Archives: Brokers

Is GoTechFx Scam or Legit Broker?

No, it is not safe to trade with GoTechFx. GoTechFx is not a secure Forex broker since it does not hold a license from any worldwide serious Forex authority and is located in the Marshall Islands. 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.

• 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 TurboForex, Swissinv24, and more.

What is GoTechFx?

According to the website, GoTechFx is a forex broker, dedicated to providing its clients with tailor-made trading solutions, including Metatrader 4, regardless of prior knowledge or experience. The company provides a contact phone number with a British code, which should make traders think the broker has something to do with the UK and maybe regulations there. However, GoTechFx is not authorized in the UK or in any other country.

• In fact, the broker has recently been blacklisted by Austrian Financial Market Authority:

  "Go T limited (GoTechFx) is not entitled to carry out banking transactions in Austria that require a licence. The provider is therefore neither permitted to trade on a commercial basis on its own account or on behalf of others."

GoTechFx Review Conclusion

We advise all investors and traders to avoid GoTechFx and other brokers from the Marshall Islands. It is not safe to sign with unregulated or offshore brokers, as often such brokers turn out to be scams. 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.

GoTechFx Update

Our research revealed that the GoTechFx 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 Swiss Investment Fx Scam or Legit Broker?

No, it is not safe to trade with Swiss Investment Fx. Swiss Investment Fx is owned by Swiss Investment Corporation 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 Globalix, GoTechFx, and more.

What is Swiss Investment Fx?

Swiss Investment Fx offers Forex, crypto, and CFDs trading. The broker doesn't provide any contact details and gives the option of contacting only via emails. We also couldn't find any information about broker's regulation. On the contrary, we have found several warnings from different regulators. 

• The UK's Financial Conduct Authority has issued a warning, where stated that Swiss Investment FX is a clone of FCA authorised firm Swiss Investment Corporation Limited:

"This FCA authorised firm that fraudsters are claiming to work for has no association with the ‘clone firm’. It is authorised to offer, promote or sell services or products in the UK".

• Also, there is a warning from Austrian Financial Markets Authority:

"Swiss Investment Corporation Ltd/ Swiss Investment Fx is not entitled to carry out banking transactions in Austria that require a licence. The provider is therefore neither permitted to conduct deposit-taking business".

Swiss Investment Fx Review Conclusion

We advise all investors and traders to avoid Swiss Investment Fx 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 HYCM and XM.com.

Swiss Investment Fx Update

Recently Swiss Investment Fx 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 Suisse Trade Center Scam or Legit Broker?

It is not safe to trade with Suisse Trade Center, 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 Suisse Trade Center?

Suisse Trade Center is a Forex broker owned and operated by Suisse Trade Center Ltd, with offices in Belize and Cyprus (Check our review on Cyprus-headquartered TriumphFX). The website supports only the German language, and most probably the firm is targeting Swiss customers, as the contact phone number is from Switzerland.

• Moreover, Suisse Trade Center was blacklisted by the Swiss Financial Market Supervisory Authority (FINMA). All the facts say that the company is either registered offshore or doesn't have any kind of registration/regulation.

Suisse Trade Center Conclusion

W found too many safety and regulation issues in regard to Suisse Trade Center services and the manner they do operate the online trading itself. We recommend that investors and traders avoid offshore companies and invest with brokers regulated by reliable authorities such as UK’s FCA, and Australia’s ASIC, such as HotForex, and BlackBull Markets.

Suisse Trade Center Update

We found that the Suisse Trade Center website is 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 Pari Fx Trade Scam or Legit Broker?

No, it is not safe to trade with Pari Fx Trade. Pari Fx Trade is owned by EXPERT Markets which is an offshore company registered in Seychelles. 

• Seychelles 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 Hugo’s Way, Worldwide CapitalFX, and more.

What is Pari Fx Trade?

According to the website, Pari Fx Trade is one of Europe’s leading financial institutions specializing in Forex/CFD trading. However, it turned out Pari Fx Trade is just a clone of the regulated financial institution. 

• The broker claims to be licensed by the U.S. National Futures Association NFA, the Financial Services Commission, and the Cyprus Securities and Exchange Commission (CySEC). The only license that we found belongs to a CySEC-regulated broker BDSwiss, which is not associated with Pari Fx Trade in any way. Other licenses do not even exist.
• A lot of companies, such as Pari Fx Trade, purposely use the details of well-regulated entities to mislead potential clients. Such companies are called "clone firms" and should be avoided at all costs.
• Moreover, the Cyprus regulator CySEC has issued a warning against Pari Fx Trade:

"The Cyprus Securities and Exchange Commission (‘CySEC’) wishes to inform investors that the following website does not belong to an entity which has been granted authorization for the provision of investment services and/or the performance of investment activities."

Pari Fx Trade Review Conclusion

We advise all investors and traders to avoid Pari Fx Trade and other brokers from Seychelles.  Usually, unregulated or offshore brokers run investment scams. Thus, we recommend traders not to trust attractive offerings and promises and instead find a reliable broker with tight regulations. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as eToro and BlackBull markets.

Pari Fx Trade Update

Recently Pari Fx Trade 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 FXPremax Scam or Legit Broker?

