Archives: Brokers

Is 8888Markets Scam or Legit Broker?

It is not safe to trade with 8888Markets, 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 8888Markets?

8888Markets is an unregulated Forex and CFD broker that claims to be located in Dublin, Ireland. Although the company is not licensed to offer its financial services in Ireland they have been targeting Irish residents. Moreover, the Central Bank of Ireland has issued a warning against 8888Markets.

• We don't recommend trading with 8888Markets or any other unregulated financial entities as they are not bound by any financial or ethical rules.

8888Markets 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 BDSwiss.

8888Markets Update

Our findings showed that 8888Markets is no longer active.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 IGOFX Scam or Legit Broker?

IGOFX is a 100% fraud company. The broker is registered offshore (See other scam forex brokers) and does not hold any proper license from a well-known reliable financial regulator. It is NOT SAFE to trade IGOFX.

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 IGOFX?

IGOFX is a broker, offering online trading in Forex and CFDs. The company is owned and operated by IGO Global Limited, registered in Vanuatu by Vanuatu Financial Services Commission (VFSC).

• Vanuatu is an offshore zone popular among forex brokers because of the variety of tax benefits, although most of the brokers registered there are not actually regulated or licensed by any authority.
• The terms and conditions "governing law" part states that IGOFX is overseen by the jurisdiction in England, but the broker is not regulated in the UK. Moreover, the Monetary Authority of Singapore (MAS) has issued a warning alert against IGOFX in March 2017:
  "based on information received by MAS, IGO Global Limited; IGOFX may have been wrongly perceived as being licensed or authorized by MAS."
• Also, the Bank Negara Malaysia (BNM - Central Bank of Malaysia) added the broker to its alert list in July 2017:
  "IGOFX is neither authorized nor approved under the relevant laws and regulations administered by BNM."

IGOFX Review Conclusion

To sum up, dealing with unregulated offshore companies such as IGOFX is very risky as they don't guarantee the safety of customers' funds. We recommend dealing with the entities authorized by the serious and reliable authorities, where regulation is strict. For example, you can choose regulated brokers from the FCA in the UK or ASIC in Australia.

IGOFX Update

Based on our research, the IGOFX 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 Vix500 Scam or Legit Broker?

Vix500 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 Vix500?

Vix500 is an online trading broker that offers several account types to invest, depending on the size of a trader, and availability to trade through market-leading platform MetaTrader4 Forex, Indices, Stocks, Commodities, and other assets. The broker claims its security and trustful trading through the quotes received from the leading liquidity providers and guarantees of transactions.

• However, Vix500 is a part of the Blonde Bear OU group of companies and various trading brands that, however, were detected and warned times by reputable agencies that oversee Forex business and investment services firms, as well as maintained an extremely negative reputation.
• The operational office of the group is located in Estonia, Tallinn while the broker is not registered or overseen by any authority. Being located in the country part of the EU, the financial investment firm is mandatory to obtain a license in order to deliver its protected and legitimate trading service. Besides, the Vix500 brand is registered in Vanuatu, an offshore zone, which means the company tries to show its legal ruts in another jurisdiction, that yet does not set customer protection requirements.
• As a result, the company showed its scam and fraud behavior towards clients and Forex trading itself, which is quite common among non-regulated brokers.
• For that reason, the traders should take it seriously while choosing a broker and not to involve in any action with the Blonde Bear OU group of companies and their offerings. The blacklisting, fraud reputation, and generally non-regulated trading environment are the issue, which should be carefully checked before any decision is made. For that reason, we always recommend investment only with the Regulated companies that comply with the necessary protection rules set by the world authorities alike FCA (UK), CySEC (Cyprus), and others.

Vix500 Review Conclusion

We recommend all investors and traders avoid Vix500 and other unregulated brokers. It's a common practice that 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 FP Markets and HFM.

Vix500 Update

Based on our research, the Vix500 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 DracoFX Scam or Legit Broker?

DracoFX 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 DracoFX. 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 DracoFX?

