Archives: Brokers

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.  

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.