Archives: Brokers

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. 

Is Capital88 Scam or Legit Broker?

No, it is not safe to trade with Capital88. Capital88 is owned by Capital88 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 is 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 Capital88?

According to the website, Capital88 is providing more than 1,000 financial assets from all 4 major markets and 2 trading instruments (CFDs and FX). There is one more company behind the brand's name - BT Ventures Ltd., which claims to be based in Sofia, Bulgaria. We haven't found any records of the broker being regulated by local Financial Supervision Commission, which means the broker is unregulated.

• Moreover, the broker has recently been banned by Spain's regulator the National Securities Market Commission (CNMV):

"BT VENTURES LTD/ CAPITAL88 LTD is not authorised to provide the investment services, which include investment advice, or to provide the auxiliary services in relation to the financial instruments, including, for those purposes, foreign currency transactions."

Capital88 Review Conclusion

We advise all investors and traders to avoid Capital88 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 eToro, RoboForex Broker and FXTM.

Capital88 Update

Recently Capital88 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 Libra Markets Scam or Legit Broker?

Libra 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 Libra Markets?

Libra Markets is owned by Yield Enterprise Currency Software OÜ, Tallinn, Estonia, and operated from Riga, Latvia.

• According to the website, Libra Markets provides industry-leading forex brokerage to enable secure investment and trading across multiple asset classes. 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 any mentions about the broker in the FSA’s register, which means Libra Markets is not regulated to provide its financial services in Estonia as well as other EU countries.

• In addition, Libra Markets has been blacklisted by Austrian Financial Markets Authority:

  "Libra Markets is not entitled to carry out banking transactions in Austria that require a licence. The provider is therefore neither permitted to trade on a commercial basis on its own account or on behalf of others."

• We have also reviewed one more broker UproFx, operated by Yield Enterprise Currency Software OÜ. This broker has been banned by several regulators and has a lot of negative reviews.

Libra Markets Review Conclusion

We advise all investors and traders to avoid Libra Markets 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 FP Markets and BDSwiss. You may be interested reading  RoboForex Review.

Libra Markets Update

Recently Libra 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 their receive trading proposals.