Archives: Brokers

Is iForex24 Scam or Legit Broker?

No, it is not safe to trade with iForex24. iForex24 is owned by IFOREX24 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 GoldmanCFD, Obsbit, and more.

What is iForex24?

According to the website, iForex24 mission is to provide our Customers with an effective and convenient environment for trading and investing in OTC derivatives on FOREX, Commodities, Equities, and Indices markets as well as provide them access to customized structured solutions.

• The company is not registered to offer its financial services in UK, although they provide UK contact number, which means they are actually targeting UK residents with no right to do that. iForex24 doesn’t have an affiliation with any financial regulator. Moreover, the broker has been blacklisted by the UK's regulator Financial Conduct Authority. The regulator states that the broker has been using the details of the authorized entity:

"Fraudsters are using or giving out the following details as part of their tactics to scam people in the UK: IFOREX24 Ltd (clone of FCA authorised firm)."

• Also, iForex24 has been banned by other regulators, such as Italian CONSOB and Austrian FMA:

  "iforex24 Ltd is not entitled to provide investment services or banking services in Austria that require a licence. The provider is therefore neither permitted to trade on a commercial basis on its own account or on behalf of others, nor to provide commercial portfolio management."

iForex24 Review Conclusion

We advise all investors and traders to avoid iForex24 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 Eightcap and BlackBull Markets.

iForex24 Update

We found that the iForex24 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 FXBreeze Scam or Legit Broker?

FXBreeze is not a secure Forex broker since it does not hold a license from any worldwide serious Forex authority. 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 simply may operate the business in any way it wishes.

What is FXBreeze?

FXBreeze is an original Estonia financial investment established firm, which also states its operation of the regional office in the UK. The broker offers trading solutions on a range of instruments including FX, Derivatives, and Cryptocurrencies available from the powerful and convenient trading platform.

• The offering at the first point looks decent and competitive, while the customer support promises positive outcomes and supports many world languages. Overall, it seems like the broker targeting international traders from various jurisdictions. However, the main loose point is the fact the FXBreeze company is regulated by none of the authorities, is not legally authorized to offer its services, and of course not overseen by anyone.
• For that reason, we can’t trust only good words and allegedly advanced trading capabilities, since simply the broker might take the funds and never return profits. This is a common practice among fraud and scam companies that are not regulated since the main aim is to attract traders, take their money and disappear in silence. Therefore, it is always recommended to choose among the Regulated Forex Brokers that comply with necessary investment firm rules, apply customer protection tools, and are covered by the compensation schemes in the case of the company insolvency.

FXBreeze Review Conclusion

We advise all investors and traders to avoid FXBreeze and other unregulated brokers. The lack of information about the broker’s regulations, trading conditions, and contact details should be the biggest red flag for those who plan to invest with the entity. Usually, such companies run investment scams. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as FXTM and HFM.

FXBreeze Update

Based on our research, the FXBreeze 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 CoinbrokerZ Scam or Legit Broker?

We advise our readers not to use CoinbrokerZ as it is an offshore entity. CoinbrokerZ is owned by Qossla Holdings Limited, which is an offshore company registered in St. Vincent and Grenadine.

• St. Vincent and the Grenadines 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 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 CoinbrokerZ?

CoinbrokerZ is a trading provider that offers a trusted trading environment to trade unique products up to 100x leverage on Bitcoin and high leverage on Altcoin futures (Find best forex brokers with high leverage). The owning company Qossla Holdings Limited located Cyprus, as well as the broker,  states its office address in the UK, while in fact, the company is a subsidiary of Bitcom Limited firm established in St. Vincent and the Grenadines.

• That means the broker provides a false information about their registration and actual address, while SVG is a known offshore zone that didn’t maintain the strictest requirement to incorporate firm or run the business. As well as the SVG does not oversee how exactly the company deliver its offering, which is mandatory in financial investment firms, thus the company is “self-regulated”.
• In addition, the product offering of the broker involves extreme risks, since the provided quotes are much more leveraged compared to other industry offerings, therefore increases potential losses timely.
• Notwithstanding the fact that the broker shows its confusing proposal while attracts by progressive trading conditions, we do not advise to trade with them as there is no trust in what they say. Moreover, the UK regulator issued a public warning recently, which should be taken as a serious advice choosing among Regulated Forex Brokers in order to run successful trading.

“We believe the firm Qossla Holdings Limited under trading name CoinBrokerz has been providing financial services or products in the UK without our authorization. We strongly advise you to only deal with financial firms that are authorized by us, and check the Financial Services Register to ensure they are.”

