand, those brokers regulated by reputable authorities have to follow a lot of rules that are made to protect clients.

Here are some reliable regulators: UK’s FCA, the Cyprus Securities and Exchange Commission (CySEC), and the Australian Securities and Investments Commission (ASIC). Always make your own research before signing with a broker, and pick a tightly regulated broker such as FXTM and XM. 

ZonggangCaifu Update

Based on our research, the ZonggangCaifu 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 GCC Investing Scam or Legit Broker?

GCC Investing is not a safe broker. According to our research, GCC Investing has been suspected of fraudulent actions. The company does not hold any financial licenses but claims the opposite. Therefore the company seems to be highly suspicious and might operate its services from an absolutely different location.

What is GCC Investing?

GCC Investing is a Forex broker based in Sofia, Bulgaria. Although it is owned by GreenRiver OU in Tallinn, Estonia, but payment processing is done by Mercure Services Ltd, which is based in St Vincent & Grenadines. St Vincent & Grenadines doesn’t have the regulation of Forex activity under its jurisdiction.

• They also provide British, German, and Bulgarian phone numbers which look very confusing as the company is not licensed in Europe. We advise signing only with brokers regulated by reliable entities like UK's FCA, ASIC in Australia (Also Read about ASIC Regulated MEX International Group), and Cysec in Cyprus. Read about another Cyprus-based broker Triumph FX Limited.
• In order to obtain the STP license from UK’s Financial Conduct Authority, the company would need to pay USD 50,000 and also would need to have USD 100,000 of capital for the STP license aside from client deposits.

GCC Investing Review Conclusion

We strongly advise opening a trading account only with brokers regulated by respected world authorities that comply with the required set of rules and 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 Eightcap.

GCC Investing Update

Our research showed that the GCC Investing Website is inactive. Since money safety in forex goes first we recommend avoiding any proposals from GCC Investing and staying alert. 

Is Zend Trade Scam or Legit Broker?

Zend Trade is not a safe broker. The company claims to be located in the USA. However, the company doesn't provide any information about its regulation and it doesn't seem to be licensed in the USA or any other country.

• It is not advisable to sign in with an unregulated broker. Unauthorized brokers do not follow any rules and guidelines, which means that traders and their trades are not protected legally.

What is Zend Trade?

Zend Trade is a Forex broker owned and operated by Zend Trade, Inc. The company claims to be located in the USA. The website offers various forex services across the world. The company doesn't provide any information about its regulation and it doesn't seem to be licensed in the USA or any other country.

• Moreover, New Zealand's regulator Financial Markets Authority (FMA) has issued a warning against Zend Trade:
  "We are concerned Zend Trade has the characteristics of a scam, including offering unrealistic returns and withholding client funds. We recommend exercising caution before dealing with Zend Trade or associated entities."

Zend Trade Review Conclusion

We strongly advise traders to avoid such unregulated brokers, especially when there are warnings against them. It is always safer to deal with companies licensed by reputable financial watchdogs such as UK’s FCA or Australia’s ASIC. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as FBS and BlackBull Markets.

Zend Trade Update

We found the Zend Trade 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 Shtern Group Scam or Legit Broker?

Shtern Group is not a safe broker. It does not hold any license. Although being located in Malta, the broker is not regulated by the local authority - the Malta Financial Services Authority (MFSA). 

• Trading with unregulated brokers is not recommended, as it means putting all your capital at risk. 

What is Shtern Group?

Shtern Group is a brokerage firm offering vast trading opportunities on Forex, Shares, CFDs, Commodities, and other trading assets. The office and registered address mentioned on the official website states Malta, which is an EU country that has its own regulation as well complies with the standards of financial offerings within the EEA zone.

• However, the broker is not regulated, there is no license or government permission to deliver its services, as well as none of the authorities, oversee how exactly the trading environment is delivered. In addition to its unregulated nature, the Malta Financial Services Authority (MFSA) has issued a warning to investors against Shtern Group, stating that the broker is not authorized to provide service.
• Since Forex is a decentralized market, the industry authorities oversee the financial investment firms with the purpose to protect a client and their investments. Any issue that warns about the company or another should be seriously considered when the trader chooses the company to trade with. Since Shtern Group received even several alerts from reputable agencies, we do not advise trading with them in any matter and choosing among Regulated Forex Brokers.

“The Financial Services and Markets Authority (FSMA) warns the public against the activities of Shtern Group, a company that offers forex products and CFD’s without complying with Belgian financial legislation.”

