Archives: Brokers

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.

Is GDM FX Scam or Legit Broker?

It is not safe to trade with GDM FX, 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 GDM FX?

Global Derivative Capital Markets NZ Limited is a global broker providing online currency trading services, which operates under the brand name GDM FX. The broker claims its international trading services and tailored solutions while supporting numerous languages that include English, Arabic, Chinese, Spanish, Russian, Turkish, Indonesian, and more. Our research revealed, that the company is located in NZ but does not offer its services within New Zealand, as simply there is no license to do so from the local authority.

• Therefore, the broker chooses the path to target clients from various jurisdictions that do not have the strictest authorities that oversee the industry so the company can find its enemies with no consequences. As a result, you will find an impressive number of negative reviews just all around the internet forex sources, and forums from clients from all world. Mostly, the traders faced issues to withdraw funds while the only replies from the GDM FX were excuses or absolute ignorance. In conclusion, stay far away from GDM FX and their proposals as the company simply does not feel an obligation to withdraw requests.

GDM FX Review Conclusion

Unfortunately, this kind of fraud practice is a quite popular case, while suspicious companies target quite naïve clients, taking their money and going for good. Exactly for that reason, we always advise trading only with regulated brokers, as the licensed brokers are always overseen by authorities and in case there is an unlikely event or non-compliance to the international protection rules the company will be at least fined or even dismissed. Thus, the trader can invest with a secure state of mind along with other benefits that are offered by the regulated brokers only. We advise trading with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as FP Markets and Eightcap.

GDM FX Update

Based on our findings, the GDM FX 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 MyFintec Scam or Legit Broker?

MyFintec has been suspected as a scam broker. This broker is blacklisted by a well-known regulatory authority and should be avoided. MyFintec is owned by Kin Ltd. 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 MyFintec?

MyFintec is a broker that offers trading Forex, and CFDs on indices, stocks, commodities, and cryptocurrencies. The company is owned and operated by the Kin Ltd., located in the Marshall Islands. The Marshall Islands is a popular offshore zone for forex brokers as they can be easily incorporated under the country's law. It is even possible to register online without providing the names of the shareholders or directors of the firm.

• That is why this location is considered to be dangerous, as there are no guarantees that the company is legit.
  MyFintec provides customer support numbers with British, Czech and Swiss country codes, which is usually a sign of the target destinations for the brokers, although MyFintec is not regulated in any of those countries.

MyFintec 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 BlackBullMarkets and HFM.

MyFintec Update

Our research showed that the MyFintech 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 AlfaTrade Scam or Legit Broker?

We advise our readers, not to use AlfaTrade as it is an offshore entity. AlfaTrade is owned by Nemesis Capital 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 low cost 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 AlfaTrade?

AlfaTrade is an online brokerage company that is hard to understand even where the company is located. The Nemesis Capital Limited is a company with a registered address in St. Vincent and the Grenadines, which is a very liberal and easy location to maintain the company. Another additional address of the company claimed to be allegedly located in Europe, Bulgaria while the official telephone number is UK based.

• Currently, the official website claims its maintenance and promises to be back soon, while the trading and all operations are available through the AlfaTrade MetaTrader4. In addition, after some research, we found out that the company was previously registered with FCA (UK), but in 2015 its license was suspended. Overall, it seems the company performs a fishy business while pretending to be a well-established and reliable company that offers forex, CFDs, commodities, and indices to trade.

• In addition, the company's suspicious operations were confirmed by a vast number of complaints, as AlfaTrade targeted and attracted an audience of international clients from various jurisdictions. However, international authorities that regulate the Forex industry based on complaints from clients added the broker to the list of scam alerts and warnings for soliciting traders without a license.

  “The National Commission for Companies and the Stock exchange reports that the companies Nemesis Capital Limited and Nemesis Capital Bg Limited are not authorized to provide investment services”

  CONSOB, 2016

  “Nemesis Capital BG Limited, doing business as www.alfatrade.com is not registered in Ontario, Canada to engage in the business of trading in securities.”

  Ontario Securities Commission, 2016

AlfaTrade 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 BDSwiss and FBS.

AlfaTrade Update

Our research showed that AlfaTrade 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 CloseOption Scam or Legit Broker?

CloseOption 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 CloseOption?