FCA, UK September 2018

CoinbrokerZ Review Conclusion

In conclusion, we would recommend avoiding CoinbrokerZ and investing in a more trustworthy company with tight regulation. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as HYCM and AvaTrade.

CoinbrokerZ Update

We found the CoinbrokerZ 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 Crypto Options Trader Scam or Legit Broker?

It is not safe to trade with Crypto Options Trader, 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 Crypto Options Trader?

Crypto Options Trader is a London-based company that claims to offer an opportunity to trade a wide range of top-ranked digital coins, and cryptocurrencies along with customer support, the latest information, and the most secure platform. Yet, those statements are not legitimately confirmed, as the broker operates without license or authorization from either local or international regulators.

• However, being located or while targeting client within the UK any company involves themselves in a risk to be caught by the reputable UK’s watchdog FCA. FCA's mission is to ensure smooth offering within the market, while the main aim is to protect clients from potential fraud companies or unauthorized investment.
• Therefore, Crypto Options Trader appeared recently in an FCA warning list too, since the firm does not hold any license to offer its service and not overseen by anyone. 

“Almost all firms and individuals offering, promoting or selling financial services or products in the UK have to be authorized by us. Based upon the information we hold about Crypto Options Trader, we believe it is carrying on regulated activities, which require authorization.”

FCA, UK September 2018

Crypto Options Trader Review Conclusion

Traders should be attentively choosing the broker while starting to invest. The regulators as well as Internet sources posting and reviewing the numerous companies that developed trading offerings, however, may not be reliable. In order to avoid scams and protect your own investments we advise you to be careful and choose among the Regulated Forex Brokers.  Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as FP Markets and TMGM.

Crypto Options Trader Update

Based on our research, the Crypto Options Trader 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 TradesFX Scam or Legit Broker?

TradesFX 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 TradesFX. We never advise trading with an offshore broker, since the financial investment service they deliver is not trustable.

• The reason is simple, the broker may promise the most ever competitive trading conditions or the trading environment, yet the trader has no guarantee from the official entities that oversee the Forex industry. Thus the engagement in trading with such a company means the trader will believe only in the broker’s words, and of course, it is a high risk.

What is TradesFX?

TradesFX is a Forex (Read our Review on AxiTrader Forex Broker) and CFD (Read about BDSwiss, which offers CFD trading) brokerage company owned and operated by Investment 4 Futures Limited, registered in Saint Vincent and the Grenadines - a popular offshore destination for the Forex brokers. It is risky to deal with offshore brokers as on average it takes only USD 2,000 to get the license. The main advantages of having an offshore license are low costs, the speed of formation (it takes only a few weeks to get one), and tax-free.

• TradesFX provides different contact phone numbers with the country code of the European countries (Germany, Netherlands, Austria, Switzerland, Finland, Norway), which means that the broker has been operating across Europe, although it is not regulated in any of the mentioned countries. Moreover, Italy's regulator CONSOB has issued a warning against TradesFX/Investment 4 Futures Limited:
  "the National Commission for Companies and the Stock Exchange has ordered the following companies to cease the infringement of art. 18 of the same Decree consisting of the provision of unauthorized investment services and activities to the Italian public: - by Investment 4 Futures Limited and Tradesfx Limited, through the website www.tradesfx.com (Resolution n. 20626 of October 16, 2018)"

TradesFX Review Conclusion

It is recommended to trade with brokers regulated by UK’s FCA or Australia’s ASIC instead. We advise staying away from TradesFX and signing in with Regulated Brokers only such as FBS and BlackBull Markets recommended as the best trading company provider.

TradesFX Update

Based on our research, the TradesFX 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 Cac400 Scam or Legit Broker?

It is not safe to trade with Cac400, 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 Cac400?

Cac400, as claimed on the official website, is a forward-thinking financial service provider for modern traders from curious first-timers to seasoned veterans, while the company delivers the tools, features, and services at all levels to succeed.

• The operational office of the group is located in Estonia, however, being located in the EU, the broker is not registered in order to deliver its service legally. That fact directly should put an alert to any trader, as the reliable company will protect their clients by necessary registrations and compliance with the international standards of client protection. Overwise, the financial service firm will perform trading on its own behalf only, which shows typical scam-oriented behavior.
• As a result, Cac500 was revealed as a part of the Blonde Bear OU group of companies and obviously is another trading brand of their numerous names that are all claimed as fraud or scam brokers. The international investors were warned times and times by various agencies and authorities to keep their distance from any associated with the Blonde Bear OU firm. Apart from the vast number of “angry” or disappointed trader reviews, which the internet is full of, while clients couldn’t see a reaction to a withdrawal request, or were losing money.