FSMA, Belgium. December, 2017

“The Malta Financial Services Authority has become aware of an entity operating under the name of Shtern Group which is known to have an internet presence. Although this entity purports to operate from an address in Malta, the MFSA does not believe this to be the case.”

FMSA, Malta. March, 2018

The FSMA or other EU authorities therefore strongly advises against responding to any offer of financial services made by Shtern Group and against transferring money to any account number it might mention.

Shtern Group Review Conclusion

We advise all investors and traders to avoid Shtern Group and other unregulated and offshore brokers. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as FBS and BlackBull Markets.

Shtern Group Update

We found the Shtern Group 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 EyeLine Scam or Legit Broker?

EyeLine is not a safe broker to trade with. The broker does not mention its regulation anywhere, so it probably means it is not regulated at all.

• Non-regulated brokers are not safe, as they are not overseen by any authority and can operate however they choose to. Very often unregulated brokers are scams to be avoided. 

What is EyeLine?

EyeLine trading is a company that offers an attractive opportunity to clients, which are considering Bitcoin and cryptocurrency trading with a very high outcome. The broker points out its high expertise and cutting-edge technologies, while the firm itself is not mentioning anything about its registration or even location. Most probably that means the broker is non-regulated and obviously does not comply with the international standards that protect clients from fraud and loss of capital.

• Even though, there are no also many reviews from the EyeLine engaged traders, which is also suspicious especially considering the company’s mentioning their numerous clients, the non-regulated nature puts many questions them. Simply, the non-authorized company means that it is not allowed to provide investment services in or from the country stated as its official address and target residence of jurisdictions.
• As predicted there are already warnings against the company from the industry authorities. The broker was detected in offering financial services to the residents without its legal permission to do so. The main aim of any authority is to protect clients from a non-wise investment with potential fraud or scam companies. Therefore we advise also not to engage with EyeLine and better choose Regulated Forex Broker.

“Eyeline Trading, the marketing company for Eyeline Business Development, claims to provide Bitcoin trading packages that promise a daily return of 0.66%. We recently became aware of Eyeline Trading and found its advertisement targeting residents to invest in its Bitcoin trading packages. Yet, the Party is not registered to trade in, or advise on, securities or exchange contracts, as the trading on them requires registration.”

BSCS, British Columbia. October 2018.

EyeLine Review Conclusion

We advise all investors and traders to avoid EyeLine and other unregulated and offshore brokers. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as FBS and BlackBull Markets.

EyeLine Update

We found the EyeLine 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 Point Investment Group Scam or Legit Broker?

It is not safe to trade with Point Investment Group, as the broker does not hold any license from a top-tier authority. In fact, the broker is registered in the Marshall Islands, which is a known offshore zone that enables any firm to register there, without the need of meeting guidelines and strict conditions. The registration fee is also very low, and obtaining it is not really difficult.

• It is a known fact that unregulated or offshore brokers are often scams, thus avoiding signing with them and finding a trustworthy broker is the only right decision while engaging in forex trading. 

What is Point Investment Group?

The Point Investment Group is a trading name used by Mountain High Ltd a trusted company established and registered in the Marshall Islands that proposes various trading opportunities on FX and CFD instruments. During the research, it was revealed that the firm connection and management is quite confusing since there are other company names appearing that include Bali Limites and Winmore Alliance. And this is already a tricky signal to us since the trustable company should have a clear structure with a transparent operation. What is more, those mentioned companies were previously detected in fraud performance and warned timely.

• Since the market offering is full of scams, any trader should strongly consider only regulated firms since they do implement international rules that show company reliability and stability. In order to prevent traders from investing in the highest-risk entities, the industry authorities regularly check and detect scams, adding them to the alert or blacklists. The Point Investment Group appeared in those listings too due to their target of clients without permission to do so, and apart from the numerous negative reviews from the traders.

“CNMV issues warning to the public on unregistered firm Bali limited ltd and Winmore Alliance is not authorized to provide the investment services, which include investment advice or to provide the auxiliary services”

CNMV, Spain. April 2018.

Point Investment Group Review Conclusion

We advise all investors and traders to avoid Point Investment Group and other unregulated and offshore brokers. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as FBS and BlackBull Markets.

Point Investment Group Update

We found the Point Investment Group 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 TIXfx Scam or Legit Broker?

TIXfx is not a safe broker. We found the company is located in St. Vincent and the Grenadines, an offshore zone that does not implement the strictest rules for the company established. Therefore, it all looks like TIXfx is an offshore, non-regulated broker that misleads about its addresses and legislation, thus we do not advise trading with the broker.

What is TIXfx?

