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Is ECN Capital Scam or Legit Broker?

ECN Capital 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 ECN Capital?

ECN Capital is a company incorporated in Moslok Ltd registered in Larnaca, Cyprus. The broker claims it offers services to trade on a range of currency pairs, stocks, and commodities through a technological execution.

• However, being based in Cyprus the company should be registered with the CySEC in order to deliver its financial service offering to the public.  Yet, the ECN Capital does not hold any license and targets their clients in those jurisdictions that are mainly popular by the fraud companies to concentrate in.

• In addition to numerous negative user reviews that internet sources are full of, the company also was detected in its relation to Trade-24 broker. In the official agreement, there is a mentioning of the account name with the Trade-24, while the broker is also listed as a Broker to Avoid due to their fraud operations.

• Moreover, the international authorities issued alerts to investors against trading with ECN Capital for offering services without regulatory authorization. This includes warnings from the FMA New Zealand, Estonian FSA, French AMF and Belize IFSC.

  “Finantsinspektsioon (the Estonian Financial Supervision Authority) would like to inform investors that according to Finantsinspektsioon´s knowledge Moslok Ltd, ECN Capital has turned to Estonian population and offered them investment services. Moslok Ltd does not hold an activity license for the provision of investment services in Estonia and therefore is not authorized to provide investment services in Estonia.”

  Estonia FSA, 2017

ECN Capital Review Conclusion

We strongly advise opening a trading account only with the brokers that are regulated by the 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 FP Markets and TMGM.

ECN Capital Update 

Based on our findings, the ECN 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 PBN Capital Scam or Legit Broker?

It is not safe to trade with a Forex broker PBN Capital. There is a serious lack of regulation since the company is located in jurisdictions that do not imply the strictest policies for financial service firms. Yet, being operated from Bulgaria the broker should be registered with the local authority, and it is not the case for PBN Capital.

What is PBN Capital?

PBN Capital is a trading name used by the company registered in the Marshall Islands – Capital Tech Ltd and operated by Pbox Ltd located in Sofia, Bulgaria. PBN Capital claims its offering of secured currency exchange systems on Forex and CFDs trading with a wide range of instruments, low fixed spread (Find the Best Forex Broker Low Spreads for you), and no hidden commissions.

• Therefore, it is clear that the company is not overseen by any authority and operates with no license. Of course, it is not a guild, but the registration provides an advanced level of funds safety, while in case of an unlikely event, the client will be covered.

• Moreover, offshore companies are highly vulnerable and, unfortunately, often are fraud entities that’s why it is always recommended to trade and invest only with Regulated brokers from such authorities as FCA (UK) or ASIC (Australia). The authority requires the strictest compliance to the rules and obligations towards clients and the operation provided.

• In addition to that, the company's reputation is also under question since the traders' reviews are far beyond the positive ones. The broker showed its aggressive tactics to attract clients from various jurisdictions including Europe, the Russian region, Asia, and others, while clients reported numerous issues in operation and obvious scams. Also, the industry authority CONSOB, Italy issued a warning to international traders against PBN Capital and advising to avoid trading with the entity.

  “Latest warning against Capital Tech Ltd has ordered the following company to cease the infringement of art. 18”

  CONSOB, June 2018

PBN Capital Review Conclusion

We advise all investors and traders to avoid PBN 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 FP Markets and TMGM.

PBN Capital Update

Our research showed that the PBN Capital 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 Esplanade Market Solutions Scam or Legit Broker?

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

• The fact is that St. Vincent and the Grenadines is an offshore zone, which does register the financial investment firm, but provides very poor if none requirements for the company operation.

What is Esplanade Market Solutions?

Esplanade Market Solutions is a leading brokerage company that provides the broadest range of services and makes every effort to create a comfortable environment for online trading. The Esplanade states its address and registrar of International Business Companies, registered by the Financial Services Authority of Saint Vincent and the Grenadines. The brokers offer consistent access to trade financial instruments and derivatives on a range of assets, through constant support and lawless settlement.

• That means, the broker is not regulated, not overseen, and does not comply with strict international rules that provide protective measures to the traders. Therefore, it became an offshore zone for shady forex brokers such as CVC Markets, AAG Markets, and more. Read more about St. Vincent and the Grenadines regulation by the link.
• In addition, the Esplanade MS received a legal warning from a Bulgarian authority FSC while the broker was detected for its active offering toward residents without legal permission to do so. The pages and official sources of the international regulators’ list alert are shared with the authority directly or by other countries’ supervisory bodies or transmitted centrally. Those tools and the general purpose of the regulatory bodies operate in order to enable stability of the market offerings, protect clients from potential and numerous frauds, enable reliability rules to financial service entities, and more. As Esplanade got no license to operate within the EU and other regulated jurisdictions, the broker was blacklisted and alerted by the EU authority.

