Forex trading arouses the interest of both traders and scam brokers luring them into investing and ripping them off. Pretending to be a legitimate business is just one of many dirty tricks frequently employed by fraudsters. 

In a similar fashion operates today’s broker in our article. Namely, Profits Vision claims to be registered in one of the top markets, Switzerland without producing any proof. Not to mention that this shady brokerage firm doesn’t hold any required licenses and regulations. On top of that, several financial authorities warn against this financial swindler.

Thus, please proceed with our Profits Vision review and get more information about its below-average offerings.

On the top of that, we seriously recommend you not to invest in the fake brokers The Liberty International, UF Solution, and Solar Markets. Do not trade with these unlicensed brokers if you want to save your money!

Reasons Why Profits Vision is An Unregulated Scam Website

When googling the name of this phony broker, you can come across many positive Profits Vision reviews. Of course, this is far away from the truth. In reality, these reviews are false. Broker scams use this malicious tactic to make their services more appealing and hide their true colors.

In this instance, the real face of Profits Vision has been exposed by major watchdogs, the Belgian FSMA, Italian CONSOB, and Spanish CNMV. This means that this forex provider operates illegally without being licensed by any supervisory bodies. Likewise, it is reportedly headquartered in Switzerland, which is one of the most stringent jurisdictions regulated by FINMA. As you can guess, Profits Vision is not authorized by this financial market regulator or any other.

Profits Vision is allegedly based in Switzerland but doesn’t have any evidence of it. Moreover, it is not authorized to operate in this or any country. Besides that, it is blacklisted by several major watchdogs. In addition to this, it renders subpar trading services. In general, avoid this fraudulent broker like the plague.

Why Is Trading On a Licensed Broker’s Platform Preferable?

So, why risk losing money to an anonymous entity like the Profits Vision broker, when you can enjoy funds protection, a favorable trading environment, and coverage against adverse events with legitimate brokerage companies?

Forex brokers certified and supervised by the Australian ASIC, German BaFin, and British FCA are most sought after because of their reliability and security. For example, these companies keep their capital separate from your money (segregated funds) in tier-one banks.

On top of that, traders are protected by negative balance protection (you can’t lose more than deposited) and compensation schemes that go up to 100,000 USD.

Fraud Warnings From Financial Regulators

As mentioned, instead of being listed among certified brokers, Profits Vision has been put on a list of scammers by the following authorities.

• Spanish CNMV (Comisión Nacional del Mercado de Valores) is the main supervisory body in Spain and has issued a warning against the Profits Vision scam.

• Italian CONSOB (Commissione Nazionale per le Societa e la Borsa) regulates the Italian foreign exchange market and has blacklisted Profits Vision.

• Belgian FSMA (Financial Services and Markets Authority) is a government agency monitoring and controlling the securities market of this country. It has also affirmed that Profits Vision is a fraud.

Profits Vision Offers Safe Trading Software?

When it comes to trading platforms, among the best are MetaTrader 4, MetaTrader 5, cTrader, and Sirix. Both beginners and experienced traders appreciate a wide range of advanced features that are an integral part of these programs, such as copy trading, fast execution, unlimited pending orders, stop loss, and automated trading.

For the sake of drawing your attention, this unscrupulous broker gives empty promises of the availability of MT4. This is just a decoy and a big fat lie. Investing with Profits Vision will put your funds on the line.

Mobile App for iOS and Android

Nowadays, there are over five billion users of cell phones. Therefore, enabling mobile trading is a must to be competitive. Leading brokers fulfill the demand by providing modern trading platforms like MT4 and MT5 since they are accessible from desktops, smartphones, and tablets. They can be downloaded from Google Play and Apple Store, enabling safe and convenient trading anywhere. With reference to the mobile trading app at Profits Vision, as indicated, MT4 or any similar software is not available here; thus, forget about mobile trading with this bogus brokerage company.

Profits Vision Range of Trading Markets

Regarding trading instruments provided by Profits Vision, keep in mind that fraudsters always promise a wide range of tradable assets at the best terms just to entice you. Allegedly, this fake broker enables traders to access the most popular markets and trade on the following products.