CloseOption is a trading name and brand item that belong to the Organic Tech LLC Company incorporated in Georgia and provides access to trade mainly Binary Options and additionally Forex instruments. Even though the company operates under the permission and authorization of the National Bank of Georgia, the institution, however, is not specialized in the regulation of online trading or Forex offerings. 

There are not too many reviews or feedback about the company, which can be the reason that the company is relatively young and small, thus didn’t gain its highest popularity and potential reliability. The broker also tries to attract clients through small deposit requirements and performs regular contests and campaigns to award traders. Overall, it is hard to estimate or evaluate how exactly the company will treat its clients, is it a real scam or just another company in the rows of Binary Options?

• The serious regulatory body sets numerous rules that are necessary for the broker and are turned with the purpose to protect the client at every stage of trading. Apart from the adequacy of capital requirements, and participation in schemes in unlikely events, as well as the operational standards, the serious authority constantly monitors how exactly the company operates and can find if something goes wrong.
•  In addition, generally Binary trading is an extremely risky business that requires the highest level of accuracy while trading. Therefore, since the CloseOption broker delivers a relatively competitive offering to the client, it's non-regulated as well the highest-risk investment environment revolves not the best solution.

Overall CloseOption Ranking 

Because of the regulation and safety issues, we found during our research of CloseOption, we do not rank positively CloseOption, based on our Expert Opinion with over 10 Years of experience in Forex Trading.

• CloseOption 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.

CloseOption Alternative Brokers

During our research, we found that CloseOption has a lot of issues, mainly in respect of its safety and customer care. Thus, here are much better Alternatives to CloseOption with tight regulations and great trading conditions. We select Good Brokers and trustworthy options for your comparison below: 

• HFM – Good for Currency trading
• FP Markets – Good for CopyTrading
• FXTM – Good for Beginners

Deposit & Withdrawal

CloseOption offers global payment options to serve its members best and let them pay with the most trusted and secure payment methods. Traders may choose among the following methods: Bank wire transfers, Visa and Mastercard payment cards, plus Skrill, Neteller, bitcoin, CRYPTOPayments, etc.

• It takes up to 30 minutes for a payment in bitcoin or other cryptocurrencies to be reflected in the CloseOption account
• Deposits through other methods are instant
• It takes three (3) business days for the withdrawal requests to be processed

CloseOption Review Conclusion

Our recommendation would be negative towards trading with CloseOption, as we always advise traders to sign only with reputable and reliable companies that are regulated by the world's respected authorities. Check our list of Regulated Forex Brokers and choose the one that suits particular needs. We advise trading with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as BDSwiss and FBS.

• Overall ranking and experience for CloseOption is Negative

Is Capitals Banks Scam or Legit Broker?

It is not safe to trade with Capitals Banks, because it is an unregulated brokers. 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 Capitals Banks?

Capitals Banks is a Forex and CFD broker owned and operated by Finbdo Ltd. The company is located in London, UK, and claims to be registered in Companies House (the United Kingdom's registrar of companies and is an executive agency and trading fund). We didn't find this company in this register, which means they provide false information about the company.

• Moreover, in order to be able to offer financial services in the United Kingdom, the company needs to be regulated by the Financial Conduct Authority. In the case of Capital Banks, it doesn't just lack the license from the FCA, it even has been blacklisted by this regulator and also by the Italian CONSOB.

Capitals Banks 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 BDSwiss and FBS.

Capitals Banks Update

Our research showed that the Capitals Banks 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 Wise Banc Scam or Legit Broker?

No, it is not safe to trade with Wise Banc. Wise Banc is owned and operated by Orion Service EOOD and claims to be located in Sofia, Bulgaria.

• Despite its European location, the company is not licensed to provide its services in any of the European countries as well as in the countries where Wise Banc has branches. Also, Orion Service EOOD was previously banned by the FCA in the UK.

  This time the company got a warning from the Central Bank of Ireland (CBI):

  "Wisebanc/Orion Service EOOD (Bulgaria) is not authorised by the Central Bank as an investment firm, or to provide investment advice."

What is Wise Banc?

Wise Banc is a Forex and CFD broker. The company is a registered brand of Orion Service EOOD. According to the details provided on the website, the company is based in Sofia, Bulgaria, and has branches in Malaysia, New Zealand, Singapore, and South Africa.

Wise Banc Review Conclusion

We advise all investors and traders to avoid Wise Banc 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 BDSwiss and FBS.

Wise Banc Update

Our research showed that Wise Banc 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.