Archives: Brokers

Is Tradeu2 Scam or Legit Broker?

Tradeu2 broker is a 100% fraud company. It is NOT SAFE to trade with this firm. 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 Tradeu2?

Tradeu2 is owned by SUN CAPITAL LIMITED. It is an offshore forex broker registered in St. Vincent and the Grenadines with Financial Services. On the website of the Tradeu2 broker, there are also three other offices mentioned: in Italy, Germany, and Switzerland, although the broker is not registered in those countries to provide its financial products and services.

• In case Tradeu2 would have to get a license from Germany's Federal Financial Supervisory Authority, the initial capital required is at least EUR 730,000, and a minimum capital of at least EUR 50,000.

Tradeu2 Review Conclusion

We advise choosing only Regulated Brokers to invest with. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as Pepperstone and BDSwiss.

Tradeu2 Update

Our findings showed that the Tradeu2 website is no longer active. 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 Swissquotes Scam or Legit Broker?

It is not safe to trade with a Forex broker Swissquotes, as it is an unregulated clone firm. 

• According to the website, the broker is owned and operated by MIG Capital LTD. It claims to have offices in London, United Kingdom, Zurich, Switzerland, and Frankfurt am Main, Germany. Also, the terms and conditions state that the company operates under the Swissquotes brand according to the United Kingdom, Switzerland, German laws.

What is Swissquotes?

According to the broker's website, Swissquotes is an established forex broker that is focused on offering outstanding client services and personalized account management accompanied by the most advanced technology in the industry. Swissquotes’s international reputation comes from its devoted service, technology, and client focus. However, after completing some research, the broker's reputation seems quite questionable.

• It turned out that Swissquotes is not regulated in any of these countries and is not mentioned in the registers of the local regulators. Moreover, the broker has been blacklisted by the UK’s Financial Conduct Authority for being a clone firm of the FCA-regulated entity Swissquote Ltd. and has been using the name of this entity to delude potential clients. 

  “Swissquotes Ltd (Clone of FCA authorized firm). Almost all firms and individuals carrying out financial services activities in the UK have to be authorized or registered by us. This firm is not authorized or registered by us but has been targeting people in the UK, claiming to be an authorized firm.”

• Clone firms use some or all of the details of a genuine entity, aiming to convince investors they are indeed the authorized company or that they work with them. Fraudsters usually use this tactic when contacting people out of the blue, so you should be especially wary if you have been cold-called. They may use the name of the genuine firm, the 'firm reference number' (FRN) we have given the authorized firm, or other details. Such companies should be avoided at all costs.

Swissquotes Review Conclusion

We advise all investors and traders to avoid Swissquotes and other scam brokers. The lack of information (or false 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 Cyprus and reliable brokers such as FP Markets and Alpari.

Swissquotes Update

Recently the Swissquotes website remains inactive, meaning the broker has muted 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 FxFixed Scam or Legit Broker?

No, it is not safe to trade with FxFixed as it is not regulated. The broker is owned and operated by Unigreen Korlatolt Felelossegu Tarsasag, and located in Budapest, Hungary. However, we didn’t find any mentions about this broker in the register of the Hungarian regulator as well as some other major regulators’ registers. 

• FxFixed does not provide any regulatory information, nor contact details. That’s when it comes to transparency. Regulated companies keep all the information open to their clients as it is required by the law. Obviously, FxFixed has no regulation and no authority to report to.  

What is FxFixed?

FxFixed provides the option to trade 200+ markets including the biggest cryptos. Its clients have an opportunity to trade highly liquid assets with very low spreads and 1:500 leverage (Low Spread Forex Brokers). According to the website, FxFixed guarantees 100% protection and security of funds and investments through professionally managed network data centers with fully redundant server arrays and internet connections, as well as complete transparency. With a lack of a lot of information, it actually seems like the broker is not that reliable and transparent.

• Also, the awards mentioned on the website are fake as there are no such nominations and this broker was never nominated for any Forex award.

• In addition, FxFixed has been blacklisted by the Spanish regulator CNMV:

  “FxFixed 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 FxFixed got no license to operate within the EU and other regulated jurisdictions, the broker was blacklisted and alerted by the EU authority.

FxFixed Review Conclusion

We advise all investors and traders to avoid FxFixed and other unregulated brokers (Check our Fake Forex Brokers List). 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 XM.

FxFixed Update

Recently the FxFixed website remains inactive, meaning the broker has muted 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 Meta Investing Scam or Legit Broker?

No, it is not safe to trade with Meta Investing. Meta Investing is owned by B.M.O. LTD., which is an offshore company registered in the Marshall Islands.

• The Marshall Islands is notorious for its practically absent requirements and regulations. 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, Capital88, and more. 

What is Meta Investing?

According to the website, Meta Investing Company is the largest broker in the market that provides the ability to trade on a financial market. Their trading software is a modern financial instrument for trading currency pairs and liquid goods. However, there are a lot of contradictory things about this broker. 

