Expert Reviews

Parantoux Capital review – 5 things you should know about parantouxcapital.com

Beware! Parantoux Capital is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
IG USForex.com
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.

Parantoux Capital is a Hong Kong based broker that offers managed trading services for retail traders and investors. They have different Managed Trading Accounts (MTAs) – Trial, Bronze, Silver, Gold, Platinum and Diamond – starting from a minimum investment of 500 GBP to up to 250,000 GBP. The accounts also differ in terms of their commission structure starting from 30% for the most basic ones to 5% for the Diamond one.
The application form for an MTA was extremely long and detailed. In addition to the personal information, such as names, address, phone numbers and email address, it is asking for marital status, number of dependents, employment status, where you work, your annual income and net worth and to upload ID, among others. They say it would require up to 48 hours to complete Know Your Customer (KYC) checks and eventually approve or refuse your application.
We decided to apply for a Free Demo account supplying only First and Last name and Email address, but 24 hours later there was still no response from the broker. Overall we were unable to open an account with the broker.
Parantoux Capital regulation & safety of funds
Parantoux Capital is registered with the Hong Kong Securities and Futures Commission (SFC) as an Asset Management Fund. The SFC requires that brokers maintain a minimum capital of 5 million HKD (about $640,000), and to participate in an Investor Compensation Fund, which covers up to $150,000 of the trading capital. Leveraged forex trading is not covered by these funds, however, only trading in securities and futures contracts.

Other watchdog agencies, such as the Financial Conduct Authority (FCA) in the UK and the Cyprus Securities and Exchange Commission (CySEC), impose much stricter rules to the companies they license. There are higher Minimum Capital Requirements (€730 000) to guarantee good financial standing, Client Account Segregation (clients’ money is kept separate from the broker’s operating funds) and Negative Balance Protection for traders (one may not lose more than the initially invested funds). The Compensation Schemes providing additional guarantee to clients’ funds up to a certain amount (85,000 GBP in the UK and 20,000 EUR in the EU) apply to forex trading too.
Parantoux Capital Trading Software
Parantoux Capital offers a couple of trading platforms that we are not familiar with on their website. Takion is advertised as a feature rich platform, which is totally customizable to meet the professional trader’s needs, with powerful scanners and API access for automated trading.
Sterling Trader Pro is presented as a full-featured Level II direct access trading platform designed for professionals who work with the rapidly moving electronic markets. The broker also claims to have proprietary API, scanners and idea generation tools that “help bring ideas to execution in a fraction of the time of most systems without compromising latency”. There are no download links, however, and since we were unable to open even a Demo account there was no way to test the features of the software.
Respected brokers usually offer the MetaTrader4 (MT4) or the MetaTrader5 (MT5) trading platform. MT4 is considered to be the leading platform worldwide, preferred by more than 80% of users. It features an intuitive, user-friendly interface, advanced charting and analysis tools, as well as copy- and auto-trading options. It can be further customized to create different trading strategies using its proprietary MQL4 programming language. Its successor, MT5, has certain advantages over the MT4. It enables traders to execute trades on different financial markets (including exchange-traded stocks) through a single account and has more trading instruments and more indicators than the older version.
Parantoux Capital Trading Conditions
There is not much information about the trading conditions the broker offers. They claim to utilize various stop-loss orders, which allow only 3% of the investor capital to be at risk at any given time. They do not mention spreads on forex currency pairs or what leverage can be used.
Regulated brokers usually offer spreads between one and two pips for the most traded currency pairs. Brokers licensed in the US have a leverage cap of 1:50 for non-professional traders, and the ones in the UK and EU is even lower – 1:30. High leverage is not something negative in itself, and there are actually regulated markets, such as Australia, which do not impose leverage caps. It can be quite risky, however, because although one can make profits with leveraged trading, he/she can also lose quite a lot, sometimes even more than initially invested.
Parantoux Capital Deposit/Withdrawal Methods And Fees
As we noted above opening a Trial account requires a minimum deposit of 500 GBP. This deposit is guaranteed and if the investor is not satisfied after 30 days, Parantoux Capital claims the initial deposit will be returned in full, even if the account balance is less than this initial deposit.
With the real accounts, however, there is no such guarantee and the minimum deposit requirements are much higher – the most basic one, Bronze, entails a minimum balance of 5,000 GBP and trading commission fees of 30% on profits. As the accounts go up, the minimum deposit requirements also grow, but the commission fees become lower.
There is no mention of what payment methods one can use to deposit or withdraw on the broker’s website. There are no credit card or other logos. Popular methods, such as PayPal and other preferred by traders e-wallets, eg. Skrill and Neteller are not advertised.
Parantoux Capital does not have a minimum withdrawal requirement, but in their Terms and Conditions we read that the client has the right to withdraw funds only after the initial 90 days for the Bronze account, 60 for the Silver and so on. The withdrawal request is carried out within 5 business days.
To the broker’s benefit we should note that apart from the commission fees they do not have any other fees – we did find anything about withdrawal fees or inactive account fees. We did not see any bonuses offered too – a common practice of scam brokers to lure unsuspecting investors. Still, there is not much information about this broker and the trading conditions they offer, so we cannot recommend it to our readers.
How does the scam work?
The most common scams are quite simple and straightforward and involve a multi-level scheme that usually goes by the following scenario. Internet users are lured by the numerous ads promising quick and easy fortunes by trading in the Forex world. When they click on such an ad they are redirected to a website tailored to the continuation of these false pledges, which asks them to register with their personal information. This data is then used by the scam brokers who immediately start to work on getting them to make an initial deposit of $200 – $300 by making even greater promises of big profits.

Once the users make their first deposit, the scam brokers get a fat commission on it. Now the senior scammers enter the scene. They are smooth talkers who will not stop at anything to convince traders that they are on their way to become very rich, if only they follow their advice and deposit more money to trade with.

