Archives: Brokers

Is Benchhill Partners Scam or Legit Broker?

Benchhill Partners 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 Benchhill Partners?

Benchhill Partners is a Forex, CFDs, and cryptocurrencies broker, owned and operated by Benchhill Partners Ltd. They claim to have offices in Switzerland and the United Kingdom, and provide the addresses and contact numbers on the website.

• Although, the company is not licensed in any of the mentioned countries. Also, the company provides the info about its regulation and states to be regulated by BaFin (The Federal Financial Supervisory Authority) in Germany, when there is actually no such company in the regulator's register.
• Moreover, Benchhill Partners Ltd. has recently been banned by the Swiss regulator FINMA (Financial Market Supervisory Authority).

Benchhill Partners Review Conclusion

Investing with a properly regulated broker is crucial for the safety of any investment. There are few well-respected institutions that enforce strict regulatory standards upon all brokers in their jurisdiction, such as FCA in the UK, ASIC in Australia, or CySEC in Cyprus. Check out a list of brokers authorized by FCA. We strongly recommend signing in with trustworthy brokers, such as Go Markets and Pepperstone. 

Benchhill Partners Update

Our research showed that the Benchhill Partners 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 FXGIM Scam or Legit Broker?

FXGIM 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 FXGIM. 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 any 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 FXGIM?

FXGIM is a Forex and CFD broker, owned and operated by the FXGIM Ltd., located in Seychelles -a very popular country for the forex brokers registration, but it is also well-known for the brokers who are frauds. As to the broker's regulation, there is no mention of it on the website, and judging from their address (Nicosia, Cyprus), they want the potential clients to think the company is licensed by CySec in Cyprus, although it is not true. The company is not regulated by any of the financial authorities.

• Another confusing thing is the contact phone numbers (British and Spanish) despite the Cypriot location. We believe some brokers provide this kind of detail to convince the residents of particular countries that they have customer support offices there. But most of the time it is just a sign of what countries the broker has been targeting and cold-calling. As proof, there is a warning against FXGIM issued by Spain's regulator CNMV:

"FXGIM Global Investment Markets https://www.fxgim.com/es/ 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."  

FXGIM Review Conclusion

Investing with a properly regulated broker is crucial for the safety of any investment. There are few well-respected institutions that enforce strict regulatory standards upon all brokers in their jurisdiction, such as FCA in the UK, ASIC in Australia, or CySEC in Cyprus. Check out a list of brokers authorized by CySec and sign in with only trustworthy brokers such as  FP Markets and HFM. 

Is Yadix Scam or Legit Broker?

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

• Yadix brand is powered by Quantix Financial Services Limited, a company which is Financial Services Company located in Belize and authorized by the International Financial Services Commission (IFSC, Belize”).

  Yet, Belize is a popular and known offshore center for financial companies, since the authorization requirements are way lower compared to other reputable industry authorities.

   

What is Yadix?

Yadix offers brokerage and trading services through an STP/ ECN connectivity (Find the best ECN broker) without dealing desk intervention and claims to deliver institutional conditions with the support of auto-trading and more.

There is a range of account types to choose from, as well as a wide offering of trading instruments.

• However, apart from the attractive proposals to the investors, there were cases from the Yadix traders that occurs in the cancellation of orders, as well as some manipulation of the price.
• There were also issues with the official claims and verdicts against the trading environment delivered by Yadix.

Overall Yadix Ranking 

We revealed serious safety and regulations issues with Yadix, thus we do not rank positively Yadix.  With an  Expert Opinion with over 10 Years of experience in Forex Trading we have come up with the following ranking:

• Yadix 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.

Yadix Alternative Brokers

We revealed multiple issues in regard to Yadix safety and reliability, so here we offer much better Alternatives to Yadix with tight regulations and great conditions. We select Good Brokers and trustworthy options for your comparison below: 

• XM– Good for Beginner Traders
• BlackBull Markets – Good for CopyTrading
• IC Markets – Good for CFDs trading

Deposit & Withdrawal

Yadix provides a range of easy and secure deposit methods to suit all clients, including Bank Transfer, Credit/Debit Cards, bitcoin, Skrill, Neteller, Perfect Money, etc. 

• After funding the forex trading account, your deposit will appear in your MT4 trading account within minutes. 
• Withdrawals are processed within 24 hours. 

Yadix Review Conclusion

Overall, the main concern about Yadix is their lack of serious regulation, thus compliance with the strictest operational standards, and of course bad reputation among the traders and those who invest with Yadix. Besides, we always advise avoiding investing and trading with an offshore company, since their compliance with the necessary client protection level remains open.

Nonetheless, financial investments are much safer when engaging with reputable and well-regulated brokers, like brokers based in Switzerland, UK, or Australia since their local authorities.  We advise signing in with brokers such as  FP Markets and Eightcap.

• Overall ranking and experience for Yadix is Negative

Is Trade Capital Scam or Legit Broker?

It is not safe to trade with Trade Capital, because it is an unregulated broker. 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 while might operate its services from an absolutely different location.

What is Trade Capital?

Trade Capital is a Forex and CFD broker owned and managed by Trade Capital Investments LLC. The company claims to be located in Switzerland, they also have their customer support desks at the same address.

According to the firm's terms and conditions, Trade Capital is a legal entity of Lozareo Group LP, a UK-registered company.

• In reality, there are no Trade Capital records in the UK's Financial Conduct Authority or Swiss Financial Market Supervisory Authority (FINMA) registers.
• The broker is obviously not licensed, nor overseen by any financial governmental agency. Moreover, FINMA has recently issued a warning against both Trade Capital and Trade Capital Investments LLC.

Trade Capital Review Conclusion

Based on our research, we recommend staying away from Trade Capital and choosing a reliable broker licensed by a trustworthy regulator like Australia's ASIC, UK's FCA or Cyprus' CySEC. These authorities have set certain requirements for forex brokerages, such as client protection rules and compensation schemes. Check the list of ASIC-regulated brokers here and invest with such reliable firms as BDSwiss and FBS.

Trade Capital Updates

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.