The company Jedi Marketing ltd that operates the TIXfx brand and tixfx.com domain globally except within the European Economic Area uses the TIXfx trading name. However, the company mentions its location of office address in London, UK while is not authorized by the local agency FCA (Financial Conduct Authority). Important to mention that to operate as a financial investment firm in the UK, an FCA license is a mandatory act, therefore any other firm is not legit.

• In addition to that, while researching the TIXfx brand, we found the company located in St. Vincent and the Grenadines, an offshore zone that does not implement the strictest rules for the company established. Therefore, it all looks like TIXfx is an offshore, non-regulated broker that misleads about its addresses and legislation, thus we do not advise trading with them.
• A general offering of the broker includes proposals to the retail and institutional traders while according to the abovementioned and as the firm does not comply with any regulation, there is no trust in how exactly the service will be delivered. This is the reason we advise choosing only Regulated Forex Brokers.
• Moreover, as a part of the investors warning the world industry authorities constantly check on the market offering while issuing warnings available to the public. Since TIXfx targets worldwide clients without its legal approval, the company appeared on various black lists even a few times, while partnering authorities followed the alert to warn the clients.

“The National Commission for Companies and the Stock Exchange (CONSOB) reports that the companies Tix Group Ltd and Jedi Marketing Ltd are not authorized to provide investment services and business in Italy in any way”

CONSOB, Italy. October, 2018

TIXfx  Review Conclusion

We advise all investors and traders to avoid TIXfx and other unregulated and offshore brokers. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as FBS and BlackBull Markets.

TIXfx Update

We found the TIXfx 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 OptionExpert Scam or Legit Broker?

OptionExpert is not a safe broker. The broker is located in Cyprus, yet it is not regulated by the local regulatory body - CySEC, which means that the broker is not reliable and signing with it might be very dangerous. 

What is OptionExpert?

OptionExpert is a binary options trading platform (Read about Best Regulated Binary Options Brokers by link), offering a simple and intuitive way to earn money on the leading financial markets, as the broker claims on their website. The company office is located in Cyprus and its launch date goes back to 2015, also the firm mentions its local authority CySEC authorization and license that ensures the upholding of all laws governing Cyprus and the rest of the EU. There are other numerous claims describing that the broker is a Premium Quality, with the Limited Edition offering, and is a Perfect Choice.

• However, all that is very far from what reality shows. First of all, there is no license or regulation from the CySEC, there is no even history mentioning their suspended license. Therefore, it all shows that the company presents the data they want to show, but not the truth. Going even further, the company was warned by CySEC as their domain is not authorized to deliver the service. Check the listing at the official CySEC link.

OptionExpert Review Conclusion

In conclusion, of course, we advise avoiding OptionExpert and choosing only among the regulated brokers. The Regulated Forex Brokers are obliged to deliver not only the safest trading condition but to comply with international requirements. Traders should trade with well-regulated brokers such as UK brokers or brokers in Cyprus and reliable brokers such as FP Markets and BlackBull Markets.

OptionExpert Update

We found the OptionExpert 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 Trade Fintech Scam or Legal Broker?

It is not safe to trade with Trade Fintech. It does not hold any top-tier license and is located in the Marshall Islands which is an offshore zone. Simply it means the broker is able to do business as they wish, and of course, this involves the highest risks even on losing funds.

What is Trade Fintech?

The Trade Fintech company is an online trading provider with advanced technologies and a range of trading assets through its declared offices in the Marshall Islands. Being located in the offshore zone first of all means that there is no serious operation license or international authority that regularly checks on the broker, as well the company does not maintain the necessary security of funds. 

• Since the trading among markets growing daily, the international authorities re-checking the proposals and other companies with the purpose to warn clients against risky investments. Therefore the Trade Fintech appeared in various alert lists due to their non-regulated nature, which includes European authorities like CNMV, CONSOB, FCA, and others. 

  “Trade Fintech firm has been providing financial services or products in the UK without our authorization. Based upon information we hold, we believe it is carrying on regulated activities which require authorization.”

  FCA, UK. September 2018.

Trade Fintech Review Conclusion

We, along with the reputable authorities strongly advise against responding to any offer of financial services made by non-regulated entities and Trade Fintech in particular and against transferring money to any account it might mention. In fact, there are plenty of regulated brokers that set trading conditions for very attractive offerings too while performing the utmost level of protection through various programs and compliance with rules. Therefore, we recommend choosing among the Best Forex Brokers from reputable jurisdictions like FCA-regulated brokers, CySEC brokers, or others.

Trade Fintech Update

Based on our research, the Trade Fintech 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.