Archives: Brokers

Is 10Brokers Scam or Legit Broker?

It is not safe to trade with 10Brokers. The broker is suspected to be a scam. 10Brokers states to be located in Estonia, however, it is not registered with the local financial authority, which makes the broker's offerings untrustworthy.

• It is not advisable to sign in with unregulated or offshore brokers, as very often they turn out to be scams, causing traders to lose their investments. 

What is 10Brokers?

10Brokers is a broker that offers to trade with such assets as Forex, CFD, commodities, indices, and cryptocurrencies. The company is owned and operated by Euro Wealth OÜ that claims to be based and registered in Tallinn, Estonia.

• However, we didn't find any records of 10Brokers being regulated by the Estonian Financial Supervision Authority (EFSA). Although, the broker has actually been mentioned in the regulator's records, unfortunately, those are the broker alerts and warnings:
  "Finantsinspektsioon (the Estonian Financial Supervisory Authority) would like to inform clients and investors that Euro Wealth OÜ (previous business names AllProTech OÜ and Nostro Technology OÜ; registry code 14183116) does not hold an activity licence for the provision of investment services in Estonia and therefore AllProTech OÜ is not authorised to provide investment services in Estonia. The company offers the possibility to trade different derivatives through web page https://10brokers.com/."
• There is a big confusion with the names of the owner-companies of the 10Brokers, as we found at least 5 names that were associated with the broker this year. EFSA has already stated that Euro Wealth OÜ was previously named as AllProTech OÜ and Nostro Technology OÜ and these two companies were blacklisted as well.
• Also, KHO TEHCH Ltd. and FGM Technology Ltd were appearing next to the broker's name. In addition, FGM Technology Ltd. (trading as 10Brokers) have been blacklisted by the UK's FCA in June 2018:
  "FGM Technology Ltd trading as 10 Brokers is not authorised by us and is targeting people in the UK. Based upon information we hold, we believe it is carrying on regulated activities which require authorisation."

10Brokers Review Conclusion

Considering all the cons of the broker, we don't recommend trading with 10Brokers. 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). Traders should trade with well-regulated brokers such as FBS and BlackBull Markets.

10Brokers Update

We found that the 10Brokers 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 Platinums Trade Scam or Legit Broker?

It is not safe to trade with Platinums Trade. The broker is suspected of being a scam. It does not provide any information about its regulations and registration. The contact information provided on the broker's website indicates Italian and English phone numbers, yet Platinums Trade is not registered in any of these countries, although it is obligatory to have a license in order to be able to provide financial services there. 

• Signing with offshore or unregulated brokers means putting your investments at risk. 

What is Platinums?

Platinums Trade is a Forex and CFD broker. The company is owned and operated by West Media Group limited and based in St. Vincent and the Grenadines, which is a well-known offshore zone for forex brokerages. But not every trader knows that there is no forex regulation in St Vincent, so the broker companies are not overseen by any authority. Such licenses are cheap (around USD 2,000) and easy-to-get, which doesn't sound very reliable.

• Platinums Trade doesn't provide any information about its regulation. The website supports English, Italian and Spanish languages that indicate the countries the broker has been targeting. Also, the contact phone numbers shown on the website are British and Italian, however, the broker doesn't have offices in these countries and obviously is not regulated there.
• In addition, Italy's regulator CONSOB has issued a warning against Platinums Trade in April 2018:
  "The National Commission for Companies and the Stock Exchange, in accordance with article 7-octies, letter b) of the Consolidated Law on Finance (TUF), has ordered Platinums Trade through the website www.platinumstrade.com to cease infringement of article 18 of the TUF consisting of the offer and performance of investment services and activities to the Italian public."

Platinums Trade Review Conclusion

To succeed in Forex trading, it is essential to find a regulated and trustworthy broker with favorable offerings. Platinums Trade is not one of them.  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.

Platinums Trade Update

We found that the Platinums Trade 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 Lockwood Investments Scam or Legit Broker?

No, it is not safe to trade with Lockwood Investments. Lockwood Investments is owned by United Limited, which is an offshore company registered in the Marshall Islands.

• The Marshall Islands 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 PTBanc, Pinprotrade, and more.

What is Lockwood Investments?

