Archives: Brokers

Is Quotex Scam or Legit Broker?

No, it is not safe to start trading with Quotex, there is high risk Quotex is scam or not safe enough Broker to invest with. The entity responsible for the Quotex website, Maxbit LLC, is officially registered in St. Vincent and the Grenadines, which is considered an offshore jurisdiction known for its lenient tax regulations and almost no regulations towards Forex brokers. 

• The oversight of Quotex lacks rigorous monitoring by reputable regulatory bodies. Consequently, the broker does not follow any special guidelines and rules and might operate its business however it chooses. Offshore brokers such as Quotex, Coinexx, T4Trade , etc. are unreliable and might be financial scams, or Brokers that traders will never know what to expect.

What is Quotex?

Quotex, founded in 2019, is a brokerage firm that specializes in the field of binary options trading. The firm offers its clients the opportunity to engage in trading activities involving currencies, metals, oil, cryptocurrencies, and stock indices. The broker provides favorable conditions for its clients, offering a low minimum deposit ($10), a variety of available currencies (USD, EUR, GBP, BRL, IDR, MYR, INR, KZT, RUB, THB, UAH, VND), a Demo account and 24/7 customer support. 

The broker seems to be gaining more clients daily and earning a significant volume of interest. However, upon detailed research, we were able to reveal a number of red flags that make us see Quotex in a different light.

Here are the main points we would like clients to consider before signing with the broker:

• Lack of regulation: When choosing a broker the first thing traders should do is check whether the broker is regulated or not. In fact, this is not something to overlook, as regulation and proper license from a respected authority means the reliability of the broker. When it comes to Quotex, the entity operating the Quotex website is Maxbit LLC, which is registered in St. Vincent and the Grenadines, known as an offshore jurisdiction. This means, that while trading with Quotex customers can't have the reassurance and safety that their funds are fully protected, or there is any regulatory body that may assist in case of any fraudulent activity, alike FCA does. 
• False popularity: The broker seems to be quite popular among clients. Yet, it seems like the broker is working on its popularity and collecting positive reviews and feedback. However, along with positive and praising reviews, there are still many negative reviews that actually state the opposite, pointing at the unfavorable conditions of the broker and the inappropriate withdrawal process.
• Withdrawal problems: Although the broker positions itself in a positive light, we were still able to find feedback indicating its inadequate withdrawal process. Clients complain that the broker offers to make even more investments to be able to process withdrawals, which is the practise only scam Brokers would do, none of the serious companies can tell trader to invest more, and as a result traders lose even more money. 
• Binary Options - a highly risky form of trading: Binary options trading has gained both popularity and controversy. Many argue that binary options offer a straightforward way for traders to profit from market movements, while critics highlight the high risk and potential for investor losses. Due to concerns about investor protection, regulatory authorities in various countries (UK and US, for instance) have imposed restrictions or outright bans on binary options trading.

Overall Quotex Ranking

Drawing upon our Expert Opinion, substantiated by over a decade of hands-on experience in Forex Trading, we have revealed noteworthy concerns regarding Quotex's regulatory framework and overall reliability. Consequently, we find ourselves unable to give a positive ranking to Quotex.

• Quotex 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.

Quotex Alternative Brokers

In light of the substantial safety concerns associated with Quotex, we strongly advise exploring better alternatives that prioritize stringent regulations and offer good trading conditions. Below, we present a list of reputable brokers with reliable options and safe conditions for your comparison:

• Pepperstone– Good Instruments and CopyTrading
• FP Markets – Low Spreads and Competitive Trading Conditions
• HFM – The best selection of Educational Resources

Deposits and Withdrawals

With Quotex traders can fund their accounts through a range of methods, including credit cards, e-wallets, and cryptocurrencies. The minimum deposit is $10, with no additional fees applied for deposit transactions. 