• The company states to be a certified financial broker of B.M.O. LTD. and provides a copy of the certificate of the Companies House (England and Wales). Despite the provided documents about the registration with the Companies House, it doesn’t mean the authorization of the Financial Conduct Authority. Companies House is the United Kingdom’s registrar of companies, it is not the regulator that approves licenses for the brokers in the UK.
• Moreover, the broker has been blacklisted by the UK's Financial Conduct Authority in November 2018:

"Meta Investing (claims to be a broker of B.M.O. LTD) is not authorized by us and is targeting people in the UK. Based upon information we hold, we believe it is carrying on regulated activities which require authorization."

• Also, the Ontario Securities Commission has recently issued a warning against Meta Investing:

  "Metainvesting also operating as Meta Investing and doing business as www.metainvesting.com and B.M.O. Ltd. are not registered in Ontario to engage in the business of trading in securities."

Meta Investing Review Conclusion

We advise all investors and traders to avoid Meta Investing and other brokers from the Marshall Islands. Traders should trade with well-regulated FX brokers such as UK brokers or brokers in Australia and reliable brokers such as Pepperstone and BDSwiss.

Meta Investing Update

Our findings showed that Meta Investing is no longer active. 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 RoyalsFX Scam or Legit Broker?

It is not safe to trade with a Forex broker RoyalsFX, as it is an unregulated firm. The broker does not provide the company behind the brand’s name and claims to be located in Geneva, Switzerland. However, the terms and conditions on the website state that RoyalsFx is under Estonian Governing laws. Despite all these claims, we were not able to find proof of the broker’s regulation and there are no mentions of this firm in the registers of the local regulators.

What is RoyalsFX?

RoyalsFX claims to be an innovative online trading brokerage firm, providing traders from across the globe the possibility to trade and profit from the global financial markets. RoyalsFX was established by highly enthusiastic financial market veterans, committed to encouraging people worldwide to practice trading and investing independently while providing complete access to a vast number of top-class financial assets from all 4 major markets. The broker provides its clients with more than 1,000 top-class financial assets from 4 major markets and 3 trading instruments (CFDs, FX).

• Moreover, the broker got blacklisted by one of the most reputable regulators the Financial Conduct Authority in the United Kingdom: 

  “Almost all firms and individuals offering, promoting, or selling financial services or products in the UK have to be authorized by us. This firm is not authorized by us and is targeting people in the UK. Based upon information we hold, we believe it is carrying on regulated activities which require authorization.”

• Considering all the facts above it is safe to say RoyalsFX is not regulated and has no legal rights to offer financial services. 

RoyalsFX Review Conclusion

We advise all investors and traders to avoid RoyalsFX and other unregulated brokers (See our Forex scammer List). The lack of information (or false 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 Cyprus and reliable brokers such as FP Markets and Alpari.

RoyalsFX Update

Recently the RoyalsFX website remains inactive, meaning the broker has muted 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 12Trader Scam or Legit Broker?

No, it is not safe to trade with 12Trader. 12Trader  is owned by Safe Side Trading Ltd, which is an offshore company registered in St. Vincent and the Grenadine.

• St. Vincent and the Grenadines is notorious for its practically absent requirements and regulations. Due to the low setup cost, it does not regulate forex trading. Therefore, it became an offshore zone for shady forex brokers such as CapitalXP, Welkron, and more. You can read our detailed article about the risk of trading with brokers from St. Vincent and the Grenadines.

What is 12Trader?

According to the website, 12Trader claims to be a group of the world’s best global financial market experts, who have come together in order to provide you with the best services available in Forex trading, stocks and contracts. However, the company doesn't back up all these claims with the information about its regulation. It claims to be located in London, UK. We also couldn't find any records of the company's license with the British regulator Financial Conduct Authority.

• In fact, 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.

12Trader Review Conclusion

We advise all investors and traders to avoid 12Trader 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 BlackBull Markets, FXGT Forex, FBS Trading Broker.

12Trader Update

As we found, the 12Trader 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 1000 Extra Scam or Legit Broker?

1000 Extra is a 100% fraud company. The broker is registered offshore and does not hold any proper license from a well-known reliable financial regulator. It is NOT SAFE to trade with 1000 Extra. We never advise trading with an offshore broker, since the financial investment service they deliver is not trustable.

What is 1000 Extra?

1000 Extra is a Forex and CFD broker, owned and operated by Mil Xtra LTD., a company, registered in Saint Vincent and the Grenadines - an offshore jurisdiction, which offers a variety of benefits - no income tax, fast and low-cost license for only USD 2,000. That is why brokers choose this kind of license.

• Comparing the license from UK’s Financial Conduct Authority, it requires EUR 125,000 of capital (aside from client deposits) for the STP license. The regulator also provides the segregation of funds and negative balance protection. Here you can check the list of FCA-regulated brokers.

1000 Extra 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 BlackBull Markets and FBS (Check out the FBS Trading Review). 

1000 Extra Update

As we found, the 1000 Extra 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.