Sooner or later the users will start suspecting something is not right and will want to withdraw their funds. This will not prove very easy, however. The scammer will do everything to delay their requests, by persuading them now is not the right time, asking for additional documents, or referring to specific withdrawal clauses. This is also part of the scam since the con-artists are trying to delay the users from filing for chargeback with their financial institution, and they miss the time frame for such chargeback, traders will lose their money without a chance of getting it back.
What to do if scammed?
If you’re scammed you should immediately file for a chargeback with your credit card provider. Good news is that VISA and MasterCard recently extended the chargeback period to a year and a half in an effort to combat online fraud. If you deposited with bitcoin or bank wire there is not much chance.

If you provided the scammers with any bank account or credit card details, such as security codes or passwords, make sure to cancel the card and talk to your bank. Also, if you are being approached by any “recovery agencies” promising to get your money back for a fee, do not fall for that. This is a piggyback scam, using the vulnerability of recently defrauded people and their hope the fraud may be reversed, and it will not recover your funds. These so-called agents will collect their fee and you will never hear from them again.

Rich Snippet Data

Reviewer
The Forex Review
Review Date
2020-09-20
Reviewed Broker
Parantoux Capital
Broker Rating

Billion Forex Review – 5 things you should know about billionforex.com

Beware! Billion Forex is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
IG USForex.com
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.

How much do you know about brokerages that trade CFD on commodities, forex, spot metals and futures? Let us take a look at Billion Forex which is one of the brokerages that offers this type of trade and see what we can learn from it.
If you choose to engage as a trader in a Contract for Difference (CFD), it means that you’ll be engaging in a contract between yourself and a broker that speculates on the price of an asses in market conditions. Profit and losses will be calculated based on the difference in price when a contract is entered and when it’s exited. In such cases, having an experienced and legitimate broker is crucial as your wins and losses depend on it. Some statistics show that around 70-90% of CFD traders lose money. With such high percentage of loss, you need to be extra cautious if you are planning to engage in this type of trade.
As per the information on its website, Billion Forex offers 3 types of accounts – Micro, Standard and VIP, in addition to a demo account. Registration is simple – you only need to enter your name, phone number, email address and password. Both demo and live accounts opened without much fuss.

Billion Forex Regulation and safety of funds
We already mentioned above that CFD trading is very risky in its nature and a lot depends on its broker. That is why, dealing with a legitimate and regulated forex brokerage is pivotal to your CFD transactions. So, we checked if this company that shows its address and registration to be in Estonia is in the Estonian Financial Supervision Authority (EFSA) register. It is not.
It’s like this company does not exist anywhere and we don’t have to spell it our for you – it’s because this company is scam!
Although Estonia is in the well-established jurisdiction of EU, as you can see, there is no guarantee that dodgy forex companies won’t try to scam you. Our advice is to always check the company’s name in the registers of the respective jurisdictions, as well as the visibility of the company in the public eye. Only a registered and regulated forex company will provide you with some sort of protection by putting your money in a segregated account and will adhere to the Investor Compensation Fund where clients can recover up to 20,000 EUR in case of broker bankruptcy. Dodgy forex companies without proof of registration cannot and will not do that for you.
As safety of funds precautions, the company claims to keep the clients funds segregated from Billion Forex own funds and that its clients might be eligible to receive compensation in case of financial loss without specifying the amount, though. In addition to that, the company assures its clients that its trading platform provides an automated risk-management system so the client’s balance won’t go negative. It could be true, of course, but the fact that this company does not look legit is something to worry about.

Billion Forex Trading software
The trading platform for Billion Forex is Sirix Webtrader for web, desktop, Mac and mobile phone. What we see when we open the platform is the forex pairs with their bid/ask price on the left, the fluctuation of the price in a given time frame, in the middle. And in the far right – the menu for social trading. The spread for EUR/USD on the screen below is shown as 2.7 pips and the required margin is 2.5 which gives us a leverage of 1:400. High leverage in forex trade brings also a high level of risk for possible loss. We already mentioned that a high percentage of traders experience financial loss in CFD trade and having such high leverage means that if you trade via this brokerage, you’ll be at risk of losing your money really fast.

