Archives: Brokers

Is Capital Swiss FX Scam or Legit Broker?

Capital Swiss FX is a non-Regulated broker. It is NOT SAFE to trade. The company is owned by Swiss Capital LTD, an offshore entity located in St. Vincent and the Grenadines. 

• St Vincent is an attractive solution among financial companies and those businesses that for one reason or another choose to operate through an offshore company. As the jurisdiction itself offers easy-to-achieve setup demands through a very quick, simplified process, the firm does not necessarily need an office in SVG, is allowed to maintain low initial capital, and has no strict establishment rules or requirements, yet allows running a global business. Read more about why to avoid the brokers registered in St. Vincent and the Grenadines.

What is Capital Swiss FX? 

Capital Swiss FX is a Forex and CFDs broker. Although, there is a discrepancy on the website as it also states that "this site is owned by Swiss Capital Group Ltd, with License No.08746620, 20-22 Wenlock Road, London, England".

• There is one more thing that makes all this regulation thing even more confusing is that the terms and conditions say the company is under Cyprus jurisdiction. Despite the offshore registration, Capital Swiss FX would need to have licenses from the UK's FCA and CySec in Cyprus, but we didn't find any records of the broker's authorization with the mentioned or any other regulators.
  In addition to this, Swiss regulator FINMA has issued a warning against the broker:
  "Capital Swiss FX https://capitalswissfx.com may be carrying out unauthorized services and are not supervised by FINMA."

Capital Swiss FX Review Conclusion

It is important to remember that investing in offshore brokers is extremely risky and a large percentage of those companies are in fact indulging in fraudulent practices. We advise selecting among FCA-regulated brokerages, ASIC-regulated or Swiss FINMA-regulated brokers, where the respective financial authorities are always on alert and your money will be safe and protected.

Capital Swiss FX Update

We found the Capital Swiss FX 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 WorldFXM Scam or Legit Broker?

No, Worldfxm is not safe to trade with it. WorldFXM is owned by CHO DEVELOPMENT 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 is low and it does not regulate forex trading. Therefore, it became an offshore zone for shady forex brokers such as GoTechFx, Obsbit, and more.

What is WorldFXM?

According to the website, WorldFXM offers its clients a variety of products, including 65 of the most popular FX pairs, 33 contracts for difference (CFD), products, across equity indices, energies, alternative asset futures, and other instruments to help deliver more trading opportunities. However, the broker's regulation is quite questionable. We couldn't find any information about its regulation as well as location.

• The contact number provided on the website is from the UK, which means the broker has been targeting UK residents without being authorized in the country.
• Moreover, the company has been blacklisted in several countries. The UK's Financial Conduct Authority has recently issued a warning against the broker, stating that:

"World FXM/WorldFXM (the trading name of CHO Development Limited) 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."

• There is also a warning from the Austrian Financial Markets Authority issued in August 2018:

"WorldFXM with its registered address apparently at p.A. CHO DEVELOPMENT LTD, Marshall Islands is not entitled to carry out banking transactions in Austria that require a license. The provider is therefore not permitted to trade in financial futures contracts (futures) on its own account or on the account of others, including equivalent instruments settled in cash as well as call and put options on the instruments."

WorldFXM Review Conclusion

We advise all investors and traders to avoid WorldFXM 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.

WorldFXM Update

We found that the WorldFXM  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 StarfishFX Scam or Legit Broker?

StarfishFX is not a safe broker. According to our research, StarfishFX has been suspected of fraudulent actions. The company does not hold any financial licenses but claims the opposite. Therefore the company seems to be highly suspicious and might operate its services from an absolutely different location.

What is StarfishFX?

StarfishFX is a Forex and CFD broker that claims to be located in the United Kingdom. They provide a UK address and a Hong Kong country code, so it is quite confusing the location of their office.

