Archives: Brokers

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. 

Is 4xFX Scam or Legit Broker?

No, it is not safe to trade with 4xFX. 4xFX is a Forex and CFD broker owned and operated by GRF EUROPE OÜ, an Estonia-based company that claims it is registered with a Register of Economic Activities.

• However, it does not mean the broker is regulated and authorized to deliver its service, as the register is just a register without any follow of the company sustainability and delivery of the financial service itself. Despite this, actually, every EU-based company should hold a license that proves the company’s sustainability before its service is offered in the market and to potential clients.

What is 4xFX?

Even though the company mentions its trusted and secure financial service provided through meeting high regulatory and financial standards, the company, in fact, is not regulated or overseen by any reputable authority. Therefore, 4XFX is another non-regulated trading provider among the thousands of other companies we do not advise trading with.

• The broker has also been banned by several regulators:

  "The business listed below (4XFX) has made unsolicited calls or sent emails about investing, financial advice, credit or loans and does not hold a current Australian Financial Services (AFS) license or an Australian Credit license from ASIC." ASIC, 10 January 2019

• "Finantsinspektsioon (the Estonian Financial Supervisory Authority) would like to inform clients and investors that GRF Europe OÜ does not hold an activity license for the provision of investment services in Estonia and therefore GRF Europe OÜ is not authorized to provide investment services in Estonia." Estonian FSA, 14 January 2019

4XFX Review Conclusion 

We advise all investors and traders to avoid 4xFX and other unregulated brokers. Trusting your investments to unregulated Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as IG Markets and XM.com.

4XFX Update

Our research revealed that the 4xFX 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 CCM Clearing Scam or Legit Broker?

No, it is not safe to trade with CCM Clearing. The concern about CCM Clearing, is their non-authorized nature of trading and investment services performance. The broker is regulated or authorized by none of the entities, which is, in fact, mandatory for European-based companies. 

What is CCM Clearing?

The CCM Clearing is a trading platform that claims its true multi-bank liquidity and cross-asset margin trading for Forex, CFDs, and Options from one account. CCM Clearing states its operation and management by a multi-national group of seasoned FX professionals, while the office itself is based in Bulgaria.

• As any authority put its efforts to protect traders and to establish true offerings in the market through authorized activity, New Zealand recently flagged CCM Clearing. The company was detected offering trading activities in New Zealand and other entities without its legal permission to do so. Moreover, the broker was revealed in connection to Rocket Consultant Group, United FCG, and World Advisory Group, meaning the broker in fact operated through other names as well.
• As well, the company reviews show negative responses with issues appearing during withdrawal processing or while trading.

“REASON FOR WARNING: It could be involved in a scam; Unreasonable withholding of client funds; It is not a registered financial service provider in New Zealand.”

FMA, New Zealand. November 2018.

CCM Clearing Review Conclusion

As a result, we recommend avoiding trading with CCM Clearing and its associated entities and strongly avoiding any discussion with non-authorized brokerages, due to their highest risks to lose money. In turn, it is much safer to choose among the regulated forex brokers alike UK’s FCA, Australian ASIC, or other similar authorities. There are many trustworthy companies such as FBS and BlackBull Markets recommended to traders as safe and reliable choices.

CCM Clearing Update

Based on our research, the CCM Clearing 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 CF Merchants Scam or Legit Broker?

No, it is not safe to trade with CF Merchants. The company is owned and operated by CF Merchants Limited, which is an offshore company registered in St. Vincent and the 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 CapitalXP, TraderUR, and more. You can read our detailed article about the risk of trading with brokers from St. Vincent and the Grenadines.

What is CF Merchants?

CF Merchants provides exchanging services for more than 50 currency pairs as well as indices, CFDs, gold, silver, oil and other commodities. According to the website, the organization was established in March 2011 and Company is incorporated in St. Vincent & the Grenadines as an International Trading company with the registration number 24535 IBC 2018.

• However, the Financial Services Authority (FSA) of St. Vincent and the Grenadines has announced that it does not issue any licenses for forex trading or brokerage nor does it regulate, monitor, supervise or license international companies, which engage in such activities. It means that CF Merchants or any other Forex broker that claims to be registered in Saint Vincent and the Grenadines is not allowed to provide its financial services to the public.

Overall CF Merchants Ranking 

We found multiple regulation and safety issues with CF Merchants, thus we do not rank positively CF Merchants, based on our Expert Opinion with over 10 Years of experience in Forex Trading.

• CF Merchants 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.

CF Merchants Alternative Brokers

We revealed that CF Merchants has a lot of issues, especially in respect of its safety and customer care. Thus, here are much better Alternatives to CF Merchants with tight regulations and favorable trading conditions. We select Good Brokers and reliable options for your comparison below: 

• Dukascopy – Excellent for Shares, Futures Trading
• AvaTrade – Good Instrument and CopyTrading
• InteractiveBrokers – Good for US Trading and Trading of Real Stocks

Deposit & Withdrawal

At CF Merchants, making deposits and withdrawals is simple and quick. The broker offers multiple funding options, including Bank wire transfers, Visa and Mastercard payment cards, plus Skrill, Perfect Money, Neteller, tether, etc. 

• For all deposits/withdrawals through bank wire, there is a limit on the minimum transfer amount without charges. For withdrawals of less than $100, $20 per transaction will be charged as a processing fee.
• Any third-party payments (deposits/withdrawals) are not accepted.
• All withdrawals will be processed the same as the client-adopted payment system. Bank wire to bank wire, Skrill to Skrill, Neteller to Neteller, Perfect Money to Perfect Money, and credit card to credit card.

CF Merchants Review Conclusion

We advise all investors and traders to avoid CF Merchants 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 IG Markets and BlackBull Markets.

• Overall ranking and experience for CF Merchants is Negative