FXPremax is not a safe broker. According to our research, FXPremax has been suspected of fraudulent actions. The company does not hold any financial licenses but claims the opposite. Therefore the company seems to be highly suspicious and might operate its services from an absolutely different location.

What is FXPremax?

FXPremax is a Forex and CFD broker that claims to be located in London, UK but doesn't have a license from the UK’s Financial Conduct Authority, so it is not allowed to offer financial services to UK residents.

• The website provides the address (Suite 1 4 Queen Street, Edinburgh, UK‎) and British phone number. Still, most probably the firm is not even located in the country, as the company that owns FXPremax, Premax Capital Ltd., is based in Indonesia, Jakarta.
• We don't recommend dealing with unregulated brokers, especially if they provide false information on their websites. Some of such entities run investment scams, and clients of such brokers don’t have any protection.
• Unlike FCA-licensed brokers, unregulated ones are not obliged to keep their clients’ money in segregated accounts. The license from UK’s Financial Conduct Authority requires EUR 125,000 of capital (aside from client deposits) for the STP license. You can check the list of FCA-regulated brokers here.

Overall FXPremax Forex Ranking 

As we revealed safety and regulation issues during our FXPremax research, we do not rank positively FXPremax, based on our Expert Opinion with over 10 Years of experience in Forex Trading.

• FXPremax Overall Ranking is 3 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.

FXPremax Alternative Brokers

Our research of FXPremax showed multiple issues in respect of regulations, so here are much better Alternatives to FXPremax with good regulations and excellent conditions. We select Good Brokers and reliable options for your comparison below: 

• AvaTrade – Good Instruments and CopyTrading
• Pepperstone – Low Spreads and Competitive Trading Conditions
• XM – Wide Range of Trading Opportunities

Deposits and Withdrawals

Deposit funds into the FXPremax trading account is a quick and easy process. There is a wide range of payment methods including Credit Cards, Debit Cards, Bank Wire transfers, and e-wallets such as Skrill, Neteller, fasapay, etc. Generally, deposits take from 12 to 24 hours to be completed, depending on the location of the trader. In the case of online payment methods, the deposits are instant.

• Withdrawals, on the other hand, take longer in the case of bank wires (about 3-5 business days). 

FXPremax Review Conclusion

We strongly advise opening a trading account only with brokers that are regulated by respected world authorities and 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 AvaTrade and XM.com.

• Overall ranking and experience for FXPremax Forex is Negative

Is SwissCCI Scam or Legit Broker?

SwissCCI has been suspected as a scam broker. This broker is blacklisted by a well-known regulatory authority and should be avoided. StoxMarket is owned by Thinking Ahead 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 low setup costs, it does not regulate forex trading. Therefore, it became an offshore zone for shady forex brokers such as MegaTradeFX, Finbitex, and more.

What is SwissCCI?

SwissCCI is owned and operated by Thinking Ahead LTD, based in the Marshall Islands. The Marshall Islands is an offshore destination where usually brokerage services are not regulated.

• SwissCCI is not associated with any financial regulatory agency. The broker provides British phone number on the website, although the firm is definitely not registered in UK with the FCA. The main issue with this broker is the lack of regulation.
• The license from UK’s Financial Conduct Authority requires EUR 125,000 of capital (aside from client deposits) for the STP license. Also all clients of FCA-regulated brokers are protected by the Financial Services Compensation Scheme. Each client can file a claim for the size of their account, up to GBP 50,000.

SwissCCI Review Conclusion

In conclusion, there are many questions in regard to the trust of SwissCCI services and the manner they do operate the online trading itself. We strongly advise opening a trading account only with brokers that are regulated by respected world authorities and 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 HotForex, and BlackBull Markets.

SwissCCI Update

We found that the SwissCCI website is 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 Axe Invest Scam or Legit broker?

No, it is not safe to trade with Axe Invest. Axe Invest is owned by Madar Partners Ltd. which is an offshore company registered in the Marshall Islands.

• The Marshall Islands is notorious for its practically absent requirements and regulations. The setup cost is low and it does not regulate forex trading. Therefore, it became an offshore zone for shady forex brokers such as TopTradePro, Finbitex, and more.

What is Axe Invest?

Axe Invest is an offshore Forex and Cryptocurrency broker with the widest suite of products to offer the best pricing, execution and liquidity.

According to the website, the broker supposedly has offices in the UK and Switzerland as it provides contact phone numbers with the British and Swiss country codes. However, there is no information about Axe Invest being regulated and authorized in those countries. 

• Moreover, the broker has been banned in Switzerland and Italy. Swiss regulator FINMA has added Axe Invest to its warning list.
• Also, Italian CONSOB has recently warned against the broker: 

"CONSOB has ordered the black-out of 25 websites (including Axe Invest) that offer financial services illegally. The commission availed itself of the new powers resulting from the ‘Decreto Crescita’, on the basis of which CONSOB can order internet access providers to block access from Italy to websites offering financial services without the proper authorization."

Axe Invest Review Conclusion

We strongly advise all investors and traders to avoid Axe Invest and other brokers from the Marshall Islands. Traders should trade with well-regulated brokers (Forex Broker Reviews) such as UK brokers or brokers in Australia and reliable brokers such as BDSwiss and TMGM.

Axe Invest Update

Our findings showed that Axe Invest 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.