Archives: Brokers

Is TurboForex Scam or Legit Broker?

No, it is not safe to trade with TurboForex. TurboForex is owned by TF Trading 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 GoldmanCFD, Obsbit, and more.

What is TurboForex?

According to its website, TurboForex is an industry-leading provider of forex, commodities, and stocks/indices CFD brokerage services. The company doesn't provide information about its location or, most importantly, regulation, however, there are a lot of contact numbers with the phone codes from the United Kingdom, New Zealand, Australia, Brazil, Norway, Sweden and some more. Obviously, TurboForex doesn't have branches or offices in these countries and is not regulated in any of the mentioned or other countries.

• Moreover, Spain's regulator the National Securities Market Commission (CNMV) has issued a warning against TurboForex/TF Trading Ltd:

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

TurboForex Review Conclusion

We advise all investors and traders to avoid TurboForex and other brokers from the Marshall Islands. Although offshore brokers are not always scams, it is still risky to sign with them. In Forex trading, safety is crucial. Thus, 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.

TurboForex Update

Our research revealed that the TurboForex 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 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

FXPremax Update

We discovered that the FXPremax 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 FXPremax and staying alert in case of any proposals.