Archives: Brokers

Is Baihua Global Scam or Legit Broker?

It is not safe to trade with Baihua Global, because it is an unregulated broker. In addition, the company has been suspected to be a fraud. While we checked the company 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 Baihua Global?

Baihua Global is a Forex broker that claims to be located in New Zealand (address from the website - Level 5, 13-27 Manners Street, Te Aro, Wellington, 6011, New Zealand) and registered by New Zealand Financial Market Conduct Authority (FMA). Although the firm was banned by the FMA in New Zealand.

• Baihua Global is misleadingly using the registration details of Booster Funds Management Limited (FSP555786), a licensed fund manager, with whom it has no connection.
• It is not a registered financial service provider in New Zealand. It is better to avoid trading with unregulated brokers, especially when they use the details of the regulated companies to deceive potential customers.
• Some of such entities run investment scams, and clients of such brokers don’t have any protection.

Baihua Global 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 BlackBull Markets.

Baihua Global Update

We found that the Baihua Global 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.

Is Roiteks Scam or Legit Broker?

It is NOT SAFE to trade with Roiteks. It is located in the Marshall Islands and is not overseen by the industry authority, therefore maintains operation at its own standards. 

• Marshall Islands are known hub for various scams and fraud companies, as the incorporation requirements are very low, while the only “standard” is a small initial start capital. Of course, it doesn’t mean that all companies are frauds, but a firm with a trustful trading environment should be authorized by any other reputable world agency. 

What is Roiteks?

Roiteks is a trading name used by Green Oak Limited with its registration in Bulgaria. However, the company is a subsidiary of Vantu Capital LTD, which is already registered in the Marshall Islands. Apart from the fact that the Marshall Islands is a known offshore hub for financial companies, the firm in Bulgaria is not registered as well.

• The international authorities that oversee the authorized entities check on regularly the market offerings while carrying out warning activity to provide enhanced resources to the potential investors before the choice is done. Therefore, the regulatory searches on Roitecks obtained the attention of the international regulatory bodies, as the firm is non-authorized and targets particular residents to trade with them. The alert was placed in Norway while various EU authority sources follow an alert, and should be considered seriously by the investors.

  “The Danish Financial Supervisory Authority is aware that Green Oak Limited (Roiteks) is not authorized to operate investment trusts in Norway, and the executive branch, therefore, has no necessary approval under Norwegian law.”

  The Financial Supervisory Authority of Norway, September 2018

Roiteks Review Conclusion

In conclusion, we do not recommend trading with the Raitecks, since the offering does not seem reliable and should be avoided. It is advisable to trade with Regulated Forex Brokers that are obliged to act in accordance with the set of regulations. Traders should sign in with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as FP Markets and XM.

Roiteks Update

Based on our research, the Roiteks 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 FX NextGen Scam or Legit Broker?

It is not safe to trade with FX NextGen as it is an offshore broker. According to the broker's website, FX NextGen Ltd is registered in the Republic of Georgia with Company ID 404574769 and carries a business license from Hualing Free Industrial Zone with License Number 0110/290. However, as the main Forex license issuer in Georgia is the National Bank of Georgia, we haven’t found any information about this broker on the regulator’s website. Also, a license from the Hualing Free Industrial Zone doesn’t mean anything since it is not the regulatory authority in the country.

What is FX NextGen?

FX NextGen is a Forex and CFDs broker. Its business model is geared towards offering the most competitive spreads (Find out brokers with the lowest spreads here) and market conditions for traders. The company claims to be licensed in Georgia and founded by industry veterans who bring a combined experience of more than 50 years. FX NextGen offers 77 currency pairs, 12 precious metals, 10 indices, 4 energy instruments, 39 cryptocurrencies, 37 US shares, and 30 EU shares. According to the website, their trading servers are located in London and offer traders fast access for execution with minimal slippage. This broker specializes as a multi-asset FX fund and our STP model of execution means that traders get the very best conditions that the market has to offer (Check STP Trading Account).

• Besides Georgian regulation and location, FX NextGen is incorporated in Vanuatu, but there is no information on its regulation there. We would like to remind the traders that Vanuatu is one of the popular offshore destinations for Forex brokers. All the investments with such brokers may be put at risk since there is literally zero protection provided by the Vanuatu authorities. We have a detailed article explaining the risk of trading with brokers from Vanuatu. 
• On top of all that, there is one more license FX NextGen holds, the Belize license. It is also an offshore zone same as Vanuatu. You can read more about Forex Trading: Why Avoid IFSC Brokers from Belize in our article. 

