Archives: Brokers

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. 

Is 24tradeRush Scam or Legit Broker?

According to our research and our finds, 24TradeRush is not a secure broker because is based solely in an offshore zone and does not guarantee its trading environment. 

What is 24TradeRush?

24TradeRush is an innovative binary option and Forex trading platform provider owned and operated by B.O. Tradefinancials Ltd, a Cyprus Investment Firm located in the Republic of Cyprus, as stated on the official website. Broker’s trading platform offers a user-friendly trading experience and allows to follow rapidly shifting trends in the financial markets worldwide, to trade Forex/CFDs and Binary Options (Check Best Binary Options Brokers Reviews).

• Since the company is located in Cyprus, the Cyprus Securities and Exchange Commission granted B.O. Tradefinancials Ltd License and permits to provide the investment service within Cyprus and other cross-border counties in 2013, License Number 216/13. However, currently, the license is suspended by the company’s Voluntary renunciation, without its clear vision of taking action. (Check the status at the CySEC official website, by the link)

• Obviously, the company didn’t meet the regulatory requirements, as well received negative feedback from the clients about their performance of trading conditions, thus the license was gone. Yet, the 24TradeRush still offers its service, still states its regulatory obligations, and performs as if everything is legal and smooth. That’s why we always advise checking carefully the broker before any investment or deposit is done if the company still complies with the requirements or even if the regulatory state is true. The regulatory agencies publish information through their official web pages, that’s why every client can easily check the status and find vast of useful information.

24TradeRush Review Conclusion

As it became obvious, there is no trust in the 24TradeRush, due to their confusing statements and it is better to choose among regulated brokers either by the CySEC or any other respected authority. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as FBS and BlackBull Markets.

24TradeRush Update

Based on our research, the 24TradeRush 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 OndaMarkets Scam or Legit Broker?

OndaMarkets is a Forex and CFDs broker owned and operated by OndaMarkets Ltd., a company registered in St. Vincent and the Grenadines. St. Vincent and the Grenadines is a popular destination for forex brokers, as it has low taxes policies and the business registration process is simple.

• Usually, such brokers are not regulated in any country and are suspected of fraudulent activities. Also, very often unregulated offshore brokers are banned by the authorities who try to protect investors from losing funds.

What is OndaMarkets?

OndaMarkets is a Forex and CFDs broker registered in St. Vincent and the Grenadines. It does not hold any serious license, thus, no wonder OndaMarkets was blacklisted by Spain's regulator CNMV (The National Securities Market Commission) in March 2018:
"ONDAMARKETS Ltd www.ondamarkets.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."

OndaMarkets Review Conclusion

The first thing the potential investor should do when he is choosing a trading company is to determine if it is a legitimate broker or a scam broker.  Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as FBS and BlackBull Markets.

OndaMarkets Update

We found the OndaMarkets 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 FxtPremium Scam or Legit Broker?

It is not safe to trade with FxtPremium. The broker does not hold any serious regulations. It positions itself as a trustworthy broker, stating on its website the fact of being located in Germany. However, there is no mention of German regulation. Instead, it seems the broker is registered in Vanuatu. 

• Vanuatu is an offshore zone and does not oversee the activities of the firms regulated there. There are no certain guidelines and conditions to follow, thus, companies registered in Vanuatu can operate their business however they wish, putting their clients' investments at risk. 

What is FxtPremium?

FxtPremium is a broker that offers to trade with various assets including Forex, commodities, precious metals, indices, cryptocurrencies, and CFDs. The company doesn't disclose any information about its location as well as its regulation. The only contact info that can be found on the website is a German phone number. If the broker wants the traders to think it is located in Germany, it is supposed to be regulated by The Federal Financial Supervisory Authority, although the entity doesn't seem to be regulated by any authority.

