Archives: Brokers

Is Tradovest Scam or Legit Broker?

Tradovest is not a safe broker. It is registered offshore and does not hold a proper Forex broker license. 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 Tradovest?

Tradovest is a forex broker owned by a Seychelles-based holding company called Celestial Trading Ltd. It is an offshore broker that doesn't provide its address. Instead, it provides different contact numbers in different countries (UK, Switzerland, Germany, New Zealand, Austria, and Spain). However, the company is not authorized in any of them.

• The key requirements for the Seychelles license are a domestic company in Seychelles with a share capital of $50,000 and an operational office in Seychelles. The advantages of this license are speed and low cost. On the other hand, the license from UK’s Financial Conduct Authority costs USD 50,000 and also needs USD 100,000 of capital for the STP license aside from client deposits.

Tradovest 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 FBS Broker Review).

Tradovest Update

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

Is CFD Corporate Scam or Legit Broker?

CFD Corporate has been suspected as a scam broker. 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 CFD Corporate?

CFD Corporate is a Forex and CFD broker that claims to be located in Switzerland but without being regulated by the Swiss Financial Market Supervisory Authority. The only contact information they provide is a Swiss phone number. CFD Corporate is owned and operated by Mpower Technologies Ltd – a Cyprus-based company that has no regulation as well. In order to get a license from CySec (Cyprus Securities and Exchange Commission) the broker has to have an office located in Cyprus. There is a low level of reporting and the taxes are quite reasonable. Initially, only $30,000 is needed and it takes about six months before the license is granted.

CFD Corporate 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 have 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 (Read about FBS Trading).

CFD Corporate Update

Our findings showed that CFD Corporate is no longer active. The broker’s website is unavailable to reach. 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 FX Options24 Scam or Legit Broker?

It is not safe to trade with FX Options24, because it is an unregulated broker. In addition, the company has been suspected to be a fraud. 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 FX Options24?

No, FX Options24 is not safe to trade with it. FX Options24 is owned and operated by FX Options24 Group Ltd and claims to be located in Cyprus.

FX Options24 offers to trade FX, metals, CFDs (on shares, indices, commodities, bonds, ETF, cryptos) and exchange-traded Physical Stocks. According to the website, the broker is licensed by the Cyprus Securities and Exchange Commission, the Vanuatu Financial Services Commission, the German Bundesanstalt für Finanzdienstleistungsaufsicht, the British Financial Conduct Authority, and the French Autorité de Contrôle Prudentiel et de Résolution.

• However, it turned out the broker has just been using the license numbers of the regulated entity JFD GROUP LTD., that is not associated with FX Options24 in any way. We have also discovered another broker that uses JFD Group Ltd. license details, CBFX Global, and has an identical website interface as FX Options24. Neither of them is authorized to provide financial services. Both FX Options24 and CBFX Global seem to be clone firms which just delude customers. You can read our full JFD Brokers review here. 

FX Options24 Review Conclusion

We advise all investors and traders to avoid FX Options24 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 (See Alpari Review) and FP Markets.

FX Options24 Update

Recently FX Options24 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 AitsFX Scam or Legit Broker?

According to our research, AitsFX is a total scam. The broker is not regulated and has no legal right to provide financial services to the public. Moreover, AitsFX has been suspected of fraud, when pretending to be another company with a better reputation.

• The fact is that St. Vincent and the Grenadines is an offshore zone, which does register the financial investment firm, but provides very poor if none requirements for the company operation. That means, the broker is not regulated, not overseen, and does not comply with strict international rules that provide protective measures to the traders. Therefore, it became an offshore zone for shady forex brokers such as CVC Markets, AAG Markets, and more. Read more about St. Vincent and the Grenadines regulation by the link.

What is AitsFX?

AitsFX is a Forex and CFDs broker. The company is owned and operated by AITS FX Ltd, registered and licensed by the Financial Services Authority of St. Vincent and the Grenadines. However, St. Vincent and the Grenadines is an offshore zone and it does not provide sufficient protection.

• On its website, AitsFX provides the contact number with a British phone code, which is a sign that the company has been targeting UK residents when it is clearly not authorized for providing financial services in the UK.
• Also, FSA has announced that it does not issue any licenses for forex trading or brokerage nor does it regulate, monitor, supervise, or license international companies, which engage in such activities.