Lockwood Investments is an offshore broker that offers Forex and CFDs trade. The map on the website in the 'Contact Us' section shows the location in Sofia, Bulgaria. Probably, they haven't changed it while changing the name of the owner company. As we know, Lockwood Investments has previously been owned and operated by Solutions CM LTD, which also owns such unregulated brokers as OriginalCrypto, Britonprice, and Easy Line Pro.

• In fact, Solutions CM, as well as the brands owned by this company, have been blacklisted multiple times by different regulators.  In order to avoid a bad reputation, brokers just change their names from time to time to delude their new customers.
• In addition, Lockwood Investments has been blacklisted by Spain's CNMV:

"http://lockwoodinv.com is not authorized to provide the investment services detailed in Article 140 of the Securities Markets Law, which include 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."

• The most recent warning is from the French regulator AMF:

"The Autorité des Marchés Financiers and the Autorité de Contrôle Prudentiel et de Résolution warn the public against the activities of several websites (including www.lockwoodinv.com) and entities proposing forex investments or proposing online investment services in France for derivatives whose underlying include crypto assets."

Lockwood Investments Review Conclusion

We advise all investors and traders to avoid Lockwood Investments and other brokers from the Marshall Islands. Brokers with offshore regulations are not reliable, due to the lax regulations and almost non-existent rules. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as FXTM, eToro (Check our review on eToro), and XM.

Lockwood Investments Update

Our research revealed that the Lockwood Investments 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 Fin-Tech Prime Scam or Legit Broker?

Fin-Tech Prime is not a safe broker. The broker seems to be located in Tallinn, Estonia. However, it is not regulated by the local regulatory authority. Instead, the brand behind Fin-Tech Prime - Morgan Ltd. is registered in the Marshall Islands, which is an offshore zone. It is a well-known fact, that the Marshall Islands does not oversee the financial firms and their activities. This means the companies can operate however they wish, putting the clients' funds at risk. 

What is Fin-Tech Prime?

Fin-Tech Prime is a Forex and cryptocurrency broker and a trading name of General Media OU, located in Tallinn, Estonia. There are two more names behind this brand - Morgan Ltd., located in Bulgaria, and Morgan Holdings Ltd., located in the Marshall Islands. However, the broker is not regulated by Estonian Financial Supervision Authority or the Bulgarian Financial Supervision Commission, which only proves that Fin-Tech Prime is another unregulated offshore broker on the list.

• Moreover, UK's Financial Conduct Authority has issued a warning against the broker:
  "This firm (Fin-TechPrime) is not authorized by us and is targeting people in the UK. Based upon information we hold, we believe it is carrying on regulated activities which require authorization."

Fin-Tech Prime Review Conclusion

We strongly advise only dealing with financial firms that are authorized by respected and trustworthy regulators (Find and Compare Forex Brokers). In order to check if the chosen broker is authorized by the FCA, you can check its Financial Services Register to ensure it is. But if you are still searching for a well-regulated broker, check our list of FCA-regulated brokers. Traders should trade with well-regulated brokers such as  FBS and HFM.

Fin-Tech Prime Update

We found the Fin-Tech Prime 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 Binatex Scam or Legit Broker?

No, Binatex is not safe to trade with. The company is not regulated by any of the authorities. It does not have any serious license that can provide safe trading without any risks. The broker is based in Seychelles, yet has also an office in Cyprus.

What is Binatex?

Binatex is a trading name used by the Seychelles-incorporated firm that also serves an office in Cyprus for the purpose of payment services for the offshore holding company Yulanta Business Ltd.

• Also, the company mentions the logos of the European MiFID regulation and registration with Russian CROFR. However, with all respect to the Russian authority, in fact, it doesn’t regulate daily operation and maintenance of the safest trading environment. In addition, the Binatex company didn’t receive a license from the local Cyprus authority CySEC and only mentions its processing. That means the broker can’t use the MiFID logo, while even currently CySEC issued a warning against investing with Binatex.

   “The Cyprus Securities and Exchange Commission (CySEC) would like to inform the investors and the public at large that the domain Binatex included in the list of not owned or operated by Cyprus Investment Firms (CIFs) which have been authorized by CySEC to provide Investment Services.”

  CySEC, Cyprus.

Binatex Review Conclusion

Even though there is no strict evidence of extreme fraud from the company, their unregulated nature of investment business reveals various questions. Until the moment they receive authorization from the CySEC or any other regulatory body, there is simply no trust in how the funds and clients will be managed.  Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as FBS and BlackBull Markets.

Binatex Update

Based on our research, the Binatex 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 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.