Moreover, Austria’s FMA has recently issued a warning against FX NextGen stating that:

“FX NextGen Ltd is not entitled to carry out banking transactions in Austria that require a license. The provider is therefore not permitted to trade on a commercial basis.”

Overall FX NextGen Ranking 

Based on the findings of our research there are multiple issues in respect of FX NextGen regulation and reliability, we do not rank positively FX NextGen, based on our Expert Opinion with over 10 Years of experience in Forex Trading.

• FX NextGen Overall Ranking is 2 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.

FX NextGen Alternative Brokers

Considering the FX NextGen safety issues we found during our research, we suggest much better Alternatives to FX NextGen with good regulations and excellent conditions. We select Good Brokers and trustworthy options for your comparison below: 

• Trade.com – Wide Range of Trading Instruments
• Capital Index – Good Trading Conditions
• ThinkMarkets – Competitive Spreads

FX NextGen in India

FX NextGen allows Indian traders to open accounts and trade. However, FX NextGen has no mention of complying with any Indian regulators on its website. It is also worth mentioning that Forex trading is actually prohibited in India. The broker is not regulated by any regulatory body in India, that’s why money safety may be the issue here.

FX NextGen in the USA

FX NextGen is not legal in the USA and is not available for American traders. As per U.S. law, brokers regulated by CFTC are the only brokers allowed for USA traders. So, except for FX NextGen, you are only permitted to trade with U.S-regulated platforms. 

Fx NextGen does not offer its services to residents of certain jurisdictions such as Austria, Iran, Cuba, Sudan, Syria, Japan, and North Korea.

Deposits and Withdrawals

The minimum deposit requirement is 100$ (Also read about Fortrade broker minimum deposit here). Deposits can be made via online payment or bank transfer. In order to make a deposit, log into the broker’s Client portal and select the ‘Deposit’ area. Within the processes, you can choose your deposit source e.g. bank transfers, or bitcoins. Also, traders should note that bitcoin payments are immediate while bank transfers can take up to 2-5 working days to be processed depending on the method used.

Withdrawals are usually processed within 1 working day. 

Apps

Fx NextGen offers its traders MT4 and MT5 platforms (Find out the Best MT5 Platform). The mobile trading platform interface allows you to stay in control of your trading no matter where you are. All you need is connectivity from your mobile phone and get access to real-time market news and monitor and manage your positions.

Demo Account 

Fx NextGen gives an opportunity to open a demo account. Demo trading is a simulation of real trading on Forex, which is made for practicing and training. The demo account does not require investments, it is free. It allows you to gain experience in online trading, and practical skills in working with MetaTrader and test your strategy without any risks.

Fx NextGen 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 AvaTrade and XM.com.

• Overall ranking and experience for Fx NextGen is Negative

Is OnlyTrades Scam or Legit Broker?

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

What is OnlyTrades?

OnlyTrades is a Forex and CFD broker. It is owned and operated by Marantino Capital Ltd, based in Malta. The contact phone number provided on the website is British, which means the company is targeting UK residents without being authorized in the country. The company is not regulated in the UK by the Financial Conduct Authority, which is obligatory for companies that provide financial services.

• Also, the Malta Financial Services Authority (MFSA) has recently issued a warning against Marantino Capital Ltd and OnlyTrades.
• It is recommended to check if the broker is regulated before starting any business with it. Unlike FCA-licensed brokers, unregulated ones are not obliged to keep their clients’ money in segregated accounts.
• FCA provides a Financial Services Compensation Scheme with an upper limit of GBP 50,000 of compensation. You can check the list of FCA-regulated brokers here.

Overall OnlyTrades Ranking 

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

• OnlyTrades 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.

OnlyTrades Alternative Brokers

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

• AvaTrade – Good Instruments and CopyTrading
• Pepperstone – Low Spreads and Competitive Trading Conditions
• XM – Wide Range of Trading Opportunities

Deposit & Withdrawal

With OnlyTrades there are several funding methods, including credit and debit cards, bank transfers, and e-wallets, such as Qiwi, WebMoney, and Yandex.

OnlyTrades 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. OnlyTrades is not a regulated broker, besides, it seems that the broker's website is now offering varying services, which might be an indication that the broker is not operating or has changed its scope of activities. 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 OnlyTrades is Negative

Is Profiforex Scam or Legit Broker?

