Archives: Brokers

Is Go Capital FX Scam or Legit Broker?

No, it is not safe to trade with Go Capital FX. Go Capital FX is owned by Lancelot Equity Ltd., which is an offshore company registered in Dominica.

• Dominica is notorious for its practically absent requirements and regulations. Due to the setup cost being low and it does not regulate forex trading. Therefore, it became an offshore zone for shady forex brokers such as Global Clearing Group, TradeToro, and more.

What is Go Capital FX?

According to the website, Go Capital FX provides an opportunity for traders of different skills level to earn money in the financial market through a wide range of trading tools. Among the assets, they offer CFDs on metals, energy, indices, and shares of companies; Forex, and Future. Although, the broker doesn't provide any information about its regulation. There is no specific license for the forex brokers in Dominica (Read about Dominica located TradersWay), so it means Go Capital FX has no legal rights to offer its financial services. 

• Moreover, the company has been blacklisted by the Cyprus Securities and Exchange Commission:

"The Cyprus Securities and Exchange Commission (‘CySEC’) wishes to inform investors that the website gocapitalfx.com, does not belong to an entity which has been granted authorization for the provision of investment services and/or the performance of investment activities."

Go Capital FX Conclusion

We advise all investors and traders to avoid Go Capital FX and other brokers from Dominica. Very often unregulated or offshore brokers run investment scams. Thus, we advise traders not to trust attractive offerings and promises and instead find a reliable broker with tight regulations. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as IG Markets and BlackBull Markets.

Go Capital FX Update

Recently Go Capital FX website remains inactive and unavailable to reach, meaning the broker mutes its trading offering and does not propose account openings. However, we still advise the traders to be alert and careful, in case they receive trading proposals. 

Is GFCInvestment Scam or Legit Broker?

No, it is not safe to trade with GFCInvestment. GFCInvestment is owned by DARTALON LTD., which is an offshore company registered in St. Vincent and Grenadine.

• St. Vincent and the Grenadines is notorious for its practically absent requirements and regulations. Due to the setup cost being low and 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.
• According to the GFCInvestment website, the broker is registered with the Financial Commission under the number 24437 IBC. Even though FinaCom is a well-respected organization, it is a self-regulatory organization that cannot guarantee the safety of the trading environment and does not regulate the daily operations of the company, therefore can’t provide necessary protection to the client.

What is GFCInvestment?

GFCInvestment is a Forex and CFD broker offering a variety of currencies and CFDs on commodities, indices, and stocks as well as cryptocurrency. GFCInvestment seems to be one of those offshore registered companies that offer their services without being licensed or regulated. 

• The broker provides St. Vincent and the Grenadines as its operational address, but the contact phone number on the website has British country code. The firm is not regulated on the UK. Moreover, UK's regulator Financial Conduct Authority has issued a warning against this broker in October 2018:

"This firm (Dartalon Ltd t/a Greenfields Capital and GFCInvestment) 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."

• Also, the broker was banned in Australian by the Australian Securities and Investments Commission in May 2019:

  "The business listed below has made unsolicited calls or sent emails about investing, financial advice, credit or loans and does not hold a current Australian Financial Services (AFS) licence or an Australian Credit licence from ASIC."

  Check Out the ASIC Regulated Blueberry Markets Review

GFCInvestment Review Conclusion

We advise all investors and traders to avoid GFCInvestment and other brokers from St. Vincent and the Grenadines. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as HYCM and AvaTrade.

• Overall ranking and experience for GFCInvestment is Negative

GFCInvestment Update

We found the GFCInvestment 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 TradeBNP Scam or Legit Broker?

No, it is not safe to trade with TradeBNP. TradeBNP is owned by Silver Wolf 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 low setup cost, it does not regulate forex trading. Therefore, it became an offshore zone for shady forex brokers such as Dax300, Finbitex, and more. 

What is TradeBNP?

TradeBNP claims to be one of the most innovative brokers in the Forex market, offering advanced solutions for new and experienced traders. 

