Archives: Brokers

Is FXC Markets Scam or Legit Broker?

BT Systems LTD has been suspected as a scam broker. It operates under the brand name FXC Markets - 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. Many jurisdictions are restricted to open a trading account with FXC Markets.

What is FXC Markets?

FXC Markets is a Forex and CFD brokerage owned and operated by BT Systems LTD, registered in the Marshall Islands. The Marshall Islands is an offshore destination where brokerage services are usually not regulated.

• The company doesn't provide much information, only two contact numbers - British and Spanish. Usually, this means the brokers that are not regulated in Europe are targeting EU residents.
• In the case with FXC Markets, it is not under the oversight of the UK's financial regulator - the Financial Conduct Authority (FCA) nor Spain's National Securities Market Commission (CNMV).
• Moreover, the broker was blacklisted by the Italian CONSOB. It is safer to trade with brokers regulated by UK’s FCA or Australia’s ASIC instead. For example, the license from the UK’s Financial Conduct Authority requires EUR 125,000 of capital for the STP license aside from client deposits. Check the list of the FCA-regulated brokers here.

FXC Markets 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 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.

FXC Markets Update

Our research showed that FXC Markets is no longer active.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 Capital Markets Banc CMB Scam or Legit Broker?

It is not safe to trade with Capital Markets Banc CMB, 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 Capital Markets Banc CMB?

Capital Markets Banc CMB claims to be a leading provider of online trading services with access to a world-class trading experience in its presence in over 160 countries worldwide. CMB is located in Dominica (Check out another Dominica-located broker TradersWay Reviews), known as offshore heaven, and operates without any license, as well allows clients to open accounts from all over the world to trade over 175 products ranging from currencies, commodities, and metals, to options, using a desktop, tablet or smartphone devices. CMB provides its traders with personalized FX training programs, Dealing Room Specialists, rewarding Introducing Broker Programs, and innovative and competitive Partner Offerings.

• The broker's offerings might seem competitive and attractive, however, the company does not hold any registration with appropriate authorities, therefore doesn't make an effort to protect its clients.
• The company is targeting clients from almost every region, which is confirmed by its range of supported languages and client services.
• As the Broker is located in an offshore area, it is extremely risky to put funds with an unregulated broker since there is no ensured safe trading environment and capital requirements.
• Moreover, several regulators have already issued warnings against the company in order to rest assured the potential investors from the fraud from the unauthorized brokers that target traders.

“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.” FCA, UK

Capital Markets Banc CMB 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. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as BlackBull Markets and BDSwiss.

Capital Markets Banc CMB Update

Our research showed that the Capital Markets Banc CMB Website is inactive. Since money safety in forex goes first we recommend avoiding any proposals from Capital Markets Banc CMB and staying alert. 

Is InvestMib Scam or Legit Broker?

InvestMib 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 InvestMib. 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 InvestMib?

InvestMib is a Forex and CFD broker, owned and operated by the InvestMib Limited. The company claims to be based in Belfast, UK. Although, the firm is not licensed by UK’s FCA or another European regulator.

• Instead, it is registered offshore in Vanuatu, according to the terms and conditions on the website. Dealing with a broker which has a Vanuatu license is risky as it only takes USD 2,000 to get one. Comparing an STP license from the UK’s Financial Conduct Authority, that requires EUR 125,000 of capital aside from client deposits.
• We always encourage traders to deal only with regulated brokers, as those operating without a proper forex broker license are most often frauds.
• Besides, when investing with a licensed broker, trader guaranteed to get a protection of the funds. For example, UK regulator FCA provides a Financial Services Compensation Scheme. Check the FCA-licensed brokers here.

InvestMib Review Conclusion

We strongly advise opening a trading account only with the brokers that are regulated by the 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.

InvestMib Update

Our research showed that InvestMib 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 GFBroker Scam or Legit Broker?

GFBroker 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 GFBroker. 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 on the broker’s words, and of course, it is a high risk.

What is GFBroker?

GFBroker is a Forex and CFD broker that offers a variety of assets on its platform gfbroker.com.

The company is managed and operated by International WEB Brokers Limited, regulated under Dealers in Securities Act by VFSC (Vanuatu Financial Services Commission) in Vanuatu.

• Vanuatu is a popular destination for forex brokers, as it has low taxes policies and the business registration process is simple. Also, the company was banned by Spain's regulator CNMV.
• We recommend traders to avoid offshore-registered brokers as there are a lot of scams among them. It is safer to deal with the brokers, authorized and regulated by reliable regulators, such as UK’s Financial Conduct Authority (FCA), and to check the list of the FCA-regulated entities to ensure they are.

GFBroker Review Conclusion

We strongly advise opening a trading account only with the brokers that are regulated by the 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 BDSwiss.

GFBroker Review Update

Our research showed that GFBroker 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 InvestCity Scam or Legit Broker?

It is not safe to trade with InvestCity, 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 InvestCity?

InvestCity is a trading name of Instant Trading EU Ltd that operates under the authority of the Cyprus Securities and Exchange Commission (CySEC) with license number 266/15. The company claims its reliable foundation enables investment needs no matter what type of investor the client is, while there is an advanced offering with a wide selection of asset classes to trade and invest in. However, the broker registration number is also used in the operation of Insta Forex FX trading company and the ForexMart, which in fact was listed earlier in our Brokers to Avoid list.

• Of course, it is not the crime and not the main concern that the license is the same, yet while the broker or investment firm operates under the same licenses many trading names there are many questions revealed. Most often it will mean that there are issues with the company's reputation, while the broker still tries to attract new clients or to start from “scratch” its fraud operation further on under new names.
• In addition, the related companies to InvestCity received also a fine from the CySEC authority, for their lack of compliance with the necessary rules and obligations towards clients, as the company was detected to operate not in a client's interest. Unfortunately, these issues are not so rare within the Forex industry.

