Archives: Brokers

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.  

Is RC Global Financial Scam or Legit Broker?

RC Global Financial 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 RC Global Financial?

RC Global Financial is a Forex broker, owned and operated by RC Global Financial Ltd. The company doesn't provide any information about its trading conditions as well as its official location and proper regulation. Although they state to have a license from the International Financial Services Commission of Belize, the broker is in the process of surrendering it due to some strategic reasons. So the question is what is worse to have an offshore license or to have no license at all.

• Obviously, we recommend avoiding both cases as they are very risky.
  The broker claims to have offices in the USA, the UK, and France with the main office in Hong Kong. In order to legally operate and offer its financial services in the mentioned countries, RC Global Financial would need to be regulated by the proper authorities.
• Besides the Belize license, this broker doesn't hold any other license and is not overseen by any reputable regulator. Belize is just one more offshore zone where the requirements for the forex brokers are loose and there is no control over the funds of the investors.

RC Global Financial Review Conclusion

We highly recommend avoiding offshore brokers and choosing among properly licensed entities that have protection from serious regulators such as UK's FCA or Australian ASIC. These authorities apply strict rules to licensed companies and keep the clients' funds in segregated bank accounts which can’t be accessed by the brokers. Check the list of FCA-regulated brokers and sign in only with trustworthy brokers such as AvaTrade and FP Markets.

RC Global Financial Update

Based on our findings, the RC Global Financial 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 4xpoint Scam or Legit Broker?

It is not safe to trade with 4xpoint, 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 4xpoint?

4xpoint claims its specialization in Forex brokerage with top-tier trading experience over hundreds of underlying assets to trade shares, currencies, commodities, indices, and CFDs. The business information about 4xpoint trading names shows a location in St. Vincent company with the name Allmedia Ltd.

• However, the research shows that the company has a connection to the Yukon Global Ltd, which was located in Seychelles, operated with no license and was known for its name forex-point.com. Currently, the broker’s website redirects to 4xpoint one, which also shows a contact email and the phone number that belonged to forex-point.

• All the above mentioned is a definitely confusing and can only mean that forex-point operates now through a new brand name 4xpoint, while located in the new jurisdiction, again offshore zone, and still targets worldwide clients. The rebranding and the “new page” was a quite predictable step, since the previous brand gained a negative reputation and traders claimed malicious operations as well the company received warnings from the industry authorities.

  “Considered that Yukon Global Ltd is not authorized to provide investment services to the Italian public, insofar as it is not registered on the register held by CONSOB. Hereby resolves to order the cessation of the infringement of Legislative Decree also performed via the company website, consisting in the provision of investment services and activities to the public.”

  CONSOB, April 2018

4xpoint Review Conclusion

In conclusion, this is an often practice from the non-regulated or offshore brokers that change names or jurisdiction, while still remain non-authorized, therefore attracting clients and mainly their funds, which will be never returned back. For this reason, we always advise trading only with the Regulated Brokers from reputable jurisdictions rather than falling into the frauds.

We strongly advise opening a trading account only with brokers that are regulated by respected world authorities such as UK brokers, Forex Brokers Australia or ASIC-regulated brokers in Australia, and reliable brokers such as FP Markets and TMGM.

4xpoint Update

Based on our findings, the 4xpoint 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 LittInvest Scam or Legit Broker?

LittInvest 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 LittInvest?

LittInvest is a Forex and CFD broker, owned and operated by Orston Partners KFT registered in Budapest, Hungary. While being located and registered in Hungary, the broker would need to be licensed by the Hungarian Financial Supervisory Authority, although there are no such records in the regulator's registry.

• In addition, the terms and conditions state that the broker is under the British jurisdiction, but again it doesn't have a license from the UK's regulator FCA.
• Moreover, LittInvest has been blacklisted by the FCA in the UK in May 2018:
  "this firm is not authorized by us and is targeting people in the UK. Based upon the information we hold, we believe it is carrying on regulated activities which require authorization."
• Also, the International Financial Services Commission of Belize has issued a warning against LittInvest in February 2018:
  "The entity listed below (LittInvest) is not licensed under the IFSC Act to provide, carry on, transact, or hold himself out as providing, carrying on, or transacting any of the international financial services as set out in the Schedule of the IFSC Act in or from within Belize."

LittInvest Review Conclusion

Considering the above said, this broker seems highly suspicious. There are many fraudulent firms out there and most of them are operating without a proper broker license. Investing in such companies is extremely risky and it is recommended to select among brokerages regulated by UK’s FCA, Australia’s ASIC or CySEC.

LittInvest Update

Based on our findings, the LittInvest 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 BECFD Scam or Legit Broker?

BECFD has been suspected as a scam broker. This broker is blacklisted by a well-known regulatory authority and should be avoided. BECFD is owned by BECFD Limited 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 MegaTradeFX, Finbitex, and more.

What is BECFD?

BECFD is a Forex and CFD broker, owned and operated by BECFD Limited. The company is registered in the Marshall Islands, an offshore zone where brokers are usually neither regulated nor supervised.

• The website doesn't provide much information about the broker, only two contact phone numbers: British and Austrian. It means that BECFD has been trying to offer its services in these countries, it also means they were trying to do that without being regulated or authorized.
• Moreover, Austria's FMA has recently issued a warning against this firm. We keep reminding traders that dealing with offshore brokers is quite risky as clients have no protection of their funds.

BECFD 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 BlackBull Markets and Pepperstone.

BECFD Update

Our research showed that the BECFD 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.