Archives: Brokers

Is TitanTrade Scam or Legit Broker?

No, it is not safe to trade with TitanTrade. TitanTrade is owned by GN Capital 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 Capital88, Obsbit and more.
• However, it is not the first registration address or the center from where the company operated. The brief history reveals that the form had listed their addresses in Belize, as well as made reference to other world centers, which are known as financial hubs.

What is TitanTrade?

TitanTrade describes itself as a global provider of Forex and CFDs trading with its global presence and offering to international clients. Yet, the TitanTrade and its affiliated brands showed and were detected in a relation to binary trading through NRGBinary company and other brands that affected the company to receive numerous warnings and listing in blacklists of respected world authorities.

That was mainly caused by the non-regulated nature of the company, while the broker’s representatives and the company itself target residents of a particular jurisdiction to affiliate with them and offer the highest-risk investments.

• The Spanish regulator CNMV issued an official warning in 2017, while earlier only a year before TitanTrade was red-flagged by Italian, CONSOB.

“Titan Trade Capital Limited, Dom Technology Services Ltd, and Titan Trade Solutions Ltd are not authorized to provide investment services and investment activities by any means.”

CONSOB, 2016

• “ASIC is warning the public not to click on any advertising being marketed under the brand 'Titantrade', a website by which trading in binary options is being offered.”

ASIC, 2016

Moreover, the same actions were taken by the French regulator, Ontario Securities Commission, ASIC (Australia), and CFTC (US Commodity Futures Trading Commission). Overall, it’s obvious that almost all jurisdictions issued their warnings against TitanTrade company and alert about any trading with them. 

TitanTrade 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 FP Markets and Eightcap.

TitanTrade Update

Our research showed that TitanTrade 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 ManagedForexHub Scam or Legit Broker?

Managed Forex Hub 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 Managed Forex Hub?

Managed Forex Hub claims its head and global office located in Hong Kong offering extensive investment, and trading opportunities including Strategy Architect, Broker-Dealer, Introducing Broker, Advisor, Educator, Analyst, and Program Developer services. However, the company does not hold any license and is not a registered entity in relation to Forex trading.

• In addition, MFH New Zealand registration of the company in NZ is legit to act as an Introducing Broker only to overseas entity AP Holdings Limited that operates two domains ManagedForexHub .com and the co.nz. However, the broker claims its affiliation and registration with the local regulator FMA, while it is false information.
• Therefore, the FMA cautioned investors against ManagedForexHub already several times since the company was caught in non-legit financial service offerings and misleading, deceptive representations. The latest blacklisting of the firm took place in May 2018, as the authority received reports about the company’s non-authorized actions again and strongly advises investors to take the highest caution.

“In the FMA’s view, the marketing materials included on MFH’s website contained misleading and deceptive representations, specifically representations relating to APH’s registration as a financial service provider on the Financial Service Providers Register (FSPR), that MFH had full discretion over trading and management of trade strategies, and that MFH belonged to a dispute resolution scheme. The FMA will take action in order to denounce and deter misconduct.”

FMA, May 2018

Overall Managed Forex Hub Ranking

Due to the regulation and safety issues, we revealed during our research of Managed Forex Hub, we do not rank positively Managed Forex Hub, based on our Expert Opinion with over 10 Years of experience in Forex Trading.

• Managed Forex Hub 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.

Managed Forex Hub Alternative Brokers

We found that Managed Forex Hub has a lot of issues, mainly in respect of its safety and customer care. For this reason, we have come up with much better Alternatives to Managed Forex Hub with tight regulations and great trading conditions. We select Good Brokers and trustworthy options for your comparison below: 

• HFM – Good for Currency trading
• Dukascopy – Excellent for Shares, Futures Trading
• FXTM – Good for Beginners

Managed Forex Hub Review Conclusion

In conclusion, even though Managed Forex Hub offerings seem to be attractive is not recommended to sign in with the broker. Based on our research results, we advise avoiding trading with Managed Forex Hub. Instead, we recommend investing only with regulated brokers that are located among reputable jurisdictions and offer respective overseen investment services. Therefore, we advise trading with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as BDSwiss and XM.

• Overall ranking and experience for Managed Forex Hub is Negative

Is Five Winds Scam or Legit Broker?

Five Winds 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 Five Winds?

Five Winds Asset Management company is a new player in the European and global markets in the field of investment and consulting, as the company claims on its website. However, it is not clear where the company is located and which kind of investment and trading they offer, yet they promise a very high return while targeting clients from various jurisdictions, as well as concentrating on the Russian region.