InvestCity Review Conclusion

We always advise trading only with reliable brokers that gained a reputation and deliver client protection or a favorable trading environment at all times. Because of the unregulated nature of  InvestCity, we recommend staying away from it and not risking your money. Thus we advise all investors to trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as FP Markets and HotForex.

InvestCity Update

Based on our research, the InvestCity 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 BrokerOfficial Scam or Legit Broker?

BrokerOfficial broker is a Non-Regulated Broker. It is NOT SAFE to trade with this company. We have checked the company and 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 BrokerOfficial?

BrokerOfficial is a Forex and CFD broker owned and registered by Astercap LTD. The company claims to be located in the UK, although it is not registered to provide financial services to UK residents.

• In the United Kingdom, the responsible institution is the Financial Conduct Authority (FCA) and all the brokers need to have a proper license from this regulator.
• There is no record of BrokerOfficial in the Register of the FCA which means it is dangerous to trade with this broker as it doesn't have a license.
• Moreover, the Canadian regulator British Columbia Securities Commission has issued a warning against BrokerOfficial.

BrokerOfficial Review Conclusion

We recommend you avoid not licensed brokers and choose among the regulated ones. The most reliable regulators are the UK's FCA, the Australian Securities and Investments Commission (ASIC), and the Cyprus Securities and Exchange Commission (CySEC). Traders should trade with well-regulated brokers such BDSwiss and FBS.

BrokerOfficial Update

Our research showed that the BrokerOfficial 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 Escuela Trades Scam or Legit Broker?

Escuela Trades 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 may operate the business in any way it wishes.

What is Escuela Trades?

Escuela Trades is a brand name used by the Escuela Online Trading and Marketing Company, which is claimed to be a licensed international financial broker, providing traders access to the global Forex market. The company states on its official site that it is managed by experienced financial professionals and is trusted by clients from more than 35 countries worldwide.  However, after the research, it was revealed that the broker is regulated by the Chinese Security Regulatory Commission (CRSC) and not the SFC the Hong Kong authority that the company should be registered.

• The Ecuela Trades was founded in Hong Kong in 2009, with a concept of convenient wealth-gathering through diversified financial platforms and high returns. Yet, the company offers its financial products and services in Hong Kong without an appropriate license received from SFC, which is mandatory within Hong Kong. For that reason, the SFC recently issued a warning to the clients, since there is no authorization to provide service, as well as no ant regulatory body oversees the way the company provides its financial services.

“The ESCUELA Online Trading and Marketing is now listed in SFC Alert List as an unlicensed entity. The alert list is consistent of entities which have come to the attention of the SFC because they are unlicensed in Hong Kong and are believed to be, or to have been, targeting Hong Kong investors or claim to have an association with Hong Kong.”

SFC, September 2017

Escuela Trades Review Conclusion

Generally, we always recommend investing with regulated companies only, since there are many scam offerings that may lead to fraud operations and potential loss of funds. Regulatory bodies from around the world strictly supervise financial trading companies in order to protect clients and educate the best way to invest. Therefore, we strongly advise choosing a broker among SFC-regulated brokers or other world-authorized companies, such as reliable brokers such as FP Markets and HotForex.

Escuela Trades Update

Based on our research, the Escuela Trades 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 Primus Trades Scam or Legit Broker?

Primus Trades 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 may operate the business in any way it wishes.

What is Primus Trades?

Primus Trades is a broker that specializes on Forex and cryptocurrency trading. The company doesn't provide much information about its terms and conditions, whereas usually, brokers mention the company owner and the regulation details. There is actually regulation info that can be found on the website: "Primus Trades was founded in 2015 as a London-based fund management company regulated by the Cyprus Security and Exchange Commission (CySec)".

• They also provide their London address and contact phone number. But the biggest discrepancy is that the regulation info is misleading and turned out that CySec has recently issued a warning against Primus Trades:
  "The Cyprus Securities and Exchange Commission (‘CySEC’) wishes to inform investors that the website primustrades.com (Primus Trades), does not belong to an entity which has been granted authorization for the provision of investment services and/or the performance of investment activities, as provided for in Article 5 of Law 87 (I)/2017."

Primus Trades Review Conclusion

Obviously, the company is not licensed by the Cyprus regulatory body or any other agency. We advise avoiding Primus Trades as it has no regulation and no legal right to provide financial services. Instead, we recommend checking the list of the CySec-regulated brokers, as this regulator is well-known and trustworthy. Also, trade only with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as FP Markets and HotForex.

Primus Trades Update

Based on our research, the Primus Trades 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 RaxoFX Scam or Legit Broker?

RaxoFX 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 RaxoFX. 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 RaxoFX?

RaxoFX is a Forex and CFDs broker, owned and operated by Raxo Limited. Raxo Limited is an offshore company, registered in St. Vincent and the Grenadines with the FSA (Financial Services Authority). There is no information about the registered address on the website. They provide only a contact phone number with a Cambodian country code. Also, the website supports the Indonesian language. Probably, the broker has been targeting the residents of those countries. It is obvious that RaxoFX is not regulated by any of the authorities and simply could be a fraud.

RaxoFX Review Conclusion

Generally, we advise traders to choose from UK, Australian, or other well-regulated brokers, where their funds will be protected. For example, the license from the UK’s Financial Conduct Authority requires EUR 125,000 of capital for the STP license aside from client deposits. Also, all clients of FCA-regulated brokers are protected by the Financial Services Compensation Scheme up to GBP 50,000 per person, in case the company goes bankrupt. Check the list of FCA-regulated brokers here. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as BDSwiss and BlackBull Markets.

RaxoFX Update

Our findings showed that the RaxoFX 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.