Archives: Brokers

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. 

Is Bristol Consulting FX Scam or Legit Broker?

Bristol Consulting FX broker is Non-Regulated and is not safe to trade with. 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 Bristol Consulting FX?

Bristol Consulting FX claims to be registered in Panama by the Securities Market of the Republic of Panama. Although this regulator has put the company on its blacklist for providing financial services in the country without being authorized there. So it's clear that the broker has no regulation and no legal right to offer Forex trading.

• Also, Bristol Consulting FX got into the Canadian OSC warning list for targeting Canadian clients without being licensed in the country. Some fraud companies use fake information about regulations to win customers' trust. In case Bristol Consulting FX would have to get a license from The Ontario Securities Commission in Canada, the fee would be around CAD 150,000.

Bristol Consulting FX Review Conclusion

We advise all investors and traders to avoid Bristol Consulting FX 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 Regulated Forex Brokers such as UK brokers or brokers in Australia and reliable brokers such as Pepperstone and BDSwiss.

Bristol Consulting FX Update

Our findings showed that the Bristol Consulting FX website is no longer active. Besides, there is no evidence of whether the broker operates or not. We recommend avoiding any offshore-based brokers due to their instability and lack of serious regulations.  

Is WDC Markets Scam or Legit Broker?

No, it is not safe to trade with WDC Markets as it is not regulated. WDC Markets is owned by FTG Solutions LTD (Registered number: 1994899), First Floor, Mandar House, Johnson's Ghut, P.O. Box 3257, Road Town, Tortola, British Virgin Islands and operated from Tornimae 5, Tallinn, 10145, Estonia.

• The BVI FSC is known for its light-touch regulation and very loose requirements that brokers do not try to comply with. Although the firm is licensed, BVI regulation is not enough to provide financial services in, for example, the UK.

What is WDC Markets?

WDC Markets claims to be a leader in financial markets brokerage including Forex, CFDs, and Indices. The broker provides its clients with a wide variety of markets and instruments, as well as a range of expert services, resources, and advice.

• However, we couldn’t find any information about this broker in the register of the Estonian Financial Supervision and Resolution Authority, which only proves that WDC Markets lacks regulation.
• Moreover, the broker has been blacklisted by two regulators. 

New Zealand, FMA:

“We are concerned that WDC Markets and the website https://wdcmarkets.com are withholding client funds and may be operating a scam. WDC Markets is not a registered financial service provider and is unable to offer financial services/products to New Zealand residents. As such, we recommend exercising caution when dealing with this entity.”

Spain, CNMV:

“WDC Markets is not authorized to provide the investment services, which include investment advice, nor to provide the auxiliary in relation to the financial instruments, including, for those purposes, foreign currency transactions.”

• The pages and official sources of the international regulators’ list alert are shared with the authority directly or by other countries’ supervisory bodies or transmitted centrally. Those tools and the general purpose of the regulatory bodies operate in order to enable stability of the market offerings, protect clients from potential and numerous frauds, enable reliability rules to financial service entities, and more. As WDC Markets got no license to operate within the EU and other regulated jurisdictions, the broker was blacklisted and alerted by the EU authorities.

WDC Markets Review Conclusion

We advise all investors and traders to avoid WDC Markets and other unregulated brokers (Check out Fake Forex Brokers List in Nigeria). 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 Alpari and XM.com.

WDC Markets Update

Based on our findings, the WDC Markets 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 MarketGBP Scam or Legit Broker?

No, MarketGBP is not a secure broker and it is not safe to trade with this company. MarketGBP is owned by Silver Wolf 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, it does not regulate forex trading. Therefore, it became an offshore zone for shady forex brokers such as Dax300, Finbitex, and more.

What is MarketGBP?

MarketGBP offers Forex, Indices, Commodities, and Precious Metals trading. The broker doesn't provide any information about its offices or its regulation. They provide a UK phone number as a contact number, however, the company is not regulated by the UK's Financial Conduct Authority. Most probably, MarketGBP has been targeting British residents and as a result, has gotten on FCA's warning list in January 2019:

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

• Also, Italy's regulator CONSOB warned the Italian public against MarketGBP:

  "The National Commission for Companies and the Stock Exchange has ordered the following company (MarketGBP) to cease infringement consisting of the offer and performance of investment services and activities to the Italian public."

• In addition, we have previously reviewed companies (FXtrade777, TradeBNP) affiliated with Silver Wolf Limited that have been warned against by several regulators, which doesn’t look trustworthy at all.

MarketGBP Review Conclusion

We strongly advise all investors and traders to avoid MarketGBP 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(Forex Brokers List) such as Pepperstone and BDSwiss.

MarketGBP Update

Our findings showed that the MarketGBP website is no longer active. Besides, there is no evidence of whether the broker operates or not. We recommend avoiding any offshore-based brokers due to their instability and lack of serious regulations.