DracoFX states its operation as a dealing room facility for trading various financial products including foreign exchange, CFDs, and commodity spot trading through innovative technology and vast market liquidity. Draco Business Solutions is operating under the name DracoFX while registered in Saint Vincent and 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.
• The broker is a relatively young company, while delivering its trading opportunities and mainly targets clients across the Asia region, claims numerous awards from reputable agencies in terms of their technology and service. Moreover, the broker mentions its safety of funds and delivery of highly reliable trading conditions.  
• In addition, there are many unfavorable comments and reviews towards DracoFX from the company traders, regarding withdrawals of funds and suspicious misleads while trading. Overall, it all seems like DracoFX is another company that delivers “not very well maintained” trading conditions and opportunities.

DracoFX Review Conclusion

We strongly recommend choosing among the reputable and regulated brokers that comply with necessary maintenance requirements and deliver customer protection service through their license. 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 FP Markets and HFM.

DracoFX Update

Based on our research, the DracoFX 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 Efexa1000 Scam or Legit Broker?

It is not safe to trade with Efexa1000, 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 Efexa1000?

Efexa1000 is a Forex brokerage owned and operated by EFEXA 1000 Ltd., with headquarters in Saint Vincent and the Grenadines. The company claims to have an IT department and back office located in London, the UK, although Efexa 1000 is not regulated to provide its services in the UK. In fact, the company is not regulated in any other country.

• There is also a discrepancy in the regulation info as the website states that EFEXA1000 Ltd. is a part of group Instant Trading EU Ltd. regulated and licensed by CYSEC under 266/15 Company, but it is actually a false statement as the EFEXA 1000 Ltd. got blacklisted by CySec because of providing this kind of information:
  "The Cyprus Securities and Exchange Commission (‘CySEC’) wishes to inform investors about the following regarding "Efexa1000 Ltd" (the "Company"): 1. The Company, through the website efexa1000.com, claims to be part of the Instant Trading EU Ltd (the "CIF") group, which is licensed (License No. 266/15) and regulated by CySEC, while it has no relationship with the CIF. 2. The Company does not hold a license from CySEC for the provision of investment services and/or investment activities, as provided for in Article 5 of Law 87 (I) / 2017."

Efexa1000 Review Conclusion

We advise all investors and traders to avoid Efexa1000 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 FP Markets and HFM.

Efexa1000 Update

Based on our research, the Efexa1000 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 SGT Markets Scam or Legit Broker?

No, it is not safe to trade with SGT Markets. Sterling Gent Trading Ltd. is an authorized and regulated Forex Broker by the Financial Services Commission in the British Virgin Islands. The BVI FSC is known for its light-touch regulation and very loose requirements that brokers do not try to comply with. Although the firm is licensed, BVI regulation is not enough to provide financial services in, for example, the UK.

What is SGT Markets?

SGT Markets is a broker that provides liquidity and trade execution services to the Forex (FX) and CFD (Contracts for Difference) markets including Metals, Oil, and Equity Indices.

• Despite the broker's assertions to be incorporated in the British Virgin Islands, their website still states the correspondence address in Bermuda, another offshore zone.
• In addition, all the provided contact phone numbers are British, however, SGT Markets doesn't have any branches in the UK and is not licensed there. 

Overall SGT Markets Ranking 

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

• SGT Markets 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.

SGT Markets Alternative Brokers

Due to our finds and issues with the safety of SGT Markets, here are much better Alternatives to SGT Markets 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

SGT Markets claims to offer fast and easy funding through Bank Wire, Debit/Credit cards, and e-wallets. While mentioning that SGT Markets credit or debit cards are often the fastest and easiest way to deposit funds online. If your deposit exceeds 30,000 (USD, EUR, or GBP) or the equivalent, the most favorable method to deposit funds is by bank wire.

However, since the Broker is solely offshore firm there is no any guarantee weather you will be able to withdraw funds or not, since Broker does not follow any top-tier regulation and customer protection provided by them. 

• The minimum deposit is $100, £100, or €100, depending on the account currency.  
• Deposits via bank transfers are promissed to be completed within 24 hours.

SGT Markets Review Conclusion

We advise all investors and traders to avoid SGT Markets and other brokers from the British Virgin Islands. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as HFM and BlackBull Markets. 

• Overall ranking and experience for SGT Markets is Negative

Is FGS Markets Scam or Legit Broker?

It is not safe to trade with FGS Markets, 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 FGS Markets?

