Archives: Brokers

Is United FCG Scam or Legit Broker?

No, it is not safe to trade with United FCG. The broker does not provide any regulation on its website and most often brokers that don't provide much information about their location, the company behind the brand as well as its regulation turn out to be unregulated, and often scams. 

What is United FCG?

United FCG is a broker that offers trading with multiple asset classes including Forex, cryptocurrencies, commodities, indices, and stocks.  The terms and conditions state that the card payment and billing services are processed by the subsidiary company in Bulgaria.

• Also, we have found that all the terms and conditions are governed by the laws of Bulgaria. However, the Bulgarian Financial Supervision Commission or any other regulator does not regulate the broker. Usually, those brokers who do not disclose its location/regulation details are not regulated, not comply with the international standards and do not guarantee the safety of clients' investments.
• In addition, the British Columbia Securities Commission has issued a warning against United FCG:
  “UFCG claims to be a commodities trading consultancy firm, offering an online trading platform for Forex, cryptocurrencies and other securities. We recently became aware of United Financial Commodity Group/United FCG and that it had accepted funds from a British Columbia (BC) resident to trade with the company. United FCG is not registered to trade in, or advise on, securities or exchange contracts in BC.”

United FCG Update

We keep reminding traders to exercise caution when dealing with firms that are not registered to trade nor regulated by reliable authorities. Choose among the legit brokers with licenses form respected financial authorities, such as the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission (ASIC) or the Cyprus Securities and Exchange Commission (CySEC) as they have to follow strict financial and ethical rules. Sign in only with reliable brokers such as BlackBull Markets, FXGT, and FP Markets.

United FCG Update

Based on our research, the United FCG 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 Dax-300 Scam or Legit Broker?

No, it is not safe to trade with Dax-300. 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 Capital TradeFX, Traderia, and more. You can read our detailed article about the risk of trading with brokers from St. Vincent and the Grenadines.

What is Dax-300?

Dax-300 is an offshore Forex and CFDs broker. DAX-300 is operated by ELRICS Brothers Ltd, with the legal and physical addresses in St. Vincent and the Grenadines.

• According to the website, Dax-300 claims to be a leading currency and stock exchange broker in Europe, South Africa, and more. Also, it claims to have offices in over 12 countries including Poland, UK, France, and Germany. After researching, we couldn't find any mentions of this broker in any regulator's register.

• Moreover, Dax-300 has been blacklisted by Italy's regulator CONSOB:

  "the National Commission for Companies and the Stock Exchange has ordered Elrics Brothers Ltd and Sanata Partners Eood, through the website www.dax-300.com to cease the infringement of art. 18 of the TUF consists of providing unauthorized investment services and activities to the Italian public".

• Also, Austrian Financial Markets Authority has issued a warning against Dax-300:

  "Dax-300 is not entitled to carry out banking transactions in Austria that require a license. The provider is therefore not permitted to trade on a commercial basis."

Dax-300 Review Conclusion

We advise all investors and traders to avoid Dax-300 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 AvaTrade and XM.com.

Dax-300 Update

Based on our research, the Dax-300 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 Fort Financial Services Scam or Legit Broker?

Fort Financial Services 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 with Fort Financial Services. 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.

• The company has received its authorization to provide worldwide financial services from the local authority IFSC (Belize International Financial Service Commission). However, its operational standards and business management requirements are far below the reputable regulatory authorities maintain, like FCA or ASIC. Therefore, the liberal control over the company supervision does not provide the strictest compliance with the rules or setting of the highest customer protection level.

What is Fort Financial Services?

Fort Financial Services Ltd or FortFS is an online trading provider with established financial services which captures international traders since 2010 and registered office in Belize.

As the broker claimed on the official website FortFS provides investment services for customers who want to receive a stable passive income through the range of investment and trading opportunities with trading signals, analytics, trading tools, execution technology and expanded programs or services.

• Moreover, Advanced trading order processing algorithms and contracts with the best liquidity providers helped the broker win FortFS international recognition in the rating (TOP 10) of the best ECN brokers with NDD execution.

• In addition to the competitive trading conditions, the company set a client's preference to increase leverage to the highest level (Read about high leverage forex brokers), which according to the states on the website is not limited at all. Of course, leverage offers a bigger potential income and is a beneficial advantage, yet increasing it until the extreme high is not recommended since it puts the capital and trading itself at significant risk.

Fort Financial Services Review Conclusion

The overall outcome of the traders' reviews shows a negative aspect rather than a positive even if there are no very sharp notices against the company. Therefore, we do not advise trading with Fort Financial Services as it seems it’s much better to choose among the reliable brokers with a gained trustable reputation along with the follow of regulations.

