Archives: Brokers

Is AZ Trades Scam or Legit Broker?

No, it is not safe to trade with AZ Trades. AZ Trades is owned by AZ Markets Ltd., which is an offshore company registered in St. Vincent and the Grenadines. AZ Trades 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 and it does not regulate forex trading. Therefore, it became an offshore zone for shady forex brokers such as CapitalXP, TraderUR, and more.

What is AZ Trades?

According to the AZ Trades website, the broker is registered with the Financial Commission under the number 24462. 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, 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.
• AZTrades.com offers over 45 forex currency pairs, indices, CFDs commodities, gold, silver, bitcoin, and other cryptocurrencies for personal investment and trading options. The customer support number on the website has a British country code, however, the broker is not regulated by the UK's Financial Conduct Authority. 

AZ Trades Review Conclusion

We advise all investors and traders to avoid AZ Trades and other brokers from St. Vincent and the Grenadines. 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. Read also about FXPRIMUS.

AZ Trades Update

Our research revealed that the AZ Trades 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 Gulf FX Scam or Legal Broker?

According to our research, Gulf FX broker is a 100% fraud company. It is NOT SAFE to trade with this company. 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 Gulf FX? 

Gulf FX is owned by the Golf Fx EOOD. The company claims to be registered by the Financial Supervision Commission in Bulgaria, but there are no records about it on the regulator's website. The company provides two phone numbers with UK's and Bahrain's country codes, although it is not registered in any of those countries.

• Gulf FX is also on the warning list of Hong Kong's SFC for targeting residents without being authorized in the country. In order to get the license from Hong Kong’s SFC (The Securities and Futures Commission), it is a Type 3 license for Forex brokers and the fee will be around $130,000. Also, it requires a minimum liquid Capital of $3.000,000.

Gulf FX 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 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.

Yet, it is always great to hear your personal opinion about Gulf FX. So you may share your experience or thoughts or discuss them below or ask us for additional information.

Gulf FX Updates

As we found, the Gulf FX website remains inactive and unavailable to reach. This means the broker no longer operates its trading offering and does not propose account openings, however, it is best to avoid and stay alert in case any proposals show up.

Is FXIG Trades Scam or Legit Broker?

No, it is not safe to trade with FXIG Trades. FXIG Trades is owned and operated by FXIG Trades Inc. and claims to be located in London, UK. However, FXIG Trades 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 FXIG Trades?

According to the website, FXIG Trades offers such services as sales and trade, financial planning, business development, marketing analysis, strategic planning, and wealth management. Although, the broker doesn't disclose any information about its regulation and trading conditions (as it provides sales and trade services).

• Since the website mentions the UK location, the broker was supposed to be authorized in the United Kingdom by its local Financial Conduct Authority. However, we didn't find any records of the FXIG Trades in the regulator's register, which means the broker is not allowed to provide its financial services in the country.
• In addition, the website seems to be off, as the "signup" option doesn't work as well as the live chat on the website. Also, FXIG Trades claims to have 24 years of experience in financial consulting, however, we couldn't find any reviews about this company, which means it is new on the market.

FXIG Trades Review Conclusion

We advise all investors and traders to avoid FXIG Trades 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 BlackBull Markets and XM. 

FXIG Trades Update

Our research revealed that the FXIG Trades 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 Time4X Scam or Legit Broker?

It is not safe to trade with Time4X as it is an offshore unregulated broker. That means, Time4X is a scam and does not comply with strict international rules that provide protective measures to the traders. 

What is Time4X?

Time4X is owned by FAH Investment LTD. It is an offshore Forex broker registered in St. Vincent and the Grenadines with a Financial Services Authority.

• It is risky to deal with offshore brokers as it takes about $2000 to get the license. The main advantages of having an offshore license are low costs, and speed of formation (it takes only a few weeks to get one).
• On the other hand, the UK’s Financial Conduct Authority license costs USD 50,000 and needs USD 100,000 of capital for the STP license aside from client deposits. In case, of obtaining Italian trading license with the CONSOB, the company would need to have EUR 50,000 of corporate capital.