We want to add here that some well-established jurisdictions in the forex trade have a cap on leverage to limit the danger of possible loss. For example, in USA, the cap on leverage is 1:50 and in Europe, it’s even less – 1:30. Now compare these caps with the 1:400 leverage on this company’s trading platform and estimate how much your risk of financial loss will increase should you choose to trade via this brokerage.
Another feature available on this trading platform, that we want to mention, is the social trading which provides real time interaction between forex traders. You can share knowledge and expertise, help each other, compare trading strategies and follow and mirror the trading of experienced traders.  Social trading is not necessarily a bad thing if you follow a trusted trader and have chosen a good social trading network. However, it also bears risks, should the ‘successful’ trader you decide to follow happen to be a scammer or a bot.
If we compare this trading platform with other trading platforms, such as MetaTrader 4 and MetaTrader 5, we’ll find out that the latter have a lot more advantages than the one offered by Billion Forex. For example, MT4 and MT5 give better option in following the changes on the markets. They have an auto trading option, and various trading indicators, tools and instruments – an app market, a financial calendar, VPS and code base with customs scripts, to name a few. We always advise our readers when it comes to choosing a trading platform to consider these two well reputed and popular among brokers trading platforms.
Billion Forex Deposit/Withdrawal methods and fees
The initial deposit for the Micro account is $500. For the other 2 accounts, the initial deposits are 5,000 and 50,000 USD respectively.
We find the deposit/withdrawal methods rather strange. For example, if you need to fund your account, the only options available are crypto exchanges, such as Azimo, Coin Mama, Bit Panda and Coin Base.
Withdrawal can be made only via bank transfer. We find such system rather complicated and not user friendly. For example, if you want to trade in forex pairs, you need to have an eWallet to fund your account with cryptocurrency and a bank account if you withdraw funds. We find such discrepancies alarming. Deposit/withdrawal methods should be simple and straightforward if the brokerage you are dealing with is legitimate, transparent and regulated.
To support this, in the Terms and Conditions document we find more information on those methods. First of all, in the Deposit and bonuses policy section, we find that the client will have to maintain ‘guarantees’ in amounts that the company may require as per its discretion. We are not sure here what ‘guarantees’ mean but we are guessing, it’s about depositing funds. Further down in the same policy, it says that the company may require additional ‘guarantees’ which the client must oblige to deposit when and as much required again ‘by the company’s sole discretion’! And, note this, the company reserves the right to liquidate the client’s account if the ‘guarantees’ do not meet the company’s requirements.
Also, it is interesting to know that the company may offer trading bonuses if the client makes a minimum deposit of $1,000. The client will be eligible to withdraw if o.1 standard lot round turn transactions per $1 of profit.
How does scam work?
A lot of people get scammed everyday, not because they are naive or stupid, but because scammers are inventive and they are masters of manipulation. Often, as you scroll up and down on the Internet or social media, you come across ads for a quick and easy profit which sometimes sound too tempting not to fall into their traps. So you deposit some money into the account and what happens next is the incessant calls of the scammers. First, they congratulate you for taking the first steps towards becoming rich and next, they try to convince you to invest even more money into their ‘profitable’ business. What you probably don’t know is that your money has just gone as a commission to some scammers. And so, you wait and build the sandcastles of your dreams for a better and ‘richer’ future. And you wait, and you wait, for the money to come. But where is it? Now is your turn to call the scammers and to ask what’s going on. They try to placate you and ask you to be more patient. But have had enough and all you want is to get your money back. The scammers kind of promise, but now they are asking you to provide this document or fill out that form, etc., etc., all done in an attempt to delay you from filing for chargeback.
What to do if scammed?
If this happens to you, our advice is to act immediately and if you have paid your deposit via credit/debit card, to file for chargeback which is retroactive cancellation and refund of your previous transaction. Visa and MasterCard give you 540 days time limit to file for chargeback which gives you a fighting chance to recover your money.However, if you have used Bitcoin or bank wire for your payment, the chances of you recovering your money are really slim.Whatever you do to recover your funds, beware of the so-called recovery agents. Please make sure that you are dealing with a genuine one by checking their credentials and company’s information transparency. Otherwise, you may fall victim to another form of scam.Cancelling your credit/debit card in case you have given the scammers your CVV code may be another good idea. Also, make sure to remove from your PC any software that my give scammers access to your private data stored on your computer.

Rich Snippet Data

Reviewer
TheForexReview
Review Date
2020-09-18
Reviewed Broker
Billion Forex
Broker Rating

San Francisco Based Blockchain Capital Joins Libra Association

The most recent member of the Libra Association has become Blockchain Capital, a San Francisco based firm. The company has joined the other 28 members of the association as Facebook is heading the fight for a stablecoin launch.
Blockchain Capital was established in 2013 and has important stakes in other blockchain and cryptocurrency companies, which include BitGo, Ripple, and Coinbase.
The head of the Policy and Communications for Libra Association, Dante Disparte, concluded that,

“As a member of the Libra Association, Blockchain Capital brings deep industry insight and a dynamic network of supporters as we work on building a blockchain-based payment system that supports responsible financial services innovation,” 
Since June of 2019 Facebook has been on a journey to launch Libra. The formation of the non-profit association was organised to more easily govern the stablecoin. Yet, the stablecoin has been the subject of controversial shorts fired in its direction.
The response of the Libra Association was to update its whitepaper, and in so doing to change the structure of the digital coin. However, these efforts were futile, as global regulators are still unhappy with Libra on many fronts.
However, that has not stopped the Libra Association in recruiting companies like Tagomi, Temasek, Shopify, and Checkout.com.
Nevertheless, in the last year the association saw some of its biggest players dropping out. The likes of Visa, PayPal, MasterCard, and Vodafone all decided to terminate their relationship with the Libra initiative.

ProTrade100 review – 5 things you should know about protrade100.com

Beware! ProTrade100 is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
IG USForex.com
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.

It’s always a joy for us when we are greeted first and foremost by a credit card billing extension of the website of a broker. The joy stems from the fact that we immediately know that the broker is a scam, for no legitimate broker would do such a thing. Actually, no FX watchdog would tolerate such a broker, and it would never allow this to be the case. So we now know that ProTrade100 is most certainly a fraud, yet to waht extent. For this you must read the following review.
To sign up one must go through a fairly simple process. After that we easily entered a client zone, where the user is given the opportunity to use a trading software. There the EUR/USD was given a cost of trade of 0.5 pips. This is favourable to all users, and we can only hope that the broker keeps this up, yet all the evidence will pile against it.The cap of the leverage is 1:100, and the trading instruments are forex pairs, commodities, indices, and cryptocurrencies.
The website is translatable in English, Russian, and German.
PROTRADE100 REGULATION AND SAFETY OF FUNDS
ProTrade100 falls into the category of brokers that have not lifted a finger to include any licensing information. This is always a cause for us to think. It makes us wonder why certain firms, of which ProTrade100 is one, do not even try to add any regulatory info. It seems that the bar has fallen even lower, and many brokers seem to think that they can fool users this easily.
So there is nothing in the way stopping us from proclaiming ProTrade100 an UNREGULATED broker, and a risk to your funds.
Traders should be trading with risk-free brokers, that hold licensed from renowned and austere agencies, like the FCA or CySec , which have made a name for themselves as some of the top regulators. Readers should be aware that both agencies have adapted very strict rules of conduct, and their licensing framework guarantees safety and security for all clientele. A good example of this is the segregation of accounts which assures that client money and broker money are kept in separate accounts. Furthermore, FCA/CySEC brokers participate in a financial reimbursement scheme that cover traders losses in case the broker becomes insolvent. The FCA provides up to 85 000 pounds per person, while CySEC guarantees up to 20 000 euros.
One thing of interest to note is that the Terms and Conditions the broker, or its parent company (we are not entirely sure), is referred to as FX-One. In fact there is zero mention of the name “protrade100” at all in the T/C. We are unaware of what the FX-One name suggests, yet we have a hunch that it refers to stolen legal documents. So how can we really know that the T/C are applicable to ProTrade100’s users? The answer to this question is better left out.
PROTRADE100 TRADING SOFTWARE
The trading terminal here is a decent one, which came as a surprise. Yet, do not confuse our surprise for anything but a reaction to something painfully average that we previously thought to be either a poor platform or non-existent at all.

