Archives: Brokers

Is Prestige.FM Scam or Legit Broker?

No, it is not safe to trade with Prestige.FM. Prestige.FM is owned and operated by Euro Wealth OÜ, and claims to be located in Tallinn, Estonia.

• The broker does not hold any license to deliver its service within Estonia or beyond, as well as none of the authorities check on the following international standards that are necessary for online trading. Therefore, the stated information might be just marketing that has nothing to do with reality.

What is Prestige.FM?

Prestige.FM offers vast trading opportunities on Forex and CFD asset classes, as well as offers generous bonuses with trading conditions. However, the broker’s location and the nature of the business requires authorization from the industry regulator, which is not the case of Prestige.FM.

•  Prestige.FM claims its leading position in the industry while there are numerous awards received like “Most Promising Forex Broker 2015”, “Best Forex Service Provider 2017” and its operation under General Data Protection Regulation Complaint. However, it does not hold any license and is not a trustworthy broker to invest with. 

• In addition, the UK's Financial Conduct Authority (FCA) has issued a warning against Prestige.FM in August 2018:

  "Prestige Financial Markets 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."

• We also have feedback from traders that they cannot withdraw money. You can read the feedback here.

Prestige.FM Review Conclusion

We advise all investors and traders to avoid Prestige.FM 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 FP Markets and HFM.

Prestige.FM Update

Based on our research, the Prestige.FM 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 Markets Cube Scam or Legit Broker?

Markets Cube has been suspected as a scam broker. This broker is blacklisted by a well-known regulatory authority and should be avoided. Markets Cube is owned by Prisma Global 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 being low, it does not regulate forex trading. Therefore, it became an offshore zone for shady forex brokers such as MegaTradeFX, Finbitex, and more.

What is Markets Cube?

Markets Cube is a Forex and CFDs broker, owned and operated by Prisma Global LTD, incorporated in the Marshall Islands - one of the popular offshore destinations for unregulated brokers. There is one more company behind the brand's name - PayOpt Services LTD, whose registered address is in Limassol, Cyprus provides all payments processing services to Prisma Global LTD. The broker doesn't provide any office location info as well as the regulation details. Seems like it is one more offshore-based forex broker that has no license and trading with such an entity can only bring a lot of trouble for the investors.

• One more reason to stay away from Markets Cube is the warning that was issued by Spain's regulator CNMV:
  "Prisma Global LTD www.marketscube.com 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."

Markets Cube Review Conclusion

We advise all investors and traders to avoid Markets Cube 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 FP Markets and HotForex.

Markets Cube Update

Based on our findings, the Markets Cube 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 SigmaCFD Scam or Legit Broker?

SigmaCFD 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 SigmaCFD. 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 SigmaCFD?

SigmaCFD is a Forex and CFD broker, owned and operated by Sigma CFD Ltd., with the registered main office in the Marshall Islands. The website also provides the addresses of the headquarters in Monaco and the secondary branch in the United Kingdom. Although, the company is not authorized to provide its financial services in the mentioned countries.

• Offshore registration has more disadvantages for the trades and more advantages for the broker itself. The traders risk their funds when choosing to invest with the offshore firm as the brokers registered offshore are not licensed, nor supervised by any authority. It means that there is no protection of the funds and a very high risk to be scammed.
• As to the SigmaCFD, the broker has also been blacklisted by Italy's regulator CONSOB:
  "the National Commission for Companies and the Stock Exchange has ordered the following company to cease the infringement of art. 18 of the same Decree consisting of the provision of unauthorized investment services and activities to the Italian public: Sigma Cfd Ltd., through the website www.sigmacfd.com"

SigmaCFD Review Conclusion

We advise all investors and traders to avoid SigmaCFD 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 FP Markets and HotForex.

SigmaCFD Update

Based on our findings, the SigmaCFD 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 Opportunity Trade Scam or Legit Broker?

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

What is Opportunity Trade?

