Archives: Brokers

Is Instafx24 Scam or Legit Broker?

No, it is not safe to trade with Instafx24 Forex broker as it is an offshore company. Instafx24 is owned by INSTAFX24 LTD, registered offshore, in the Marshall Islands.

The Marshall Islands is notorious for its practically absent requirements and regulations. Due to the setup low cost, it does not regulate forex trading. Therefore, it became an offshore zone for shady forex brokers such as Globalix, YFX Capital, and more. 

What is Instafx24?

Instafx24 delivers options for trading in some of the most popular liquid assets, including currency pairs, stocks, most major financial indices, and commodities.

• The company does not fall under the regulation of any agency. They provide London address and phone number on the website, although the firm is definitely not registered in the UK with the FCA. Moreover, the broker has been banned in the UK by its local Financial Conduct Authority in September 2018:

" This firm is not authorized by us and is targeting people in the UK. Based upon information we hold, we believe it is carrying on regulated activities which require authorization."

• Also, InstaFx24 has been blacklisted by the Austrian FMA in July 2018:

"Instafx24 LTD is not entitled to carry out banking transactions in Austria that require a license. The provider is therefore not permitted to trade in financial futures contracts (futures) on its own account or on the account of others."

• Italy's regulator CONSOB has recently issued a warning against the aforementioned broker:

Instafx24 Review Conclusion

We advise all investors and traders to avoid InstaFX24 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 BDSwiss and TMGM.

Instafx24 Update

We found the InstaFX24 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 8inFX Scam or Legit Broker?

No, 8inFX is a non-regulated broker. It is NOT SAFE to trade. Our research showed that the company does not have 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 8inFX?

8InFX offers about 50 forex currency pairs, equity indices, futures, CFDs, energy contracts, and metals as trading options.

• 8inFX is owned by 2dots Limited. It is an offshore forex broker registered in Vanuatu with Vanuatu Financial Services Commission. The advantages of this license are speed and low cost. 2% of Forex companies start without licenses and operate in places such as Vanuatu or the Caribbean island of Nevis, so at some point, it is risky to trade with offshore-based brokers.
• We highly recommend that traders avoid offshore brokers and invest with brokers supervised by proper regulators, such as UK’s Financial Conduct Authority (FCA). All clients of FCA-regulated brokers are protected by the Financial Services Compensation Scheme up to GBP 50,000 per person, in case the company goes bankrupt.

8inFX Review Conclusion

We advise opening a trading account only with brokers that are regulated by respected world authorities and comply with the required set of rules and 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 HotForex, and BlackBull Markets.

8inFX Update

We found the 8inFX 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 Uniglobe Markets Scam or Legit Broker?

It is not safe to trade with Uniglobe Markets, as it is an offshore company. The website is owned and operated by Uniglobe Markets Limited. Uniglobe Markets is authorized to provide the financial Services as offered through this Website under Regularity Laws of the Marshall Islands, registration #78101. 

• The Marshall Islands is notorious for its practically absent requirements and regulations. Due to the setup cost is low and it does not regulate forex trading. Therefore, it became an offshore zone for shady forex brokers such as CobraCFD, Swissinv24, and more.

What is Uniglobe Markets?

Uniglobe Markets claims to offer their clients direct access to interbank liquidity, tight spreads (Also see No Spread Brokers), fast and quality execution and exceptional customer service. Uniglobe Markets was founded by a group of traders and financial professionals having significant experience in the Forex, CFD and Equity markets in Asia, Europe and North America. This has enabled them to select the best solutions to accomplish the main goal - to make available transparent Forex trading to clients from all walks of life, easy accessibility and security. Of course, it all looks good on paper, but is it actually so?

• In fact, Marshall Islands is an offshore zone attracting various firms that for the reason or another escape from the serious regulation or compliance to international service providing. However, in the case of financial investment or trading firms, the company should be a very respected entity, as the statistics show that the majority of non-authorized firms never recovered the sums of investors' investments. Therefore, we always advise avoiding offshore or companies with no license as there are too many frauds around.

• As most of the unregulated offshore companies, Uniglobe Markets provides its London address and contact phone number, however, we already know for a fact that this broker is not regulated and isn’t allowed to offer its financial services in the UK or any other country.

Overall Uniglobe Markets Ranking 

Based on the revelations about Uniglobe Markets safety and regulations issues, we do not rank positively Uniglobe Markets, based on our Expert Opinion with over 10 Years of experience in Forex Trading.

• Uniglobe Markets Overall Ranking is 4 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.

Uniglobe Markets Alternative Brokers

Taking into consideration our finds and issues with the safety of Uniglobe Markets here are much better Alternatives to Uniglobe Markets with good regulations and excellent conditions. We select Good Brokers and reliable options for your comparison below: 

• AvaTrade – Good for Currency trading
• InteractiveBrokers – Good for US Trading and Trading of Real Stocks
• XM – Good for Beginners

Uniglobe Markets in India

Uniglobe Markets has no mention of complying with any Indian regulators on its website. It is also worth mentioning that Forex trading is actually prohibited in India. The broker is not regulated by any regulatory body in India, that’s why money safety may be the issue here.

Uniglobe Markets in the USA

The United States is one of the countries that is not accepted by Uniglobe Markets. As per the U.S law, brokers regulated by CFTC are the only brokers allowed for the USA traders. So, except for Uniglobe Markets, you are only permitted to trade with the U.S regulated platforms.

Deposits & Withdrawals

Micro trading account with Uniglobe Markets and start with the smallest investment of minimum USD100. ECN trading account with a lower initial deposit of $1000

• UniglobeMarkets does not apply any deposit or withdrawal fee,charges may occur depending on your payment provider. 

Apps

Popular platforms MetaTrader4 and MetaTrarder5 are available for the traders use on the Uniglobe Markets. For the mobile version they need to download MetaTrader4 or MetaTrader5 on their iOS or Android devices and start trading currencies with CFDs. MetaTrader 5 for Android allows you to trade and check your account from anywhere. Access to the main features of the platform using your smartphone.

The new MetaTrader 5 for iOS devices offers online mobile trading on the Forex and CFD’s. Now trade online Forex and CFDs directly from your iPhone and iPad supported for all iOS versions.

MT4 is now available for your iOS/iPhone/iPad. Login Enjoy the opportunity to trade from anywhere in the world via Metatrader 4 for your iOS device(s).

Demo Account

Demo account is available on the Uniglobe Markets website. It allows beginner traders (Find out the Best Forex Broker for Beginners) to start practicing with zero initial payment and become a perfect trader, play with real-time conditions, test all functions that a real account gives access to, in real-time. Also, they can learn to analyze the most effective tool and trading chart by experts to make trading more profitable. Demo account gives you a chance to polish your trading skills and use different strategies in real conditions.

Uniglobe Markets Review Conclusion

We advise choosing a broker carefully and check on the broker’s regulation status first. The reputable firms that hold FCA, FINMA or other licenses are established in accordance with international standards, protecting clients at every step and even compensating the trader in case things go wrong with the company. Sig in with reliable brokers such as ForexTime and XM, and  InstaForex. 

• Overall ranking and experience for Uniglobe Markets is Negative

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.