Archives: Brokers

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. 

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.