• In addition, the terms and conditions on the website state that FxtPremium is governed by the laws of Vanuatu - a popular offshore zone for the forex broker. Probably the firm was trying to hide the fact with the offshore registration as most of the brokers registered there turn out to be scams. It is highly recommended to avoid offshore unregulated brokers such as FxtPremium.
• Moreover, Italy's regulator CONSOB has issued a warning against the broker stating that:
  "The National Commission for Companies and the Stock Exchange has ordered the following company to cease the infringement of art. 18 of the same Decree consisting of the provision of unauthorized investment services and activities to the Italian public: Fxtpremium through the website www.fxtpremium.com"

FxtPremium Review Conclusion

Investing with a properly regulated broker is crucial for the safety of any investment. Here are some reliable regulators: UK’s FCA, the Cyprus Securities and Exchange Commission (CySEC), and the Australian Securities and Investments Commission (ASIC). These are well-respected institutions that enforce strict regulatory standards upon all brokers in their jurisdictions. Traders should trade with well-regulated brokers such as FP Markets and BlackBull Markets.

FxtPremium Update

We found the FxtPremium 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 Inmarket FX Scam or Legit Broker?

Inmarket FX is a Forex broker, owned and operated by Integrated Markets LLC. The company is based and registered in Vanuatu, one of the popular offshore destinations where the brokers get their forex licenses. It is quite risky to trade with these firms. Usually, the companies that operate in offshore areas (such as the Republic of Vanuatu) are not licensed nor regulated and are considered to be frauds.

What is Inmarket FX?

Inmarket FX is a Forex broker offering access to multiple markets. However, the broker does not hold a serious license. It is an offshore broker registered in Vanuatu.

• Besides, the website supports only Spanish which means it has been targeting Spanish residents. As proof, there is a warning against Inmarket FX from Spain's regulator issued in October 2017:
  "INTEGRATED MARKETS LLC www.inmarketfx.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."

Inmarket FX Review Conclusion

We always encourage traders to deal only with regulated brokers, as those operating without a proper forex broker license are most often frauds. Besides, when investing with a licensed broker, traders are guaranteed to get protection from the funds. For example, the UK regulator FCA provides a Financial Services Compensation Scheme. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as FBS and BlackBull Markets.

Inmarket FX Update

We found the Inmarket FX 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 TeamFX Scam or Legit Broker?

No, TeamFX is not safe to trade with. Obviously, the broker is located in some offshore zone and presents itself as a legal financial service entity. This, of course, puts a red flag on the TeamFX company, as most probably it is just another scam or fraud firm that targets worldwide traders with its aggressive marketing tactics.

What is TeamFX?

TeamFX is an online trading provider with access to various assets including Forex and CFD trading. The firm offers an easy trading experience with the support of educational materials, courses, daily insights, analysis groups, and other additional services that are designed for the trader to succeed, as claimed by the broker.

• However, the broker's reliability should be confirmed by the legal sources and other data that secure traders from the investment with the fraud company, which gives many promises. While it seems that TeamFX is a new player among vast of trading offering since simply there is a lack of information about the company, nor reviews from the traders or even clear info about the company location. The domain address of the website is located in the UK, while the firm misleads about the real fact of their registration. After the research, we found that the broker is nor registered in the UK or regulated by the mandatory licensor and regulator of the financial investment firms in the UK, FCA (Financial Conduct Authority).

Overall TeamFX Ranking 

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

• TeamFX 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.

TeamFX Alternative Brokers

With our finds and issues with the safety of TeamFX, there are much better Alternatives to TeamFX 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

TeamFX Education

Since 2018 TeamFX has been providing its services, educational courses, and products to beginner traders around the UK. They specialize in training complete beginners and converting them into independent traders. We offer a variety of online and in-person courses as well as subscriptions to access their trading and discussion channels.

Here are the main programs they offer:

• FX Analysis & Discussion Group
• Beginner to Independent Trading Course
• 1-1 Sessions & Group Courses

TeamFX Review Conclusion

We always advise trading with regulated brokers only, as the legal status of the company, the service it offers, and further reliable trading environment should stay the paramount priority of any trader. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as FBS and BlackBull Markets.

• The overall ranking and trading experience for TeamFX is Negative

Is HybridReserve Scam or Legit Broker?

