Archives: Brokers

Is RCM FX Scam or Legit Broker?

No, it is not safe to trade with RCM FX. RCM FX is owned by Regal Core Markets Limited which is an offshore company registered in Vanuatu and claims to be registered with a Vanuatu Financial Services Commission (VFSC) license.

• Vanuatu is the easiest jurisdiction to open a brokerage, as the opening requires the company to submit a register online, prove initial establish capital which is $2,000 only, pay a fee, and within 2-3 months, the firm is crisp and registered. Therefore, it became an offshore zone for shady forex brokers such as IC Finance, OlympusMarkets, and more. 

What is RCM FX?

As to the broker’s VFSC license, from our source, it costs €24,000 per year to become a member. However, and there is no handbook or guidelines for brokers to run their businesses. Therefore, there is zero protection for traders. We have a detailed article explaining the risk of trading with brokers from Vanuatu.

• The company doesn't provide any contact address or phone number. Clients or potential investors can only contact the support team through the online request form, which doesn't seem very reliable. Also, besides the English language, the website supports the Chinese language. Most probably RCM FX has been targeting Chinese residents (without being authorized in the country). 

RCM FX Review Conclusion

We advise all investors and traders to avoid RCM FX and other brokers from Vanuatu. Very often unregulated or offshore brokers run investment scams. Thus, we advise traders not to trust attractive offerings and promises and instead find a reliable broker with tight regulations. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as Alpari and FXTM (See the Forextime Review).

RCM FX Update

Recently RCM FX 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 CT-Trade Scam or Legit Broker?

Our research showed that CT-Trade broker is a total scam. It is NOT SAFE to trade with this company. We found that there is no authorization or registration of the address, therefore the company seems to be highly suspicious and seems to be a clone firm. 

What is CT-Trade?

CT-Trade is the clone company of Citibank Europe plc. The clone claims to be regulated by Citibank Europe plc and has the same address as the original company – 71-75 Shelton Street, London, WC2H 9JQ, UNITED KINGDOM.

• Therefore, the clone should also be carrying the UK FCA license as the original company does. But the CT-Trade is not licensed in the UK or any other country. In case, of obtaining the STP license from UK’s Financial Conduct Authority, the company would need to pay USD 50,000 and also needs USD 100,000 of capital aside from client deposits.
• 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.

CT-Trade Review Conclusion

We advise all investors and traders to avoid CT-Trade 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 Top Forex Brokers such as BlackBull Markets and Eightcap.

CT-Trade Update

We found CT-Trade Website inactive. Since money safety in forex goes first we recommend avoiding any proposals from CT-Trade and staying alert in case of any proposals. 

Is CFD Royal Scam or Legit Broker?

According to our research, CFD Royal is a total scam. CFD Royal is owned and operated by Elit Property Vision LTD with a registered address in Sofia, Bulgaria. However, the broker is not authorized or regulated by the Financial Supervision Commission in Bulgaria or any other regulator.

• Forex and CFD brokers are required to have a license from the local financial authorities in order to offer and provide financial services. CFD Royal doesn’t carry such a license, so it cannot be considered a reliable broker to invest with.

What is CFD Royal?

As we kept our search about CFD Royal, we found a few shady things that definitely should be mentioned. The owner company Elit Property Vision LTD also owns other brokerages, such as CarterFS and RichmondFG. These companies have been blacklisted multiple times by different regulators, and this fact definitely doesn't put a lot of trust in CFD Royal.

• Another thing is that CFD Royal has previously been owned by United Limited, an offshore company based 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. And the last reason, why traders should avoid CFD Royal is that the company has been banned by the UK's Financial Conduct Authority:

"This firm (CFD Royal) is not authorized or registered by us but has been targeting people in the UK, claiming to be an authorized firm."

CFD Royal Review Conclusion

We advise all investors and traders to avoid CFD Royal 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 (See the Top Forex Brokers List) such as UK brokers or brokers in Australia and reliable brokers such as BlackBull Markets and Pepperstone.

CFD Royal Update

Based on our research CFD Royal Website is inactive. It is unclear whether the broker has changed its name and operates another fraud Forex activity or is just gone. We recommend avoiding any proposals from CFD Royal and staying alert in case of any proposals. 

Is Oracle-FX Scam or Legit Broker?

Oracle-FX 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 Bitex360. We never advise trading with an offshore broker, since the financial investment service they deliver is not trustable. The reason is simple, the broker may promise the most ever competitive trading conditions or the trading environment, yet the trader has no guarantee from the official entities that oversee the Forex industry.

What is Oracle-FX?

Oracle-FX is owned by the Oracle Finance International INC. It is an offshore forex broker registered in the British Virgin Islands with a British Virgin Islands Financial Services Commission license. The whole process of getting the Forex license costs typically under $30,000. The company will also need to deposit a minimum of $125,000 in its corporate account. Comparing the license from New Zealand's FMA (Financial Markets Authority), the broker needs to have a physical office in New Zealand and minimum net tangible assets of 1 million NZD or 10% of average revenue. It is about $35,000-50,000 for a license depending on its type.

Oracle-FX Review Conclusion

Oracle-FX has been suspected as a scam broker. We advise all investors and traders to avoid Oracle-FX and other brokers from the Marshall Islands. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable forex brokers such as Pepperstone and BDSwiss.

• Overall ranking and experience for Oracle-FX is Negative

Oracle-FX Update

We found that the Oracle-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 uTrader Scam or Legit Broker?

In our research, uTrader has been suspected as a scam broker. The company provides the regulation info and claims to operate under the regulation of IFMRRC (International Financial Market Relations Regulation Center). However, IFMRRC is a non-governmental authority that acts as an independent organization and does not strictly oversee the operation of the registers.

What is uTrader?

uTrader is a Forex and CFD broker owned and operated by Day Dream Investments Ltd., the place of supply of services in the Republic of the Marshall Islands.

• In fact, the Marshall Islands is an offshore zone attracting various firms that for one reason or another escape from serious regulation or compliance to international service providing. However, in the case of financial investment or trading firms, the company should be a very respected entity, as the statistics show that most non-authorized firms never recover investors’ investments. Therefore, we always advise avoiding offshore or companies with no license as there are too many frauds around.

uTrader Review Conclusion

We strongly advise all investors and traders to avoid uTrader 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 BDSwiss and BlackBull Markets.

uTrader Update

Our findings showed that uTrader is no longer active. The broker’s website is unavailable to reach and 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.