Overall Esplanade Market Solutions Ranking 

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

• Esplanade Market Solutions 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.

Esplanade Market Solutions Alternative Brokers

We revealed that Esplanade has a lot of issues when it comes to its safety and customer care. Thus, here are much better Alternatives to Esplanade 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 Esplanade, making deposits and withdrawals is simple and quick. The broker offers multiple funding options, including Bank wire transfers, Visa and Mastercard payment cards, bitcoin, etc. 

• Esplanade allows not more than 5 transactions per day
• There might be payment system restrictions if the e-wallet is not authorized.

Esplanade Market Solutions Review Conclusion

We constantly advise avoiding offshore and unregulated brokers at any cost. Funds safety always goes first, therefore protect yourself and do not engage in the highest risk trading with a non-regulated entity and better consider reputable firms from serious jurisdictions. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as AvaTrade and XM.com.

• Overall ranking and experience for Esplanade is Negative

Esplanade Update

We discovered that the Esplanade website is unavailable. It is unclear whether the broker changed its name, or is gone altogether. Since money safety goes first, we recommend avoiding any proposals from Esplanade and staying alert in case of any proposals. 

Is eMarketsTrade Scam or Legit Broker?

It is not safe to trade with eMarketsTrade, 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 eMarketsTrade?

eMarketsTrade is a Forex, CFDs, and cryptocurrency broker. The company is owned and operated by Kalessica which claims to be located in Cyprus. According to the information on the website, the company is not just based in Cyprus, but it is also regulated there by the Cyprus Securities and Exchange Commission (CySEC) under registration number 380321. However, there is no such entity registered with the regulator.

• The broker provides different contact numbers with phone codes in the UK, Italy, and Germany. It usually means that the company is targeting residents of those countries, but eMarketsTrade is not authorized to provide financial services in any of the mentioned or other countries.

• Moreover, the UK's regulator Financial Conduct Authority has recently issued a warning against eMarketsTrade and Kalessica:
  "This firm (Kalessica t/a emarketstrade.com) 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."

• The pages and official sources of the international regulators’ list alert are shared with the authority directly or by other countries’ supervisory bodies or transmitted centrally. Those tools and the general purpose of the regulatory bodies operate in order to enable stability of the market offerings, protect clients from potential and numerous frauds, enable reliability rules to financial service entities, and more. As eMarketsTrade got no license to operate within the EU and other regulated jurisdictions, the broker was blacklisted and alerted by the EU authority.

eMarketsTrade Review Conclusion

It is clear that traders should stay away from unregulated entities such as eMarketsTrade, especially when they use fake registration information to get clients' trust. We strongly advise you to deal only with financial firms that are authorized by reliable regulators like FCA in the UK or CySEC in Cyprus. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as AvaTrade and XM.

eMarketsTrade Update

Based on our research, the eMarketsTrade 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 MaxiTrade Scam or Legit Broker?

No, it is not safe to trade with MaxiTrade. MaxiTrade is owned by Strategy One 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 it does not regulate forex trading. Therefore, it became an offshore zone for shady forex brokers such as GoldFxTrading, AZ Trades, and more. You can read our detailed article about the risk of trading with brokers from St. Vincent and the Grenadines.

What is MaxiTrade?

According to the website, MaxiTrade was funded in 2008, and Strategy One Ltd has earned the trust of the 2 largest expert organizations in the financial field: the Association of Russian Banks, and the Association of Regional Banks of Russia. Although this kind of information doesn’t mean the broker is regulated in Russia (which is actually the case with the broker). 

• There is one more company behind the brand's name, Spritecoms Ltd., incorporated in Dublin, Republic of Ireland. However, there is no connection between the mentioned companies (Strategy One Ltd and Spritecoms Ltd). Besides, neither of them is regulated in Ireland or any other country.
• Moreover, the Bank of Lithuania has warned against Strategy One Ltd., which means it is better not to deal with any broker, operated by this company:

Overall MaxiTrade Ranking 

During our research we found regulation and safety issues with MaxiTrade, thus we do not rank positively MaxiTrade, based on our Expert Opinion with over 10 Years of experience in Forex Trading.

• MaxiTrade 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.