• The process of withdrawing funds is quite straightforward and can be executed within the personal account. The same method utilized for depositing funds into the trader's account can also be employed for initiating withdrawals.
• Typically, the withdrawal process spans 1-5 days from the moment the Client's corresponding request is received.
• For the majority of payment systems, the minimum withdrawal threshold starts at $10. However, for cryptocurrencies, this minimum amount begins at $50.
• When it comes to Quorex withdrawals we recommend being particularly attentive, as there are reported issues with the withdrawal process that should not be neglected.

Account Types

Quotex presents a range of account types including Demo, Standard, Pro, and VIP, each featuring distinct minimum deposit requirements (starting from $10 ), tradable assets, and account currencies. All in all, the Demo account caters to all, the Standard account is tailored for beginners, the Pro account is more suitable for professional traders, and the VIP account is intended for seasoned traders engaged in full-time trading.

• The demo account provides users with complete access to the range of instruments and tools accessible on Quotex trading platforms. This encompasses the opportunity to engage in practicing diverse trading strategies and gaining insights into the market along with the broker's offerings.

Quotex Review Conclusion

Based on the comprehensive information collected about Quotex, significant concerns arise regarding the broker's reliability and credibility, so we do not recommend Quotex for trading or investing. The fact that it is registered in Saint Vincent and the Grenadines casts doubt on its reliability, creating a concerning possibility of it being associated with financial fraudulent activities.

We strongly advise staying away from brokers with dubious registrations and instead, giving preference to those with established, reputable track records. Look for brokers known for favorable trading conditions and trustworthy services with licenses such as FCA, ASIC, or CySEC, as these licenses offer a heightened level of security and safeguards.

• Overall ranking and experience for Quotex is Negative

Is EagleFX Scam or Legit Broker?

No, engaging in trading with EagleFX is not recommended. The company operates under an offshore license from Dominica, which is considered the riskiest option as the company is based only in an offshore zone. Brokers located in Dominica are not trustworthy because of the lack of proper oversight and guidelines established by the jurisdiction itself. The country’s Financial Services Unit does not have special laws and guidelines for forex trading, thus making trading with EagleFX risky and financially unsteady.

• In general, when dealing with offshore companies like EagleFX or other brokers with offshore registration (Milton Markets, Capitalix, and Zebra Finance) it is advised to exercise utmost caution.

What is EagleFX?

According to the broker's website, EagleFX functions as an internet-based STP broker for Forex and cryptocurrency trading, offering CFD trading across a wide range of assets and favorable trading circumstances through the acclaimed MT4 platform. As the broker states, with EagleFX, users can access substantial liquidity, enjoy high leverage of up to 1:500, and benefit from competitive spreads in the industry.

Also, EagleFX provides 24/7 live customer service, doesn't impose any deposit or withdrawal fees, and ensures withdrawals are processed within 30 minutes or less. 

However, our research of the broker has brought to light numerous issues, with some of the most notable ones including:

• Registration: EagleFX is located in Dominica (EagleFX Ltd, 8 Copthall, Roseau Valley 00152, The Commonwealth of Dominica). Dominica does not acknowledge forex services as an independent business category. Consequently, there are no existing laws, statutory regulations, and protection mechanisms in place for traders. This means, that brokers from Dominica are not the safest options to consider for forex. Instead, it is wiser to choose a broker with a license from reputable financial authorities, good standing, and proven experience in the market (Check HFM, Interactive Brokers, and FP Markets).
• Mostly negative client feedback: Generally, EagleFX has mixed reviews from clients. They are not totally negative. However, together with satisfied feedback, there are still many negative reviews and alerts to be cautious about, claiming that the broker has ripped them off and caused them to lose all their investments. In fact, reviews from real clients shouldn't be neglected, especially when the issues are in regard to deposits and withdrawals. 
• Inappropriate deposit and Withdrawal process: As in the case of many offshore brokers, EagleFX also seems to have issues with the withdrawal process. Many clients state that they are not able to process their profits fully and experience financial losses. It is a well-known fact, that in forex trading the safety of funds is one of the most essential aspects, thus we recommend traders trust their money only to trustworthy companies that due to their quality services will help them get profits. 

