Archives: Brokers

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.  

Is EFXGlobal Scam or Legit Broker?

EFXGlobal has been suspected as a scam broker. This broker is blacklisted by a well-known regulatory authority and should be avoided. StoxMarket is owned by Marketier Holdings 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 is low and it does not regulate forex trading. Therefore, it became an offshore zone for shady forex brokers such as MegaTradeFX, Finbitex and more.

What is EFXGlobal?

EFXGlobal is a Forex and CFDs broker, owned and operated by Xchange Group Ltd., incorporated in the Republic of Marshall Islands. The website states that the company is based in London, UK.

• The broker is actually not regulated in the UK or any other country, so it doesn't have any legal rights to offer its financial services to potential traders.
• Also, the website supports different languages (German, Italian, Spanish, French, and Danish), which means the broker has been targeting European countries. 

Overall EFXGlobal Ranking 

Taking into consideration our findings about the safety and reliability of EFXGlobal, we do not rank positively EFXGlobal, based on our Expert Opinion with over 10 Years of experience in Forex Trading.

• EFXGlobal 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.

EFXGlobal Alternative Brokers

Due to our revelations of issues with the safety of EFXGlobal, here are much better Alternatives to EFXGlobal with good regulations and excellent conditions. We select Good Brokers and trustworthy options for your comparison below: 

• AvaTrade – Good Instruments and CopyTrading
• HFM – Low Spreads and Competitive Trading Conditions
• XM – Wide Range of Trading Opportunities

EFXGlobal Review Conclusion

We highly recommend avoiding trading with unregulated offshore brokers as they usually turn out to be frauds. Many brokers prefer offshore zones because of the low cost, tax-free, and light regulation requirements if any.

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. Thus, be careful and choose brokers regulated by reputable agencies, such as FCA in the UK or CySEC in Cyprus. They both provide Compensation Schemes for the traders. Check the list of FCA-regulated brokers here.

• Overall ranking and experience for EFXGlobal is Negative

Is TopicMarkets Scam or Legit Broker?

TopicMarkets 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 TopicMarkets?

TopicMarkets is an offshore Forex broker, licensed and registered in Vanuatu by the Vanuatu financial service commission under the name of TMI Holding Limited.

• VFSC is a very popular regulator among forex brokers and is famous for its cheap and fast process of getting a license. It requires only USD 2,000 of capital, while the UK's FCA requires EUR 125,000 of capital for the STP license.

TopicMarkets Review Conclusion

We recommend traders avoid offshore-registered brokers as they usually don't provide any guarantees to compensate the investments in case the broker wouldn't be able to do that.  Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as BDSwiss and FBS.

TopicMarkets Update

Our research showed that the TopicMarkets 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 TradeDAX Scam or Legit Broker?

TradeDAX has been suspected as a scam broker. This broker is blacklisted by a well-known regulatory authority and should be avoided. TradeDAX is owned by Black Parrot 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 TradeDAX?

TradeDAX is a Forex and CFD broker owned and operated by Black Parrot Limited, a company based in the Marshall Islands. Terms and conditions on the website mention one more company behind the TradeDAX brand.

• It is an Estonian company Blonde Bear OU, responsible for IT and Finance administration services of the TradeDAX. Neither company is under the oversight of an appropriate financial regulator.
• Moreover, Belgian FSMA (The Financial Services and Markets Authority) and Italian CONSOB (The Italian Companies and Exchange Commission) has issued warnings against TradeDAX/Black Parrot Limited/Blonde Bear OU for targeting people without being authorized in Belgium and Italy.

TradeDAX Review Conclusion

We do not recommend signing in with TradeDAX. Generally, we advise traders to choose from UK, Australian, or other well-regulated brokers, where their funds will be protected. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as BDSwiss and FBS.

TradeDAX Update

Our research showed that the TradeDAX website is unavailable to reach. Besides, it is unclear whether the broker operates or not. We recommend avoiding any offshore-based brokers due to their instability and lack of serious regulations.  

Is Market Investment Scam or Legit Broker?

