Archives: Brokers

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.

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.