Archives: Brokers

Is Solidary Markets FX Scam or Legit Broker?

Solidary Markets FX has been suspected as a scam broker. According to the website, it is located in New Zealand. However, the broker does not hold any license either in New Zealand or elsewhere. The lack of regulation makes the broker not reliable for investments.

What is Solidary Markets FX?

Solidary Markets FX is a Forex, cryptocurrency, and options broker. The site is owned and managed by Solidary Markets NZ Ltd., based in New Zealand. According to the information provided on the website "Solidary Markets NZ Ltd is not required to be a registered Financial Service Provider (FSPR) in New Zealand but maintains strict operational and procedural policies", which means the broker is not regulated in New Zealand and most probably is not regulated in any other country. Also, the website states that Solidary Markets FX provides its services only to customers from Spain, however, it is not authorized in Spain.

• Moreover, Spain's regulator CNMV has issued a warning against the broker:
  "Solidary Markets FX (“SMFX”) http://solidarymarkets.com/ is not authorised to provide the investment services detailed in Article 140 of the Securities Markets Law, or provide the auxiliary services detailed in letters a), b), d), f) and g) of Article 141 of said Law, which includes investment advice, in relation to the financial instruments detailed in article 2 of the said Law, including, to those purposes, transactions on foreign currency."

Overall Solidary Markets FX Ranking 

During our research we revealed multiple issues with Solidary Markets FX regulations and safety, thus we do not rank positively Solidary Markets FX, based on our Expert Opinion with over 10 Years of experience in Forex Trading.

• Solidary Markets FX 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.

Solidary Markets FX Alternative Brokers

Based on our finds and issues with the safety of Solidary Markets FX here are much better Alternatives to Solidary Markets FX with good regulations and excellent conditions. We select Good Brokers and reliable options for your comparison below: 

• AvaTrade – Good for Currency trading
• InteractiveBrokers – Good for US Trading and Trading of Real Stocks
• FXTM – Good for Beginners

Deposits and Withdrawals

The broker offers various deposit and withdrawal options – Bank Transfer, Credit/Debit Card, and e-wallets such as Skrill, Neteller, and FairPay. 

• Solidary Markets FX  does not accept payments from third parties.
• If the Email used in the payment processor does not match the trader's SMFX Profile Email, they will need to send screenshots to prove the ownership of that account.

Solidary Markets FX Review Conclusion

As regulation is the most essential factor for the safety of any investment, we strongly advise potential traders to invest only with properly licensed brokers. The Financial Conduct Authority in the UK and Australian Securities and Investments Commission are well-respected financial watchdogs that provide sufficient market security. Check the list of FCA-regulated brokers here. We recommend signing in with reliable brokers such as BlackBull Markets, FXGT, and FBS.

• Overall ranking and experience for Solidary Markets FX is Negative

Is KB Capitals Scam or Legit Broker?

According to our research, KB Capitals is a total scam. The broker is not regulated and has no legal right to provide financial services to the public. Moreover, KB Capitals has been suspected of fraud, when pretending to be another company with a better reputation.

What is KB Capitals?

KB Capitals is a Forex and CFD broker operated by Global Media Broadcast Limited registered in Hong Kong. Also, the terms and conditions state that all the company's main services are located in Bulgaria and finally the operative address is in Wien, Austria.

• A lot of confusing information about different locations and no proper licensing, which doesn't make this broker more trustworthy. In addition, Austrian regulator FMA has issued a warning against KB Capitals.
• While choosing a Forex broker, it is very important to pay attention to the regulation factor (Check out Hong Kong Forex Brokers' List).

KB Capitals Review Conclusion

We strongly advise opening a trading account only with brokers that are regulated by the respected world authorities and 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 Pepperstone and BDSwiss.

KB Capitals Update

Our research showed that KB Capitals 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 Crown Finance Scam or Legit Broker?

Crown Finance 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 Crown Finance.

• 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 Crown Finance?

Crown Finance is an offshore Forex and CFD broker. The company is owned and operated by Crown Finance Limited, based on St. Vincent and the Grenadine.

• The company is not registered to offer its financial services in UK, although they provide UK address and contact number, which means they are actually targeting UK residents with no right to do that. Crown Finance doesn’t have an affiliation with any financial regulator.
• Moreover, it has been blacklisted by the UK's FCA and Austrian FMA. Moreover, the FCA mentions that this company is using the name of the regulated and reputable financial firm.