• Crypto: Bitcoin, Ethereum, Tether; 
• Commodities: metals ( gold, silver, aluminum), energies (crude oil, natural gas), and soft commodities (rice, silk, cotton); 
• Indices: S&P500, NASDAQ100, DAX30;
• Stocks: Tesla, Nike, Microsoft;
• Forex: USD/GBP, AUD/CAD, EUR/CHF.

No matter what Profits Vision offers, it can’t be trusted since it is a proven scam. Hence, we strongly advise ignoring its offerings and seeking credible FX brokers.

What Do We Know About Profits Vision Account Types?

In relation to trading accounts, there are several versions of paid/real ones with this fraudulent broker. As predicted, there is no demo account. This option allows traders to practice trading for free and test the trading environment (conditions and platforms) without risks. Since con artists can’t cash in on it, they rarely offer demo accounts. Unlike them, a demo account is the base of every offer from genuine companies. As regards Profits Vision and its live trading accounts, here is a quick overview.

• Explorer: minimum deposit of 500 USD
• Basic: minimum deposit of 2,500 USD
• Silver: minimum deposit of 10,000 USD
• Gold: minimum deposit of 50,000 USD.

As can be noted, you have to put in 500 USD to start trading with Profits Vision. This is a too-high opening balance when compared to the industry norm. Taking into account the reputation of this broker, it is not worth the risk. For instance, you can open a live trading account for 10 USD with a leading brokerage company.

Managed Account Types

In addition to real trading accounts, Profits Vision provides managed versions of them. Before outlining them, let’s first explain what it means by a managed account. It is nothing more than trading in your name. Investing a minimum of 75K USD is per se a risk. Not to mention how risky is to authorize this untrustworthy company to handle trading on your behalf. Moreover, this crooked firm charges fees for its so-called advisory. Here is an overview of managed accounts at Profits Vision.

• Fisrt type: investment starts at 75,000 USD, annual advisory fee 0.95% – 1.35%;
• Second type: investment starts at 150,000 USD, annual advisory fee 1.5% – 2.5%;
• Third type: investment starts at 250,000 USD, annual advisory fee 0.5% – 0.90%.

Profits Vision – Countries Of Service

If you wonder where Profits Vision operates, don’t forget that it is an unauthorized brokerage firm. According to feedback from victims, it can be concluded that this dishonest scam broker is focused on scamming traders from

• UK
• Canada.

If you are based in any of those countries and come across this company’s offer, regardless of how it might look compelling, please ignore it. Bear in mind that brokerage services operating in the UK and Canada must be approved by the FCA (Financial Conduct Authority) and IIROC (Investment Industry Organization of Canada). 

Also remember the names of the Everrise Brokers, Capital Markets Strategy Ltd and Keler Group trading scams and avoid them at all costs! Moreover, always check the background of online trading companies before investing!

Bonuses and The Terms of Their Receipt

Be mindful and wary of bonuses coming from unlicensed brokerage companies. They use a range of generous promotions in deceitful ways to attract people’s attention and defraud them. Actually, bonuses always have absurd terms to prevent you from redeeming and withdrawing them.

On top of that, illicit brokers like Profits Vision retain the right to change conditions at any point without notice. For this reason, many jurisdictions and financial regulatory bodies have forbidden bonuses and promotions.

What Is Known About Profits Vision’s Trading Conditions?

On the account of the Profits Vision trading conditions, they are good as this false company. Two things are in common for scammers. First, they misrepresent their terms of exchange to look more beneficial and appealing. Second, they are not transparent about it, giving them room for manipulation.

As for the Profits Vision trading environment, there is very little information. For example, the leverage ratio is not revealed, but we are sure it is above the permitted (1:30 in the EU). Spreads are also unknown but expect something like zero or ultra-low spreads (again, pure fabrication). Lastly, trading costs are also unannounced so that they can be charged at the whim of this broker.

Minimum Deposit, Withdrawal Terms, and Fees

Speaking of the minimum deposit at Profits Vision, it is either 250 USD (as per its FAQs section) or 500 USD (accounts page). Providing inconsistent information is so typical of scam brokers. Concerning funding methods accepted by this company, its multiple deposit option remains questionable. We doubt that it supports secure forms of payment like credit cards and wire transfers.

