Archives: Brokers

Is Markets.Online Scam or Legit Broker?

It is not safe to trade with Markets.Online, because it is an unregulated broker. In addition, the company has been suspected to be a fraud. The company has 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 Markets.Online?

Markets.Online is a new player in the online trading industry providing its services since 2017, yet claims about their thousands of professional and amateur clients from all around the world. The broker offers to trade on over 300 asset pairs with exclusive low spreads (Low Spreads Forex Brokers), high leverages(Also see forex brokers with high leverage), and dedicated education with support. However, the broker is a trading name of the company established in Bulgaria Bankxi Ltd, which is not regulated by any international authority or by the local, Bulgarian regulator to deliver its service legally.

• Therefore the Markets.Online trading and investment can be considered extremely risky due to their non-authorized performance. In many cases, the companies with no license are simply a scam, that targets a huge number of traders to their rows and then simply take their funds. Often, the broker would find thousands of reasons why the money can't be withdrawn or the trader himself will face some loss operations while trading. Since none of the authorities require the broker to report every position and action done, the company can easily manipulate trades to its own benefit.

Markets. Online Review Conclusion

We do not advise trading with Markets.Online, even though yet there are no “cruel” stories revealed from their traders,  it is still a high risk to invest based on trust in words only. We advise selecting among FCA-regulated brokerages, ASIC-regulated or Swiss FINMA-regulated brokers, where the respective financial authorities are always on alert and your money will be safe and protected.

Markets.Online Update

We found the Markets.Online website is inactive and unavailable to reach. This means the broker no longer operates. However, it is best to avoid and stay alert if any proposals come. 

Is Trade WFX Scam or Legit Broker?

It is not safe to trade with Trade WFX, 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 while might operate its services from an absolutely different location.

What is Trade WFX?

Trade WFX is a Forex broker that claims to be located in London, UK, but without being regulated by the UK's Financial Conduct Authority. They provide the address (#34 Duke Street, Mayfair. London SE1 9TA.‎) and British phone number, but most probably the company is not even located in the country.

• Moreover, there is also a warning from FCA against this broker that was targeting UK residents. 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. The regulator also protects customers when authorized financial services firms fail.

Trade WFX Review Conclusion

We strongly advise opening a trading account only with brokers that are regulated by respected world authorities that 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 BDSwiss and TMGM.

Trade WFX Update

We found the Trade WFX 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 UproFx Scam or Legit Broker?

UproFX 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 UproFX?

UproFX claims to utilize the latest trends in the world of Forex, offering its clients a transparent and accurate representation of the most up-to-date trading technologies. The broker doesn't provide any information about its regulation or license and it actually seems it doesn't have any. As it claims to be registered in Estonia, it was supposed to be regulated by the local regulator Estonian Financial Supervision Authority. We didn't find the mentioned above registration number in the FSA's register, which means UproFX is not regulated to provide its financial services in Estonia as well as other EU countries.

• According to the website, UproFx is owned by Yield Enterprise Currency Software OÜ (company number: 14484668), Tallinn, Estonia, and operated from Riga, Latvia.

• The company's website supports English, German and Spanish languages, probably the countries it has been targeting. In fact, the broker has been blacklisted by Spanish regulator CNMV earlier this month:

  "UPROFX is not authorised to provide the investment services detailed in Article 140 of the Securities Markets Law, which includes investment advice, or to provide auxiliary services in relation to the financial instruments, including, for those purposes, foreign currency transactions."

UproFX Review Conclusion

We advise all investors and traders to avoid UproFX 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. 

UproFX Update

Recently UproFX 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 Globalix Scam or Legit Broker?

Globalix 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.

• Globalix is owned by Globalix 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 and it does not regulate forex trading. Therefore, it became an offshore zone for shady forex brokers such as GoldmanCFD, Obsbit, and more.

What is Globalix?

Globalix was founded in 2013 and has been offering Forex, CFDs, indices, stocks, and cryptocurrency trading. The company doesn't disclose any information about its regulation, so we suppose it doesn't have a reliable authority behind it. According to the website, the broker holds all client money with the top-tier banks in Europe, however, it is not located or authorized by any EU regulator, therefore, has no legal right to offer its financial sources to European residents.

• In addition, Globalix has been banned in Spain by its regulator CNMV in May 2019:

"GLOBALIX LTD is not authorised 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."

Globalix Review Conclusion

We advise all investors and traders to avoid Globalix 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 BlackBull Markets and BDSwiss. Do not miss our Exness Broker Review. 

Globalix Update

Recently Globalix 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 TopTradePro Scam or Legit Broker?

No, it is not safe to trade with Ideas in Motion LTD. It has been suspected as a scam broker. It operates under the brand name TopTradePro - a brokerage firm that provides online currencies and CFDs trading services. The company is registered in the Marshall Islands, an offshore zone, and has no authorization or license to perform financial services. Also, many jurisdictions restrict opening a trading account with TopTradePro.

• 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 TopTradePro?

According to the website, TopTradePro offers the best customer service, superior access to the most useful assets, and trading without commission resulting in last longing profits. However, we have a lot of questions about its reliability. The company doesn’t provide any information about its regulation and is probably not authorized by any regulatory authority.

• The only contact provided on the website is the phone number with a British code. TopTradePro is not regulated to provide its financial services in the UK. Moreover, the broker has gotten into the blacklist of the Austrian regulator Financial Market Authority (FMA):

"TopTradePro / Motion LTD is not entitled to carry out banking transactions in Austria that require a license. The provider is therefore neither permitted to conduct deposit-taking business."

TopTradePro Review Conclusion

We strongly advise all investors and traders to avoid TopTradePro and other brokers from the Marshall Islands. Very often unregulated or offshore brokers run investment scams. Thus, we advise 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 City Index, Exness Forex, and eToro.

TopTradePro Update

Recently TopTradePro 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.