Crown Finance Review Conclusion

We remind the traders that any investment with an unauthorized brokers is not covered by the Financial Services Compensation Scheme (provided by the FCA), which insures up to 50 000 GBP of the deposited capital. Here you may check our list of FCA regulated brokers. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as FP Markets and BlackBull Markets.

Crown Finance Update

Our findings showed that Crown Finance 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 Golden FX Scam or Legit Broker?

No, it is not safe to trade with Golden FX. Golden FX is owned by TBI Management Group which is an offshore company registered in St. Vincent and the Grenadines.

• St. Vincent and the Grenadines is notorious for its practically absent requirements and regulations. Due to the setup cost is low and it does not regulate forex trading. 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. Therefore, it became an offshore zone for shady forex brokers such as AitsFX, Ace Forex, and more. You can read a detailed article explaining the risk of trading with brokers from St. Vincent and the Grenadines.

What is Golden FX?

Golden-FX is a forex broker that offers over 40 forex currency pairs, commodities, indices, stocks, bitcoin, and other cryptocurrencies. 

• However, Golden FX is not regulated by any official financial authority and subsequently does not have the right to provide financial services on regulated markets like British, Swedish, Danish, or Norwegian. However, the firm provides the contact numbers with the phone codes of the mentioned countries which means it has been targeting EU residents.

Golden FX Review Conclusion

We keep reminding traders that dealing with offshore brokers is quite risky as clients have no protection for their funds and sometimes such entities turn out to be scams. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as eToro and BlackBull Markets.

Golden FX Update

Based on our research, the Golden-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 Your Trade Choice Scam or Legit Broker?

Your Trade Choice is not a legit broker as it does not hold any serious license. The broker is registered only with St. Vincent and the Grenadines. As a general rule, we recommend avoiding offshore and non-regulated entities as traders who invest in non-regulated firms often cannot recover funds invested or gains received. 

What is Your Trade Choice?

Your Trade Choice is a broker that offers trading in Forex and CFDs on metals, futures, and shares. The company is owned and managed by Trade Choice FX Limited, the entity name of Your Trade Choice (Trading name), and is registered as an IBC in St. Vincent and the Grenadines.

• However, offshore registration usually doesn't guarantee the safety of funds and clients' protection, especially in St. Vincent and the Grenadines, where the local authority doesn't issue forex licenses. The website supports the Spanish language, which means Your Trade Choice has been targeting Spanish-speaking clients mostly. As proof, there is a warning from Spain's regulator CNMV issued against the broker:
  "Your Trade Choice http://yourtradechoice.com is not authorised to provide the investment services detailed in Article 140 of the Securities Markets Law, or provide the auxiliary services detailed in letters a), b), d), f) and g) of Article 141 of said Law, which includes investment advice, in relation to the financial instruments detailed in article 2 of the said Law, including, to those purposes, transactions on foreign currency."

Your Trade Choice Review Conclusion

It is obvious that Your Trade Choice is an unregulated offshore forex broker, just like many others. The wiser choice is picking a broker regulated by UK's FCA or the ASIC. Also, we recommend signing in with reliable brokers such as BlackBull Markets, FXGT, and FBS.

Your Trade Choice Update

Based on our research, the Your Trade Choice 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 UniTrader Scam or Legit Broker?

UniTrader 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 UniTrader. 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 UniTrader?

UniTrader is a Forex and CFD trading platform. The brand is operated by BMFN Limited, an offshore company incorporated in the Republic of Vanuatu by the Vanuatu Financial Services Commission.

• Vanuatu is a popular offshore destination for Forex brokers, a lot of these companies start without licenses and operate in places such as Vanuatu or the Caribbean islands.
• The advantages are speed and low cost. UniTrader doesn't provide much information about itself - only the email for clients' requests.
• We don't recommend dealing with offshore registered brokers as there is no assurance whatsoever regarding the safety of the client's funds and the credibility of the brokerage.
• Moreover, Italy's CONSOB has recently issued a warning against both UniTrader and BMFN Limited. It is better to invest with brokers regulated by reliable authorities such as UK’s FCA, or Australia’s ASIC, for example. Here is the list of ASIC-regulated brokers.