Overall EagleFX Ranking

Based on our extensively informed Expert Opinion, supported by over a decade of hands-on experience in Forex Trading, we have revealed noteworthy concerns regarding EagleFX's regulation and overall reliability. Consequently, we cannot provide a positive ranking upon EagleFX.

• EagleFX 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.

EagleFX Alternative Brokers

Due to the considerable safety concerns associated with EagleFX, we strongly advise exploring significantly superior alternatives known for their stringent regulations and exceptional trading conditions. Below, we have a selection of reputable brokers and reliable options for your comparison:

• OANDA – Good Broker with Low Deposit
• MultiBank Exchange – Low Spread Broker
• Dukascopy – Good for High Leverage and Online Banking

Deposits and Withdrawals

EagleFX claims to offer multiple deposit methods including Bitcoin and Wire Transfer via Instacoins. The minimum deposit for a Credit/Debit Card and Bank Wire Transfer is $50.  There are no fees for deposits or withdrawals made on the broker's platform. However, all Bitcoin transactions are subject to the blockchain network and miner fees.

• Generally, withdrawals are reviewed by the payments team within 30 minutes. In case of delays, traders are advised to get in touch with EagleFX  24/7 support team via. Live Chat.
• The minimum withdrawal amount via Bitcoin is 10 USD/GBP/EUR. 
• However, we recommend being careful with withdrawals, as many traders warn about issues they have faced while trading with the broker, which is confirming its unsafe nature

Account Types

EagleFX offers a single standard live account applicable to all clients. Besides, clients have the choice to establish a demo account, along with the availability of an Islamic/Swap-free account. Through the live account, traders can access 55 currency pairs, including majors, minors, and exotics. The broker offers a low minimum deposit of $50 and high leverage of up to 1:500.

• The demo account has identical features to the live account, affording traders the chance to engage in risk-free trading practices without the possibility of experiencing financial losses.

EagleFX Review Conclusion

Based on the accumulated information about EagleFX, there are notable reservations concerning the broker's dependability and integrity, so overall EagleFX is not recoomended for trading and is quite suspicious. Its registration in Dominica undermines the broker's credibility, creating a heightened potential for it to be associated with financial fraud.

It's advisable to stay away from brokers with dubious registrations and instead prioritize those with established track records, recognized for delivering consistent exceptional trading conditions and dependable services over time. Traders should prioritize brokers holding licenses such as FCA, ASIC, or CySEC, as these licenses offer elevated levels of security.

• Overall ranking and experience for EagleFX is Negative

EagleFX Update

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

Is Milton Markets Scam or Legit Broker?

No, it is not safe to trade with Milton Markets. The company operates with an offshore license from Saint Vincent and the Grenadines, which is considered the highest risk if company solely based offshore. The payment agent of Milton Financial Services is MFSC Managements Limited, located at 30 Tempon Street, Engomi, Nicosia, 2408, Cyprus, however it is only used for payment processes and has nothing to do with regulation of the Forex Trading operation of the company itself. 

• In fact, scammers frequently target offshore areas because of the absence of proper oversight and regulatory guidelines, so there is high risk to fall into one of those proposals. Overall, dealing with offshore companies, such as Milton Markets and others (OsprayFX, COIN-ROYAL, etc.) with a license from Saint Vincent and the Grenadines demands caution due to their typical lack of transparency. Learn more about why signing in with brokers from Saint Vincent and the Grenadines is not advisable.

What is Milton Markets?

Registered in 2021 Milton Markets is a Forex and CFD broker. According to the website, Milton Markets provides highly favorable trading conditions for traders of all skill levels, catering to both beginners and day traders (Read about Day trading in our detailed article). Also, it states that there are no hidden fees, making the trading experience transparent and reliable. It offers to operate trades on the market's popular MT4 platform, enabling leverages as high as 1:1000.

