Archives: Brokers

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. 

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