Archives: Brokers

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. 

Is TraderUR Investments Scam or Legit Broker?

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

• St. Vincent and the Grenadines 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 Millennium FX, Brokerz, and more.

What is TraderUR?

According to the website, TraderUR 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, and 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.
• TraderUR offers Forex, Crypto, and CFDs trading. The company doesn't provide any information about its location, only the contact phone numbers which are German and Swedish. However, the broker is not authorized by local regulators in Germany and Sweden.

TraderUR Review Conclusion

We advise all investors and traders to avoid TraderUR and other brokers from St. Vincent and the Grenadines. In Forex trading finding a reliable and well-regulated broker is essential, not to risk your investments. 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. Also can check Exness Review.

TraderUR Update

Our research revealed that the TraderUR 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 MarketTM Scam or Legit Broker?

No, MarketTM broker is a Non-Regulated Broker. It is NOT SAFE to trade. We found that 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 MarketTM?

MarketTM is a Forex broker operated by MarketTM Ltdl Islands. The company doesn't provide its address or the regulation details. On its website, it is only mentioned FT Global Services Ltd as the payment service provider, based in London, United Kingdom. Also, the terms and conditions of the firm state that it is under the jurisdiction of the Marshall Islands, but still no information about actual regulation.

• The broker is not registered in the UK and most probably not in the Marshall Islands. It is recommended to trade with brokers regulated by trustworthy agencies like UK’s FCA or Australia’s ASIC (Learn about ASIC Regulated Brokers). For example, the license from the UK’s Financial Conduct Authority costs USD 50,000 and also needs USD 100,000 of capital for the STP license aside from client deposits. The regulator also protects customers when authorized financial services firms fail.

MarketTM Review Conclusion

We advise opening a trading account only with brokers regulated by respected world authorities that 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 Eightcap.

MarketTM Update

Our research showed that the MarketTM Website is inactive. Since money safety in forex goes first we recommend avoiding any proposals from MarketTM and staying alert.