Archives: Brokers

Is CFDpremium Scam or Legit Broker?

No, it is not safe to trade with CFDpremium. CFDpremium is owned by Silver Wolf 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 Dax300, Finbitex, and more.

What is CFDpremium?

CFDpremium is an online Forex broker, focusing on Commodity, Index, and Forex trading. The company doesn’t provide any regulation info, only that it’s “safe and regulated”, without any reference to a specific regulatory entity. The company claims to be located in the UK, however, the contact number provided on the website is German. Obviously, the broker is not regulated by the UK's FCA or German BaFin. 

• Moreover, the company has been blacklisted by Spain’s regulator CNMV:

“cfdpremium.com 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 of the said Law in relation to the financial instruments, including, for those purposes, foreign currency transactions. “

• Also, Italy's regulator CONSOB has issued a warning against CFDpremium:

“The National Commission for Companies and the Stock Exchange has ordered the following company (CFDpremium) to cease the infringement of art. 18 of the Consolidated Law on Finance – TUF consisting of the provision of unauthorized investment services and activities to the Italian public.”

• In addition, we have previously reviewed companies (FXtrade777, TradeBNP, MarketGBP) affiliated with Silver Wolf Limited that have been warned against by several regulators, which doesn’t look trustworthy at all.

CFDpremium Review Conclusion

We strongly advise all investors and traders to avoid CFDpremium and other brokers from the Marshall Islands. It is not a secret that many offshore brokers are scams and signing in with them might put all your funds at risk. Instead, traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as City Index and BlackBull Markets.

CFDpremium Update

Recently CFDpremium 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 of receiving trading proposals. 

Is FXNobels Scam or Legit Broker?

No, it is not safe to trade with FXNobels. The broker doesn’t provide any information about the company behind the brand’s name as well as any regulatory information. It claims to be located in Malta. FXNobels 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 FXNobels?

FXNobels is a Forex Brokerage that allows customers to trade Forex, Stocks, and Cryptocurrencies online. The broker doesn't disclose any information about the company behind the brand name. It claims to be located in Malta, but the confusing thing is that the contact phone number that the customers can call is British, but they also can text the Maltese number. Despite the Maltese location and British contact number, the FXNobels is not regulated in Malta or the UK.

• Moreover, the Maltese regulator Financial Services Authority has recently issued a warning against FXNobels:

"The Malta Financial Services Authority (“MFSA”) has become aware of an entity operating under the name of FXNobels which is known to have an internet presence at https://www.fxnobels.io/. Although this entity purports to operate from an address in Malta, the MFSA confirms that this is not the case. From information available to the MFSA, FXNobels claims to be a forex brokerage that allows customers to trade in Forex, CFDs, Stocks and Cryptocurrencies online."

FXNobels Review Conclusion

We advise all investors and traders to avoid FXNobels 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.

FXNobels Update

Our research revealed that the FXNobels 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 UMOFX Scam or Legit Broker?

UMOFX 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. This results in a very high-risk trading opportunity, despite its alluring proposal.

What is UMOFX?

UMOFX is a Forex and CFD broker, based in Auckland, New Zealand. The firm is owned and operated by UMOFX CO. LIMITED.

• They mention the Company Registration Number on the website, which is supposed to mean that the company is authorized in New Zealand, but it actually has no license to offer its financial services to New Zealand residents.
• Investing funds with unregulated brokers comes with a significant risk, because such entities, most often than not, are involved in scams.

UMOFX Review Conclusion

We recommend you trade with serious and reliable regulators, such as FCA in the UK and FMA in New Zealand. For example, the license from UK’s Financial Conduct Authority requires EUR 125,000 of capital (aside from client deposits) for the STP license. The regulator also protects customers when authorized financial services firms fail. Here you may check our list of brokers licensed by the FCA.

UMOFX Update

We found the UMOFX 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 ADN Markets Scam or Legit Broker?

No, it is not safe to trade with ADN Markets. ADN Markets is owned by ADN Markets Ltd. which is an offshore company registered in St. Vincent and the Grenadines.

• However, 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 to the company operation. 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. 

What is ADN Markets?

According to the website, ADN Markets is a member of the International Financial Commission (FinaCom), as they mention the registration number. Even though FinaCom is a well-respected organization, it is a self-regulatory organization that cannot guarantee the safety of the trading environment and does not regulate the daily operations of the company, therefore can't provide necessary protection to the client.

• 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. You can read our detailed article about the risk of trading with brokers from St. Vincent and the Grenadines.
• ADN Markets offers forex, indices, commodities, stocks, and also cryptocurrency trading. The website provides two contact numbers with the country codes of the UK and Spain, which means the broker has been targeting the residents of those countries. However, ADN Markets is not regulated by local authorities in either the UK or Spain, or actually any other country.
• Moreover, the broker has been blacklisted by Spain's CNMV.
• 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 Forex Birds got no license to operate within the EU and other regulated jurisdictions, the broker was blacklisted and alerted by the EU authority.

ADN Markets Review Conclusion

We advise all investors and traders to avoid ADN Markets and other brokers from St. Vincent and the Grenadines. Offshore brokers are not always reliable and investing with them might put the traders' investments at risk. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as FP Markets and BDSwiss.

ADN Markets Update

Our research revealed that the ADN 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 CapitalFXclub Scam or Legit Broker?

No, it is not safe to trade with CapitalFXclub. CapitalFXclub is owned by Pro Capital which claims to be located in the United Kingdom. However, all the financial companies located in the UK should hold an FCA license, which is not the case with CapitalFXclub. According to the website, PRO CAPITAL provides premium-quality commodities and Forex trading services, which have fulfilled the commodities trading needs of clients since the creation of the company in 2013. 

What is CapitalFXclub?

CapitalFXclub offers a wide variety of commodities and Forex products to its customers. The broker doesn't provide any information about its regulation and it seems that it is not overseen by any authority. In addition, Italy's regulator CONSOB has issued a warning against CapitalFXclub:
"The National Commission for Companies and the Stock Exchange has ordered the discontinuation of the infringement of art. 18 of the Consolidated Law on Finance, consisting of the provision of unauthorized investment services and activities to the Italian public, implemented via capitalfxclub.com"

• In addition, despite its London location, the contact phone number is Italian, which is a sign that the company has been targeting Italian residents.

CapitalFXclub Review Conclusion

In conclusion, we advise avoiding trading with CapitalFXclub even though their offering might seem competitive and attractive. Safety of funds always goes first, therefore we recommend choosing among regulated brokers. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as eToro and BlackBull Markets.

CapitalFXclub Update

Our research revealed that the CapitalFXclub 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.