• Also if you check more info about Starfish Markets Limited on the Internet, the company was registered in New Zealand but was banned by New Zealand's FMA (Financial Markets Authority).
• In case of getting the license from New Zealand’s FMA (Financial Markets Authority), the broker needs to have a physical office in New Zealand and minimum net tangible assets of 1 million NZD or 10% of average revenue. It is about USD 35,000- USD 50,000 for a license depending on its type.

Overall StarfishFX Ranking 

Our research results revealed multiple issues connected with the regulations and safety of StarfishFX, so we do not rank positively StarfishFX, based on our Expert Opinion with over 10 Years of experience in Forex Trading.

• StarfishFX 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.

StarfishFX Alternative Brokers

Due to our negative revelations on StarfishFX here we offer much better Alternatives to StarfishFX 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

StarfishFX Deposits and Withdrawals

The broker offers various deposit and withdrawal options, including Bank Transfers, Credit/Debit Cards, and e-wallets such Unton Pay. For deposits, StarfishFX requires zero deposit fees. 

• However, the broker does not provide much information about the deposit and withdrawal processes. 

StarfishFX 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 Pepperstone and TMGM.

• Overall ranking and experience for StarfishFX is Negative

Is Novatrades Scam or Legit Broker?

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

• Being located in the famous offshore zone signing with the company may involve significant risk, as simply the potential investor will trust just the word of mouth, not confirmed by any legitimate agency that oversees the business from outside. For that reason, the first and mandatory step while choosing the brokerage is to check their regulatory status and to be sure that the operation is supervised by the legal regulator with the purpose to deliver a safe trading environment.

What is Novatrades?

Novatrades is a brokerage company, financial service and trading provider that is registered in the Marshall Islands, delivers its numerous trading opportunities with a diversified portfolio including Forex, CFDs and Cryptocurrencies.

• However, there are many fraud and scam offerings around the Forex business, while the industry regulators run the continuous monitor of the situation while trying to protect clients by educating them and listing the warnings against potential fraud.
• That was the case of Novatrades broker too, while the company was alerted by the UK’s FCA for the target of the residents without its legal permission to do so.

  “We believe the Novatrades Ltd. With its registered address in Marshall Islands carrying on regulated activities which require authorization, yet have not been authorized by us. 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

Novatrades Review Conclusion

We do not recommend trading with Novatrades because of the lack of regulation and safety. Instead, we always recommend to trade only with the reputable and Regulated Forex Brokers that follow strictest international rules and protect clients in case of any issues. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as FP Markets and TMGM.

Novatrades Update

Based on our research, the Novatrades 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 AMP Trading Scam or Legit Broker?

It is NOT SAFE to trade with AMP Trading. It does not hold any license and is not safe to sign in with. Although it is located in UK, the broker is not regulated by the Financial Services Commission.

What is AMP Trading?

AMP Trading is a UK, London-based brokerage firm delivering numerous trading opportunities to worldwide traders through a diversified portfolio and the latest developments in the trading process. The brokerage claims its regulatory obligations, supervised services, and the utmost level of client protection.

• Despite the statement that the AMP Trading Group company is registered and acts as an appointed representative of AMP Prime Ltd, authorized and regulated by the Financial Service Commission (FSC), and its registration in England and Wales, in fact, the company is not authorized. That was confirmed by the earliest warning from the UK’s regulatory body FCA mentioning that this firm is not allowed to deliver its service.

  “The AMP Trading Group based in London is a firm not authorized by us and targets people in the UK. There are more steps you should take to avoid scams and unauthorized firms. You should also be aware that if you give money to an unauthorized firm, you will not be covered by the Financial Ombudsman Service or Financial Services Compensation Scheme (FSCS) if things go wrong.”

  FCA, UK. October, 2018

AMP Trading Review Conclusion

Traders across the globe should be attentively choosing the broker while starting or continuing trading or investment management. 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.

AMP Trading Update

Based on our research, the AMP Trading 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 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.