• Overall ranking and experience for Fort Financial Services is Negative

Fort Financial Services Update

We found the Fort Financial Services 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 Stock Trade Invest Scam or Legit Broker?

Stock Trade Invest 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 Stock Trade Invest?

Stock Trade Invest is a Forex and CFD broker operated by Stocktradeinvest Ltd. It is an unregulated firm that claims to be located in London, United Kingdom. Although the company is not licensed to offer its financial services in the UK, they have been targeting British residents.

• Moreover, the UK's Financial Conduct Authority has issued a warning against Stock Tarde Invest and Stocktradeinvest Ltd.
• We don’t recommend trading with the mentioned brokerage or any other unregulated financial entity as they are not bound by any financial or ethical rules.
• It is better to choose among the brokers who are regulated by reputable regulators such as FCA in the United Kingdom, CySEC in Cyprus or ASIC in Australia. Check the ASIC-regulated brokers here.

Stock Trade Invest 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.

Stock Trade Invest Update

Our research showed that the Stock Trade Invest 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 BeAlgo Scam or Legit Broker?

No, it is not safe to trade with BeAlgo. BeAlgo is owned and operated by B.A.X LTD and claims to be located in Sofia, Bulgaria. According to our research, BeAlgo is a total scam. The broker is not regulated and has no legal right to provide financial services to the public. Moreover, BeAlgo has been suspected of fraud, when pretending to be another company with a better reputation.

What is BeAlgo?

BeAlgo is a forex broker that offers a variety of currency pairs, CFDs, and cryptocurrencies. B.A.X LTD claims to be incorporated under the laws of the Republic of Bulgaria and registered in the country. However, the broker is not registered with the Bulgarian Financial Supervision Commission (FSC) and doesn’t have a license to provide its financial services in Bulgaria.

• Also, we looked through the terms and conditions presented on the website to find a bit different information about the jurisdiction the company belongs to. It says the broker is under the laws of England and Wales, although it is not regulated in the UK.

• All the brokers operating in a particular country should be licensed by its local regulator/authority (Financial Supervision Commission in Bulgaria and Financial Conduct Authority in the UK, for instance), otherwise, the broker’s actions will be considered as illegal. It is clear that brokers like BeAlgo should be avoided at all costs.

• BeAlgo has also been banned by several regulators, such as Financial Conduct Authority in the UK:

  "Bealgo 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."

• There's one more warning from the Financial Market Authority in Austria:

  "Bealgo (B.A.X. LTD) is not entitled to carry out banking transactions in Austria that require a license. The provider is, therefore, neither permitted to trade on a commercial basis."

BeAlgo Review Conclusion

We advise all investors and traders to avoid BeAlgo 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 BlackBull Markets and XM.com.

BeAlgo Update

We have found that the BeAlgo 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 FxUnited Scam or Legit Broker?

It is not safe to trade with FxUnited, because it is an unregulated broker (Find the best-unregulated forex 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.

• In addition to several warnings from the respected regulatory authorities, the company was telling its clients that the FSMA (Belgium) is preventing the company from pursuing its activities that’s why the broker was unable to return the money to the clients.

  By the way that was a false statement, which was claimed on the official FSMA website. Overall, FxUnited or similar companies should be avoided by any means.

What is FxUnited?

United Global Holdings Limited, which operates under the trading brand name FxUnited, is an online trading company, which targeted worldwide traders from different regions and was attracting clients with its competitive offerings while not allowed to provide banking and/or investment services in various jurisdictions.

• The company faced many problems during the last years since was holding client withdrawals as the owners went to lengths to project the company in world Forex centers, which include the UK, Australia, Malaysia, New Zealand, and more. Eventually, the company faced evidence of providing not legitimate investment activity, while according to the documentation the FxUnited was deregistered company.
• Malaysian authorities investigate the company by various means while the clients were engaged in a series of negative behaviors from the broker.
• The Malaysian Police estimate FX United conned 70,000 investors out of around $250 million dollars, which is still not paid back to the clients.

The consensus became obvious and the FX United gained a reputation of scammers that were attracting naïve investors and pending an objection to schedule struck.

FxUnited Review Conclusion

As safety in trading always goes first, it is highly recommended to invest only with reputable brokers (Read our reviews on reputable brokers such as BDSwiss & Alpari) that gained a reliable reputation, operate with necessary and reputable licenses, and comply with the strictest authority rules. You can check out the list of regulated brokers to choose the best suitable one.

• Overall ranking and experience for FxUnited is Negative

FxUnited Update

We found the FxUnited 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 2dots Scam or Legit Broker?