It is not safe to trade with Profiforex, because it is an unregulated broker. In addition, the company has been suspected to be a fraud. 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 Profiforex?

Profiforex is an offshore-incorporated broker that is based in Seychelles. As a result, there is no mandatory to be authorized in order to deliver financial services, therefore Profiforex broker is not registered by any Forex industry authority.

Yet, the broker claims on its website about client protection along with transparency through the segregation of the accounts, STP technology, and regulated liquidity providers. However, since there is no respected authority that oversees if the above-stated truly takes place within the company operations or not, the claim cannot be trusted.

• Profiforex offers a range of attractive bonus programs, like a 500% deposit bonus, as well as good value for spreads (Check brokers that offer the lowest forex spreads) and multiple support to the beginners along with the trading signals (also can check the list of Brokers for Beginners).
• The doubts about the company are also confirmed by the numerous complaints and the traders' reviews that show a negative experience with the money withdrawals and other trading issues like changing the profitable traders and database numbers.

Overall Profitforex Ranking 

Our research revealed multiple issues in regard to Profiforex regulation and reliability, thus we do not rank positively Profiforex, based on our Expert Opinion with over 10 Years of experience in Forex Trading.

• Profiforex 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.

Profitforex Alternative Brokers

Due to safety issues, we revealed with Profiforex, here we have come up with much better Alternatives to Profiforex with tight regulations and favorable trading conditions. We select Good Brokers and trustworthy options for your comparison below: 

• Dukascopy – Excellent for Shares, Futures Trading
• FXTM – Good Instrument and CopyTrading
• InteractiveBrokers – Good for US Trading and Trading of Real Stocks

Deposit & Withdrawal

Profitforex offers many different payment methods including all major credit cards (including Visa and Mastercard), and e-wallets including Neteller, Yandex.Money and Perfect Money. 

To deposit or withdraw funds traders need to log in to their personal area. 

Profitforex Review Conclusion

Generally, we do not advise incorporating or engaging with an offshore company due to the high risk of money solvency, of course, the company may be trusted but the risk is way higher compared to the regulated brokers.

Therefore, it is a much better idea to choose a broker that holds a reputable license from ASIC or FINMA, thus the operation of the broker will be aligned according to the strictest rules in order to perform the best possible investment opportunity for the client.

• Overall ranking and experience for Profitforex is Negative

Is 4xbrands Scam or Legit Broker?

4xbrands 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. Yet, 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 4xbrands?

4xbrands is a Forex and CFDs broker. The company is owned and operated by 4Xbrands Ltd., registered in St. Vincent and the Grenadines, a popular offshore zone for forex firms. The broker doesn't provide much information about its trading conditions as well as about the location and contact details.

The only way of contacting the company is via "call request". The terms and conditions on the website mention Cyprus as the jurisdiction responsible for the brokerage, although the company doesn't seem to be regulated by any of the authorities.

• In addition, Italy's regulator CONSOB issued a warning against 4xbrands in February 2018:
  "The National Commission for Companies and the Stock Exchange has ordered, in accordance with art. 7-octies, letter b) of the TUF, the company 4Xbrands Ltd (www.4xbrands.com), to cease the infringement of art. 18 of Italian Legislative Decree no. 58/98 put in place through their respective website, consisting of the provision of investment services and activities to the Italian public, including through the internet network (resolutions n. 20288, 20289 and 20290 of February 7, 2018)."

4xbrands Review Conclusion

Trading with offshore brokers is extremely risky. Many of these brokers are scam companies trying to attract investments. We always recommend avoiding offshore brokers as 4xbrands and investing only with brokers that are regulated by reputable authorities alike UK’s FCA, Australian ASIC, or other similar regulators, that provide compensation and are strictly supervised. We advise signing in with reliable brokers such as BlackBull Markets, XM, and BDSwiss. 

4xbrands Update

We found the 4xbrands 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 Big Boss Scam or Legit Broker?

Big Boss has been suspected as a scam broker. Big Boss is an offshore company registered in St. Vincent & the Grenadines. 

• 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 BigBoss?

BigBoss is a trading name used by the Investment 4 Futures Limited company located in St. Vincent and the Grenadines. The company offers CFD and Forex trading on a vast of trading instruments through a range of account types and high leverage levels (Find out brokers with high leverage).

• However, SVG is a known offshore zone, which does not implement strict standards for the financial firms and not overseeing their operation in case of the trustful service. For that reason, there are many companies that enable trading opportunities and actually operate frauds with the purpose to attract clients' funds.

