Archives: Brokers

Is 100XFX Scam or Legit Broker?

100XFX is not a secure broker. In our research, we found that the broker claims to be located in the UK, while there is no authorization or registration of the address. Therefore the company seems to be highly suspicious and might operate its services from a different location.

What is 100XFX?

100XFX is owned by 100XFX Ltd., a company that seems to be based in the UK (judging by the contact telephone number it provides). Although, the firm is not licensed by UK’s FCA or another European regulator. Instead, it is located offshore and registered in St. Vincent and the Grenadines.

• Dealing with a broker which has a St. Vincent and the Grenadines license is risky as it only takes USD 2,000 to get one. The UK’s Financial Conduct Authority license costs USD 50,000 and needs USD 100,000 of capital for the STP license aside from client deposits.

100XFX 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 BDSwiss and FP Markets.

100XFX Update

We found that the 100XFX Website is inactive. Since money safety in forex goes first we recommend avoiding any proposals from 100XFX and staying alert in case of any proposals. 

Is SolidCFD Scam or Legit Broker?

SolidCFD is a 100% fraud company. The broker is registered offshore and does not hold any proper license from a well-known reliable financial regulator. It is NOT SAFE to trade SolidCFD. We never advise trading with an offshore broker, since the financial investment service they deliver is not trustable.

What is SolidCFD?

SolidCFD is owned by LOK marketing Ltd. It is an offshore Forex broker registered in Vanuatu with Vanuatu Financial Services Commission.

• The advantages of this license are speed and low cost. 2% of Forex companies start without licenses and operate in places such as Vanuatu or the Caribbean island of Nevis. In Vanuatu, the registration fee is around USD 2,000, but the minimum capital requested (the security bond) is USD 50,000.
• On the other hand, the license from the UK’s Financial Conduct Authority costs USD 50,000 and also needs USD 100,000 of capital for the STP license aside from client deposits.

SolidCFD Review Conclusion

We strongly advise opening a trading account only with brokers regulated by respected world authorities that comply with the required set of rules and 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.

SolidCFD Update

Our research showed that the SolidCFD Website is inactive. Since money safety in forex goes first we recommend avoiding any proposals from SolidCFD and staying alert. 

Is Tait Investment Group Scam or Legit Broker?

According to our research, Tait Investment Group is a total scam. The broker is not regulated and has no legal right to provide financial services to the public. Moreover, Tait Investment Group has been suspected of fraud, when pretending to be another company with a better reputation.

What is Tait Investment Group?

Tait Investment Group claims that it has an office in London, United Kingdom. The broker also states that it is regulated by the Financial Conduct Authority. According to the information on the website, the firm is a member of the London Stock Exchange. Although, the FCA warns that the company is not actually operating from the address provided on the website.

• Also, the FCA registration number on the website does not belong to the firm. The license from UK’s Financial Conduct Authority requires EUR 125,000 of capital (aside from client deposits) for the STP license. The regulator also protects customers when authorized financial services firms fail.

Tait Investment Group 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 HotForex and BlackBull Markets.

Tait Investment Group Update

We found the Tait Investment Group website inactive and unavailable to reach. This means the broker no longer operates. However, it is best to avoid and stay alert in case any proposals show up.

Is WT Capital Scam or Legit Broker?

No, it is not safe to trade with WT Capital. The broker states to be regulated and safe, however despite the fact that it is based in Switzerland, it is not regulated by the Financial Conduct Authority (FCA) in the UK or the Swiss Financial Market Supervisory Authority (FINMA).  In reality, it is registered in Seychelles, which is an offshore zone and does not provide fundamental protection.

What is WT Capital?

WT Capital is a Forex and CFDs broker, owned and operated by Force Media LTD., registered in Switzerland. The website provides the company's official address in Zurich, Switzerland, and also gives British and Swiss contact phone numbers. However, the broker is actually not regulated by the Financial Conduct Authority (FCA) in the UK or Swiss Financial Market Supervisory Authority (FINMA) or any other regulator. It also turned out that the broker actually is registered (maybe even located) offshore as the terms and conditions on the website state that all the legal issues could be addressed to the jurisdiction of the Republic of Seychelles.

• In addition, WT Capital has been blacklisted by the Swiss regulator FINMA:
  "Force Media LTD/ World Trade Capital/ https://www.wt-capital.com/ may be carrying out unauthorized services and is not supervised by FINMA."

