Archives: Brokers

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We found that the Oracle-FX website is no longer active.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. 

Is Spectre Scam or Legit Broker?

Spectre is not a secure Forex broker since it does not hold a license from any worldwide serious Forex authority.  Spectre Trading Ltd is incorporated in St. Vincent & the Grenadines as an International Business Company with registration number 25113 IBC 2018.

• However, 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's 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 Spectre?

Spectre is an Asian financial online trading platform that allows traders to trade at a high frequency with low risk in the financial markets. By utilizing cutting-edge, crowd-sourced technology, Spectre matches traders against an embedded liquidity pool or other traders on the Spectre trading platform. Uniquely, it offers the ability for traders to earn up to 100% of returns (average 73%) ROI on just 1 trade within minutes (and even seconds).

One of a range of applications using an autonomous liquidity pool (DALP), Spectre was created with the vision to allow for fraud-free retail trading. Spectre.ai allows for the synthetic (no underlying ownership) of a range of asset classes, whether currencies, stocks, bonds, ETFs, indices, Epic and many more. Digital Contracts and CFDs, the unique contract types in the platform, can be taken by traders on a broad range of assets.

• In any case, we never advise trading with an offshore or non-licensed 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. Thus the engagement to trading with such companies means the trader will believe only on the broker’s words, and of course, it is a high risk.

Overall Spectre Ranking 

Taking into consideration our revelations on the safety and regulations issues of Spectre, we do not rank positively Spectre.  With an  Expert Opinion with over 10 Years of experience in Forex Trading we have come up with the following ranking:

• Spectre Overall Ranking is 3 out of 10 based on our testing and compared to 500 other brokers, see Our Ranking below compared to other popular and industry Leading Brokers.

Spectre Alternative Brokers

As we found many issues regarding Spectre safety and reliability, here we offer much better Alternatives to Spectre with tight regulations and good conditions. We select Good Brokers and reliable options for your comparison below: 

• Trading 212 – Good for Beginner Traders
• FP Markets – Good for CopyTrading
• XTB – Good for CFDs trading

Spectre in India

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

Spectre in the USA

The US is among the countries that cannot register with Spectre (Find Best Forex Brokers in USA), along with Costa Rica, BVI, Caymans, Cyprus, Iran, Venezuela, Syria, Somalia, Saint Vincent & the Grenadines, North Korea, Yemen, Iraq, Puerto Rico, American Samoa, Guam, Northern Mariana Islands, US Virgin Islands.

Deposits & Withdrawals

For a regular account, the minimum deposit amount is $10.00 and the minimum trade size is $1.00. For a Wallet account where no deposits are needed, the minimum trade size is $50.00.

• Spectre does not charge fees for withdrawals. However, UPHOLD and the several payment solution providers may have their own associated fees when transacting via them.
• Payments methods available are: Skrill, Neteller, Bank transfer, Credit/debit cards, Uphold, PaySafeCard, UnionPay (China), Advcash (South America, Russia, Europe), FasaPay (Indonesia, Vietnam, Thailand and Malaysia), Help2pay (Malaysia, Thailand, Indonesia and Vietnam).

Demo Account

Spectre offers demo accounts. All account types automatically include a risk-free demo account, which can be accessed inside your account forever. This completely free demo account requires no deposit and is pre-funded with unlimited virtual funds. It allows you to experience some risk-free trading to get you prepared for the real thing. No matter your trading level, Spectre.ai demo accounts are the perfect place to practice your skills and become a better trader without spending any of your own money.

Spectre Review Conclusion

Overall, there is no sustainable trust in the delivered Spectre trading environment since there are many complaints from the broker’s clients. So the downside of the Spectre would be also multiple negative reviews of this company and lack of decent regulation.

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 AvaTrade and XM.com.

• Overall ranking and experience for Spectre is Negative

Spectre Update

We discovered that the Spectre website is unavailable. It is unclear whether the broker changed its name, or is gone altogether. Since money safety goes first, we recommend avoiding any proposals from Spectre and staying alert in case of any proposals.