Archives: Brokers

Is Forex Grand Scam or a Legit Broker?

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

• Forex Grand is a forex broker that offers the trading environment through the MT4 platform and proposes access to over 40 currency pairs, indices, futures, indices, shares, metals, and more. The company maintained a very well-designed proposal through a good-looking website and detailed offering.

What is Forex Grand?

Apart from the issue that the broker is based and holds a license of only offshore authority in the Marshall Islands, which we always advise avoiding due to lack of regulation and very low requirements.

• In fact, the Marshall Islands is an offshore zone attracting various firms that for one reason or another escape from serious regulation or compliance to international service providing. However, in the case of financial investment or trading firms, the company should be a very respected entity, as the statistics show that the majority of non-authorized firms never recovered the sums of investors’ investments. Therefore, we always advise avoiding offshore or companies with no license as there are too many frauds around.
• The Forex Grand traders complain constantly about a broker’s non-trustful operation. The complaints are about the refusal of withdrawals with no ability either to take any profits or deposits. Actually, this is a typical fraud act to attract clients, get their money, and then find excuses, this is the reason you should always trade only with regulated companies as they are constantly overseen by the regulator in terms of their operation. And of course, the regulated firms are checked on their adequacy before they are able to offer trading in the market.

• The Forex Grand was warned by various authorities that identified an illegal, non-approved offering from the company towards the residents since the particular investment proposal requires authorization. The Bulgarian FSC issued Forex Grand in its alert list in June 2018, while earlier UK’s FCA warned investors by its official blacklist of the company.

  “Almost all firms and individuals offering, promoting or selling financial services or products in the UK have to be authorized by FCA. We strongly advise you to only deal with financial firms that are authorized by us, and check the Financial Services Register to ensure they are.”

  FCA, UK. May 2018.

Forex Grand Review Conclusion

We strongly advise all investors and traders to avoid Forex Grand 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 FP Markets and eToro.

Forex Grand Update

Recently Forex Grand 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 their receive trading proposals. 

Is AnyTrades Scam or Legit broker?

AnyTrades 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. AnyTrades is authorized, licensed, and regulated by the VFSC (Registration N: 14691), which means AnyTrades is an offshore company registered in Vanuatu and registered with a Vanuatu Financial Services Commission license.

• 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 FX NextGen, Titan FX, and more. 

What is AnyTrades?

AnyTrades was established in 2016 and claims to be one of the best CFD providers in the world with an innovative award-winning trading platform. This Forex brokerage company provides a wide range of trading options, platforms, and strategies for investors in today’s exciting and rapidly expanding Foreign Exchange Market. AnyTrades offers Contracts for Difference (CFDs) on 5 different asset classes: Forex, Shares, Indices, Futures, and Commodities. The broker also claims to provide a variety of trading tools to the trader's advantage, offer the latest trading platforms to ensure your strategy implementation, and provide 24/5 multilingual support tailored to your needs. Despite all these claims, the main question is always the broker’s authorization.

• Also, the broker claims to have offices in Denmark, Liechtenstein, Gibraltar, and Malta. However, the firm is not regulated in these countries and is not allowed to offer financial services. All the reputable brokers in Europe have licenses from such popular authorities as the German Federal Financial Supervisory Authority, Swiss Financial Market Supervisory Authority, or Cyprus Securities and Exchange Commission.

• Last, but not least, the awards mentioned on the website are fake as there are no such nominations and this broker was never nominated for any Forex award.

Deposits and Withdrawals

The required minimum deposit is exceedingly high at $500. Deposit or withdraw can be made via the standard Visa and MasterCard, Wire Transfer, or e-wallet Skrill. 

• As to the withdrawals, the broker does not mention any withdrawal fees, but since it is unregulated we can’t be sure the information provided on the website is true. They also state each account gets a bonus promotion and a trader has to achieve a certain trading volume in order to be eligible for withdrawal. This really looks like another scam. Licensed brokers do not usually offer such promotions or if they do, they are very transparent about it on their website/ trading conditions. 

Apps

AnyTrades mobile app is available to its traders. Mobile trading allows traders to manage their accounts from portable devices like smartphones, pockets, and tablet PCs. In MetaTrader 4, mobile trading offers a great variety of analytical options and a graphical display of quotes in addition to complete trade account management. Using mobile terminals in daily activities offers a convenient way to keep up with accounts when traders don’t have access to a desktop computer. AnyTrades mobile app is compatible with all Android and iOS devices. 

Demo Account

AnyTrades demo accounts. It allows you to experience some risk-free trading to get you prepared for the real thing. No matter your trading level, Spectre.ai demo accounts are the perfect place to practice your skills and become a better trader without spending any of your own money.

AnyTrades 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 Alpari and FXTM.

AnyTrades Update

Based on our findings, the AnyTrades website is no longer active. This means the broker has muted its trading offerings and does not operate, however, we recommend avoiding and staying alert in case of any proposals. 

Is Dax300 Scam or Legit Broker?

It is not safe to trade with Dax300, 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 and might operate its services from an absolutely different location.

What is Dax300?