• Although TradeBNP states it be located in Belfast, United Kingdom, and regulated by the Financial Conduct Authority (FCA) in the UK. Although there are no records of the company being licensed in the UK or any other European country. Moreover, the broker has been blacklisted by the FCA in December 2018:

  "TradeBNP is not authorized by us and is targeting people in the UK. Based upon information we hold, we believe it is carrying on regulated activities which require authorization."

• Also, earlier in August 2018, Italy's regulator CONSOB issued a warning against TradeBNP:

  "The National Commission for Companies and the Stock Exchange has ordered the following company (TradeBNP, through the website www.tradebnp.com) to cease the infringement of art. 18 of the Consolidated Law on Finance - TUF consisting of the provision of unauthorized investment services and activities to the Italian public."

• In addition, we have previously reviewed a company (FXtrade777) affiliated with Silver Wolf Limited that has been warned against by several regulators, which doesn't look trustworthy at all.

TradeBNP  Review Conclusion

We strongly advise all investors and traders to avoid TradeBNP and other brokers from the Marshall Islands. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as BDSwiss and BlackBull Markets.

TradeBNP Update

We found that the TradeBNP website is 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 CFDStocks Scam or Legit Broker?

CFDStocks is not a safe broker. CFDStocks states that its address is in London UK. It also provides several phone lines including New Zeland, Norway, and Austria in addition to multilingual offerings through the website. However, the financial service broker of investment firms incorporated in the UK in order to be fully legal should be licensed by the local authority FCA (Financial Conduct Authority). Yet, this is not the case with CFDStocks.

What is CFDStocks?

CFDStocks is a brand name used by the Pacific Sunrise UK Ltd company, also known to operate other names Aaoption that offers CFD Stocks trading, as well as Binary Options and other instruments.

• Apart from the legal issue, the broker was caught by offering its service in other jurisdictions that also includes Australia, Asia regions and more. The firm was warned by the Australian authority ASIC and listed as a company to avoid since the firm might be involved in a scam.

“The business listed below Pacific Sunrise UK Ltd, or CFDStocks also known Aaoption has made unsolicited calls or sent emails about investing, financial advice, credit or loans. The company does not hold a current Australian Financial Services (AFS) license or an Australian Credit license from ASIC. ASIC advises this company could be involved in a scam. Do not deal with this business as it is unlicensed.”

ASIC, Australia. September 2017.

CFDStocks Review Conclusion

The traders are advised to take it seriously while choosing the trading broker, and to choose among regulated companies ASIC regulated brokers or similar. Otherwise, investment and trading turn into very risky business that might cause loss of capital. Traders should trade with well-regulated brokers (Top 10 Forex Brokers in the World) such as UK brokers or brokers in Australia and reliable brokers such as FP Markets and XM.

CFDStocks Update

Our research revealed that the CFDStocks 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 CarterFS Scam or Legit Broker?

No, it is not safe to trade with CarterFS. The company is owned and operated by Elit Property Vision LTD. Despite its location, the broker doesn’t provide any information about the regulation/license and we can also confirm that neither CarterFS nor Elit Property Vision LTD are regulated in Bulgaria by the Financial Supervision Commission.

• Previously, CarterFS was owned by Solutions CM which had a bad reputation because it was banned multiple times as an owner of such brokers as Britonprice and Easy Line Pro.

What is CarterFS?

CarterFS is a platform that offers various investment and trading options in stocks, commodities, indices, and currencies for personal use.

• However, CartersFS is not an exception when it comes to warnings. Spain's CNMV has issued a warning against the broker in February 2017:

"CARTER FINANCIAL SERVICES is not authorised to provide the investment services, which includes investment advice, or to provide the auxiliary services relation to the financial instruments, including, to those purposes, foreign currency transactions."