By contrast, it accepts unsafe and anonymous crypto wallets because they are almost irreversible. All things considered, withdrawals are unlikely with such an unreliable entity. 

Scammed by Profits Vision Broker? – Let Us Hear Your Story

Unfortunate victims of Profits Vision can have relief to know that getting their money back is possible. First, if you are defrauded by this or any investment scam, you should contact the relevant authorities. Likewise, don’t forget to share your negative experience with other traders to help them avoid this trading scam. About regaining funds, continue reading.

But What Is A Chargeback?

The chargeback enables you to retrieve your stolen money. For example, major credit and debit cards (VISA and Mastercard) allow you to recover your funds but you must apply for cashback within 540 days. On the other hand, if deposited money via bank-to-bank transfer, you are not eligible for a refund. However, remember that wire transactions can be canceled until they are confirmed.

The most challenging payment option to charge back is crypto payments. For this reason, financial hustlers prefer them. Nevertheless, with professional help, you can reverse crypto wallets. In connection with this, get in touch with our company.

What Is Profits Vision?

Profits Vision is an unregulated and unlicensed brokerage company that presents a huge risk to all traders.

Is Profits Vision a Scam Broker?

Yes, it is. As a matter of fact, several financial authorities warn against Profits Vision.

Is Profits Vision Available in the United States or the UK?

It is available in the UK but not in the US; anyway, Profits Vision is not certified to render services legally in any country.

Does Profits Vision Offer a Demo Account?

No, it doesn’t; scam brokers like Profits Vision don’t provide demo accounts because it can expose their poor services and true nature.

MorganFinance represents its brand as financial services offered exclusively by professionals. Yet, this group of pros failed to get a license for financial advising and providing Forex and CFD trading.

Our detailed MorganFinance review will show you how these people operate and who’s behind the scenes. Make sure to take notes.

What is more, we strongly advise you not to invest in XTB Global and ProgresiveTrade fraudulent brokers.

How Safe and Secure is MorganFinance a Broker?

MorganFinance is a brand of Effervescent Group Ltd, registered in 2021 in Saint Vincent and the Grenadines. Once established, the parent company opened a website under the domain morganfinance.trade in February 2022.

Since SVG doesn’t have a financial regulator, instead just the company register, we’ve searched for MorganFinance regulation elsewhere. After checking the databases of the FCA, ASIC, BaFin, CONSOB, and numerous others, we found nothing.

It’s a clear indicator that MorganFinance is not a genuine trading brokerage and that your funds are not safe.

Reasons Not to Trust an Unlicensed Broker

Unlicensed brokers pose a danger to your funds. If there’s no supervisor to their activities, financial firms can declare bankruptcy or simply disappear, and you won’t see a penny back.

On the other hand, legitimate brokers have numerous tools to prevent risks, such as participation in the regulator’s compensation scheme, negative balance protection, and leverage cap.

So Is MorganFinance a Decent Broker or a Scam?

MorganFinance is an offshore trading firm registered in Saint Vincent and the Grenadines. The website has been active since February 2022, and there are already numerous negative reviews. The trust index is low.

What Do Traders Think Of MorganFinance?

As usually happens with scammers, MorganFinance earned negative reviews quite quickly. Clients have reported withdrawal issues and blocked accounts. Typically, scammers prevent their customers from getting paid by freezing their access to accounts and money.

If you notice that you cannot log in to your trading account for more than a few hours and there’s no valid reason for it, make sure to report the fraud.

Trading Platform From MorganFinance

On its website, MorganFinance advertises MT4 and MT5. You can find characteristics of both software, and the firm praises them highly. However, when talking about the software they provide, it’s vaguely written MT without specifications.

Once we registered an account, we got access to the basic WebTrader. This software is not nearly close to MetaTrader and has no advanced tools.

Financial swindlers often abuse the name MetaTrader, luring customers into investing. Since there’s no Demo account, the only way to find out what you’ll be offered is by paying the money first. And then, it’s too late.