• Nevertheless, the company was detected for its fraud operating by German regulator BaFIN and Belgium FSMA. The authorities added the Five Winds Asset Management company to the warning list just a month ago since the broker was detected offering its financial services without proper registration to do so.
• It is not a harm to operate with no license, however, financial investment companies within the EU are obliged to be certified, as most often non-regulated company indicated to be a scam. Moreover, the regulator stated that the company website as well as their representative does not provide a clear investment portfolio while claiming investment returns based on performance.

“The Financial Services and Markets Authority (FSMA) warns the public against the irregular activities of Five Winds Asset Management”

FSMA, Belgium

“The BaFin has ordered by decision of 21 August 2018 against and Five Winds Asset Management, Cape Verde, the immediate cessation of illicit driven investment management.”

BaFIN, Germany

Five Winds Review Conclusion

We advise staying far from the Five Winds company since the nature of their offerings looks like a fishy business. There are various regulated investment and trading brokers that offer vast opportunities to engage and trade, so it is better to choose among them. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as BDSwiss and FBS.

Five Winds Update

Our research showed that Five Winds is no longer active. The broker’s website is unavailable to reach. We recommend avoiding any offshore-based brokers due to their instability and lack of serious regulations.

Is 31FX Scam or Legit Broker?

31FX 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 31FX. 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 to trading with such a companies means the trader will believe only on the broker’s words, and of course, it is a high risk.

What is 31FX?

31FX is a Forex and CFD broker. The company is owned and operated by JRV Market Ltd. with a registered address in the British Virgin Islands and does not have a license to operate as a forex and CFD broker.

• In its terms and conditions, the firm states to be a registered financial services company in the United Kingdom. However, we didn't find any records of the company in the Register of the UK's regulator FCA (Financial Conduct Authority). Despite this fact, 31FX provides a British registration address and contact phone number.
• It is clear that 31FX is not regulated by any of the reputable authorities and is probably functioning from the offshore zone. Offshore-based unregulated brokers are not obliged to follow any rules and most often than not are involved in scams.

31FX  Review Conclusion

We highly recommend trading with brokers holding a license from respected financial institutions such as the Financial Conduct Authority (FCA) in the UK, CySEC in Cyprus, and the Australian Securities and Investment Commission (ASIC) as they are obliged to follow strict financial and ethical rules. Here you can check our list of brokers, licensed by the FCA. Trade only with trustworthy brokers, such as BDSwiss and FBS.

31FX Update

Our research showed that the 31FX 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 AGAM Scam or Legit Broker?

AGAM 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 AGAM?

Atlantic Global Asset Management or AGAM is a joint-stock investment fund company, that deals with investments, capital and asset management, preparation of companies for IPO, and also, develops fintech-directions, as stated on the official website. The broker claims its service and works in 35 countries all over the world, mostly in developed Asian markets while the address of the company is shown in Cabo Verde. In addition, the broker states its ownership of the large Asian bank which allows the company to preserve the security and processing of transactions.

• However, the company operates without a license or authorization from the world watchdogs overseeing financial investment firms. The EU and other authorities constantly monitor financial offerings in order to protect clients from fraud, while issuing warnings to unlicensed companies that put a high investment risk. Atlantic Global Asset Management was detected by various regulators to provide its service without authorization, therefore appeared in a warning or blacklist of BaFIN (Germany), FCA (UK), FSMA (Belgium), and others.
• “We believe Atlantic Global Asset Management firm has been providing financial services or products in the UK without our authorization. Find out why to be especially wary of dealing with this unauthorized firm and how to protect yourself from scammers.”

FCA, UK

• “The Financial Services and Markets Authority (FSMA) once again warns the public against the activities of the Atlantic Global Asset Management company. In spite of earlier warnings, the FSMA continues to receive questions from consumers regarding the company activities.”

FSMA, Belgium. 2017

AGAM Review Conclusion

We strongly advise opening a trading account only with brokers that are regulated by respected world authorities and 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 FP Markets and Eightcap.

AGAM Update

Based on our findings, the AGAM 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 24StarTrade Scam or Legit Broker?

24StarTrade the company is not regulated or authorized by any industry regulator to provide its services, while the company even hides its location and does not mention its office location.

• However, the affiliated brand companies Finance Group Corp and Cent Projects Ltd which promote broker’s services and target clients, are located in Seychelles and Vanuatu. Both are offshore zones, that do not require strict compliance to standards while establishing a financial firm and require only a capital of 2,000$.

What is 24StarTrade?

The 24StarTrade claims to be one of the leading online trading providers with a diversified portfolio of over 100+ assets that include Forex, CFDs, and Binary Options. The company attracts clients with competitive trading conditions, its rewards and bonuses programs, as well as regular contests with prize funds of 20,000$ and more.

