SuperFXTrades is a broker that may seem to be legitimate at first glance. It says that offers MetaTrader 4 and 5, which are popular trading platforms. Although SuperFXTrades says it is located in the United Kingdom, it also says it is licensed in Seychelles. There is an obvious inconsistency here that should alarm anyone who wants to research brokers. For one thing, if it is located in the UK, it needs a better license, but it may not be honest about its location.
We Have Found Some Problems with SuperFXTrades
Any broker that is located in the United Kingdom must have a license from the FCA or the Financial Conduct Authority. Instead, SuperFXTrades has a license from Seychelles, which is not a top-grade license and provides very little oversight for customers. Therefore, even though SuperFXTrades looks more reliable than many other brokers, it still isn’t up to a trustworthy standard.
Here Are Some SuperFXTrades Red Flags:
No transparency
Third-rate license
Bad reviews
What Should You Do If You Have an Account with SuperFXTrades?
We do not recommend opening an account with SuperFXTrades. If you do hold an account with this broker, close it right away and ask for a withdrawal of your funds. If the broker will not allow you to retrieve your funds, talk to ChargeBax professionals right away. We will investigate the matter, track down the broker and your funds and will help you prepare your claim.
Coinmax offers cryptocurrency services, including bitcoin wallets. It is one of the many types of crypto companies that offer trendy products, but end up behaving like scams. Coinmax is beyond suspicious, it has been flagged by the SEC. The fact that the SEC has selected this service to warn people about out of many other means that it must have received many complaints about Coinmax.
Is There a Problem with Coinmax
Another problem with Coinmax is that it promises “passive earnings” which is not the right way to think of a crypto deal. People should not envision getting an “income” or “earnings” that they can rely on from trading. Also, like many other unreliable trading services, there are false guarantees. For example, Coinmax promises users that they can make 90% return in 15 to 25 days or 150% in 40 days. No one can guarantee returns on volatile assets such as crypto.
Coinmax Has the Following Red Flags:
We see the following red flags with Coinmax:
Not regulated
False guarantees of returns
Lack of transparency
No contact information
Bad reviews
What Should You Do If You Have an Account with Coinmax?
If you do hold an account with Coinmax, close it right away and ask for a withdrawal of your funds. If the broker will not allow you to retrieve your funds, talk to ChargeBax professionals right away. We will investigate the matter, track down the broker and your funds, and will help you prepare your claim
GlobalCryptoex, as the name suggests, focuses on crypto trading services, but although cryptocurrencies are trendy, most of these deals are fake. There are some things about GlobalCryptoex that make it seem less than trustworthy. For one thing, it does not show any signs of having a license, and all financial services should be regulated. Secondly, GlobalCryptoex gives visitors to the site false guarantees and inflated promises of returns.
Is There a Problem with GlobalCryptoex Solutions
False guarantees are a problem even for people who do not believe them entirely. They may think, “Even though this broker promises a 100% return in three days, less than that would be fine.” The problem with that thinking is it ignores the fact that making impossible guarantees is not merely an exaggeration, but a violation of the trust a client should have in trading service.
GlobalCryptoex Has the Following Red Flags:
We see the following red flags with GlobalCryptoex:
Not regulated
False guarantees of returns
Lack of transparency
No contact information
Bad reviews
What Should You Do If You Have an Account with GlobalCryptoex ?
If you do hold an account with GlobalCryptoex, close it right away and ask for a withdrawal of your funds. If the broker will not allow you to retrieve your funds, talk to ChargeBax professionals right away. We will investigate the matter, track down the broker and your funds, and will help you prepare your claim
Coinmarket Solutions has a decent website and offers a variety of assets to trade. This broker says it is regulated by the European Union and holds a license from the Financial Supervision Authority of Estonia. This is a solid license and should inspire confidence if it is indeed genuine. Although Coinmarket Solutions may be a reliable broker, there have been some negative complaints, so there may be some doubts.
Is There a Problem with CoinMarket Solutions
The most important thing to look for in a broker is a first-rate license. Coinmarket Solutions has a license. This means that it is perfectly safe to trade with Coinmarket Solutions correct? Not necessarily. Although the majority of the fraudulent brokers we find are not regulated, once in a while we run into a dodgy broker who has a license. There are some negative reviews, but then again, not all reviews are authentic but can sometimes be created by competitors. Therefore, we recommend consumers do their own due diligence before trading with Coinmarket Solutions.
What Should You Do If You Have an Account with Coinmarket Solutions?
Be careful with any broker. If you notice that Coinmarket solutions will not allow you to withdraw money or if you are worried about not being able to retrieve your money from your brokerage account, talk to ChargeBax professionals right away. We will investigate the matter, track down the broker and your funds and will help you prepare your claim.
Hugo’s Way was founded in 2018 and says it offers a wide range of trading products, including currency pairs, cryptocurrencies, stocks, and other assets. It has high leverage at 1:500, which can put the trader at a disadvantage. High leverage means that traders are encouraged to trade on the margin, which can lead to huge losses. However, Hugo’s Way does warn traders about risks of trading and has a “risk management section.
We Have Found Some Problems with Hugo’s Way
Hugo’s Way tells the visitor that it has segregated funds, or rather, that the broker’s personal account and the brokerage’s account are separate. This is not something to highlight as a perk, since it is a basic ethical expectation and is the law in the European Union for brokerages. Although Hugo’s Way has a license, it is from St. Vincent and the Grenadines, which is a third-rate license.
Here Are Some Hugo’s Way Red Flags:
Not regulated
No transparency
No contact information
Not regulated
Bad reviews
What Should You Do If You Have an Account with Hugo’s Way?