More specifically, what caught our eye was the look of the trader office, a modest blend that ultimately delivers an experience that will keep you hooked for an hour our so. Otherwise, the only two notable elements are the pending orders and the chart customisation features.That’s it. This is the entire platform. It’s no surprise that this is so seeing that the firm is unregulated, and so has not put too much effort into the trading terminal.
There is a peculiar T/C proviso that states the broker’s right to instruct third parties to deal on behalf of the user. This is unacceptable, and in now way legal.

Furthermore, users must be aware that there are commissions on spreads. However, in classic shady broker style, there is no concrete deatils conferring the fee structure or the relevant instruments.

PROTRADE100 DEPOSIT/WITHDRAW METHODS AND FEES
The only way to deposit is through a credit card. We could not gather the minimum deposit through the process, and instead turned to the website. There the minimum deposit is supposedly $10 000, and that’s for the most basic account type. Clearly this is below par.
Withdrawals on the other hand, are handles within 7 days. This is all the withdrawal info we got.
The Terms and Conditions reveal a number of varied commission and fees, that seem to much. However, unregulated brokers are shameless and will stop at nothing in their long search for ways to steal more money from its clients. Here is just one such example.

Another interesting such fee is the following. All users must complete a 1% trading volume requirement before withdrawing. The 1 percent is converted into standards lots, and what you get is the required turnover in lots. The below snip gives and example. Should a user proceed with a withdrawal, he or she will be penalised with a 4.5% levy.

All unpaid fees will accumulate a 10% interest per year.

The broker has the right to waive any fees, minimum deposit amounts, etc, without the consent of the user.

The classic indemnification clause is here to reveal that the broker and its affiliates cannot be held responsible for anything.

Again, we have to remind readers that these Terms and Conditions are not under the broker name. So to what extent they apply to user is unknown. We see this as another inclusion in a list of variables, all pointing to the same verdict that ProTrade100 is a complete scam!
How does the scam work?
The usual scam operates on a multi-level, though very basic model. The users will be tempted to click on an Internet ad promising quick and easy profits. If they do, it will take them to a website that will ask for their personal details, including email address and phone number. Once they submit this information, an avalanche of emails and phone calls will be unleashed. Scammers will promise the world to these potential traders in order to induce them to make an initial deposit between $200 and $300.
These “brokers” will get a fat commission from the deposited sums and will transfer the unsuspecting users to “senior” scammers. The latter are smooth talkers who will try to persuade users to invest more funds, using phrases like “now is the right time” and “the moment is perfect for making hefty profits”. Of course, these are empty words, and traders will soon have doubts whether they have not been played.
When they try to withdraw their money, these doubts will be confirmed: the con-artists will do anything to deny or at least delay their withdrawals. From trying to convince the traders that they are making a big mistake to withdraw funds now because they will lose big profits, to asking for additional documents or citing clauses in the accepted agreements, to transferring you to another department, there is a single objective to delay the users from filing for a chargeback with their financial institution and lose any chances of recovering their money.
What to do when scammed?
Anyone can fall prey to such a scam. In the unfortunate event this happens to you, there are a few things you can do. If you deposited using a credit card you should immediately file for a chargeback. In an effort to combat online fraud VISA and MasterCard have extended the period in which one can file a chargeback to a year and a half, so there is a big chance that you may be able to recover your funds. If however, you used a bank wire or bitcoin to deposit, chances to get your money back are almost none.
We should also warn against “recovery agencies” who prey on victimized traders by claiming they can recover their funds. These scammers will ask you to pay a fee for this service, but will only take your money and do nothing.

Rich Snippet Data

Reviewer
TheForexReview
Review Date
2020-09-18
Reviewed Broker
ProTrade100
Broker Rating

Alphafx Market Review – 5 things you should know about alphafxmarkets.com

Beware! Alphafx Market is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
IG USForex.com
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.

Alphafx Market is a forex trade company offering a wide range of products to trade with – forex and crypto currencies, futures, CFDs, shares, precious metals and indices.
But we bet, the first think you want to know about this company is whether it is safe to trade with. We can help you decide. So, let’s start.
Overall, what we found out is that the account section of this company’s website is a complete mess – full of contradicting information, broken links and discrepancies. On the surface, the company offers 4 accounts that appear to have cute names – Bernie, Chris, Jordon and Jessi.
Registration is super easy. It is done in seconds and almost immediately you get an email for verification. However, what made us suspicious is the fact that the registration form which happens to have a broken link to the Privacy Policy reminds us of two other scam brokerages using identical registration form with identical broken link – Liquidity Soft Fx and Kodin Markets.
When we clicked on the link provided for opening an account, something weird happened! Bernie disappeared and we were left only with DeCent, Jordon and Jessi . Now we have to ask some tough questions – first of all, why such discrepancies on this company website and second – why the account with the lowest initial deposit disappeared and we were left with accounts with much higher initial deposits.
So far, our first impressions of this company have not been positive. We don’t think that you can trust such company with your hard-earned money. We can’t help ourselves but think that we are dealing here with a bogus company.