It is not safe to invest in Market Investment as it is an offshore entity. Market Investment is owned by Market Investment Associates Ltd, which is an offshore company registered in St. Vincent and the 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 Market Investment?

Market Investment Associates Ltd that offers its forex brokerage services through the brand name Market Investment claims its ECN Forex solution to trade Forex instruments and CFDs for individual and corporate clients. The company states its office in the UK, yet is not registered as it should be for a firm located in the UK by the local authority FCA.

• Instead, the broker mentions about how safe and trustworthy it is, while operating within the legal regulatory requirements worldwide through its registration with Financial Service Authority (FSA) in Saint Vincent and the Grenadines with registration number 22770.
• However, the SVG FSA regulation is far away from the international standards, since it is the most liberal authority, which is considered to be an offshore-licenser that does not comply and follow strictest compliance to run the Forex business or brokerages.

Market Investment Review Conclusion

Generally, we do not advise to engage and trade with offshore brokers, since there are many questions appearing on how exactly the broker delivers its service.  Taking into consideration the fact, that the Market Investment broker located in the UK but didn’t follow the criteria to be licensed by FCA it is not advisable to sign in with the broker.

Therefore, we do not advise trading with Market Investment and recommend to choose between well-regulated brokers such as BDSwiss and XM.

Market Investment Update

Based on our findings, the Market Investment 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 Markets Broker Scam or Legit Broker?

Master Broker is 100% a scam or fraud, however, there is a significant risk while trading with a non-licensed broker, due to the nature of the financial trading itself. According to our research, behind the company location stands an offshore zone, which offers plenty of tax benefits for the incorporated companies, therefore many forex brokerages for some reason decided to skip serious registration and perform services from an offshore location.

What is Master Broker?

Master Broker is a trading name owned and operated by Safe Trade Ltd, a company with registered offices in Vanuatu.

The broker offers advanced trading conditions, with a wide offering to world traders and including a vast of trading instruments and allowed styles.

• Therefore, we strongly advise incorporating and investing only with regulated brokers that comply with international standards of service performance, proved their reliability and sustainability, as well as constantly overseen by the specified authority.
• Customers are always protected by compliance to licensing like ASIC (Australia) or other authorities, thus customers can trade with a clear state of mind in case of the company insolvency.
• Since, Markets Broker establishes its office in Vanuatu, which requires only 2,000$ initial capital to start a business, the compliance, reliability, and trust in such an investment occur its logical answer.
• Moreover, Markets Broker claims to protect clients with the strictest regulatory measures and tighter security, which is not a fact at all.
• Also, there was a statement on their website about company ownership which allegedly registered in the UK, which was also faulted information.

Master Broker Review Conclusion

We strongly advise avoiding Master Broker and 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 Eightcap and BlackBull Markets.

Master Broker Update

Our findings showed that Master Broker 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 Master4x Scam or Legit Broker?

It is not safe to trade with Master4x, 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 Master4x?

Master4x is a Forex and CFDs broker, owned and operated by Strategic Future Investment LTD. The company claims to have a head office in Dubai. This is basically all the information about the brokerage available on the website. They don't disclose any contact details as well as trading conditions.

• There is no information about the company's regulation or registration. Terms and conditions say something about the Cyprus jurisdiction, although the firm is not licensed by the Cyprus regulator CySEC or any other authority.
• Also, there are lots of negative reviews on the net about Master4x's cold calling. The managers call and tell the potential client's that the company is reliable because it is FCA regulated, which we already know is not true. Seems like this broker uses fake regulation to get people's trust.

Master4x Review Conclusion

We recommend traders to avoid unregulated brokers and choose among those regulated by well-known reputable agencies, such as the Financial Conduct Authority in the UK or Cyprus Securities and Exchange Commission. These regulators guarantee the safety of clients' funds and even can compensate in case the broker goes bankrupt. Check the CySEC-regulated brokers here and sign in with reliable brokers such as XM, BlackBull Markets, and HFM.

Master4x Update

Based on our findings, the Master4x 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.