MaxiTrade Alternative Brokers

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

• Pepperstone – Broker with Good Regulation
• IC Markets – Excellent cTrader Broker
• InstaForex – Good for EAs Trading

Deposit & Withdrawal

With MaxiTrade 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. 

• The company might block an entrance to the private profile, suspend the trade activity on accounts, cancel the demand for input-output, or return money if the source of money or activity of the Client contradicts the Policy of money laundering and financing of terrorism.
• The company might prevent and block both deposits, and withdrawals by third parties of money from the customer account. 

MaxiTrade Review Conclusion

We advise all investors and traders to avoid MaxiTrade 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 AvaTrade and BlackBull Markets.

• Overall ranking and experience for MaxiTrade is Negative

Is Finbitex Scam or Legit Broker?

Finbitex 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.

• 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.

What is Finbitex?

Finbitex is a forex, CFDs and cryptocurrency broker. The company is owned and operated by Tempolex LTD., based in the Marshall Islands. Yet, it is not advisable to trade with an offshore broker, as its offerings are not protected legally.

• In addition, the terms and conditions on the website state that Finbitex is under the jurisdiction of Bulgaria, although the broker is not regulated by the local Financial Supervision Commission (FSC). Considering all the mentioned above, we would not recommend choosing Finbitex as a broker.
• In order to control fraudulent activities, most countries have dedicated agencies to monitor the financial services sector. For example, there is a Financial Conduct Authority in the United Kingdom, Cyprus Securities and Exchange Commission, and the Australian Securities and Investments Commission. All of the brokers registered with them are obliged to follow a lot of rules and meet certain requirements. The brokers would have to be able to provide segregated accounts for the investors. Some of the regulators offer brokers to participate in Compensation Schemes that guarantee the client will be able to withdraw his investments even if the broker goes bankrupt. 

Finbitex Review Conclusion

We strongly advise all investors and traders to avoid Finbitex 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.

Finbitex Update

Based on our research, the Finbitex 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 Investex Scam or Legit Broker?

Investex 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 Investex. We never advise trading with an offshore broker, since the financial investment service they deliver is not trustable.

What is Investex?

Investex is an offshore Forex and CFD broker. The firm is an authorized brand of Investex Bank Limited. Investex Bank Limited is authorized and regulated by St.Vincent and the Grenadines Financial Services Authority.

• The support contact number on the website is Chinese, although the company is based in Saint Vincent and the Grenadines, which means they were targeting traders in China without being authorized in the country. Moreover, Hong Kong SFC has issued a warning against Investex.
• We recommend avoiding offshore brokers and investing with companies licensed in UK or Australia, where regulation is strict and there are certain client protection rules.

In order to get a license from the Australian Securities and Investments Commission (ASIC), the broker needs to have 1 million AUD capital and a physical office in Australia. Here you can check the list of ASIC-regulated brokers.

Investex Review Conclusion

We strongly advise staying away from Investex and 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 Pepperstone and TMGM.

Investex Update

Our research revealed that Investex 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 ZeegosFX Scam or Legit Broker?

ZeegosFX broker 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 ZeegosFX?

ZeegosFX is a Forex and cryptocurrency broker. The company is owned and operated by ZeegosFX Ltd. It claims to be located in California, USA, and licensed by the International Financial Services Commission (IFSC) in Belize. However, in order to provide financial services in the United States, brokers have no carry license from the local regulator National Futures Association. We didn't find any proof of the ZeegosFX authorization in the USA. 

• Belize is a gorgeous tourist destination, while also a tax haven with a zero tax structure that established its own regulation for financial investment and Forex firms licensing due to high demand and necessity of regulation.
• Ever since Belize became a known offshore zone and Forex hub, the destination attracted thousands of brokerages seeking an opportunity to be a legitimate firm, yet to skip complicated and costly established procedures. We have a detailed article explaining the risk of trading with brokers from Belize.
• We recommend traders to exclude such risks in trading and choose the brokers regulated by prestigious regulatory agencies, such as the FCA and CySec. These regulators have certain requirements and strict rules the firms have to comply with. One of the rules is the segregation of accounts, as it lowers the risk of possible money loss. Another rule is the participation in compensation schemes which guarantee that the client’s losses will be covered in case the broker goes bankrupt or tries to scam traders.

ZeegosFX Review Conclusion

We keep reminding traders that dealing with offshore or unregulated brokers is quite risky as clients do not have protection for their funds and sometimes such entities turned out to be scams. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as FP Markets and XM. 

ZeegosFX Update

Based on our research, the ZeegosFX 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.