• Overall, we never recommend trading with non-regulated companies that are also based in offshore locations. In Forex trading it is advisable to choose from Regulated Brokers only. Trading with a non-licensed company may involve a significant risk to lose investments, as the majority of scam brokers never hold any licenses, therefore are not overseen by any authority.
• In addition, the New Zealand regulator FMA recently issued a warning to the residents and traders worldwide about the broker’s offering. The regulator warns against investment with the 24StarTrade and flagged its character as a fraud firm, as it is not legitimate to deliver any financial service.

“We have received a report that a representative from Finance Group Corp (FGC) of Vanuatu AND/or Cent Projects Ltd (CPL) of the Seychelles approached a New Zealand resident via Instagram in order to promote dealing through the website www.24startrade.com (the website) and has withheld client funds.”

FMA, 2018

24StarTrade 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 FP Markets and Eightcap.

24StarTrade Update

Our research showed that the 24StarTrade 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 XLR Trade a scam or a legit broker?

XLR Trade 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 XLR Trade?

XLR Trade is a trading name used by Nostro Technology Ltd, an online trading company established in the UK. Yet, until now, the company is not registered by any regulatory agency or authority, even though, almost every financial service company in the UK should obtain an FCA license to deliver its services.

• XLR believes the trading experience should be a journey of learning and understanding the market, while the broker states its mission to protect and guide clients every day through their trading experience. The XLR trader has a choice of a diversified portfolio with 200 currencies, commodities, indices, stocks, and CFDs while the broker doesn’t disclose its operational standards and trustability. 
• Moreover, the Italian regulatory authority CONSOB listed an XLR Trade as a trading scam and generally advises Italian and world investors to check the broker’s status before the deposit of any funds with a particular company. The blacklisting of the XLR Trade was caused by a lack of the appropriate license and authorization to deliver its service since the mission of CONSOB is to ensure the transparency and trusted behavior of the participants. As the XLR Trade is registered to none the company appears to have issues with its services which may be unreliable.

“The company Nostro Technology Ou is not authorized to provide investment services and activities in Italy by any means. Therefore, also including the offering through the websites globalfxm.com and xlrtrade.com”

CONSOB, February 2018

• Overall, while trading with the non-regulated broker the trader involves himself in a very high risk, as the funds are simply not secured. There are many fraud companies in the industry, while the mission of regulation is to protect the clients, therefore basically we advise trading only with CONSOB Regulated Brokers or others that comply with international standards.

XLR Trade 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 FP Markets and Eightcap.

XLR Trade Update

Our research showed that the XLR Trade 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 TradeX1 Scam or Legit Broker?

TradeX1 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 TradeX1?

TradeX1 is a brand name used by the company Blonde Bear Ou registered in Tallinn, Estonia. The broker claims its state-of-art technological solutions in online trading with an advanced offering on a range of instruments as well as IT & Finance, Administration services. The firm is located in Estonia, which is part of the EU and actually should be registered with industry authority in order to provide its legal services. Since it is not the case of the TradeX1, there is no confirmation that the service truly deserves its claimed status.

• Moreover, the company was promoting its service within Italy and other European jurisdictions including the UK without a legal permission from the local authority so, therefore the TradeX1 was blacklisted brand as it believes to be a trading scam. Recently, FCA UK and CONSOB Italy posted their warnings to the investors against trading with TradeX1.

“The TradeX1 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, June 2018

TradeX1  Review Conclusion

Based on our research results, we advise avoiding trading with TradeX1. Instead, we recommend investing only with regulated brokers that are located among reputable jurisdictions and offer respective overseen investment services. Therefore, we advise trading with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as BDSwiss and XM.

TradeX1  Update

Based on our findings, the TradeX1 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 Up4x Scam or Legit Broker?

Up4x 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 Up4x. 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 overseeing the Forex industry. Thus, engaging 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 Up4x?

Up4x is a brokerage that offers trading Forex, CFDs including various indices and commodities. There are two brands behind this company. The first one mentioned on the website under "regulation" heading: “UP4X” (www.”Up4X”.com) is a registered brand name of ”Up4X” Ltd., a company authorized and regulated Worldwide. They don't specify what licenses the company has and in what countries it is regulated, which already seems suspicious.

• The second owner-company can be found in the terms and conditions: Easy FX Solutions Ltd., based and registered with the Vanuatu Financial Services Commission. The broker is either not licensed at all or has an offshore license which is also a reason to avoid this firm.
• Moreover, Italy's regulator CONSOB has issued a warning against Up4x/Up4x Lts. in May 2017:
  "The National Commission for Companies and the Stock Exchange reports that now Up4X ltd is not authorized to perform investment services and activities in Italy in accordance with any manner and, therefore, either through the website www.up4x.com"

Up4x 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 FP Markets and TMGM.

Up4x Update

Based on our findings, the Up4x 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.