Archives: Brokers

Is Obsbit Scam or Legit Broker?

No, it is not safe to trade with Obsbit. Obsbit is owned by Setonix Holding Ltd., 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 MegaTradeFX, Finbitex, and more.

What is Obsbit?

Obsbit offers its clients a variety of products and trading options, including Forex, Commodities, Stocks, Indices, and Crypto. The broker claims to be registered in the Marshall Islands, however, the terms and conditions state the company is under the jurisdiction of Vanuatu. Anyway, most of the brokers operating in such offshore zones are not regulated and are not to be trusted in general.

• In addition, the company provides contact numbers with the phone codes of the UK, Germany, and Spain, when it is not actually regulated in any of them. It also means that Obsbit has been mainly targeting European residents. Moreover, Spain's regulator CNMV has issued a warning against this broker:

"SETONIX HOLDING LTD 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 detailed in letters a), b), d), f) and g) of Article 141 of the said Law in relation to the financial instruments detailed in Article 2 of the said Law, including, for those purposes, foreign currency transactions."

Obsbit Review Conclusion

We strongly advise all investors and traders to avoid Obsbit and other brokers from the Marshall Islands. Offshore or unregulated brokers are not reliable for investments. In forex trading, money safety is the key, and lack of regulations is the greatest red flag. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as City Index and eToro.

Obsbit Update

Our research revealed that the Obsbit 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 PRIMEXQ Scam or Legit Broker?

No, it is not safe to trade with PRIMEXQ. The broker doesn’t provide any information about the company behind the brand’s name as well as any regulatory information and contact details. They superficially mention on the website that the company is licensed, however, they don't provide any registration numbers or any names of the regulatory authorities.

What is PRIMEXQ?

PRIMEXQ offers its customers an opportunity to trade in Shares, Indices, Forex, Commodities, and Cryptocurrencies with CFDs. According to the website, the broker's location address is Kärntner Ring 11- 13/2/7/3, Wien, Austria.

• We have conducted research and it turned out that the provided address belongs to the Citibank International Plc Austria Branch, which definitely has nothing to do with PRIMEXQ. Moreover, the brokerage is not authorized to provide financial services in Austria or probably any other country.

PRIMEXQ Review Conclusion

We advise all investors and traders to avoid PRIMEXQ 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.

PRIMEXQ Update

Our research revealed that the PRIMEXQ 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 KayaFX Scam or Legit Broker?

No, it is not safe to trade with KayaFX. KayaFX delivers options for trading in some of the most popular liquid assets, including currency pairs, stocks, CFDs, most major financial indices, and commodities. It is owned and operated by AlphaTec Ltd., and claims to be located in Leeds, England. However, it does not carry a license from the UK regulator– Financial Conduct Authority (FCA).

What is KayaFX?

According to the terms and conditions, the clearing and billing services are done by Hermes Solution DOO, based in Montenegro. Also, they mention that the relations between the broker and clients are governed by, and interpreted in accordance with the laws of Estonia. However, KayaFX is not regulated by the local regulators in the mentioned countries.

• Moreover, the UK's regulator FCA issued a warning against KayaFX in March 2018:

"This firm (KayaFX) 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."

• There is also a more recent warning, issued by Spain's CNMV:

  "KayaFx AlphaTec Ltd., is not authorized to provide the investment services, which include investment advice, or to provide the auxiliary services in relation to the financial instruments, for those purposes, foreign currency transactions."

   

KayaFX Review Conclusion

We advise all investors and traders to avoid KayaFX 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 BDSwiss.

KayaFX Update

Recently KayaFX Invest 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 FxFWay Scam or Legit Broker?

FxFWay 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 FxFWay.

• 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 to trading with such a companies means the trader will believe only on the broker’s words, and of course, it is a high risk.

What is FxFWay?

FxFWay is a Forex broker with the offices in UK, Hong Kong, and Vanuatu. The company's website provides info about its regulation - in 2017 the firm was granted authorization by the US NFA and received its Vanuatu license.

But after some research, it turned out that FxFWay is not authorized by the National Futures Association in the US and also was blacklisted by the Financial Conduct Authority in the UK (FCA).

• Even tho the firm may have an offshore regulation, it doesn't give a right to offer financial services in UK, US nor in Hong Kong, or other countries.

FxFWay Review Conclusion

It is always better and safer to trade with a reliable broker licensed by Australia’s ASIC (Read the ASIC Regulated Global Prime Broker Review), Cyprus’ CySEC or UK’s FCA. For example, the license from UK’s Financial Conduct Authority requires EUR 125,000 of capital for the STP license aside from client deposits. Check the list of FCA-regulated brokers here.

FxFWay Update

We found that the FxFWay 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 IC Finance Scam or Legit Broker?

No, it is not safe to trade with IC Finance. IC Finance is owned by IC Finance Limited 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 2-3 months, the firm is crisp and registered. Therefore, it became an offshore zone for shady forex brokers such as Circle Markets, 70Trades, and more.

What is IC Finance?

As to the broker's VFSC license, from our source, it costs €24,000 per year to become a member. However, 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.

• According to the website, IC Finance is an international Forex broker, that provides high-quality financial and investment services to customers all around the world. The company doesn't disclose its address or contact numbers.
• We have heard brokers from Vanuatu deny traders withdrawing funds. We have feedback from traders about their negative experience with IC Finance. You can read the feedback here.

IC Finance Review Conclusion

We advise all investors and traders to avoid IC Finance and other brokers from Vanuatu. Offshore brokers are not reliable, and signing with them might put your investments at risk. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as eToro and XM.com.

IC Finance Update

Our research revealed that the IC Finance 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 Golden Key Pro Scam or Legit Broker?

No, it is not safe to trade with Golden Key Pro. Golden Key Pro is owned by United Limited, 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 PTBanc, Pinprotrade, and more.

What is Golden Key Pro?

Golden Key Pro offers trading with over 800 high-liquidity assets, including Stocks, Commodities, Indices, Currencies, and much more. The company doesn't disclose any information about its location or regulation, which we consider one of the reasons to avoid this broker.

• 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.
• Another red flag is the warning from Spain's regulator CNMV (The National Securities Market Commission):

"UNITED LIMITED is not authorized to provide the investment, which includes investment advice, or to provide auxiliary services in relation to the financial instruments, including, for those purposes, foreign currency transactions."

Golden Key Pro Review Conclusion

We advise all investors and traders to avoid Golden Key Pro and other brokers from the Marshall Islands. It is not safe to sign in with offshore brokers, as they are not reliable in the terms of regulations and safety. 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.

Golden Key Pro Update

Our research revealed that the Golden Key Pro 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.