Opportunity Trade is a Forex broker that offers an STP type of trading. The company is owned and operated by the Boton Development Ltd.

• They claim to be located in Hong Kong, but after checking the information on the Hong Kong regulator SFC (Securities and Futures Commission) it turned out that the broker is marked as an "unlicensed entity" and is not located at the provided address.
• In addition, the terms and conditions on the website state that the company is under the UK's jurisdiction, although the company is not registered in the United Kingdom.
• It is obvious that Opportunity Trade is one of those brokers that use fake credentials to get the client's trust. We highly recommend avoiding unlicensed brokers as most of them are frauds.

Opportunity Trade Review Conclusion

We do not advise signing in with Opportunity Trade. It is safer to invest with brokers supervised by proper regulators, such as UK’s Financial Conduct Authority (FCA). Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as BDSwiss and FBS.

Opportunity Trade Update 

Our research showed that the Opportunity 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 HispaMarkets Scam or Legit Broker?

We advise our readers, not to use HispaMarkets as it is an offshore entity. HispaMarkets is owned by Hispa Mkts 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, 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 HispaMarkets?

HispaMarkets is a Forex and CFD broker owned and operated by Hispa Mkts LTD affiliated to 1000 Extra LTD. Hispa Mkts LTD and 1000 Extra LTD are offshore companies registered in Saint Vincent and the Grenadines.

• There is one more company mentioned on the website - 1000 Extra OU, a provider of clearing services provided for HispaMarkets. It is already quite suspicious that there are at least three firms behind the HispaMarkets brand, and none of these entities are regulated or licensed.
• In addition, the main office is located in Argentina. There is also a small picture of the VSFC (Vanuatu Financial Services Commission) sign on the top of the website, although HispaMarkets has nothing to do with this authority.
• The website supports several languages (English, Spanish, Italian, Portuguese, French, Arabic, and Chinese), but the default language is Spanish and also the broker's name speaks for itself. That's why we suppose the company has been targeting Spanish-speaking countries. To sum up, a broker with too many affiliate companies and confusing registration details definitely cannot be trusted.

HispaMarkets Review Conclusion

It is important to remember that investing in offshore brokers such as HispaMarkets is extremely risky and a large percentage of offshore companies are in fact indulging in fraudulent practices. We advise selecting among FCA-regulated brokerages, ASIC-regulated or Swiss FINMA-regulated brokers as FP Markets and TMGM.

HispaMarkets Update

We found the HispaMarkets website inactive and unavailable to reach. This means the broker no longer operates. However, it is best to avoid and stay alert if any proposals come. 

Is Mib700 Scam or Legit Broker?

Mib700 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 Mib700?

Mib700 is an Online trading and financial service provider that claims its professionalism, remarkable support team, and a range of instruments to trade on the newest technologies that include market-leading platforms. The broker states its expertise in providing financial services with a goal to keep long-term success with advanced client protection and safety measures.

• However, all abovestated is just sweet words that, unfortunately, have nothing to do with how exactly things are going with the broker. In fact, the Mib700 brand is just another name of the numerous branches and trade names used by the firm Blonde Bear OU, located in Estonia and that proved its fraud and scam operations to many worldwide traders and the history of its warnings. All companies that the group uses were blacklisted by various jurisdictions or authorities,  scam reviews appear all over the internet. Yet, the company still delivers its tricky business under various names.
• The company obviously does not hold any license, while being located in EU countries should obtain authorization for its service delivery. Meanwhile, the firm didn’t receive any and is just continuously searching for new clients, that are facing afterward a failure to withdraw any funds or get their profits.

Mib700 Review Conclusion

It is definitely not safe to trade with Mib700 and with all its affiliated groups of brands. Exactly for that reason, we always advise staying far away from unlicensed companies and checking carefully the company history, reputation, and applicable authorization before any investment is made. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as FP Markets and HFM.

Mib700 Update

Based on our research, the Mib700 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 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.