Archives: Brokers

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. 

Is LVMexchange Scam or Legit Broker?

No, it is not safe to trade with LVMexchange. This is an offshore broker registered in St. Vincent and the Grenadines. This means that the broker does not hold any serious license and it might operate its business, not in the manner beneficial for the clients. 

• Saint Vincent and the Grenadines (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. Read more about the authority. 

What is LVMexchange?

LVMexchange is a broker that offers to trade on forex and CFDs. The company is owned and operated by LVM Ltd. According to the website, LVM Ltd, is incorporated under registered number 24616 IBC 2018 by the Registrar of International Business Companies, registered by the Financial Services Authority of Saint Vincent and the Grenadines. Also, if you look at the terms and conditions of the company, you will find out about the fact that LVMEXCHANGE is the trading name of LVMARKETS. Seems like previously the website had a different name and the broker was incorporated in Vanuatu. Some unregulated brokers change their names in order to erase the negative reputation and continue doing their illegal business. 

• Despite the fact that the broker's address is in St. Vincent and the Grenadines, it provides a Swiss phone number as a contact number. This should be one more red flag for those who are going to invest with LVMexchange.

LVMexchange Review Conclusion

Investing with a properly regulated broker is crucial for the safety of any investment. We recommend avoiding offshore brokers with suspicious offerings. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as FP Markets and TMGM.

Is FX Merchants Scam or Legit Broker?

No, it is not safe to trade with FX Merchants. The broker states to be regulated and safe, however despite the fact that it is based in England, it is not regulated by the Financial Conduct Authority (FCA).  In reality, the broker does not hold any license, which is the biggest red flag. Signing with unregulated brokers means putting your investments at risk.

What is FX Merchants?

FX Merchants is a forex and cryptocurrency broker, owned and operated by FX MERCHANTS LTD. that claims to be based and registered in the United Kingdom. They also provide contact phone numbers with the London address. The terms and conditions state the company is under the jurisdiction of the UK, but it is actually not regulated in the country.

• Moreover, the company has recently been blacklisted by the UK's FCA:
  "FX Merchants firm 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."
• It is quite dangerous to trade with unregulated brokers, especially in the case of FX Merchants when it has no license and also were banned by one of the most respectable regulators.

FX Merchants Review Conclusion

We always encourage traders to deal only with regulated brokers, as those operating without a proper forex broker license such as FX Merchants are most often frauds. Besides, when investing with a licensed broker, traders' funds are protected. For example, the UK regulator FCA provides a Financial Services Compensation Scheme. Check the list of FCA-licensed brokers. Traders should choose only trustworthy and regulated brokers, such as FP Markets and BlackBull Markets.

FX Merchants Update

We found the FX Merchants 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 CFDs100 Scam or Legit Broker?

No, it is not safe to trade with CFDs100. It is owned and operated by CCLR Solutions Limited and claims to be located in Tallinn, Estonia. However it I not regulated in the country. 

• Vanuatu 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 IC Finance, 70 Trades, and more.

   

What is CFDs100?

CFDs100 offers clients across the globe an opportunity to invest in over 1,000 world-class assets including forex, stocks, commodities, indices, and cryptocurrencies.​ According to the website, the Company is registered in Estonia under the Companies Law, with the registered office in Tallinn. However, the broker is not authorized to provide its financial services in Estonia or any other EU country.

• Also, the terms and conditions mention that CFDs100 is actually under the jurisdiction of Vanuatu.
• Moreover, the Estonian Financial Supervision Authority issued a warning against the company in August 2018:

"Finantsinspektsioon (the Estonian Financial Supervisory Authority) would like to inform clients and investors that TRSystem OÜ (registry code 14468050) does not hold an activity license for the provision of investment services in Estonia and therefore TRSystem OÜ is not authorized to provide investment services in Estonia. The company offers the possibility to trade different derivatives through the web page https://www.cfds100.com/."

Also, the brokerage has been blacklisted by the UK's Financial Conduct Authority:

"This firm (TRSystem t/a CFDS100) 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."

• Recently, the Austrian regulator Financial Markets Authority (FMA) has issued a warning against CFDs100 (CCLR Solutions Limited):

"CFDS100 LTD (CCLR Solutions Limited) is not authorized to provide banking services or investment services in Austria that require a license. The provider is, therefore, neither permitted to trade on a commercial basis on its own account or on behalf of others nor to provide investment advice."

CFDs100 Review Conclusion

We advise all investors and traders to avoid CFDs100 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.

CFDs100 Update

We found the CFDs100 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 Bormancorp Scam or Legit Broker?

No, it is not safe to trade with Bormancorp. Bormancorp is owned by Board LTD. 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 Obsbit, Capital Hall, and more.

What is BormanCorp?

BormanCorp provides access to a trader with a wide range of Forex and CFD instruments. However, on the official website, the information is confusing since there is a mention of the company address in Budapest, Hungary. However, we couldn't find any proof of the company's regulation, and the owning disclaimer by the EU company rather confirms the broker’s suspicious performance.

• In addition to that, there are some strange conditions that are required by the BormanCorp broker including not-typical withdrawal or maintenance fees, as well as an imposed fee for verification of an account. While all in all seem to be a very tricky business.

Also, the company has been banned by Austria's regulator Financial Market Authority (FMA) in October 2018:

"Board LTD (“Bormancorp.com”) is not entitled to carry out banking transactions in Austria that require a license. The provider is, therefore, neither permitted to trade on a commercial basis on its own account or on behalf of others."

BormanCorp Review Conclusion

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

Bormancorp Update

Based on our findings, the Bormancorp 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 Get Financial Scam or a Legit Broker?

Get Financial is not a secure broker because it is registered offshore and does not hold a proper Forex broker license. While we checked the company we found that there is no authorization or registration of the address, therefore the company seems to be highly suspicious and might operate its services from an absolutely different location.

What is Get Financial?

Get Financial is owned by Get Financial Markets Ltd. It is an offshore forex broker registered in Saint Vincent and the Grenadines with a Financial Services Authority license. It is the only license that it owns. Dealing with a broker which has a St. Vincent and the Grenadines registration is risky as it only takes $2,000 to get one. Comparing the license from the UK's Financial Conduct Authority, which costs $50,000 among our obligatory capital. The difference in the amounts is obvious, and so reputation of the regulators.

Get Financial Review Conclusion

We advise all investors and traders to avoid Get Financial and other brokers with St. Vincent and the Grenadines license. Traders should trade with well-regulated and trustworthy brokers such as UK brokers or brokers in Australia and reliable brokers such as Pepperstone and BlackBull Markets.

Get Financial Update

We found that the Get Financial website is no longer active. Also, 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.