No, 2dots is not safe to trade with. 2dots is owned and operated by Webnet Ltd which is incorporated in Luxembourg. However, the terms and conditions state that the company is registered in Vanuatu.

• Vanuatu is the easiest jurisdiction to open a brokerage, as the opening requires the company to submit a register online, prove initial established capital which is $2,000 only, pay a fee, and within 2-3 months, the firm is crisp and registered. Therefore, it became an offshore zone for shady forex brokers such as Circle Markets, IC Finance, and more. We have a detailed article explaining the risk of trading with brokers from Vanuatu.

What is 2dots?

2dots offers online trading providing over 1,000 financial assets traded in CFDs and FX, through an innovative approach to trading and a unique alternative. Moreover, the broker states their cutting-edge security systems and the utmost protection of the clients at every stage.

• However, we would barely believe that description, as the fact is that the 2dots and its owning company are not registered and regulated by any serious entity. First of all, important to mention that Luxemburg being a part of the EU requires registration and a particular license to be a legitimate financial service provider. Since the company does not hold any, the only conclusion is that the broker does not care about their clients and has a purpose only to attract traders' funds.
• Actually, that suspicious guessing was confirmed by the numerous complaints from the traders that sadly faced typical scam behavior. The withdrawals were limited or due to some circumstances not provided, manipulation of the price feeds, as well as on trading accounts. You can read the feedback from 2dots trader reviews
• In addition, 2dots has been blacklisted by Spain's regulator CNMV:

"www.2dots.com / WEB NET LTD is not authorized to provide the investment services, which include investment advice, or to provide auxiliary services in relation to the financial instruments, including, for those purposes, foreign currency transactions."

2dots Review Conclusion

We advise all investors and traders to avoid 2dots and other brokers from Vanuatu. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as eToro and XM.com.

2dots Update

We found that the 2dots 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 Aleforex Scam or Legit Broker?

It is not safe to trade with Aleforex. The broker is suspected of being a scam. The broker mentions its FCA license, yet when we investigated further, we do not come up with any evidence as proof. So,  it leaves us with an assumption that Aleforex only pretends to be a regulated broker. 

• This means that Aleforex is not regulated by any world authority and investing with it will put your funds at risk. 

What is Aleforex?

Aleforex is a Forex broker. The company doesn't provide any information about its location or the entity behind this brand name as well as contact details. The website states that Aleforex is regulated by the Financial Conduct Authority in the UK.

• However, we didn't find any records about this broker in the FCA's register. Also, they provide the list of the affiliate brokerages: Valutrade, MEXGroup, XTB. All three brokers are regulated and have a good reputation, although they don't have any connections with Aleforex. All these facts should be enough to understand that the broker is not reliable, not regulated and better be avoided.
• In addition, Spain's regulator CNMV has issued a warning against Aleforex:
  "Aleforex/forextrading.cat is not authorised to provide the investment services detailed in Article 140 of the Securities Markets Law, which includes investment advice, or to provide the auxiliary services detailed in letters a), b), d), f) and g) of Article 141 of the said Law in relation to the financial instruments detailed in Article 2 of the said Law, including, for those purposes, foreign currency transactions."

Aleforex Review Conclusion

As a general rule dealing with unregulated brokers is risky and we recommend that clients choose properly licensed and supervised brokers. It is safe to trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as HFM and TMGM.

Aleforex Update

Our research revealed that the Aleforex 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 YFX Capital Scam or Legit Broker?

No, it is not safe to trade with YFX Capital. YFX Capital is owned by T.W capital LTD, registered offshore, 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 Globalix, Capital88, and more.

What is YFX Capital?

YFX Capital is a Forex broker offers its clients a variety of trading options and products, including CFDs. The broker doesn't disclose any information about its regulation, as well as its location. There are two contact phone numbers mentioned in the "Contact Us" section, those numbers are Spanish and British. However, the broker is definitely not authorized to provide financial services in those countries.

• Moreover, YFX Capital has been blacklisted by Spain's regulator CNMV in July 2017:

"YFX CAPITAL/www.yfxcapital.com is not authorized to provide the investment services detailed in Article 140 of the Securities Markets Law, which include investment advice, or to provide the auxiliary services detailed in letters a), b), d), f) and g) of Article 141 of the said Law in relation to the financial instruments detailed in Article 2 of the said Law, including, for those purposes, foreign currency transactions."

YFX Capital Review Conclusion

We advise all investors and traders to avoid YFX Capital 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 FXTM and XM.com.

YFX Capital Update

Our research revealed that the YFX Capital 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.