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Is BRFX Trade Scam or Legit Broker?

BRFX broker is a scam broker. 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 BRFX Trade?

BRFX Trade is owned by BR Consulting Group 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 registration brokers as on average it takes $2000 to get the license. St Vincent Forex company formations usually take around one week. Also, the advantage is there's no Forex regulation in St Vincent. Comparing the license from the UK’s Financial Conduct Authority, the latter costs USD 50,000 and also needs USD 100,000 of capital for the STP license aside from client deposits.

Overall BRFX Ranking 

Our research results revealed multiple problems with the safety and regulations of BRFX, so we do not rank positively BRFX, based on our Expert Opinion with over 10 Years of experience in Forex Trading.

• BRFX Overall Ranking is 2 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.

BRFX Alternative Brokers

Due to our negative finds on BRFX here we offer much better Alternatives to BRFX with good regulations and excellent conditions. We select Good Brokers and trustworthy options for your comparison below: 

• Blueberry Markets – Forex and CFD Trading with Low Fees
• Interactive Brokers – Good for Real Stock Trading
• Plus500 – Good for Futures Trading

Deposits and Withdrawals

BRFX offers funding through Local bank transfers and debit/credit cards.

• There are no additional charges for deposits. Funds are reflected in the account after the user’s account has been authorized. If the user fails to confirm that he or she is identified and authorized to use the payment method, BRFXtrade might reject and refund the payment.
• Traders can request a withdrawal during regular office hours. The payment will be processed within 7 (seven) business days, after which the payment will be made via the original payment method.

BRFX Trade Review Conclusion

We strongly 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 Pepperstone and TMGM.

• Overall ranking and experience for BRFX is Negative

BRFX Update

As we discovered, the BRFX website is inactive, and the broker is no longer available. It is unclear whether the broker changed its name, or has just ceased operations. Since money safety goes first, we recommend avoiding any proposals from BRFX and staying alert in case of any proposals. 

Is 69Brokers Scam or Legit Broker?

No, it is not safe to trade with 69Brokers. The broker doesn’t provide any information about the company behind the brand’s name as well as any regulatory information. According to the provided information, the broker is located in London, however, it is not regulated by the local financial authority, which means the broker is unregulated and provides illegal services. 

What is 69Brokers?

69Brokers presents its users with the optimal platform for investing in Forex, Futures, and Commodities. The company's HQ is located in Matam, London, Sydney, Limassol, and Sofia. They also provide a British office address and British contact numbers, however, the broker does not carry a license from the British regulator - Financial Conduct Authority. It is not regulated by any other authority as well, which means the company has been targeting people without a legal right for that.

• In addition, the Swiss Financial Market Supervisory Authority (FINMA) has issued a warning against 69Brokers.
• We have also found out that 69Brokers have been known for withdrawal issues and downtime of their trading platform and website, which is actually full of spelling errors.

69Brokers Review Conclusion

We advise all investors and traders to avoid 69Brokers 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 BDSwiss. See the Xtrade broker and FXPRIMUS broker Reviews.

69Brokers Update

Our research revealed that the 69Brokers 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 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.