Archives: Brokers

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

Is TorOption Scam or Legit Broker?

TorOption 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 TorOption?

TorOption is a trading name used by the company with its registered address in Scotland named Smart Choice Zone LP. The broker claims its professional approach and management of trading experience in CFDs, Commodities, Indices and Commodities along with the advanced security features. However, the company operates with no license or supervision from the respected industry authorities, therefore the claims on security and trustability are not proven.

• Since the broker offers also trading of binary options (Find Binary Options Regulated Brokers ) or instruments with a maturity of less than one hour that is a highly risky investment, which is in fact not permitted to distribute in many jurisdictions with the purpose to protect clients.
• Furthermore, there are several European industry authorities, which included TorOption in its warning or blacklists, as the company targets clients in respected jurisdictions without its allowance to do so. The warnings include Belgium FSMA, Spanish CNMV, and Italian CONSOB while advising not to engage with the company offering by any means.

“The Financial Services and Markets Authority (FSMA) warns the public against the activities of TorOption, a company that offers binary options without complying with Belgian financial legislation. The FSMA thus strongly advises against responding to any offer of financial service made by TorOption and against transferring money to any account number it might mention.”

FSMA, August 2017

“CNMV issues warning to the public on unregistered firm TorOption”

CNMV, May 2017

TorOption Review Conclusion

Overall, we do not advise trading with TorOption because of its lack of safety. Also, there are numerous complaints and negative responses from the clients who traded with TorOption. For that reason, it is recommended to choose among the Regulated brokers that are constantly overseen in terms of their secure trading environment. We advise trading with well-regulated brokers such as BDSwiss and XM.

TorOption Update

Our research showed that the TorOption 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 Eminage Scam or Legit Broker?

Eminage is not a safe broker. It does not hold any license which means that the broker’s activities are not overseen by any authority. Generally, offshore or unregulated brokers are engaged in fraud offerings, which may put the trader’s investments at risk.

• In forex trading, it is essential to sign in with a reliable broker with tight regulations. Many unregulated brokers try to attract traders with favorable conditions and offerings, but often this is just a trap. 

What is Eminage?

Eminage is the leader of trading platforms in the cryptocurrency market, the founders have put their knowledge and experience in the market at clients' disposal to provide an easy-to-use and secure platform, as claimed on the company website. The company also claims its offices and agencies in major global cities, including London, Shanghai, Malta, and Iceland, and the soon opening of France offices.

• However, it is not clear where the broker is registered and it is obvious that there is no regulatory body that oversees Eminage.
• As a member of the European Securities and Markets Authority (ESMA) and of the International Organization of Securities Commissions (IOSCO), the Spain CNMV regularly receives alerts issued by foreign securities regulators on general topics of interest to investors. Therefore, the originally issued by the France AMF warning against Eminage company was spread around through various publications, followed by Belgium and a set of other countries.

“The Autorité des marchés financiers (AMF) is warning the public against Tallinex company proposing atypical investments without being authorized to do so”

AMF, France. September 2018.

• The warning concerns about Eminage trading offerings while the residents and potential investors were alerted of dealing with Forex trading and cryptocurrency business specifically through the firms that were considered to be scams.

Eminage Review Conclusion

We advise all investors and traders to avoid Eminage and other brokers from Vanuatu. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as FP Markets and TMGM.

Eminage Update

We found the Eminage 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 Tallinex Scam or Legit Broker?

It is NOT SAFE to trade with Tallinex. Tallinex Limited is registered and located in St. Vincent and the Grenadines while originating in Estonia. 

• Being an offshore zone St. Vincent & the Grenadines does not define strict obligations to its financial registered firms, which may be a risky investment in case the firm is only based there. 

What is Tallinex?

Tallinex is a registered trademark or service mark of Tallinex Limited registered and located in St. Vincent and the Grenadines while originating in Estonia. The broker mentions that all Tallinex trades are transmitted swiftly and reliably to the world's largest banks through a PrimeXM FX bridge to Integral's FX Grid system, which is optimized for Forex trading. That the clients can benefit from better ECN/STP technology and confidently trade the Forex markets through the Tallinex platform. However, the SVG governmental structure does not perform the strictest standards in regard to financial service firms. 