However, there are a lot of issues we were able to reveal while researching the broker, and some of the most important ones including:

• Lack of proper registration: In Forex trading the most crucial aspect is registration. Traders are urged to choose brokers that have a license from top-tier agencies. What does this give? This is a guarantee for the highest safety and reliability, granting the customers the reassurance that their funds and profits are safe.
• Withdrawal and Deposit Issues: There is no need to mention that the funds’ accessibility is essential in Forex trading. Unfortunately, many brokers from offshore zone lack in this respect. It is common for them to operate for a certain period, then disappear from the market together with their clients’ investments. To avoid financial losses, it is always preferable to choose a regulated broker, that provides a package of financial protection (Different Compensation schemes, Negative Balance protection, etc.)
• Restricted access in a wide list of countries: Milton Markets mentions that it does not accept clients from the US, Canada,  Iran, North Korea, St. Vincent and the Grenadine Islands. It also might be restricted in North Korea, Afghanistan, American Samoa, Belarus Burundi, Central African Republic, Congo - Brazzaville, Cuba, Iran, Iraq, Lebanon, Liberia, Libya, Myanmar (Burma), Puerto Rico, Rwanda, Somalia, Sudan, Syria, U.S. Virgin Islands, United States, Venezuela, Yemen, Zimbabwe.
• Negative Review from clients: While choosing a forex broker it is crucial to consider review and feedback from actual traders. This will help to have a better insight into the brokers’ offerings, trading conditions, and standing in the market. Based on available reviews, Milton Markets is not a reliable broker. Many traders mention it being a total scam. The main issue mentioned is the inappropriate deposit and withdrawal processes.

Overall Milton Markets Ranking

Based on our Expert Opinion, backed by over 10 Years of experience in Forex Trading, we have uncovered notable concerns regarding Milton Markets' regulation and reliability. As a result, we cannot provide a positive ranking for Milton Markets.

• Milton Market 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.

Milton Market Alternative Brokers

Due to the significant safety issues with Milton Market, we highly recommend considering much better alternatives that boast tight regulations and excellent trading conditions. We select Good Brokers and reliable options for your comparison below: 

• Interactive Brokers – Good Instruments and CopyTrading
• FP Markets – Low Spreads and Competitive Trading Conditions
• GO Markets– The best selection of Educational Resources

Deposits and Withdrawals

Milton Markets deposit methods are limited to Bitwallet and a wire transfer within Japan. These payment methods may not be suitable for a wide range of traders due to their constraints. This is perhaps one of the reasons why residents from a wide list of countries cannot sign with the broker. In fact, the availability of different deposit and withdrawal options is crucial for any broker, making it more accessible for traders.

• As to withdrawals, there is a specified 3-5 days period, which could be considered relatively lengthy for some traders.
• Also, it is impossible to overlook the fact, that there are many dissatisfied traders with the deposit and withdrawal processes offered by Milton Markets.

Account Types

Milton Markets offers two account types: Flex and Smart. The Flex account demands a minimum deposit of $50, while for the Smart account, the minimum requirement is $100. Both accounts come with high leverage - the Flex account at 1:500 and the Smart account at 1:1000. Additionally, the spread on the Flex account starts at 1.7 pips, which is slightly higher compared to the Smart account (Check our article on Low Spread Brokers).

• The leverage of the Smart account is determined based on the account's balance.
• When depositing funds in a currency other than JPY /USD / EUR), the conversion will be done at the prevailing rate at deposit reflection.

Milton Markets Review Conclusion

Based on the gathered information about Milton Markets, there are evident concerns regarding the broker's reliability and trustworthiness. Its Saint Vincent and the Grenadines registration makes the broker an unreliable offering, raising the possibility of it being a financial scam.

We recommend avoiding brokers with questionable registrations and giving preference to those with well-established reputations, known for consistently providing excellent trading conditions and reliable services over the years. Traders should prioritize brokers holding top-tier licenses such as FCA, ASIC, or CySEC, as these licenses offer a higher level of security and protection.

• Overall ranking and experience for Milton Markets is Negative