Alphafx Market Regulation and safety of funds
In our effort to find out whether we are dealing with a legit company or a scam, we looked at the company’s address which happens to be in London, UK. Immediately we checked the company’s registration in UK but came with a negative result (screenshot below):

You should know that the first thing you need to check when deciding on a brokerage, is its registration and how it is regulated. If a company is not regulated, you should avoid it at all cost if you do not want to lose your money. Why is registration so important? Because, this is one of your safeguards. Genuine and legitimate forex companies that are registered and regulated, must meet rigid requirements to ensure safety of trade and clients funds. For example, forex companies registered in UK and regulated by FCA, must provide an initial capital of no less than 730,000 EUR to prove their good financial standing and keep the clients funds in segregated accounts. In addition to that, the brokers must contribute funds to the compensation scheme where in case of bankruptcy the clients can receive up to 85,000 GBP of their trading capital. Brokerages registered in EU and regulated by CySec are subjected to similar rules but the compensation per client is up to 20,000 EUR.
You’ll be well advised to seek and choose forex brokerages from these jurisdictions if you want to have some sort of guarantee that you won’t be scammed of your money and won’t lose your funds.
Alphafx Market Trading software
As per the information on the company’s website, you have a choice between MetaTrader 4 and MetaTrader 5 trading platforms. We must say that both platforms are excellent in what they offer to the traders and it is not by chance that they are so popular and well-reputed among forex brokers. Their advantages compared to other trading software is that they offer a  an array of trading tools and instruments – VPS and code base with customs scripts, a financial calendar, an app market, and of course a demo account, to name a few. We always advise our readers to consider a company that offers these platforms.
Let’s take a look at platform offered by Alphafx (screenshot below). What you see is the MetaTrader 4 terminal and on the left hand side menu, you see the forex pairs with their bid and ask price and below that the navigator for trading tools and instruments. In the center, you see displayed the charts of 4 pairs of forex pairs, as well as the fluctuation in their price in a given time frame. If you look at the firs pair EUR/USD, you will see that the spread is 2 pips, which is in the normal range.

What we worry, though, is the high leverage that appears in the account information on the company’s website and which is 1:400 – 1:500. If you are a newbie in the forex trade jungle, you should avoid trading with such high leverage at all cost! Sure it looks tempting to think that you can make a big win using such leverage, but the chances of you winning are slimmer than the chances of losing. We ask you to be realistic in your expectations. Why do you think some well-established jurisdictions have a cap on leverage as low as 1:30 in Europe and 1:50  in US? The answer is very simple – to protect traders from taking huge risks with their funds and facing big loss.
Alphafx Market Deposit/Withdrawal methods and fees
We scavenge for information on deposit and withdrawal methods and fees, and this is the only thing we found:
The minimum deposit is $100 for Bernie account, the other accounts start at $500 and $1,000 respectively. You can fund your account via bank transfer. Other options for feeding your account are missing. However, on the ribbon flashing across the website, we see ‘We accept Maestro, VISA, MasterCard, WebMoney, Skrill, Neteller’, etc. Sure, it looks flashy, attractive and reassuring at first sight, until you really try to fund an account, only to realize that in practice these options are not available.
If you go to the Policy and Regulation section on the company’s website, you will see that none of the links to the different documents mentioned there works. We must say that how company’s policies are set is as important as the registration and the regulation of the company itself. The fact that this company does not provide working links to the documents is proof enough that this is scam brokerage.
How does scam work?
A lot of people get scammed everyday, not because they are naive or stupid, but because scammers are inventive and they are masters of manipulation. Often, as you scroll up and down on the Internet or social media, you come across ads for a quick and easy profit which sometimes sound too tempting not to fall into their traps. So you deposit some money into the account and what happens next is the incessant calls of the scammers. First, they congratulate you for taking the first steps towards becoming rich and next, they try to convince you to invest even more money into their ‘profitable’ business. What you probably don’t know is that your money has just gone as a commission to some scammers. And so, you wait and build the sandcastles of your dreams for a better and ‘richer’ future. And you wait, and you wait, for the money to come. But where is it? Now is your turn to call the scammers and to ask what’s going on. They try to placate you and ask you to be more patient. But have had enough and all you want is to get your money back. The scammers kind of promise, but now they are asking you to provide this document or fill out that form, etc., etc., all done in an attempt to delay you from filing for chargeback.
What to do if scammed?
If this happens to you, our advice is to act immediately and if you have paid your deposit via credit/debit card, to file for chargeback which is retroactive cancellation and refund of your previous transaction. Visa and MasterCard give you 540 days time limit to file for chargeback which gives you a fighting chance to recover your money.
However, if you have used Bitcoin or bank wire for your payment, the chances of you recovering your money are really slim.
Whatever you do to recover your funds, beware of the so-called recovery agents. Please make sure that you are dealing with a genuine one by checking their credentials and company’s information transparency. Otherwise, you may fall victim to another form of scam.
Cancelling your credit/debit card in case you have given the scammers your CVV code may be another good idea. Also, make sure to remove from your PC any software that my give scammers access to your private data stored on your computer.

Rich Snippet Data

Reviewer
TheForexReview
Review Date
2020-09-18
Reviewed Broker
Alphafx Market
Broker Rating

LSS FX Markets review – 5 things you should know about

Beware! LSS FX Markets is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
IG USForex.com
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.

LSS FX Markets has the appeal of a genuine brokerage.  Really, this firm can be dangerous, because is is able to fool the average internet user into thinking that it offers legitimate forex broker service. The website is quit a sight, nothing to strong or particular, it just looks professional. Yet, one look at the roots and core of LSS FX Markets and the initial positive vibe is slowly but surely killed off. replaced by your typical offshore/shady brokerage aspects that we have come to expect from such entities. Please read the review for the most important aspects of LSS FX Markets.
The registration process was simple enough, yet we had to wait some 15 minutes for the confirmation email to arrive in our mail box. After which we were given access to a trader area that was, nevertheless, blocked for it required a set of ID documents to be attached. This move is seen as a safe protocol with many legitimate brokers’nearly all of them want to verify their users before giving away access to live accounts. The case at LSS FX Markets is arguably a good move as well, however, seeing that the broker is shady and most certainly unlicensed, these circumstances can only bring LSS FX Markets’ score even lower. Furthermore, seeing that now we have to rely on the website for both trading and payment info, we urge users to note that all info in the website is not fully trustworthy.
Anyway, the site declares the leverage to be capped at 1:1000, while the spread is systematised in such a way, that the only lucrative cost of trade is unlocked only to VIP Account users, which is only available after a $5000 minimum deposit. Take a look for yourselves:

So the standards spread turns out to be 1.9 pips for the EUR/USD currency pair. This cost simply won’t do any good to no one.
The Home Page suggest completely other trading terms. In fact the entire website is riddles with shocking inconsistencies that will result in your confusion, as it happened to us. Thus we cannot vouch for any of the info that has been provided.
The assets that one can trade with are forex pairs, commodities, and indices.
The language of the website is English only.
LSS FX MARKETS REGULATION AND SAFETY OF FUNDS
The only information that we can work with, that is concerned with a license, is found, out of all places, in the registration process sub page. There a very simple sentence reads “Licensed in Saint Vincent and the Grenadines”.
This country does not regulate the FX market, which is clearly evidenced by the sheer number of scammer firms located on the islands nation, or claiming to be working from there. Thus a forex brokerage cannot possibly be licensed in the Caribbean nation.
Clearly, LSS FX Markets is NOT LICENSED by any entity, and as such is a risk to all investments.
Traders should be trading with risk-free brokers, that hold licensed from renowned and austere agencies, like the FCA or CySec , which have made a name for themselves as some of the top regulators. Readers should be aware that both agencies have adapted very strict rules of conduct, and their licensing framework guarantees safety and security for all clientele. A good example of this is the segregation of accounts which assures that client money and broker money are kept in separate accounts. Furthermore, FCA/CySEC brokers participate in a financial reimbursement scheme that cover traders losses in case the broker becomes insolvent. The FCA provides up to 85 000 pounds per person, while CySEC guarantees up to 20 000 euros.
And anyway, LSS FX Markets has no legal documents what so ever. There is no better proof than this that LSS FX Markets is completely unlicensed.
LSS FX MARKETS TRADING SOFTWARE
The trading platform is supposed to be the MT5. Yet, as we reached the download link to the MT5, we were quickly stopped in our tracks by the fact that the offered here MetaQuotes software does not go under the broker’s name. Instead, the .exe file that we downloaded, through which the MT5 is installed, was owned by a liquiditysoftsolutions. First of all, this name has nothing to do with the current broker we are reviewing, and second, liquiditysoftsolutions has been mentioned before, in a review we did a while ago of of TrintFX. The aforementioned brokerage was, unsurprisingly, a scam, and LSS FX Markets seems to follow in its footsteps.
In the end, it turns out that not only is this brokerage completely unregulated, but it also lacks any trading software. This begs the question. what kind of a company is this LSS FX Markets, if not a brokerage one? Usually, the defining aspect for any legit FX trades offering website is its software through which one handles these trades. At LSS FX Markets there is no such thing, and as such we have no right to interpret this firm as a broker.
LSS FX MARKETS DEPOSIT/WITHDRAW METHODS AND FEES
The minimum deposit is $50, but this only opens user to the Standard account, which we saw was of no use due to its high spread. However, as we mentioned in the intro of the review, the broker is packed with information disagreements applicable also the payment info. For example, the minimum deposit according to the Home Page is $200, while the classic account is free.
Considering this, all the info there, we can almost be certain, does not match what the user dashboard will reveal to verified users.
Anyway, the only withdraw info is that the fees are $10, and only applicable for user of the Standard account and the Pro account. It seem that LSS FX Markets really is pushing for that $5000 deposit.
We have not included the usual scammer broker provisions because there are none to speak of. The legal documents are missing, and we are left with the question, did LSS FX Markets really even think of including them at some point, or the idea never passed through their minds in the first place. No answer is needed, for it is not important. What matters is that LSS FX Markets is unlicensed and riddled with scammer elements, and therefore it is absolutely against our advice for you to make any sort of investment in it.
How does the scam work?
Users will be in the middle of a scam without even knowing it, that’s how efficient these scams are. Yet, clients will also be surprised that the most utilized scammer structure is laughably easy to grasp, making it predictable. We have dedicated the following section to the reveal of how the scam works.
The internet is filled with ads, it’s the fuel of the industry, and a big chunk of said advertisements are misleading and some are downright deceitful. The ads concerned with unregulated forex brokers are often very promising, and most of the times utilize completely false claims of immediate profit. Those tempted enough will be redirected to a robo-scam website that further guarantees profits. The only thing that separates the user from the unrealistic promises is a fast registration process that requires a phone number and an email address. After inputting this info unsuspecting users will start getting phone calls from illicit broker representatives, whose one and only job is to initialize the scheme by pushing a trader to make that first deposit of around $250. After that’s done, the senior representatives will be calling. These expert scammers are extremely good talkers, and will start working on you to start putting even more money in. They say that the more money invested, the higher the profit will be. At this point most traders start seeing the big picture, and will want to withdrawal their money and get out fast.
However, the scammers have anticipated this development, and are ready to counter any withdrawal request. Typically they find excuses for delaying the request in the legal documents that hold specific clauses for these purposes. The reasons are many. One thing to remember is that all illicit brokerage firms will deny the withdrawal request for as long as they can, because of the imposed time limit traders have for filling a chargeback. Once the crucial due date is not met, any chargeback requests will be denied.
What to do if scammed?
Those of you who deposited using VISA and MasterCard will be glad to know that both companies have extended their chargeback time span to 540 days, especially if the reason for it is an online scam.
Scammers will steal directly from a bank account, if the traders has provided crucial details, like banking password or security code. If it get down to this, be sure to either block the account or change the password.
Sometime victimized users will stumble upon the so called recovery agents that promises to magically reclaim all lost investments, for a fee that is. Needless to say, they will not get back any of the lost funds, and will basically scam you a second time.

Rich Snippet Data

Reviewer
TheForeReview
Review Date
2020-09-18
Reviewed Broker
LSS FX Markets
Broker Rating

Prime FX Markets review – 5 things you should know about primefxmarkets.com

Beware! Prime FX Markets is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
IG USForex.com
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.