• In addition to that, recently the company was fined by the US reputable authority CFTC and received warning from the EU regulators. The authorities found that Tallinex operated as an unregistered foreign exchange dealer by soliciting orders for leveraged forex transactions from retail U.S. and EU customers, and offered to be the counterparty to such contracts with its customers. The Order also found that Tallinex defrauded these customers by knowingly or recklessly misrepresenting or omitting material facts.

“Tallinex Ltd. Ordered to Pay nearly $10.3 Million in Restitution to Defrauded Customers and Defendants Ordered to Pay Civil Monetary Penalties Totaling More than $760,000”

CFTC, USA. July, 2018.

Tallinex Review Conclusion

In conclusion, according to the finding we recommend avoiding trading with Tallinex and keeping the safe trek of investment options with well-regulated and authorized companies that are constantly checked. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as FP Markets and HFM.

Tallinex Update

Based on our research, the Tallinex 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 Finodax Scam or Legit Broker?

It is not safe to trade with Finodax. The broker does not hold any type of license, and engaging with it might be risky. Signing in with the broker means putting your investments at risk.

• We never recommend trading with offshore or unregulated brokers as they might have attractive offerings, but the overall trading experience might prove to be negative. 

What is Finodax?

Finodax is a brokerage and investment firm specializing in online trading and investment, in Forex and CFDs trading specifically. The company claims to have offices in the UK, Spain, Norway, Japan, Australia, South Africa, and Mexico.

• In order to provide its financial services, the broker needs to be regulated in those countries, although Finodax is not overseen by any of the regulators. The website supports English and Spanish languages, which could mean that the broker targets Spanish residents. As additional proof, there is a warning against Finodax, issued in May 2018 by Spain's regulator CNMV (The National Securities Market Commission):
  "Finodax 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."

Finodax Review Conclusion

Investing with a properly regulated broker is crucial for the safety of any investment. There are few well-respected institutions that enforce strict regulatory standards upon all brokers in their jurisdiction, such as FCA in the UK, ASIC in Australia, or CySEC in Cyprus. Check out a list of brokers authorized by FCA. We advise signing in with reliable brokers such as BlackBull Markets, XM, and BDSwiss. 

Finodax Update

We found the Finodax 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 Boom Xchange Scam or Legit Broker?

Boom Xchange is a 100% fraud company. The broker does not hold any proper license from a well-known reliable financial regulator. It is NOT SAFE to trade with Boom Xchange.

• We never advise trading with an unregulated 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.

What is Boom Xchange?

Boom Xchange is a Forex, CFDs, and cryptocurrency broker. The company states that it is owned and operated by Leadcapital Markets Ltd., a CySEC-regulated company. The website provides full information about the license from the Cyprus regulator, including address, contact phone number, etc. They also mention the other regional offices of the company in the USA and UK. Everything could look quite legit, as Leadcapital Markets Ltd. is a trustworthy company regulated by CySEC. The trick is this company has nothing to do with Boom Xchange, it doesn't own the broker and there is no information about these two companies to be connected.

• Moreover, CySEC has recently issued a warning against Boom Xchange, stating that the broker is using the details of the regulated entity to scam people:
  "The Cyprus Securities and Exchange Commission (‘CySEC’) wishes to inform investors that the website boomxchange.com (Boom Xchange), does not belong to an entity which has been granted authorization for the provision of investment services and/or the performance of investment activities, as provided for in Article 5 of Law 87 (I)/2017. In the above-mentioned website, the name, license number, and content from the website of the Cyprus Investment Firm Leadcapital Markets Ltd is used illegally and without its authorization."

Boom Xchange Review Conclusion

It is a very popular tactic among fraud companies to use the details of the regulated firms in order to earn clients' trust. We highly recommend avoiding such brokers and choosing from those regulated by reliable authorities such as CySEC in Cyprus or FCA in the UK. 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.

Boom Xchange Update

We found the Boom Xchange 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.