• Also, the broker has recently been banned by Austrian FMA:

"Carter Financial Services is not entitled to carry out banking transactions in Austria that require a licence. The provider is therefore neither permitted to trade on a commercial basis on its own account or on behalf of others."

• And there is also a warning from the Italian CONSOB:

"The National Commission for Companies and the Stock Exchange has ordered the following companies to cease the infringement of art. 18 of the Consolidated Law on Finance, consisting of the provision of unauthorised investment services and activities to the Italian public"

CarterFS Review Conclusion

We advise all investors and traders to avoid CartersFS and other unregulated brokers. The lack of information about the broker’s regulation, 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 eToro and XM.

CarterFS Update

Our research revealed that the CartersFS 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 Capital Currency Trade Scam or Legit Broker?

Capital Currency Trade 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 Capital Currency Trade. 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 Capital Currency Trade?

Capital Currency Trade is a Forex and Cryptocurrency trading company that claims to be registered in the United Kingdom with offices across the world.

• Although, the company is not registered in the UK to provide its financial services. Moreover, according to the terms and conditions from the website, Capital Currency Trade is authorized in Dominica (Check out Dominica located TradersWay Broker Review).
• Dominica is an offshore destination where forex brokers are virtually not regulated. We always remind traders that doing business with an unregulated (offshore) broker is extremely risky.
• In addition, the Capital Currency Trade has been blacklisted by the Canadian regulator BCSC (The British Columbia Securities Commission).

Capital Currency Trade Review Conclusion

Generally, we advise traders to choose from UK, Australian (Find Australian forex brokers by link), 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 FP Markets and XM.

Capital Currency Trade Update

Our research showed that the Capital Currency Trade website is unavailable to reach. We recommend avoiding any offshore-based brokers due to their instability and lack of serious regulations.  

Is MaxCFD Scam or Legit Broker?

MaxCFD is not a safe broker. According to our research, MaxCFD has been suspected of fraudulent actions. The company does not hold any financial licenses but claims the opposite. Therefore the company seems to be highly suspicious while might operate its services from an absolutely different location.

What is MaxCFD?

MaxCFD is a forex broker operated by Chemmi Holdings Ltd. The website of the company shares its location - London, UK. They also mention the regulation number of the company but don't mention the regulatory institution who authorized it.

• The main UK regulator is Financial Conduct Authority and there are no records about MaxCFD being registered there, moreover, the broker is blacklisted by UK's FCA.
• Also, New Zealand's FMA has recently issued a warning against MaxCFD for targeting New Zealand residents. In case of getting the license from New Zealand’s FMA (Financial Markets Authority), the broker needs to have a physical office in New Zealand and minimum net tangible assets of 1 million NZD or 10% of average revenue. It is about $35,000-50,000 for a license depending on its type.

MaxCFD Review Conclusion

We strongly advise 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 FP Markets and Eightcap.

MaxCFD Update

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

Is MPlus Social Scam or Legit Broker?

 It is NOT SAFE to trade with MPlus Social. MPlus Social broker is Non-Regulated Broker. 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 MPlus Social?

MPlus Social is an offshore broker that specializes in forex, CFDs, indices, and commodities trading. It is owned and operated by MPlus Global, and regulated by the Vanuatu Financial Services Commission (VFSC). The website states that the company's liquidity providers are authorized and regulated by the Financial Conduct Authority, registered in the UK, but they don't mention the names of the providers, which is quite suspicious.

• The broker doesn't provide the address, there is a link to the map that shows Cyprus. Also, the contact phone number is Cyprian. We couldn't find any information about MPlus Social licenses with any of the mentioned regulators.
  The website supports several languages (English, French and Italian). Usually, the supported languages show what countries are being targeted by the broker and it seems like MPlus Social is not regulated in any of those countries.

MPlus Social Review Conclusion

Signing with offshore brokers is extremely risky and it is highly recommended to avoid such companies and to select among brokers licensed by the respective authorities. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as FP Markets and TMGM.

MPlus Social Update

Based on our research, the MPlus Social 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.