Archives: Brokers

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.

Is AccentForex Scam or Legit Broker?

No, it is not safe to trade with AccentForex. The broker is owned by Accent Markets Group Inc. which is an offshore company registered in Vanuatu and claims to be registered with a Vanuatu Financial Services Commission (VFSC) license.

What is AccentForex?

AccentForex Company – claims to be a new generation broker in FOREX, specially created for professional traders, to satisfy the most fastidious requirements of the clients. However, AccentForex is an offshore company. 

• Despite the fact that the VFSC regulator completely controls the activities of market participants and ensures compliance with international standards, Vanuatu is the easiest jurisdiction to open a brokerage. The opening requires the company to submit a registration online, prove initial establishment capital which is $2,000 only, pay a fee, and within 2-3 months, the firm is crisp and registered. Therefore, it became an offshore zone for shady forex brokers such as Circle Markets, 70Trades, and more.

• As to the broker’s VFSC license, there is no handbook or guidelines for brokers to run their businesses. Therefore, there is zero protection for traders. We have a detailed article explaining the risk of trading with brokers from Vanuatu.

• What is more, the broker has been banned by the Canadian regulator Financial markets Authority of Quebec:

Overall AccentForex Ranking 

We revealed safety and regulations issues of AccentForex, thus we do not rank positively AccentForex.  With an  Expert Opinion with over 10 Years of experience in Forex Trading we have come up with the following ranking:

• AccentForex Overall Ranking is 3 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.

AccentForex Alternative Brokers

As we found many issues regarding the safety and reliability of AccentForex, here we offer much better Alternatives to AccentForex with tight regulations and favorable conditions. We select Good Brokers and reliable options for your comparison below: 

• Go Markets – Good for Beginner Traders
• FP Markets – Good for CopyTrading
• BDSwiss – Good for CFDs trading

Deposit & Withdrawal

To deposit funds to your trading account with AccentForex and withdraw funds is easy. The broker offers a number of funding methods, including Bank Transfer, Credit/Debit Cards, and e-wallets such as Skrill, Neteller, Bitcoin, Ethereum, etc.

• AccentForex does not charge bank transfersfees . The fee is charged only by trader's bank and intermediary bank.
• AccentForex compensates Card fees for its clients for deposits from 1000 USD / EUR. 
• Bank transfer takes 3-5 banking days under normal conditions. An additional fee of 3.9% will be incurred if a withdrawal is requested without conducting trades.

AccentForex Review Conclusion

We advise all investors and traders to avoid AccentForex 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 Eightcap.

• Overall ranking and experience for AccentForex is Negative

Is FSMSmart Scam or Legit Broker?

No, it is not safe to trade with FSMSmart. FSMSmart is owned by FSM Smart Limited. The contact address of FSM Smart Limited is in Switzerland, according to the website. Although, the company is actually registered on the Marshall Islands, the popular offshore destination for forex brokers.

• The Marshall Islands is notorious for its practically absent requirements and regulations. Due to the low setup cost, it does not regulate forex trading. Therefore, it became an offshore zone for shady forex brokers such as MegaTradeFX, ProFxPremium, and more.

What is FSMSmart?

FSMSmart claims to be in the market for over 50 years, providing unmatched and reliable services. However, the broker is located in Switzerland but is not regulated by the local authorities. This in itself is a huge red flag, as the services the company offers are not trustworthy and are not overlooked by regulations. 

• Moreover, FSMSmart has been blacklisted by Swiss FINMA and New Zealand's FMA, which stated that FSM is making false and misleading claims that they are a registered financial service provider in New Zealand when they are not and also FSM is making unsolicited calls to New Zealand residents and offering to trade in financial products, such activities are prohibited in New Zealand.
  3 August 2018, FMA
• Besides, we have heard brokers registered in the Marshall Islands deny traders withdrawing funds. We have feedbacks from traders that they cannot withdraw money. You can read the feedback here.

Overall FSMSmart Ranking 

Based on our findings about the safety of FSMSmart, we do not rank positively FSMSmart, based on our Expert Opinion with over 10 Years of experience in Forex Trading.

• FSMSmart Overall Ranking is 3 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.

FSMSmart Alternative Brokers

Due to our revelations of issues with the safety of FSMSmart, here are much better Alternatives to FSMSmart with good regulations and excellent conditions. We select Good Brokers and trustworthy options for your comparison below: 

• eToro – Good for CopyTrading and Cryptocurrency Trading
• Dukascopy – Excellent for Shares, Futures Trading
• BlackBull Markets – Good for High Leverage Trading

Deposit & Withdrawal

FSMSmart offers multiple deposit methods so that clients can choose the most convenient option for them: Credit/Debit cards, bank wire transfers, or e-wallets.

• There are no additional transactional fees unless the providers charge their own fees. 

FSMSmart Review Conclusion

We advise all investors and traders to avoid FSMSmart 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.

• Overall ranking and experience for FSMSmart is Negative

Is GMFX24 Scam or Legit Broker?

GMFX24 is not a safe broker as it does not hold any serious license. It is registered in St. Vincent and the Grenadines and does not provide proper safety terms and conditions. 

• 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.

What is GMFX24?

GMFX24 is a Forex and CFDs broker, owned and operated by Goldman 24 Limited, a company registered in St. Vincent and the Grenadines. According to the website the head office is located in St. Vincent and the Grenadines. They don't provide the contact phone numbers, although mention the main hotline's time availability.

• Also, the terms and conditions state that the company is under Cyprus' jurisdiction, which is supposed to mean GMF24 is regulated by Cyprus regulator CySEC. We have checked the register on the regulator's website and there are no records about the broker's license. It seems that GMFX24 is just one more offshore-based unregulated forex broker that tries to get investors' trust with fake information about its regulation.

GMFX24 Review Conclusion

We advise avoiding GMFX24 as it has no regulation and no legal right to provide financial services. Instead, we recommend checking the list of the CySec-regulated brokers, as this regulator is well-known and trustworthy. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as FP Markets and BlackBull Markets.

GMFX24 Update

We found the GMFX24 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 YesTrading Scam or Legit Broker?

Diamond Global Ltd has been suspected as a scam broker. It operates under the brand name YesTrading brokerage firm that provides online currencies and CFDs trading services. The company is registered in the Marshall Islands, an offshore zone, and does not hold any authorization or license to perform financial services. 

What is YesTrading?

YesTrading is a forex and CFD broker. The brand is owned and operated by Diamond Global Ltd., registered in the Marshall Islands.

Besides the fact that the company is registered offshore, they don't have any addresses. The only contact details are the Norwegian and Irish phone numbers, which means that YesTrading is targeting European residents, although it is not registered to provide financial services in Europe or any other country.

• We recommend trading only with brokers regulated by serious financial authorities. For obtaining an STP FCA license, the required capital for the broker to have is EUR 125,000. Also in order to get this type of license, the broker needs to have a physical office in the UK.

YesTrading Review Conclusion

We strongly advise opening a trading account only with brokers that are regulated by respected world authorities and 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 HotForex, and BlackBull Markets.

YesTrading Update

We found that the YesTrading website is 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.