Archives: Brokers

Is ACFX Scam or Legit Broker?

It is not safe to trade with ACFX, 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 ACFX?

ACFX is a trade name of AtlasCapital Financial Services, which is also a member of Atlas Group, one of the largest business conglomerates in South Eastern Europe for the last 20 years. The group operates in the fields of financial services, banking, insurance, real estate, and more. The company was also authorized by the Cyprus CySEC to provide its services within the EU along with registrations with FCA and other reputable authorities.

• The broker delivers a vast number of trading opportunities to their clients while claiming to offer unbeatable market conditions with Spreads from 0 pips (see 0 spread brokers), as well as world-class international compliance with client protection. However, there were numerous complaints and acts against the company waved by the ACFX traders or investors that claimed issues with withdrawals, settling of obligations towards customers, and finally found themselves an excuse of short on client funds. 

• For that reason and other issues, CySEC suspended the license of ACFX back in April 2016 and identified the nonlegal status of the firm due to its lack of necessary safeguard procedures for client assets. Yet, the company still claims on its website its respected status of authorization. (view the CySEC announcement)

  “The Cyprus Investment Firm ‘Atlas Capital Financial Services Ltd’ as there are suspicions of an alleged violation of the Law Sections, due to the Company’s possible non compliance at all times with the authorization and operating conditions”

ACFX Review Conclusion

It is not safe to trade with ACFX, the traders should avoid any contact with the firm by any means since the risk is in the highest position. There are many well-established and regulated CySEC companies that do follow the strictest rules for the clients' protection and maintenance of a reliable trading environment, so you can check our listing and choose the best suitable one. 

• Overall ranking and experience for ACFX is Negative

ACFX Update

We found the ACFX 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 Global Clearing Group Scam or Legit Broker? 

It is not safe to trade with Global Clearing Group, 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 while might operate its services from an absolutely different location.

What is Global Clearing Group?

2pipsforex.com is a brand and operated website by the Global Clearing Group Ltd, which has been located in Dominica since its establishment. The Broker provides Forex, Crypto trading platforms with fast executions and indeed a competitive offering, while all spreads are fixed to 1 pip (Find the lowest spread forex brokers by link, also check Zero Spread Forex Brokers). The brokers claim to operate over 500,000 clients while offering a free 5,000$ bonus on account opening an extreme level of leverage up to 1:1000 (Find high leverage forex brokers by link), which unfortunately all seem to be a tricky business.

• Meanwhile, the company is located in a known offshore zone, which does not require minimum capital requirements that show company sustainability, as well does not regulate Forex businesses yet. Therefore, that means that the company operates on its own risk and management style while the client may face some manipulations or will not be compensated by any international organization in case of insolvency.
• What is more, there was a warning issued against the Global Clearing Group or its website 2pipsforex.com, while the IFSC (Belize) commission warned investors to invest in the company due to its unlicensed nature. Likely, the reviews from the traders in internet sources are rather negative than positive, while the broker shows its failures to provide a stable and reliable trading environment.

Global Clearing Group Review Conclusion

We advise all investors and traders to avoid Global Clearing Group due to its lack of regulation. Traders should trade with well-regulated brokers such as FP Markets and XM. Rather than putting capital at risk, as well as overall trading experience, it is much better to choose among the companies that have a proven history of compliance with their registered license of reputable authorities. 

Global Clearing Group Update

We found that under the Global Clearing Group website, there is a completely different company with a different scope of activities. This may mean that the broker no longer operates. However, it is best to avoid and stay alert in case any proposals show up.

Is FinPro Scam or Legit Broker?

FinPro 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 FinPro?

FinPro online trading broker states on its official website its registration and location in London, UK. FinPro claims to deliver an ECN account (Check Best ECN Brokers by link) that gives direct access to some of the world's deepest liquidity pools with fully transparent trading costs on over 500 trading instruments. Overall, the trading offering is truly enhanced and attractive with a wide choice of leading industry platforms and trading solutions, API trading, Islamic Accounts, PAMM (Check out Best PAMM Account Forex Broker) management, and exceptional connectivity. Additionally, the company serves several domains that are diverted to different regions thus making it an offshore brokerage.

• However, due to the fact that it is mandatory within the UK to hold an FCA (Financial Conduct Authority) license in order to perform any financial services and it is not the case for FinPro, there are many questions addressed. The company states its strict financial rules, yet, it is not confirmed by any supervisory reporting, which is a typical role of the regulator once applicable.