AitsFX Review Conclusion

We keep reminding traders that dealing with offshore brokers is quite risky as clients have no protection for their funds and sometimes such entities turned out to be scams. Instead, we recommend choosing among brokers licensed by FCA in the UK or CySEC in Cyprus. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as FXTM and XM. 

AitsFX Update

Based on our research, the AitsFX 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 Swiss Assets FX Scam or Legit Broker?

Swiss Assets FX is a Non-Regulated 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 Swiss Assets FX?

Swiss Assets FX states that it is a regulated investment services firm authorized in the conduct of its activities by the Swiss Securities and Exchange Commission (‘SFMSAS’) under license no. 092/08. However, there is no such entity as the Securities and Exchange Commission in Switzerland which means the company has been providing financial services without being authorized.

• The Swiss regulator who is responsible for providing licenses is FINMA. An entity should have 100 million CHF as net capital to apply for a forex trading license with FINMA and also should manage the business from an office in Switzerland.

Swiss Assets FX Review Conclusion

All investors and traders should avoid Swiss Assets FX and other brokers that operate without licenses. Traders should trade with tightly regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as BDSwiss and Pepperstone.

Swiss Assets FX Update

Based on our research Swiss Assets FX Website is inactive. It is unclear whether the broker has changed its name and operates another fraud Forex activity or is just gone. As money safety goes first we recommend avoiding any proposals from Swiss Assets FX and staying alert in case of any proposals. 

Is ISGXchange Scam or Legit Broker?

ISGXchange is not a safe broker. According to our research, ISGXchange has been suspected of fraudulent actions. The company does not hold any financial licenses but claims the opposite. Therefore the company seems to be highly suspicious and might operate its services from an absolutely different location than mentioned on its website.

What is ISGXchange?

ISGXchange claims that it has offices in London and Copenhagen. In this case, the firm has to have two licenses from UK's FCA and Danish Financial Supervisory Authority accordingly, but in reality, the company is not regulated by those agencies. We don't recommend dealing with a company that carries no license and is not regulated.

• For obtaining an FCA license, companies pay USD 50,000. Also, they should have USD 100,000 of capital aside from client deposits. On the other hand, the fee for getting a license from the Danish FSA costs around EUR 230,000.

ISGXchange Review Conclusion

We strongly advise all investors and traders to avoid ISGXchange and other brokers that do not hold any licenses. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as BDSwiss and BlackBull Markets.

ISGXchange Update

Based on our research ISGXchange Website is inactive. It is unclear whether the broker changes its name and operates another fraud Forex activity or is just gone. As money safety goes first we recommend avoiding any proposals from ISGXchange and staying alert in case of any proposals. 

Is MetaFinanceTrade Scam or Legit Broker?

MetaFinanceTrade is not a secure Forex broker since it does not hold a license from any worldwide serious Forex authority (See our reviews on Top Regulated Forex Brokers). The broker is suspected of being a fraud company since it was not checked for compliance before establishment, never monitored in terms of its safety, and simply may operate the business in any way it wishes.

What is MetaFinanceTrade?

MetaFinanceTrade offers to trade up to 80 major, minor, and exotic currency pairs with competitive spreads and 0 commission. You can trade as little as 1 share on all share CFDs with no commission. They offer more than 300 popular stocks from the US and the EU. The company also offers a web-based platform with easily customizable watchlists, trading charts, and its own MetaFinanceTrade Trade Assistant.

•  MetaFinanceTrade Ltd claims to be a Luxembourg Investment Firm registered with the Commission de Surveillance du Secteur Financier and under CIF authorization number 357/18. The Company's registered office is at 51 Boulevard Grande-Duchesse Charlotte, 1330 Luxembourg.
• The broker also claims to have offices in the US and Luxembourg. However, this broker is not mentioned in the online registers of the Commission de Surveillance du Secteur Financier (CSSF) and the Cyprus Securities and Exchange Commission (CySEC). The broker is not regulated and has been misleading its clients with false regulatory information.
• In simple words, MetaFinanceTrade is a perfect example of a clone 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.

