Archives: Brokers

Is EvisionFX Scam or Legit Broker?

It is not safe to trade with a Forex broker EvisionFX. EvisionFX is owned and operated by EvisionFX Group and claims to have offices in Canada, New Zealand, and the United Kingdom. We have checked the company and 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 EvisionFX?

According to the website, EvisionFX is a Leader in the trading market and it provides trading services with a range of assets, including commodities, stocks, currencies, and indices.

• EvisionFX Group claims to be a holding company for several branches: Capital.V Ltd, authorized and regulated by Claims Management Regulator of the UK, A.C.F Ltd., which is authorized and regulated by the Investment Industry Regulatory Organization of Canada, and Morgan.S.F.S Ltd., which authorized and regulated by the Financial Markets Authority OF New Zealand.
• However, the mentioned authorities are not responsible for the forex broker licenses and are not considered regulatory entities. It seems that all the regulatory information provided by EvisionFX is fake and has nothing to do with the real regulators.
• In addition, the broker mentions some other offices that are based in Germany, the Netherlands, and Australia, but there is no information about EvisionFX being regulated by local authorities. 

EvisionFX Review Conclusion

We advise all investors and traders to avoid EvisionFX 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 AvaTrade. 

EvisionFX Update

Recently EvisionFX 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 Kronosinvest Scam or Legit Broker?

It is not safe to trade with a Forex broker Kronosinvest. It claims to be owned and operated by KRONOSINVEST Ltd, however, it doesn't provide any information about its regulation or location, no contact phone numbers as well. The lack of these details should be considered the main red flag, as all the regulated and reliable brokers keep this information transparent. 

What is Kronosinvest?

Kronosinvest is an international company that has been providing a range of services, in Forex and CFDs in commodities, indices, and stocks since 2010. 

• According to the terms and conditions on the website, the broker is overseen by the Estonian jurisdiction. Although we haven't found any information about Kronosinvest in the Estonian regulator's Financial Supervision Authority (FSA) register.
• Moreover, Kronosinvest has been blacklisted by Italian regulator CONSOB:

"CONSOB has availed itself of the new powers resulting from the "growth decree", ordering internet providers to inhibit access from Italy to 5 new websites (including Kronosinvest) offering financial services without the proper authorization."

Kronosinvest Review Conclusion

We advise all investors and traders to avoid Kronosinvest 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 Alpari.

Kronosinvest  Update

Recently the Kronosinvest website seems to be inactive, 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 MidasGlobe Scam or Legit Broker?

MidasGlobe 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 MidasGlobe. 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 MidasGlobe?

MidasGlobe offers hundreds of available assets to trade Forex, Energies, Metals, Futures with expanding the possibility of instant access and complete account management. The broker is a trademark of Valley Marketing Ltd that shows its address in Bulgaria and claims to be fully compliant with EU Regulation (EU) 2016/679 (GDPR). 

• Generally investing or trading with an unregulated firm is a very high risk, as the company is simply not overseen by any serious body and not authorized to deliver its service within various jurisdictions. For that reason, we always advise to avoid such an “investment” and choose among the reputable firms with necessary licensing according to their registration.
• In addition, the MidasGlobe terms and conditions revel some absolutely unfair conditions in regards to trading, withdrawals or even the pricing. Means the broker didn’t even bother to pretend to be a trustable company.
• Besides, traders submitted numerous negative reviews of facing issues when withdrawing funds or were claimed to deductions or closing of an account.
• Considering all the above said, it is a definite conclusion to avoid MidasGlobe offering in any possible way while even the reputable regulatory authorities placed warnings against the company as well.

“Make public, even by way of a precaution, the circumstance that the party is not authorized to carry out the activity indicated. To order the cessation of the infringement of articles of Legislative Decree also performed via the midasglobe website, consisting in the provision of investment services and activities to the Italian public.”

CONSOB, April 2018

MidasGlobe Review Conclusion

We strongly advise opening a trading account only with the brokers that are 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 BlackBull Markets and BDSwiss.

MidasGlobe Update

Based on our findings, the MidasGlobe 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 LionsFM Scam or Legit Broker?

No, it is not safe to trade with LionsFM, as it is an offshore company. LionsFM is owned and operated by EQUAL TARGET LTD. company with number 101932, incorporated in the Republic Of The Marshall Islands.

• 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 LionsFM?

LionsFM claims to have more than 10 years of experience in trading, with low-risk assets and expedient advice. They offer access to the global forex trading market, with intuitive platform options, including the award-winning Trading Station.

• Moreover, the broker has been blacklisted by the Austrian regulator FMA: 

“LionsFM is not entitled to carry out banking transactions in Austria that require a license. The provider is therefore not permitted to trade on a commercial basis.”

• 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 LionsFM got no license to operate within the EU and other regulated jurisdictions, the broker was blacklisted and alerted by the EU authority.

LionsFM Review Conclusion

We strongly advise all investors and traders to avoid LionsFM and other brokers from the Marshall Islands. The lack of information (or false 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. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as FP Markets and eToro.

LionsFM Update

Recently the LionsFM website remains inactive, meaning the broker has muted 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 VFX Capital Scam or Legit Broker?

No, it is not safe to trade with VFX Capital Forex broker as it is an offshore company. VFX Capital is owned by T.W CAPITAL LTD., registered offshore, in the Marshall Islands. 

• The Marshall Islands is notorious for its practically absent requirements and regulations. Due to the setup low cost, it does not regulate forex trading. Therefore, it became an offshore zone for shady forex brokers such as Globalix, InstaFX24, and more. 

What is VFX Capital?

VFX Capital offers its clients a variety of trading options and products, including Forex, Commodities, Stocks, Indices.

• The terms and conditions state that there is one more company behind the brand's name, Estonian company PEGUAS OÜ. We didn't find any mentions of this company in the register of the Estonian Financial Supervision and Resolution Authority, which is a proof that the broker is not regulated. 
• VFX Capital provides a contact phone number with Spain country code, most probably they are trying to offer financial services to Spanish traders. The firm is not regulated in Spain, and also, Spanish CNMV regulator has issued a warning against it:

"T.W. CAPITAL LTD is not authorised 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."

VFX Capital Review Conclusion

We advise all investors and traders to avoid VFX Capital 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 Eightcap and BlackBull Markets.

VFX Capital Update

Our findings showed that VFX Capital 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 Universe Markets FX Scam or Legit Broker?

Universe Markets FX has been suspected as a scam broker. This broker is blacklisted by a well-known regulatory authority and should be avoided. 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 Universe Markets FX?

Universe Markets FX is a forex and CFD broker owned and operated by White Square Trading Limited. This company claims to be based in London, although it is not regulated to provide financial services in the UK.

• Moreover, the company was blacklisted by the UK's Financial Conduct Authority and New Zealand's Financial Markets Authority. Investing funds with unregulated brokers comes with a significant risk, because such entities, most often than not, are involved in scams.
• 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 PBN Trade got no license to operate within the EU and other regulated jurisdictions, the broker was blacklisted and alerted by numerous EU authorities.

Universe Markets FX Review Conclusion

In conclusion, there are many questions in regard to the trust of Universe Markets FX 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.

Universe Markets FX Update

We found the Universe Markets FX 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.