FinPro Review Conclusion

We do not recommend signing in with FinPro. Instead, it is advisable to choose among the reputable brokerage companies that are complied with the necessary laws of the particular organization like FCA – Regulated Brokers.

Even though, there are no official warnings against the FinPro company, as well as the reputation among the traders is average, just combining some of the traders' complaints against the company, it is still highly risky to trade with FinPro.

FinPro Update

We found the FinPro 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 Gainsy Scam or Legit Broker? 

According to our research, Gainsy has been suspected as a scam broker. It is obvious that the company does not provide even clear information about its registration and the location of the offices, therefore the broker is not regulated or licensed by any authority. 

What is Gainsy?

Gainsy Inc. was established in 2012. It is an online trading service and investment provider that is claimed to deliver an NDD/ STP execution with competitive variable spreads and low commission (Find the Lowest Spread Forex Broker from the List.). However, the broker offering falls into some major points that are in fact crucial ones, which is a compliance to the international standards while providing a trading environment.

• However, there are several negative verdicts claimed against the company for its issues with withdrawals, manipulation while trading, and postponement of the responses. Moreover, there were official authorities that issued a warning against the company for its unlicensed services, and numerous received complaints.

  “The Autorité de Contrôle Prudentiel et de Résolution and The Autorité des Marchés Financiers warn the public against the activities of Gainsy Forex broker Company and its entities proposing Forex investments without being authorized to do so”

  AMF, France. 2015

Gainsy Review Conclusion

So, in conclusion, we do not advise to trade with Gainsy, as the most important in trading is the broker’s reliability and this point losses at the broker’s offering. The trader or investor should always keep in mind, that investing with non-regulated broker involves much higher risk and may incur manipulation of the software, which causes losses. Thus, we would recommend choosing a reliable broker with a gained reputation for its operational success and compliance with the safest trading practices. Traders should trade with well-regulated brokers such as FP Markets and XM. 

Gainsy Update

We found that under the Gainsy website is now an entirely different broker by a different name - CRYPTOBO. It can be concluded that the broker has changed its name, which is a common occurrence in the case of fraud brokers.  

Is FXPrimes Scam or Legit Broker?

FXPrimes 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 FXPrimes?

FXPrimes is a trading name used by the financial service company, which claims its office location in Hong Office, 9 years of experience in Forex trading service delivery, numerous worldwide awards, and clients from 41 countries. The broker delivers trading on Managed Forex, Crypto trading, and Futures portfolios along with competitive pricing offerings and advanced solutions.

• However, for the financial companies incorporated in Hong Kong, there is an obligation to be registered and regulated by the local authority SFC, which oversees the Forex industry in HK and it is not the case for FXPrimes.
• In addition, there are not many reviews, complaints, or even warnings received in regard to the FXPrimes, yet there is no guaranteed trust in the service provided. One of the revealed issues was with the withdrawal process which is a typical issue, yet not confirmed officially. Nevertheless taking into consideration all the above we recommend avoiding trading with FXPrimes as it potentially involves a significant risk to lose funds.

FXPrimes Review Conclusion

We advise avoiding doubtful offerings and choosing among well-regulated brokers from a reputable jurisdiction, which includes also Financial Hub Hong Kong, which is regulated by Securities and Futures Commission (SFC) firms. All investors and traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as FP Markets and TMGM.

FXPrimes Update

FX Primes website remains inactive and unavailable to reach. This means the broker has muted its trading offering and does not propose account openings.

Is EuroPrime Scam or Legit Broker?

No, EuroPrime is not safe to tad with. It is operated by IOS Investments Limited, a Belize investment firm, authorized and regulated by the International Financial Services Commission of Belize with license number 000349/173. 

• Belize is a gorgeous tourist destination, while also a tax haven with a zero tax structure that established its own regulation for financial investment and Forex firms licensing due to high demand and necessity of regulation. Ever since Belize became a known offshore zone and Forex hub, the destination attracted thousands of brokerages seeking an opportunity to be a legitimate firm, yet to skip complicated and costly established procedures. We have a detailed article explaining the risk of trading with brokers from Belize.
• For that reason, it is considered much safer to trade with regulated brokers only, not the ones that are based in offshore zones and comply with none of the standards. And this is the case of EuroPrime, which is located in Belize named as a European company that can’t deliver its services within the EU.

What is EuroPrime?