No, it is not safe to trade with HybridReserve. HybridReserve is owned by SingleBell OU which is an offshore company registered in St. Vincent and the Grenadines.

• St. Vincent and the Grenadines 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 CapitalXP, Welkron, and more. You can read our detailed article about the risk of trading with brokers from St. Vincent and the Grenadines.

What is HybridReserve?

The HybridReserve broker offers a trading solution for traders of different sizes including professionals, and private or institutional traders, while the software package delivers efficiently and profitably. The broker claims to be incorporated in Tallinn, Estonia. Apart from the fact that St. Vincent and the Grenadines is a very liberal jurisdiction, which not overseeing the financial investment firms and their activity, the office in Estonia is not registered as well. That means that the broker is actually an illegal entity.

• In addition, the broker has been banned by several regulators:

"The Financial Services and Markets Authority (FSMA) warns the public against the activities of (Singlebell Ltd / SingleBell OU), a company that offers investments without complying with Belgian financial legislation. HybridReserve (Singlebell Ltd / SingleBell OU) is not allowed to provide banking and/or investment services in or from Belgium." FSMA, 19 February, 2019.

• "SingleBell Ltd. 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" FMA, 1 March 2019.

HybridReserve Review Conclusion

We advise all investors and traders to avoid HybridReserve and other brokers from St. Vincent and the Grenadines. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as FBS and BlackBull Markets.

HybridReserve Update

We found the HybridReserve 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  PaxForex Scam or Legit Broker?

PaxForex has been suspected as a scam broker. The company is registered in St. Vincent and the Grenadines, an offshore zone, and does not hold any authorization or license to perform financial services. Even though it is mentioned about many jurisdictions are restricted to open a trading account with PaxForex.

Due to its situated office, PaxForex does not hold any authorization or regulation licenses from world-recognized financial authorities.

What is PaxForex?

PaxForex operates under the brand name PaxForex and is a brokerage firm that provides online currencies and CFDs trading services. PaxForex review is about a company Laino Group Ltd which is a brand name established and registered in St. Vincent and the Grenadines financial investment firm.

Notwithstanding by the fact that the PaxForex company does provide an attractive selection of account types that might suit the need of beginning and seasoned traders, the sum of the above and the non-licensed company nature impacts in a negative recommendation of account opening.

• The broker claims to run an office in the UK, which is not, for instance, a case and offers a wide selection of trading opportunities to trade on Forex, Stocks, Options, and CFDs through an STP/ ECN connectivity (See ECN Broker's List) to the liquidity providers.
• In fact, the company partners with Total Capital Forex Promotions (Pty) Ltd and other companies that are located in various jurisdictions, but do not serve itself any other office than its headquarters in the known offshore zone St. Vincent and the Grenadines.

• Besides, the negative reviews and much of disappointed traders by the broker’s provided operations releases the question, is it really a good idea to trade with the PaxForex Broker? It is absolutely clear that financial investment involving high risks and it is at the paramount priority to reduce risks as much as possible.

Overall PaxForex Ranking 

Due to our finds and issues on PaxForex regulations and safety, we do not rank positively PaxForex, based on our Expert Opinion with over 10 Years of experience in Forex Trading.

• PaxForex 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.

PaxForex Alternative Brokers

Regarding our research results and PaxForex safety issues we revealed, here are much better Alternatives to PaxForex with good regulations and excellent conditions. We select Good Brokers and trustworthy options for your comparison below: 

• FP Markets – Good for CopyTrading
• FXTM – Good for Beginners
• Plus500 – Good for Futures Trading

Deposit & Withdrawal

PaxForex offers straightforward facilities to perform fast online deposits and withdrawals. The broker supports multiple currencies and a wide range of deposit/withdrawal methods, including bank transfers, credit/debit cards, WebMoney, Perfect money.

• All transfers via electronic payment systems are automatic. Transferred funds become available immediately.
• Bank transfers are made within 24 hours  to the bank account of the Company.

PaxForex 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 Eightcap.

• Overall ranking and experience for PaxForex is Negative