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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. 

Is Investrader Scam or Legit Broker?

Investrader 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 Investrader?

Investrader offers a range of binary options types with 180 tradable assets sure to suit any type of trader, from the popular 60-second expiries and for more aggressive traders looking for a rapid return all the way up to end-of-the-day expiries through advanced trading tools. The broker mentions its location and address in Nicosia, Limassol, as well as owning company Hottrade Investments Limited.

• However, in our earlier reviews, we did face that this company speculates about the information it presents on the official website and has a relation to other trading brands, as well shows absolutely fake data. While discovering Invest Trader, one of the pages mentioned registration of the broker and its legislation: “As one of the few CySEC licensed and regulated online binary options trading sites (Find Binary Options Brokers List here), Investrader fully ensures the privacy and security of your data as well as maximum transparency in your trading experience.”
• Of course, we checked the data and found out that there is no such registration existing. Furthermore, the CySEC included the InvestTrade domain as an unregistered and non-legitimate one (check by the link). So all the questions we had found their answers while concluding that there is no trust in InvestTrader broker. Therefore our readers and traders should avoid InvestTrader and be alerted in case they see any mention of Hottrade Investment Limited.

Investrader Review Conclusion

Trading itself is a risky business that requires knowledge and a trustful broker. It is better to trade with a regulated broker that is registered either with CySEC, FCA, or ASIC and of course, in order to avoid misleading and typical scams you should check carefully the registers first on the official website of a particular authority. Traders should trade with well-regulated brokers such as FP Markets and BlackBull Markets.

Investrader Update

We found the Investrader 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 CapitalXP Scam or Legit Broker?

CapitalXP is not a safe broker as it does not hold any serious license. The broker is registered in St. Vincent and the Grenadines and does not provide proper safety terms and conditions. SVG is a popular offshore jurisdiction for forex brokers due to its low set-up requirements and minimal regulation. However, the lack of regulatory oversight and lax requirements can also lead to potential risks for traders who choose to sign up with brokers registered with the SVG Financial Services Authority.

What is CapitalXP?

• CapitalXP is a Forex and CFDs broker, owned and operated by Quattro Holding Group LTD, registered in St. Vincent and the Grenadines. It is a popular destination for forex brokers because the registration procedure is simple and low-cost and they face limited regulatory supervision if any. It is important to remember that the company's registration has nothing to do with the regulation and may be confusing for those who have just started searching for brokers to invest with.
• The website provides two contact phone numbers (Russia and the United Kingdom), however, neither the broker, nor the company behind it is regulated in these or any other countries by the official financial regulators. Also, the website supports English and Russian languages, which only confirms the fact that CapitalXP has been targeting people from these countries without any legal right to do that.

CapitalXP Review Conclusion

Well-respected financial authorities like the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission (ASIC), or the Cyprus Securities and Exchange Commission (CySEC) are effectively enforcing strict financial and ethical rules on all overseen brokers. That's why we recommend choosing among the brokers regulated by the mentioned authorities. 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.

CapitalXP Update

We found the CapitalXP 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 TradeToro Scam or Legit Broker?

No, it is not safe to trade with TradeToro. TradeToro is owned by Ivory Group Limited, which is an offshore company registered in Dominica.

• Dominica 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 Global Clearing Group, Tradersway, and more.

What is TradeToro?

It is not clear enough how exactly TradeToro delivers its service and if comply with any of the regulations. In fact, it is obvious that not, therefore the broker’s offering is not overseen by any entity and may be considered an illegal service, as the EU requires the strictest licensing.

• Overall, it means TradeToro offers unreasonable risk to their investors or traders as simply there are no client’s security rules implemented. Besides, there are vast negative reviews from the traders engaged with TradeToro, as well as states that the broker is a scam. The traders faced some interruption in their trading processes, “advisory” how to place orders next and that’s apart from the issues that the money most probably never returned back to their owners.
• In addition, the Austrian Financial Market Authority (FMA) has issued a warning against TradeToro:

"TradeToro is not entitled to carry out banking transactions in Austria that require a license. Therefore the acceptance of funds from other parties on a commercial basis for management purposes or as deposits is not allowed."

• We have heard brokers from Dominica deny traders withdrawing funds. We have feedbacks from traders that they cannot withdraw money. You read the feedback here.

TradeToro Review Conclusion

We advise all investors and traders to avoid TradeToro and other brokers from Dominica. 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.

TradeToro Update

We found the TradeToro 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 MarketPlus Scam or Legit Broker?

MarketPlus is not a safe broker to invest in.  The main concern is that the company does not hold any license to deliver its trading service either to local or world traders, and is not authorized by any EU regulator. Despite the fact, that any EU financial service company should obtain its legal license that protects clients and maintain the strictest standards, MarketPlus skipped that step.

What is MarketPlus?

MarketPlus is a Forex and CFD broker and trading provider, which operates by Affinity Group Ltd based in Bulgaria.

Typically, unregulated companies use strong marketing programs to onboard new clients, while misleading about their legal side of the operation and attracting high potential incomes. However, retail investors should look carefully at the website and the broker’s offering, as well as check out the firm reputation at least by reading reviews.

• Besides, the industry authorities make serious steps to issue warnings against unregulated companies and protect clients.
• Even though Marketplus didn’t receive an official warning from the world industry it might be coming soon. Also, there are already some negative reviews and claims from the traders that faced serious fraud of the customer rights, while the trades were manipulated and withdrawals were canceled.

MarketPlus Review Conclusion

In conclusion, we would recommend avoiding Marketplus and investing in a more trustworthy company with tight regulation, since the trading itself is a risky investment and it is very important to choose a reliable company. There are many well-regulated companies across Europe, which comply with the necessary customer protection rules and operate financial investments with the applicable safety.  Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as HYCM and AvaTrade.

MarketPlus Update

We found the MarketPlus 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.