Prime FX Markets is a Forex broker offering attractive conditions on paper, such as an increased leverage, low spread, lack of withdrawal fees, also the funds being transferred instantly. It is also true that it’s run by careless and incompetent people, who doesn’t even find it necessary to have their own T&Cs, Client Agreement or any other legal document. But most importantly, the basic features are missing, they don’t even have a trading platform and you cannot make a registration. Read the story of this Forex broker in the full Prime FX Markets review.
Prime FX Markets REGULATION AND SAFETY OF FUNDS
Prime FX Markets is a trading name of Liquidity Global Markets, which is an IBC licensed by the SVGFSA in St. Vincent and the Grenadines, or at least this is what they claim. We have to stress on the fact that SVGFSA does not license, authorize and supervise the Forex brokers in any way. There is no such thing as a Forex broker, holding SVG license, it’s a false and misleading statement. SVGFSA itself hasn’t developed its own regulatory framework, which makes them a favorite destination for shady entities and scammers. Other offshore zones, such as the Seychelles, has already taken some measures, imposing a minimum capital requirement of 50 000 USD, but the customer protection policy is still in its infancy phase.

There aren’t any legal documents that will undoubtedly prove Prime FX Markets are a legit Forex broker, safe and risk-free for its customers. Instead, they only have a tiny FAQ page which consists of only two items! An amateur level and a red flag!

Your funds are not safe if you deposit with Prime FX Markets, it is an unlicensed, unauthorized and unregulated Forex broker, which is also illegal and you should avoid it. It’s an offshore enterprise which is risky and unstable, might disappear at any moment, leaving the traders with losses almost impossible to recover.
Your broker should be legit, transparent and regulated in EU, UK, USA or Australia, these jurisdiction provide the safest environment for your funds. The Forex brokers supervised in either of the quoted jurisdictions put the customer protection on top of their priority list and will treat your funds with an utmost care, not because they want to, but because they have to. In EU, for example, complying with the product intervention measures that the European Securities and Markets Authority has agreed, which further CySEC and FCA have implemented, the Forex brokers are required:
to limit the leverage to between 1:30 (Forex majors) and 2:1(cryptocurrencies);
to close out a customer position when the funds fall to 50% of the margin needed;
to provide negative balance protection on a per account basis, meaning that losses cannot exceed the total funds;
to restrict or completely obliterate the incentives offered to trade Forex and CFDs;
to provide a standardised risk warning to the customers.
Failure to do so will result in disciplinary action such as salty fines or license being suspended/revoked.

Prime FX Markets TRADING SOFTWARE
Prime FX Markets says to offer MT5 accounts to its customers, which probably makes you think it’s a true ECN broker, actually, they do claim it about themselves. In reality, the discrepancy is as big as the Grand Canyon, first of all there isn’t a platform to download, all the links are broken! Then, most surprisingly, it turns out that you cannot even register, because the link to the account opening is broken, as well. We do not know what the problem is, might be some short-term fault, but the image of this broker is getting even worse, and uglier. The real trading conditions unknown, no MT4 accounts or web-based platform available.
Prime FX Markets says to offer spread as low as O.5 pips with leverage as high as 1:500, stop out levels said to be 50%. They also claim that there is no commission, which proves it has nothing to do with ECN. The true ECN brokers get a commission for each trade executed, it’s the core of their business, stay away from Prime FX Markets, it’s an offshore Forex broker with a faulty website.
Prime FX Markets DEPOSIT/WITHDRAW METHODS AND FEES
The minimum deposit with Prime FX Markets is 100 USD if you open their Classic account. There are plenty of funding methods enlisted, such as wire transfers, bank cards, WeChatPay, Skrill, Neteller, Webmoney, Yemadai, Ideal, Giropay etc. In fact, we cannot confirm that all of these are valid, but it’s strange that Bitcoin deposits are not in the list. On the other hand, there are a few Chinese online payment systems listed, which makes us think that this Forex broker is primarily focusing on Asia.
No minimum withdrawal specified, no fees applicable, it is said that the transactions are free of charge.  No other fees or dormant account policy in existence.
No bonuses or other trading incentives offered. There is a partnership program introduced, but nothing specified in details.
HOW DOES THE SCAM WORK
A group of scammers usually operates many different scam brokers, scam websites and call centers. Sometimes they will simply rely on the quantity, they will publish tens or hundreds of websites and will just wait for traders and investors with little or no experience to bite. Nowadays, it’s very cheap to create one, and it looks like a profitable strategy, as they carry on doing it.
Fraudsters are working in the social media nowadays, more and more scammers will first introduce their “services” to the people through Facebook or Instagram. You will click on a page, they will contact you, probably offer you a demo account and after some time you will be tempted to invest and make guaranteed profits. Once you are signed-up they will ask you to deposit money and this is just the beginning. The end is always the same, a robbed-off investor who lost his hard-earned money.
There is no true protection against scam, but you will be safer if you do a thorough research, get familiar with the trading conditions offered by the brokers, read their Client Agreements, use demo accounts, read reviews, be alert. With charlatans adapting their tactics daily, you’d better be always up to date with the newest scammers’ tactics!
WHAT TO DO WHEN SCAMMED
No one is immune to scam, anyone can fall into the trap. Scammers are constantly looking for new and different ways to scam consumers. What you need to do first, in case you got scammed, is to protect yourself from further risks. Contact your bank and explain to them your situation, they will give you important instructions to follow and will help you, if possible, recover your money.
Report what happened to you, file a complaint, contact the financial regulator, contact other government institutions related to trading and investing. Seek help actively!
Share online your experience, it is important to protect others, as well. Be responsible!
Stay away from Prime FX Markets and report immediately if they contact you, it’s an illegal Forex broker, lying about its authorization.

Rich Snippet Data

Reviewer
TheForexReview
Review Date
2020-09-18
Reviewed Broker
Prime FX Markets
Broker Rating

Coinexx Review – 5 things you should know about coinexx.com

Beware! Coinexx is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
IG USForex.com
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.

