Archives: Brokers

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.  

Is XtraderFX Scam or Legit Broker?

No, it is not safe to trade with XtraderFX.The company is owned and operated by GPay LTD, based in England. Also, all the card payments and billing services are processed by GPay LTD. The address and the contact phone number show that the company has an office in England, although the company is not regulated in the UK.

• The Financial Conduct Authority is responsible for the regulation of the brokers that offer their services in the country. There is no record of XtraderFX or GPay LTD in the FCA Register (Read about FCA Regulated Fortrade Broker). Usually, it is a sign to keep the funds away from the broker as trading with unregulated brokers is very risky. Moreover, the FCA issued a warning against XtraderFX in July 2018:

  “Xtraderfx (a trading style of Gpay Limited) 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.”

What is XtraderFX?

The company commercially conducts investment advice and proprietary trading. However, XTraderFx does not have the permission of BaFin or any other top-tier regulator. It is therefore illegal. The company GPay Ltd. also appeared under the name Cryptopoint.

• Also, the broker was recently banned by the German BaFin:

"The company calls German customers under German and British phone number and offers them cryptocurrencies, currencies, commodities, indices and equities. As a result, t"

Check the BaFin regulated Legacy FX's Review.

XtraderFX Review Conclusion

We advise all investors and traders to avoid XtraderFX 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 Pepperstone.

XtraderFX Update

Based on our research, the XtraderFX 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 RickGlobal Scam or Legit Broker?

No, it is not safe to trade with RickGlobal. RickGlobal is owned by RickGlobal which is an offshore company registered in Vanuatu and claims to be registered with a Vanuatu Financial Services Commission (VFSC) license.

• Vanuatu is the easiest jurisdiction to open a brokerage, as the opening requires the company to submit a register online, prove initial establish capital which is $2,000 only, pay a fee, and within a 2-3 months, the firm is crisp and registered. Therefore, it became an offshore zone for shady forex brokers such as RCM FX, OlympusMarkets, and more. 

What is RickGlobal?

According to the website, "RickGlobal is a licensed world-class stock exchange broker, which provides high-quality financial and investment services to customers around the world. All the services and financial operations of our company are regulated by the Financial Services Commission (VFSC)."

• As to the broker’s VFSC license, from our source, it costs €24,000 per year to become a member. However, and there is no handbook or guidelines for brokers to run their businesses. Therefore, there is zero protection for traders. We have a detailed article explaining the risk of trading with brokers from Vanuatu.
• The company doesn't provide any details about its location or contact phone number. We can judge from the map on the website that RickGlobal is located in the United Kingdom. However, there is no proof from the local regulator the FCA (Read about Fortrade minimum deposit, which is an FCA-regulated broker) that broker is allowed to provide financial services. 

RickGlobal Review Conclusion

We advise all investors and traders to avoid RickGlobal and other brokers from Vanuatu. It is not safe to trade with offshore and unregulated brokers, as usually they turn out to be investment scams. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as XM and FXTM (Read about FXTM trading conditions).

RickGlobal Update

Recently the RickGlobal 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 they receive trading proposals. 

Is Aduno Capital Scam or Legit Broker?

Aduno Capital is a non-regulated Broker. It is NOT SAFE to trade with this company. 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 Aduno Capital?

Aduno Capital is owned by ADUNO Capital Group Ltd. and claims to be located in Stuttgart, Germany. Aduno Capital is a European investment services company established in 2011 that offers global multi-asset financial services, including direct access to a wide range of financial markets in the US, European Union, and Asia-Pacific. Aduno Capital provides online trading access to over 50 markets worldwide.

• According to the website Aduno Capitals holds Cat. III Licence No. IS/52182 issued by the Malta Financial Services Authority (MFSA) as well as Licence No. 165/12 by the Cyprus Securities and Exchange Commission (CySEC). Aduno Capital is an SFC-licensed broker in Hong Kong (license No. BNN565). Aduno Capitals is also authorized to provide services in the United Kingdom by the Financial Conduct Authority (FCA) in terms of license No. 620980 (Also check Fortrade UK which is also an FCA Regulated Broker).
• However, the provided license numbers belong to other regulated brokers, that has nothing to do with Aduno Capital. This means the broker has been using the details of the regulated entities and has no legal rights to provide financial services. 
• Moreover, the Austrian regulator Financial Markets Authority has blacklisted Aduno Capital:

"ADUNO Capital Group Ltd is not entitled to carry out banking transactions in Austria that require a license. The provider is therefore not permitted to trade in instruments on its own account or on the account of others pursuant."

Aduno Capital Review Conclusion

We advise all investors and traders to avoid Aduno Capital 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 ForexTime and Alpari.

Aduno Capital Update

Recently Aduno Capital 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 they receive trading proposals. 

Is FXG Trade Scam or Legit Broker?

FXG 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 FXG 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 FXG Trade?

FXG Trade is a brand owned by Capital FXG LTD – a company licensed in the Marshall Islands. The Marshall Islands is a popular offshore destination for forex brokers, as it offers a variety of tax benefits (no income tax, no capital gains tax nor inheritance tax), the registration process is fast and low cost, and capital requirements are also very low, amounting to USD 2000. Also, the billing of the company is handled by Nordic Pearl Ltd., based in Bulgaria.

• Although the company is not licensed in the UK but is targeting UK residents. It is recommended to trade with brokers regulated by UK’s FCA or Australia’s ASIC (Read the ASIC Regulated MEXC's Review) instead. For example, the license from UK’s Financial Conduct Authority requires EUR 125,000 of capital for the STP license aside from client deposits. The regulator also protects customers when authorized financial services firms fail.

FXG Trade 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 HotForex and BlackBull Markets.

FXG Trade Update

We found the FXG Trade 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 OlympusMarkets Scam or Legit Broker?

No, it is not safe to trade with OlympusMarkets. OlympusMarkets is owned by Next Trade Ltd. which is an offshore company registered in Vanuatu. The broker is registered offshore and does not hold any proper license from a well-known reliable financial regulator.

• Vanuatu is the easiest jurisdiction to open a brokerage, as the opening requires the company to submit a register online, prove initial establish capital which is $2,000 only, to pay a fee, and within a 2-3 month, the firm is crisp and registered. Therefore, it became an offshore zone for shady forex brokers such as IC Finance, 70Trades, and more. We have a detailed article explaining the risk of trading with brokers from Vanuatu. 

What is OlympusMarkets?

According to the website, OlympusMarkets offers more than 200 assets, easy-to-use trading tools and indicators, fastest market execution and mobile versions for a trade-on-the-go experience. However, the company doesn't disclose any information about its regulation and it should be the main red flag for the traders. The broker provides contact phone numbers in Malaysia, Luxembourg, and Russia, although it is not regulated in these countries.

• Moreover, OlympusMarkets has been blacklisted by New Zealand's regulator Financial Markets Authority:

"Olympus Markets could be involved in a scam. Olympus Markets is not registered as a New Zealand Financial Service Provider or licensed to provide derivatives products to New Zealand retail investors."

• Also, there is a warning from the German regulator BaFin:

  "The company offers German clients on its trading platform Financial Contracts for Difference ( CFD ) based on commodities, indices, equities and currencies. As a result, the company commercially conducts proprietary trading. However, it does not have the permission of BaFin. It is therefore illegal."

  Check out our Review on BaFin Regulated Legacy FX Broker.

OlympusMarkets Review Conclusion

We advise all investors and traders to avoid OlympusMarkets 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 Alpari broker and FXTM broker. Also check InstaForex Review.

OlympusMarkets Update

Recently OlympusMarkets 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.