FGS Markets is a Forex and CFD broker owned and operated by two companies Trade Up Ltd. and Preseplio Ltd. The first Trade Up Ltd.

• FGS Markets is based offshore, in the Marshall Islands. The other company, Preseplio Ltd., is located in Cyprus and claims to be regulated there. They even provide a regulation number.
• The only agency that regulates financial services in Cyprus is CySEC (The Cyprus Securities and Exchange Commission), but they don't have Preseplio Ltd. in their register, which means the company is not authorized to offer its services.
• None of the companies behind FGS Markets has proper regulation, that's why we don't recommend choosing this broker.
• Moreover, these companies were banned by Italy's regulator CONSOB. Instead, we advise choosing those brokers regulated by serious and reliable agencies, such as FCA in the UK or ASIC in Australia. Check the list of FCA-regulated brokers here.

FGS Markets 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 BDSwiss.

FGS Markets Update

Our findings showed that the FGS Markets 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 Richmond Investing Scam or Legit Broker?

Zurix Corporation Ltd. has been suspected as a scam broker. It operates under the brand name Richmond Investing and is a 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 Richmond Investing?

Richmond Investing is a Forex and CFD broker, it is owned by Zurix Corporation Ltd. Zurix Corporation Ltd. (Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands) provides online trading services via its brand Richmond Investing and its European billing agent based in the United Kingdom.

• It is an offshore broker that claims to be based in Scotland, UK, although it is not authorized or registered by the UK's FCA. Richmond Investing has been using the name of the other firm Richmond Investments Limited, which is authorized to offer, promote or sell services or products in the UK. These are the reasons why Richmond Investing got into FCA's warning list.

Overall Richmond Investing Ranking 

With our revelations on regulations and safety issues of Richmond Investing, we do not rank positively Richmond Investing, based on our Expert Opinion with over 10 Years of experience in Forex Trading.

• Richmond Investing 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.

Richmond Investing Alternative Brokers

As our research revealed safety issues with Richmond Investing, here we offer much better Alternatives to Richmond Investing with good regulations and great trading conditions. We select Good Brokers and trustworthy options for your comparison below: 

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

Deposits and Withdrawals

Richmond Investing offers various deposit and withdrawal options, including Bank Transfer, Master Card, and e-wallets, Skrill, Neteller, PayPal, Maestro.  

• The minimum deposit is $150.

Richmond Investing 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 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 BlackBull Markets and Pepperstone.

• Overall ranking and experience for Richmond Investing is Negative

Is Royal Capital Pro Scam or Legit Broker?

No, it is not safe to trade with a Royal Capital Pro as this Forex broker is not regulated. The broker is operated by the GoldTech Media Services OU. The GoldTech Media Services OU is incorporated and located in its registered address in Tallinn, Estonia. Royal Capital Pro serves a wide range of clients while there is a wider offering and targeting to the Arab Gulf states clients. That fact is also quite typical since the Arab world is full of companies and brokers that offer their services without the necessary licensing and authorization as the states are not very strong currently in online trading businesses regulation.

What is Royal Capital Pro? 

Royal Capital Pro was formed in the year 2010. It offers to trade stocks, commodities, currencies, and indexes and claims to be a proven leader in Forex trading.

• Previously the broker stated its base in Scotland, which in fact was just misleading information to confirm presence yet without an actual role, as well there is no authorization from the local authorities to perform financial services or target residents. So, even though the company claims its application to a convenient trading environment and various safety customer protection actions alike, a legally binding policy ensures balances are never negative so that the client will never lose more than what was already invested.
• Another thing that should be a huge red flag for those who want to invest with this broker is the reputation of GoldTech Media Services OU. The company has been blacklisted multiple times under the names of other unregulated brokers such as S2Trade and Glenmore Investments. These brokers along with GoldTech Media Services OU have been blacklisted by the UK’s Financial Conduct Authority: S2Trade in February 2018 and Glenmore Investments in August 2018.

Royal Capital Pro Review Conclusion

We advise all investors and traders to avoid Royal Capital Pro 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 FP Markets and BlackBull Markets.

Royal Capital Pro Update

Our findings showed that Royal Capital Pro is no longer active. The broker’s website is unavailable and 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.