Our first impression from Coinexx is that this company is not set for newbies and amateurs in the forex trade – high leverage, fast trading system, cryptocurrency as payment method – a lethal combination for the new and inexperienced trader. Trading via the electronic communication network (ECN) where the best available buy/sell bids from various brokers are automatically matched and orders executed, it’s like riding a rollercoaster – exhilarating and dangerous.
We will explain now why if you choose to trade via this brokerage, you’ll be taking high risks with your money.
The company trades in forex, commodities, indices and cryptocurrency using electronic communication network (ECN) and it offers only one live account – Pro ECN (as you can see from the screenshot below). To open an account is too easy – you register providing very basic information and almost instantly you get a verification  email with login info for your trading account.

Coinexx Regulation and safety of funds
Nowhere on the company’s website could we find the address or any information about an address or even a phone number, except for two email addresses to contact the company. Whether this company is legit or not is anybody’s guess. In the footer of the company’s webpage we found the following disclaimer:
“This website is not directed at any jurisdiction and is not intended for any use that would be contrary to local law or regulation.”
This is highly alarming because in the risky business of forex trade, not having a proper registration and not being regulated means that nobody cares what is going to happen to your hard earned funds. Sure, the company claims to provide security of funds by keeping them in a cold storage wallet without internet linkage and secured in offline devices and providing end to end encryptions. This is all good but can wolfs keep the sheep safe from other wolfs?
If you care about your money, we recommend that you choose a legitimate and regulated forex company for your forex trading. Don’t do business with shady companies that are not even registered. You can look up forex companies in the well-established jurisdictions around the world, i.e., EU, UK, US and Australia. Why do we recommend you do that? Because forex companies in those jurisdictions must meet rigid requirements in order to get registered which sieves the scammers. Will a scammer invest 730,000 EUR capital as legit brokers in EU and UK must do? Will a scammer deduct money to a  compensation fund so in case of bankruptcy its clients are compensated with up to 20,000 EUR per client if regulated by CySEC or up to 85,000 GBP if regulated by FCA? Of course not!
Coinexx Trading software
As its trading software, Coinexx offers MetaTrader4 and MetaTrader5 platforms. Both platforms have an excellent reputation among forex brokers for their in-built indicators and analytical objects that help following changes on the market. They are easy to navigate and offer a financial calendar, an app market, trading signals (for a subscription fee), VPS and code base with customs scripts. Also, MeatTrader 5, for example, offers 6 types of pending orders, Depth of Market access and data on time, etc.
Let’s look at the interface of the demo account (screenshot below). We see on the lefthand side the forex pairs with their bid/ask values. We observe that the spread for EUR/USD is 0.1 which is not far off from what is shown on the account info (first screenshot). Although the leverage on this demo account appears to be 1:100 for the EUR/USD deal, if you look at the account information in the first screenshot, you’ll see that it could be as high as 1:500. High leverage can mean big win or big loss. Some countries and trading zones have a cap on leverage to minimise the risks for traders of losing their funds. In USA, for example, the cap on leverage is 1:50 and in Europe – 1:30. We advise you to think carefully when selecting your brokerage and pay special attention to the leverage they offer.
Do not forget though that the excellent trading platforms this company offers cannot compensate the fact that the company is not legit.

Coinexx Deposit/Withdrawal methods and fees
The minimum initial deposit is 0.001 BTC with no transfer fees.
If MetaTrader 4 is your trading platform of choice, then you need to fund your account using USD or EUR. If it is MetaTrader 5, then you can use USD or a variety of cryptocurrencies, i.e., bitcoin, litecoin, dash, ethereum, to name a few, which they can deposit in crypto wallets in various crypto currencies. We are not happy that the choices of payment methods are so limited. If you read the last section of this review, you will understand why. Clients using bank transfers and cryptocurrencies as payment methods will not be able to file for chargeback in case of scam. And looking at this company that is not registered and regulated, we can’t help it but worry about what is going to happen to your money should you choose to use this company for your forex trade.
As per the company’s policy, withdrawals are processed manually within 48 hours after placing a withdrawal request. Why does it take so long, we want to ask? With legit forex companies, this process is normally short.
The company offers 100% deposit bonus if clients have made a minimum deposit of $100 in their account. The maximum leverage allowed is 1:200. The Bonus Terms and Conditions have a stipulation that the bonus amount will be taken back in cases where the clients want to close their account or have incurred losses equivalent to the deposited amount. If clients want to make withdrawals from their trading account, a proportionate amount of bonus will be taken out as well.
Overall, we think that the deposit and withdrawal method policy of this brokerage does not work to its clients’ benefit and is a minefield of future troubles should you try to pull out.
How does scam work?
Scam works in sneaky ways because by the time you realise you are being scammed, it is already too late. And of course, this is what scammers want. They rely on duping people by promising them quick and easy profits via ads on the Internet or social media. Sometimes you don’t pay attention to those ads but sometimes they look so tempting that you think ‘why not?’ and you deposit an amount into the scammers account. From that moment on, you are being inundated by telephone calls congratulating you on your first step towards becoming rich and also, asking you if you’d like to invest even more into their schemes. After all, the more you invest, the richer you will be. Lulled by their sweet talk you realise that you are being scammed only too late. When you try to ask for your money back, you realise that it is not so simple. Scammers, who have already used your money as a commission do not have any intention of giving it back to you.
What to do if scammed?
There isn’t much of what you can do, unfortunately.
If you have paid via credit or debit card, you can file for chargeback. Visa and MasterCard have 540 days timeframe for chargeback, so there is some chance you may get your money back. However, if you have used cryptocurrency or bank transfer, you may just have to cut your losses.
In any case, be cautious if approached by recovery agents as they might be scammers as well promising you to get your money back. Check the credibility of the company and do not let yourself be fooled again.
Also, what you can do is cancel your credit/debit card if the scammers have your CVV code information and remove any software from your computer that gives scammers access to the data on your PC.

Rich Snippet Data

Reviewer
TheForexReview
Review Date
2020-09-18
Reviewed Broker
Coinexx
Broker Rating