• Moreover, the Cyprus Securities and Exchange Commission has included MetaFinanceTrade in its warning list:

  “The Cyprus Securities and Exchange Commission (‘CySEC’) wishes to inform investors that the following websites do not belong to an entity which has been granted an authorization for the provision of investment services and/or the performance of investment activities.”

• 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 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 MetaFinanceTrade got no license to operate within the EU and other regulated jurisdictions, the broker was blacklisted and alerted by numerous EU authorities.

MetaFinanceTrade in India

MetaFinanceTrade allows Indian traders to open accounts and trade. However, MetaFinanceTrade has no mention of complying with any Indian regulators on its website. It is also worth mentioning that Forex trading is actually prohibited in India. The broker is not regulated by any regulatory body in India, that’s why money safety may be the issue here.

MetaFinanceTrade in the USA

The United States is one of the countries that is not accepted by MetaFinanceTrade. As per the U.S law, brokers regulated by CFTC are the only brokers allowed for the USA traders. So, except for MetaFinanceTrade, you are only permitted to trade with the U.S regulated platforms.

Deposits and Withdrawals

The minimum deposit for all methods of deposits in a trading account with MetaFinanceTrade is Euro 50.

• Deposits by Debit card or Credit card take approximately 3 business days, often less to process into your trading account. As much as MetaFinanceTrade shall ensure immediate action to process and clear deposits by bank wires, these may take approximately up to one 1 business day to receive and process into your trading account.
• MetaFinanceTrade has funding methods for multiple currencies. If you deposit funds in a currency other than the denomination of your trading account, they will automatically convert it to the denominated currency at an exchange rate applicable on the date and time of the transaction. MetaFinanceTrade does not charge any administrative fees for depositing funds.
• The minimum withdrawal amount is EUR 50.00 for all payment methods.

Apps

MetaFinanceTrade provides its traders with a Trade Assistant. It is a unique educational tool designed to help you place your trades. It has been developed with beginners in mind(Best Forex Trading Platforms for Beginners) but can be used by anyone who wants to understand core trading concepts - such as CFDs, leverage, margin, exposure - through short and easy-to-understand explanations, contextual examples, and built-in dynamic calculators.

MetaFinanceTrade Review Conclusion

We advise all investors and traders to avoid MetaFinanceTrade 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 XM.

MetaFinanceTrade Update

Recently the MetaFinanceTrade 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 CFD Trend Scam or Legit Broker?

No, it is not safe to trade with CFD Trend. CFD Trend is owned by Red Bird Ltd., which is an offshore company registered in St. Vincent and the Grenadine.

• The main concern about CFD Trend is that the company is located in an offshore zone SVG, which in fact does not implement stricter overseeing of the financial firm operation and didn’t impose hard-to-achieve requirements for firm establishment. In other words, the broker may operate a business in any manner they wish and of course, this fact includes the highest risk to lose money. You can read our detailed article about the risk of trading with brokers from St. Vincent and the Grenadines.

What is CFD Trend?

The offering, in general, doesn’t seem to be very much attractive (Best Forex Brokers for Beginners), yet designed in a manner to deliver the necessary tools and all what is needed for a beginner or regular trader.

• CFD Trend seems to be another trading company that appeared recently at the market offering and claims its reliable business environment through a safe and fast trading environment. The broker proposes generous bonuses, multiple asset trading with ECN accounts on MT4, as well designed mobile application for a constant monitor of the market.
• In the world of trading full of frauds and non-trustable companies, it stands at top priority to choose only this company that proved its status, operates brokerage service with necessary license and constantly overseen by the independent authority. In this case, the trader can trade assured that his protective rights are enabled and controlled at all times.

CFD Trend Review Conclusion

Even though the CFD Trend is a quite new offering and still didn’t gain a cruel reputation with negative reviews, yet the lack of regulation imposes no trust in them. In order to succeed in trading, it is always recommended to choose a reputable firm, such as FXTM and XM. Check carefully any broker before you sign in while the list of Regulated Forex Brokers will help to choose the suitable one.

CFD Trend Update

Based on our research, the CFD Trend 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.