We do not recommend opening an account with Chainmine. If you do hold an account with this broker, close it right away and ask for a withdrawal of your funds. If the broker will not allow you to retrieve your funds, talk to ChargeBax professionals right away. We will investigate the matter, track down the broker and your funds and will help you prepare your claim.
NordFX was founded in 2008 and claims to have 1.2 million accounts. There is no way of validating this number of clients. It claims to offer low spreads, mobile trading and says it offers MetaTrader4, which is a popular trading platform. This may all seem good, but unfortunately, ChargeBax experts looked carefully and found some issues with NordFX’s licensing.
We Have Found Some Problems with NordFX
NordFX has a license from Vanuatu financial services, which is a third-rate regulator. Although it is important to ensure that every broker has a license, this doesn’t mean that just any license will do. A low-quality license does not provide any oversight or act upon customer complaints. In most cases, they simply give licenses to any broker who provides a fee. Therefore, since NordFX does not have a reliable license, we do not recommend trading with them.
Here Are Some NordFX Red Flags:
Not regulated
No transparency
No contact information
Not regulated
Bad reviews
What Should You Do If You Have an Account with NordFX?
We do not recommend opening an account with NordFX. If you do hold an account with this broker, close it right away and ask for a withdrawal of your funds. If the broker will not allow you to retrieve your funds, talk to ChargeBax professionals right away. We will investigate the matter, track down the broker and your funds and will help you prepare your claim.
Chainmine promises its users that they will participate in lucrative crypto mining. However, there is very little information about how the clients will make money or how it works. This is common with unregulated brokers and unlicensed financial services in popular areas like cryptocurrency and forex. There is not very much explanation about how this financial service works.
We Have Found Some Problems with Chainmine
In addition to the lack of information about how Chainmine works and who runs it, there is no indication of a license. Even though the blockchain is not regulated, anyone who offers cryptocurrency trading or mining should have financial services or a brokerage license. Without a license, there is no recourse for clients except to go directly to law enforcement. A regulator can take disciplinary action if there is a problem, but without a license, there is no oversight.
Here Are Some Chainmine Red Flags:
Not regulated
No transparency
No contact information
Not regulated
Bad reviews
What Should You Do If You Have an Account with Chainmine?
We do not recommend opening an account with Chainmine. If you do hold an account with this broker, close it right away and ask for a withdrawal of your funds. If the broker will not allow you to retrieve your funds, talk to ChargeBax professionals right away. We will investigate the matter, track down the broker and your funds and will help you prepare your claim.
The Binary 44 wants visitors to feel confident in their financial services, which are run by “qualified experts.” This kind of weak content may seem like a minor gripe with a broker, but it can call the bluff of a fake financial service. A regulated broker does not usually have amateurish content or fluffy phrases that mean nothing, like “qualified experts.”
However, this isn’t the biggest problem with Binary 44.
We Have Found Some Problems with Binary 44
Binary 44 claims to offer trading of stocks, bonds, futures, currencies, silver, and oil. Binary 44 claims to be located in the United Kingdom and to be licensed, but it does not have a license from the FCA. Every financial service in the UK must have an FCA license, so Binary 44 has been caught being dishonest about regulation. That is enough reason to stay away.
Here Are Some Binary 44 Red Flags:
No transparency
No contact information
Not regulated
Bad reviews
What Should You Do If You Have an Account with Binary 44?
We do not recommend opening an account with Binary 44. If you do hold an account with this broker, close it right away and ask for a withdrawal of your funds. If the broker will not allow you to retrieve your funds, talk to ChargeBax professionals right away. We will investigate the matter, track down the broker and your funds and will help you prepare your claim.
Galaxy Tradings is not the kind of broker you should trade with, simply because it provides very little information. We could not determine the identities of the people involved in this brokerage or their credentials. More importantly, we could not find that Galaxy Tradings has a license. It is always important to trade only with licensed brokers, so this is a serious issue.
We Have Found Some Problems with Galaxy Tradings
The main problem with Galaxy Tradings is that they do not reveal any information about themselves. Why should anyone entrust their money with anonymous people who have no license? You would not get into a taxi if the driver did not have a driver’s license. If the driver did not reveal their identity, it would be difficult to file a complaint if needed. The same is true of trusting a broker–transparency is important.
Here Are Some Galaxy Tradings Red Flags:
No transparency
No contact information
Not regulated
Bad reviews
What Should You Do If You Have an Account with Galaxy Tradings?
We do not recommend opening an account with Galaxy Tradings. If you do hold an account with this broker, close it right away and ask for a withdrawal of your funds. If the broker will not allow you to retrieve your funds, talk to ChargeBax professionals right away. We will investigate the matter, track down the broker and your funds and will help you prepare your claim.
Although poor web content shouldn’t necessarily be a deal-breaker with any broker, it can often be a sign of problems. A regulated broker should presumably invest in creating an image of reliability. In addition, fluffy, cliched content gives the impression that the broker doesn’t understand the services they are providing. For instance, ADXNBIT promises, a “powerful trading platform” but provides no detail about services or the people behind them.
We Have Found Some Problems with ADXNBIT
The problem with ADXNBIT is that this broker provides no information about itself. There are no names in the “About Us” section, no indication of a license. All the site tells us is that it offers various trading products, low commission, and low spreads, but still, the visitor does not know who they are dealing with. Licenses are always an important factor when choosing a broker, but without a license, ADXNBIT does not seem reliable.
Here Are Some ADXNBIT Red Flags:
No transparency
No contact information
Not regulated
Bad reviews
What Should You Do If You Have an Account with ADXNBIT?
We do not recommend opening an account with ADXNBIT. If you do hold an account with this broker, close it right away and ask for a withdrawal of your funds. If the broker will not allow you to retrieve your funds, talk to ChargeBax professionals right away. We will investigate the matter, track down the broker and your funds and will help you prepare your claim.