Time4X 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 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.

Time4X Update

Our research showed that the Time4X Website is inactive. Since money safety in forex goes first we recommend avoiding any proposals from Time4X and staying alert. 

Is Fern Scam or Legit Broker?

No, it is not safe to trade with Fern. Fern 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 Fern?

Fern is owned by FERN GROUP NZ LIMITED and claims to be located in Auckland, New Zealand.  According to the website, FERN GROUP NZ LIMITED is a global foreign exchange investment and industry solutions provider based in New Zealand and regulated by the New Zealand regulator FSP (FINANCIAL SERVICE PROVIDER). As a leading global investment service provider, they provide 24-hour continuous Forex and CFD products to global financial institutions, corporations, and individuals.

• However, it turned out the broker has just been using the name of the New Zealand-regulated entity without having the actual license to provide financial services. 

• Moreover, the local Financial Markets Authority in New Zealand has issued a warning against Fern:

  "We are concerned that www.fuerfx.com may be operating a scam. The website www.fuerfx.com is not associated with nor authorized by the New Zealand registered company Fern Group NZ Limited."

   

Fern Review Conclusion

We advise all investors and traders to avoid Fern 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 ForexTime (FXTM) and Alpari. Also, read about InstaForex Bonuses.

Fern Update

Recently the Fern 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 MGM Markets Scam or Legit Broker?

No, it is not safe to trade with MGM Markets. MGM Markets 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 MGM Markets?

MGM Markets is owned by Tube Global Marketing and claims to be located in the United Kingdom. According to the website, Tube Global Marketing is an innovative online trading brokerage firm, providing traders from across the globe the possibility to trade and profit from the global financial markets. The broker offers to maximize your profit potential and constantly develop your abilities with more than 1,000 top-class financial assets from 4 major markets and 3 trading instruments (CFDs and FX).

• MGM Markets doesn't provide any regulation details as well as its address. The only contact detail is the contact phone number with the British country code, which supposedly should be the broker's location. However, the broker is not licensed by the UK's regulator Financial Conduct Authority, which means MGM Markets is not regulated.
• Moreover, the Australian regulator ASIC has issued a warning against the broker:

"ASIC advises this company could be involved in a scam. Do not deal with this business as it is unlicensed in Australia. The business listed below has made unsolicited calls or sent emails about investing, financial advice, credit, or loans and does not hold a current Australian Financial Services (AFS) license or an Australian Credit license from ASIC."

MGM Markets Review Conclusion

We advise all investors and traders to avoid MGM Markets 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 Alpari. Also, read our Review InstaForex.

MGM Markets Update

Recently MGM Markets 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 TBFX Scam or Legit Broker?

TBFX 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 TBFX?

TBFX is owned and operated by TBFX Limited and claims to be located in London, UK. According to the website, it has more than 14 years of experience and is one of the largest stock exchange-listed FX & CFD brokers in the world. They mention their offices in over 13 countries including the UK, Poland, Germany, France, and Turkey. TBFX as a group is also regulated by the world's biggest supervision authorities including the Financial Conduct Authority, KNF, and CMB.

• However, it turned TBFX is just a clone of the regulated financial institution. The license number TBFX has been using belongs to the FCA-regulated XTB Limited that is not associated with TBFX in any way.
• A lot of companies, such as TBFX, purposely use the details of the well-regulated entities to mislead the potential clients. Such companies are called “clone firms” and should be avoided at all costs.
• In addition, the Financial Conduct Authority has blacklisted the broker:

TBFX  Review Conclusion

We advise all investors and traders to avoid TBFX and other unregulated brokers. The lack of information about the broker’s regulation, 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 Alpari and FP Markets. Also check InstaForex Review

TBFX Update

Recently TBFX 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.