WT Capital Review Conclusion

We keep on reminding investors that dealing with offshore brokers is risky for their funds. Such destinations as Seychelles, Vanuatu, Marshall Islands, etc. are known for their lax regulation and non-existent corporate taxes, so the brokers who are registered offshore are not licensed, nor overseen by any authority. It is safer to choose among the brokers regulated by respected authorities like FCA in the UK, FINMA in Switzerland, or CySEC in Cyprus. Check the list of FINMA-regulated brokers.

WT Capital Update

Based on our research, the WT Capital 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 StoxMarket Scam or Legit Broker?

StoxMarket has been suspected as a scam broker. This broker is blacklisted by the well-known regulatory authority and should be avoided. StoxMarket is owned by Marketier Holdings 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 is low and it does not regulate forex trading. Therefore, it became an offshore zone for shady forex brokers such as MegaTradeFX, Finbitex and more.

What is StoxMarket?

StoxMarket offers its clients a variety of products and trading options, including Forex, Commodities, Stocks, Indices, and Crypto. It claims to be located in Scotland, the UK, however, it is not regulated by its local Financial Conduct Authority (FCA). Moreover, the FCA issued a warning against Marketier Holdings Limited (StoxMarket) in June 2017:

• "This firm (Marketier Holdings (trading as StoxMarket) is not authorised by us and is targeting people in the UK. Based upon the information we hold, we believe it is carrying on regulated activities which require authorisation."

Also, the British Columbia Securities Commission has warned against the broker in December 2016. Back then, Marketier Holdings Limited claimed to be located and registered in another offshore zone, Dominica:

• "We recently became aware of StoxMarket and that a BC resident was able to open a trading account with StoxMarket. The Parties are not registered to trade in, or advise on, securities or exchange contracts in BC."

StoxMarket Review Conclusion

We strongly advise all investors and traders to avoid StoxMarket 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 BDSwiss and BlackBull Markets.

StoxMarket Update

Our findings showed that StoxMarket is no longer active. The broker’s 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 10Markets Scam or Legit Broker?

10Markets broker is a Non-Regulated Broker. It is NOT SAFE to trade with this company. We have checked the company and 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 10Markets?

10Markets is a Forex and CFD broker. There is no information about the company's location as well as the decent regulation. The phone numbers provided on the website have South African, Serbian and Russian country codes, so we can only guess where the broker is based.

• The firm is licensed by the Vanuatu Financial Services Commission. Vanuatu is the easiest jurisdiction to open a brokerage, as the opening requires the company to submit a register online, prove initial established capital which is $2,000 only, to pay a fee, and within 2-3 month, the firm is crisp and registered. Therefore, it became an offshore zone for shady forex brokers such as JustProForex, SmartFX and more.
• As to the broker’s VFSC license, from our source, it costs €24,000 per year to become a member. However, there is no handbook or guidelines for brokers to run their business. Therefore, there is zero protection for traders. We have a detailed article explaining the risk of trading with brokers from Vanuatu.

10Markets Review Conclusion

We advise all investors and traders to avoid 10Markets and other brokers from Vanuatu. It is only reliable to trade with well-regulated brokers such as UK brokers or brokers in Australia and trustworthy brokers such as BDSwiss and BlackBull Markets.

10Markets Update

Our findings showed that 10Markets is no longer active. The broker’s 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 CMSTrader Scam or Legit Broker?

We advise our readers, not to use CMSTrader as it is an offshore entity. CMSTrader is owned by Safe Side Trading Ltd., which is an offshore company registered in St. Vincent and the Grenadine.

• St. Vincent and the Grenadines is notorious for its practically absent requirements and regulations. Due to the setup cost being low and it does not regulate forex trading. Therefore, it became an offshore zone for shady forex brokers such as Brokerz, TraderUR, and more. You can read our detailed article about the risk of trading with brokers from St. Vincent and the Grenadines.

What is CMSTrader?

CMSTrader is a Forex and CFD broker owned and operated by Safe Side Trading Ltd, a company based in St Vincent and the Grenadines.

The broker claims to have offices in the UK, Switzerland, Bahrain, and Australia, but it doesn’t seem to be regulated in any of these countries.

Also, Safe Side Trading Ltd owns another offshore broker (12trader) that was blacklisted in the EU.

• We recommend avoiding offshore brokers and investing with companies licensed in UK or Australia, where regulation is strict and there are certain client protection rules.
• In order to get a license from the Australian Securities and Investments Commission (ASIC), the broker needs to have 1 million AUD capital and a physical office in Australia. Here you can check the list of ASIC-regulated brokers.

CMSTrader 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 CMSTrader is Negative

CMSTrader Update

We found the CMSTrader website inactive and unavailable to reach. This means the broker no longer operates. However, it is best to avoid and stay alert in case any proposals show up.