EuroPrime claims to be an industry-leading online trading platform, specializing in stocks, commodities, indices, CFDs, and currencies. Euro Prime commits to providing its traders with world-class customer support, maximum security of funds, updated educational resources, attractive trading instruments, innovative technology, and deep liquidity. They offer a unique and fully transparent trading model which guarantees the best price execution.

EuroPrime in India

EuroPrime has no mention of complying with any Indian regulators on its website. It is also worth mentioning that Forex trading is prohibited in India. The broker is not regulated by any regulatory body in India, that’s why money safety may be the issue here.

EuroPrime in the USA

The United States is one of the countries that is not accepted by EuroPrime. As per U.S law, brokers regulated by CFTC are the only brokers allowed for USA traders. So, except for EuroPrime, you are only permitted to trade with the U.S-regulated platforms.

Deposits & Withdrawals

The minimum deposit is 500$.

There are no fees involved with registering, opening, or closing an account with Euro Prime.

Apps

The broker offers a SIRIX Mobile trading app. SIRIX Mobile/Tablet enables you to trade on the go and receive all high-end web features, wrapped up in a sharp and elegant interface, easy to operate, and fast to respond to. SIRIX mobile app hands you comprehensive and detailed information on market factors, charts, events, and financial trends, presented with a clean-cut visibility & operative relevancy.  SIRIX WEB in a modular app, enabling you to access your account status, open/close positions, track your trades & balance, follow current trends, monitor market movements and perform respectively to control your investment execution.

Demo Account

EuroPrime does not provide a demo account.

EuroPrime Review Conclusion

Despite an attractive offering to trade various instruments with competitive pricing, we do not advise to  invest with EuroPrime. In addition, the traders confirmed by their negative experience our concerns and found the broker’s lack of obligations towards withdrawals and reliability of the trading environment. 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.

EuroPrime Update

Based on our research, the EuroPrime 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 Benchhill Partners Scam or Legit Broker?

Benchhill Partners 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, never monitored in terms of its safety, and simply may operate the business in any way it wishes.

What is Benchhill Partners?

Benchhill Partners is a Forex, CFDs, and cryptocurrencies broker, owned and operated by Benchhill Partners Ltd. They claim to have offices in Switzerland and the United Kingdom, and provide the addresses and contact numbers on the website.

• Although, the company is not licensed in any of the mentioned countries. Also, the company provides the info about its regulation and states to be regulated by BaFin (The Federal Financial Supervisory Authority) in Germany, when there is actually no such company in the regulator's register.
• Moreover, Benchhill Partners Ltd. has recently been banned by the Swiss regulator FINMA (Financial Market Supervisory Authority).

Benchhill Partners Review Conclusion

Investing with a properly regulated broker is crucial for the safety of any investment. There are few well-respected institutions that enforce strict regulatory standards upon all brokers in their jurisdiction, such as FCA in the UK, ASIC in Australia, or CySEC in Cyprus. Check out a list of brokers authorized by FCA. We strongly recommend signing in with trustworthy brokers, such as Go Markets and Pepperstone. 

Benchhill Partners Update

Our research showed that the Benchhill Partners 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 FXGIM Scam or Legit Broker?

FXGIM 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 FXGIM. 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 any 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 FXGIM?

FXGIM is a Forex and CFD broker, owned and operated by the FXGIM Ltd., located in Seychelles -a very popular country for the forex brokers registration, but it is also well-known for the brokers who are frauds. As to the broker's regulation, there is no mention of it on the website, and judging from their address (Nicosia, Cyprus), they want the potential clients to think the company is licensed by CySec in Cyprus, although it is not true. The company is not regulated by any of the financial authorities.

• Another confusing thing is the contact phone numbers (British and Spanish) despite the Cypriot location. We believe some brokers provide this kind of detail to convince the residents of particular countries that they have customer support offices there. But most of the time it is just a sign of what countries the broker has been targeting and cold-calling. As proof, there is a warning against FXGIM issued by Spain's regulator CNMV:

"FXGIM Global Investment Markets https://www.fxgim.com/es/ is not authorized to provide the investment services, which include investment advice, or to provide the auxiliary services in relation to the financial instruments, including, for those purposes, foreign currency transactions."  

FXGIM Review Conclusion

Investing with a properly regulated broker is crucial for the safety of any investment. There are few well-respected institutions that enforce strict regulatory standards upon all brokers in their jurisdiction, such as FCA in the UK, ASIC in Australia, or CySEC in Cyprus. Check out a list of brokers authorized by CySec and sign in with only trustworthy brokers such as  FP Markets and HFM.