Overall UniTrader Ranking 

With our revelations on regulations issues of UniTrader, we do not rank positively UniTrader, based on our Expert Opinion with over 10 Years of experience in Forex Trading.

• UniTrader 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.

UniTrader Alternative Brokers

As our research revealed safety issues with UniTrader, here we offer much better Alternatives to UniTrader with good regulations and great trading conditions. We select Good Brokers and trustworthy options for your comparison below: 

• Pepperstone – Best Broker for Low Minimum Deposit
• Interactive Brokers – Good for Real Stock Trading
• AvaTrade – Good Instruments and CopyTrading

UniTrader Review Conclusion

It is always better and safer to trade with a reliable broker licensed by Australia’s ASIC (Check out ASIC brokers), Cyprus’ CySEC, or UK’s FCA. Traders are recommended to trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as FBS and Eightcap.

• Overall ranking and experience for UniTrader is Negative

Is EasyTrade Scam or Legit Broker?

EasyTrade 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 EasyTrade?

EasyTrade is a trading name used by the Estonian company that offers a high-tech trading platform and provides a gateway to the world’s top financial markets including CFD trading, currency pairs, stocks, commodities, indices, and cryptocurrencies. Yet, the issues stated made us check on the company's reliability, while the first thing to check is the legitimate status of the broker. First of all, EasyTrade is not regulated by any of the authorities, that supervise the operation of the forex brokers and submit a reliable level for them to operate.

• Moreover, EasyTrade has received negative reviews from the traders, while the complaints were concerned about the broker’s behavior once the withdrawal request was submitted or manipulations during the trading sessions. Afterward, the complaint mentions that EasyTrade blocked an account and did not respond to emails or contacts, therefore, the trader couldn’t reach out to get the funds back.

EasyTrade Review Conclusion

As the reality and statistics show, the majority of non-regulated brokerages are typical frauds that most often work with the same scenario while attracting clients and then withholding accounts for any withdrawals. Therefore, we keep strongly advising traders to sign in only with regulated and trustworthy brokers. Check our list of Regulated Forex Brokers with the reviews. Among the reliable brokers are BlackBull Markets, XM, and other well-regulated brokers.

EasyTrade Update

Based on our research, the EasyTrade 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 OMC Markets Scam or Legit Broker?

No, it is not safe to trade with OMC Markets. It is owned and operated by Eventuall Limited, and claims to be located in Montenegro.

• Being located in Montenegro, the OMC Markets does not hold any financial license to offer its service across major markets. Apart from the legitimate status, the unauthorized nature of trading inflicts the highest risk to lose funds due to the fact that none of the authorities check on the implemented safety measures and protective tools. Therefore, the OMC Markets or any other non-regulated broker may use and manage the client’s money in any manner with no imposed consequences.

What is OMC Markets?

OMC Markets offers a forex trading platform with access to trade over 20 currency pairs, stocks, indices, commodities, CFDs, also including Cryptocurrencies. Even though the possibilities of the company seem to be quite attractive and promising, there are concerns about the legit status of the firm.

• However, the broker is not regulated, and signing with it might put the trader's investments at risk. The evidence from the engaged traders shows a negative side from the OMC Markets offering, while traders faced issues requesting withdrawals or manipulations on the price feeds.
• In addition, the company uses hard targeting tactics to attract potential clients to their trading rows.

OMC Markets Review Conclusion

We advise all investors and traders to avoid OMC Markets 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.

OMC Markets Update

Based on our research, the OMC Markets 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 Banc De Monarch Scam or Legit Broker?

Banc De Monarch 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 Banc De Monarch. 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 Banc De Monarch?

Banc De Monarch is a Forex broker owned and operated by Takeda Partners LTD registered in The Marshall Islands. The Marshall Islands is an offshore destination where usually brokerage services are not regulated.

• The company claims to be located in London, UK, and provides its address (10 King William St, London EC4N 7TW, UK) and contact phone number in the UK.
• Despite its London location, Banc De Monarch is not authorized to provide financial services in the UK. Moreover, Spain's CNMV has recently issued a warning against this brokerage firm.

Banc De Monarch 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 Pepperstone and BDSwiss.

Banc De Monarch Update

Our findings showed that Banc De Monarch 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.