Cac400 Review Conclusion

Potential traders or investors should seriously and carefully check on a broker while choosing the one to trade with, thus always advise to choose among Regulated Forex Brokers only. As the security of funds always goes first, it is much safer to trade with the company, which is regulated by governmental agencies and in many cases compensate clients in case things go wrong with the company.

Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as FP Markets and HFM.

Cac400 Update

Based on our research, the Cac400 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 MT4Invest Scam or Legit Broker?

MT4Invest is not a secure Forex broker since it does not hold a license from any worldwide serious Forex authority. 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 simply may operate the business in any way it wishes. This results in a very high-risk trading opportunity, despite its alluring proposal.

What is MT4Invest?

MT4Invest is a trading name used by MT4Invest claims its global brokerage and investment firm status specializing in online trading and investment through the highest level of security, fixed spreads (See Zero Spread Accounts), and non-dealing desk execution.

• Although there are no specified details about the corporate situation since the broker simply does not provide its registered address or any other necessary information while just mentioning “global coverage of offices”. Basically, that hiding of information might alert any trader or investor, since the trustable company should reveal its legal information, therefore the MT4Invest is considered a non-regulated broker with the highest risk of fraud. 

• Moreover, the financial regulatory body of Spain the Comision Nacional del Mercado de Valores (CNMV), has issued a warning to the public against investing with MT4Invest as a source of their business requires regulation and authorization. The Forex industry authorities always recommend checking the statements of the company before any registration is done, as the detailed financial services should be provided along with the authorization that secures clients and protects their funds.

  “Only registered companies have obtained authorization after proving compliance with certain requirements (sufficient capital, organization, and adequate means, etc.) and are subject to the controls of the supervisory bodies”

  CNMV, April 2017

MT4Invest Review Conclusion

Preliminary there were other reputable agencies that warned against MT4Invest, as well as numerous negative reviews and scam alerts from traders. It is obvious that Mt4Invest is not a broker to trust and trade with, Overall, we do advise always to trade only with regulated forex brokers exactly for this reason.

Apart from the officially provided services the authorized broker follows guidance concepts that are designed to provide a safe trading environment and secure investors. Traders are recommended to trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as FP Markets and HFM.

MT4Invest Update

Based on our research, the MT4Invest 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 FXT24 Scam or Legit Broker?

It is not safe to trade with FXT24, 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 FXT24?

FXT24 is a web-based Foreign exchange brokerage. The info on the website says that the company operates from London, United Kingdom. Although the company is not regulated in the UK.

• As to the regulation, they say that FXT24 brand is authorized and regulated in various jurisdictions. So they mention jurisdictions without naming them or giving out legal info about their licenses.
• We don't recommend dealing with this broker, as the biggest issue is regulation, meaning - the lack of it. In addition, FXT24 was also blacklisted by the Spanish regulator CNMV.
• We recommend you trade with serious and reliable regulators, such as FCA in the UK and FMA in New Zealand. For example, 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. Here you may check our list of brokers licensed by the FCA.

FXT24 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 Eightcap and BlackBull Markets.

FXT24 Update

Our findings showed that FXT24 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 HQBroker Scam or Legit Broker?

HQBroker has been suspected to be a scam broker. This broker is blacklisted by a well-known regulatory authority and should be avoided. HQBroker is owned by Capzone Invest 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 GoldmanCFD, Capital88, and more. 

What is HQBroker?

According to the website, the company's operational address is in Hong Kong, however, it is not regulated by its local Securities and Futures Commission (SFC). Our biggest concern is the numerous warnings issued against HQBroker by different regulators. 

• In April 2018, the UK's Financial Conduct Authority has warned the public about HQBroker:

"Capzone Invest Ltd t/a HQ Broker 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."

• In July 2018, the Ontario Securities Commission (OSC) also issued a warning:

"The Ontario Securities Commission (OSC) is warning investors that HQBroker is not registered to sell securities in Ontario."

• There's also a warning from Spain's CNMV:

  "HQ BROKER Capzone Invest LTD is not authorized to provide the investment services, which include investment advice, or to provide auxiliary services in relation to the financial instruments including, for those purposes, foreign currency transactions."

HQBroker Review Conclusion

We advise all investors and traders to avoid HQBroker 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 Eightcap and BlackBull Markets.

HQBroker Update

Our findings showed that HQBroker is no longer active. 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.