• Even though it may not be the case for every SVG company the unregulated nature puts many questions, why the broker does not want to protect their client. In addition, recently BigBoss was added to the caution list updated by the Italian authority CONSOB while stating that the company operated trading platforms and offered services without appropriate license or authorization.

  “The BigBoss mentioned in this site internet not authorized to provide investment services to the Italian public as these companies are not entered in the register kept by Consob pursuant. Your order to end the violation of Article 18 of the D.Lgs.n. 58/98 implemented through the website consisting in the offer and performance of services and investment activities towards the Italian public.”

  CONSOB, Italy. July 2018

  

Overall Big Boss Markets Ranking

During our research we found issues regarding Big Boss safety and regulations, thus we do not rank positively Big Boss, based on our Expert Opinion with over 10 Years of experience in Forex Trading.

• Big Boss 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.

Big Boss Alternative Brokers

Based on our finds and issues with the safety of Big Boss here are much better Alternatives to Big Boss with good regulations and excellent conditions. We select Good Brokers and reliable options for your comparison below: 

• XM – Wide Range of Trading Opportunities
• InteractiveBrokers – Good for US Trading and Trading of Real Stocks
• FXTM – Good for Beginners

Deposits and Withdrawals

Big Boss does not accept account applications from people younger than 18 and older than 80. The minimum deposit with the broker starts from $1. 

• To withdraw funds, clients will be required to provide all director's identity documents and address proofs before they withdraw funds from their accounts. If there is any mismatch of information between the client's account registration and the submitted identity documents or address proofs, users may not be able to withdraw funds from the trading accounts.

Big Boss Review Conclusion

We recommend avoiding offshore and non-regulated brokers and instead advise traders to sign and invest only with brokers that are regulated by reputable authorities alike UK’s FCA, Australian ASIC, or other similar regulators, that provide compensation and are strictly supervised. We advise signing in with reliable brokers such as BlackBull Markets, XM, and BDSwiss. 

• Overall ranking and experience for Big Boss is Negative

Is GreenFields Capital Scam or Legit broker?

It is not safe to trade with GreenFields Capital, because it is an unregulated broker. In addition, the company has been suspected for being a fraud. While we checked the company 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 GreenFields Capital?

GreenFields Capital is an FX and CFD broker owned and operated by Premium Peak Ltd. The website provides addresses in Tallinn, Estonia, and London, UK, and also the UK contact phone number, although the broker is not regulated in these countries.

Moreover, GreenFields Capital has been blacklisted by Financial Conduct Authority in the UK and Financial Markets Authority in New Zealand.

GreenFields Capital Review Conclusion

Investing with GreenFields Capital is not safe. We recommend trading only with serious and reliable regulators, such as FCA in the UK and FMA in New Zealand, choosing only well-regulated and trustworthy brokers, such as FP Markets and Dukascopy.

GreenFields Capital Update

We found the GreenFields Capital 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 PrimeCrypto Scam or Legit Broker?

PrimeCrypto is not a safe broker to trade with. It does not hold a serious license and its offerings might be unsafe to sign. 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 may operate the business in any way it wishes.

What is PrimeCrypto?

PrimeCrypto is the trading name of the financial investment firm Maplewalk Ltd incorporated in Bulgaria. According to Bulgarian law and its status being a part of the EU requires registration by the local authority FSC (Financial Supervision Commission), but this is not the case with the PrimeCrypto as there is no license or regulation.

• Apart from the issue with the registration and its legitimacy to deliver financial services or the trading environment, the company does not clarify clearly its trading offering. The broker states and positions itself as a Cryptocurrencies seller or exchange service, however, it is not possible since the offering includes trading on CFDs only. This means the trader speculated on the price of the underlying asset only, therefore the company misleads investors with wrong explanations.

• Moreover, since the company targets and uses marketing strategies in jurisdictions strictly overseen by the local industry authorities, PrimeCrypto received a warning to deliver its service.

  “This firm is not authorized by us and is targeting people in the UK.  We strongly advise you to only deal with financial firms that are authorized and check the Financial Services Register to ensure they are.”

  FCA, UK. September 2018.

PrimeCrypto Conclusion

We strongly advise all traders and investors to cooperate only with Regulated Forex Brokers that are overseen by reputable authorities, as well as to take it seriously if the company appeared in alert listings. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as FP Markets and TMGM.

PrimeCrypto Update

We found the PrimeCrypto 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.