Dax300 is an offshore Forex and CFDs broker. The company is owned and operated by Brown Fox Limited, based in Marshall Island.

• In fact, Marshall Islands is an offshore zone attracting various firms that for the reason or another escape from the serious regulation or compliance to international service providing. However, in the case of financial investment or trading firms, the company should be a very respected entity, as the statistics show that the majority of non-authorized firms never recovered the sums of investors’ investments. Therefore, we always advise avoiding offshore or companies with no license as there are too many frauds around.
• Dax300 doesn't provide any information about its regulation as well as its location or contact numbers. The lack of this kind of information is a red flag for the investors. The website supports English, German, Spanish, Italian, Indonesian, Polish and Arabic languages. Usually, it means the company has chosen these countries as its target. However, Dax300 is not authorized in any of the mentioned countries.
• Moreover, Spain's regulator CNMV has issued a warning against Dax300 and Brown Fox Limited:
  "BROWN FOX LTD www.dax300.com is not authorised 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 the Article 141 of the said Law in relation to the financial instruments, including, for those purposes, foreign currency transactions."

Dax300 Review Conclusion

We strongly advise all investors and traders to avoid Dax300 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 FP Markets and eToro.

Dax300 Update

Recently Dax300 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 their receive trading proposals. 

Is MegaTradeFX Scam or Legit Broker?

No, it is not safe to trade with MegaTradeFX. MegaTradeFX is owned by Macro Projects Ltd. 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 being low and it does not regulate forex trading. Therefore, it became an offshore zone for shady forex brokers such as CapitalXP, TraderUR, and more.

What is MegaTradeFx?

According to the website, MegaTrade Fx is a leading provider of online foreign exchange trading, CFD trading, and other financial services. However, we have a few valid concerns about it. The broker mentions two addresses on the website, they are both offshore (as the second one is on the Marshall Islands). They also mention contact numbers with British phone codes, however, the broker is not regulated in the UK.

• Moreover, the UK's Financial Conduct Authority has recently issued a warning against the broker:

  "MegatradeFX (a trading style of Guide Universal LP) 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 company has been banned by Spain's CNMV:

  "MACRO PROJECTS 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; or to perform the activities reserved for collective investment institutions, on Collective Investment Institutions."

MegaTradeFX Review Conclusion

We advise all investors and traders to avoid MegaTradeFX 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.

MegaTradeFX Update

Recently MegaTradeFX 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 their receive trading proposals. 

Is CFDpremium Scam or Legit Broker?

No, it is not safe to trade with CFDpremium. CFDpremium is owned by Silver Wolf 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 Dax300, Finbitex, and more.

What is CFDpremium?

CFDpremium is an online Forex broker, focusing on Commodity, Index, and Forex trading. The company doesn’t provide any regulation info, only that it’s “safe and regulated”, without any reference to a specific regulatory entity. The company claims to be located in the UK, however, the contact number provided on the website is German. Obviously, the broker is not regulated by the UK's FCA or German BaFin. 

• Moreover, the company has been blacklisted by Spain’s regulator CNMV:

“cfdpremium.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 of the said Law in relation to the financial instruments, including, for those purposes, foreign currency transactions. “

• Also, Italy's regulator CONSOB has issued a warning against CFDpremium:

“The National Commission for Companies and the Stock Exchange has ordered the following company (CFDpremium) 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 companies (FXtrade777, TradeBNP, MarketGBP) affiliated with Silver Wolf Limited that have been warned against by several regulators, which doesn’t look trustworthy at all.

CFDpremium Review Conclusion

We strongly advise all investors and traders to avoid CFDpremium and other brokers from the Marshall Islands. It is not a secret that many offshore brokers are scams and signing in with them might put all your funds at risk. Instead, traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as City Index and BlackBull Markets.

CFDpremium Update

Recently CFDpremium 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 of receiving trading proposals. 

Is FXNobels Scam or Legit Broker?

No, it is not safe to trade with FXNobels. The broker doesn’t provide any information about the company behind the brand’s name as well as any regulatory information. It claims to be located in Malta. FXNobels 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 FXNobels?

FXNobels is a Forex Brokerage that allows customers to trade Forex, Stocks, and Cryptocurrencies online. The broker doesn't disclose any information about the company behind the brand name. It claims to be located in Malta, but the confusing thing is that the contact phone number that the customers can call is British, but they also can text the Maltese number. Despite the Maltese location and British contact number, the FXNobels is not regulated in Malta or the UK.

• Moreover, the Maltese regulator Financial Services Authority has recently issued a warning against FXNobels:

"The Malta Financial Services Authority (“MFSA”) has become aware of an entity operating under the name of FXNobels which is known to have an internet presence at https://www.fxnobels.io/. Although this entity purports to operate from an address in Malta, the MFSA confirms that this is not the case. From information available to the MFSA, FXNobels claims to be a forex brokerage that allows customers to trade in Forex, CFDs, Stocks and Cryptocurrencies online."

FXNobels Review Conclusion

We advise all investors and traders to avoid FXNobels 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 BDSwiss.

FXNobels Update

Our research revealed that the FXNobels 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.