MorganFinance Accounts Overview

The brokerage offers five account types. These are:

• Bronze – $250
• Silver – $1,000
• Gold – $5,000
• Platinum – $10,000
• Diamond – $25,000

Each account allegedly gives access to more trading tools. Trading signals are enabled from the Silver account, while Platinum and Diamond members can get risk management tools as well.

Customer Support – Communication Channels

MorganFinance customer support will use various communication methods to persuade you to deposit. They can contact you via phone, email, WhatsApp, or Telegram.

Be on the lookout for scammers. They may approach you via social media or dating apps if you have never registered for online trading. They’ll promise you anything, even if it’s clearly too good to be true. This is how you’ll recognize scammers.

MorganFinance – Countries Of Service

The broker provides its services mainly in:

• Spain
• Mexico
• UK
• France

Yet, victims can be found all over the globe. Make sure not to become one of them and avoid fraudulent platforms such as this one by all means.

Also, remember the names of the Trade Unity and Brokeragea trading scams and avoid them at all costs! Moreover, always check the background of online trading companies before investing!

MorganFinance Range of Trading Markets

In the unlikely event that you’re still interested in MorganFinance, here’s an overview of trading assets.

• Currency pairs – EUR/USD, GBP/AUD, USD/ZAR
• Commodities – palladium, corn, sugar
• Indices – DJIA, BE20, IBEX35
• Shares – Amazon, Netflix, Microsoft

Cryptocurrencies are not on offer.

What Is Known About MorganFinance’s Trading Conditions?

Trading conditions can tell a lot about the broker. If the leverage is unregulated, it means that the firm is unlicensed as well. On the other hand, if the firm charges high fees and spreads, it’s not good for you as a customer.

Here’s what we know about MorganFinance’s trading conditions.

Too High Leverage and Spreads

The leverage ranges from 1:70 to 1:300. If you need proof of illegal business, here it is. The regulatory cap in the EU and UK is 1:30, while in the US it is 1:50.

The spread starts at 3 pips for the EUR/USD pair, double the industry standard.

MorganFinance Minimum Deposit, Withdrawal Terms, and Fees

The broker’s minimum deposit is $250, or the equivalent in EUR or GBP.

According to Withdrawal Policy, there are no fees by the broker, but the bank might charge their commission. The withdrawal request should be processed within 7 business days.

Note that if you accept any bonuses, you won’t be able to request a withdrawal before reaching 25 times the deposit plus the bonus amount.

Methods of Making a Deposit

The deposit can be made via:

• Debit/credit card
• Wire transfer
• Crypto wallet

If you are keen on investing with this firm, we advise you to use your credit card. That way, you’re protected by the chargeback policies.

Scammed by MorganFinance Broker? – Let Us Hear Your Story

If MorganFinance scammed you, don’t hesitate to report it. Many people suffered monetary losses because of this same broker. 

Our chargeback experts may evaluate your case during a free consultation to assist with fund recovery. Contact us now to book an appointment!

But What Is A Chargeback?

This is a way for your bank to reverse the transaction and recover stolen funds. Instead of letting scammers run free, you need to fight back. We’re here for you!

What Is MorganFinance?

MorganFinance is an online trading firm operating without a license.

Is MorganFinance a Scam Broker?

MorganFinance is a fraudulent brokerage providing services without any authorization.

Is MorganFinance Available in the United States or the UK?

According to its disclaimer, the broker is available in the UK but doesn’t operate in the US.

Does MorganFinance Offer a Demo Account?

No, MorganFinance doesn’t offer a Demo and requests clients to pay the deposit immediately.

SurgeTrader is a proprietary company, which means it offers traders capital for trading. It then takes a commission from the profits they make. 

Traders who are interested in applying to trade with SurgeTrader must first pass the company’s audition, which costs a certain fee depending on the package.

It seems that this audition is where problems popped up, based on the complaints we read. Our SurgeTrader Review is an unbiased analysis of this company and what it offers. Please read it before paying to audition!

Is SurgeTrader a Legitimate Proprietary Company?

Since Surge Funding LLC is a proprietary company, it does not require a license. That’s just how the business works in the United States, where SrugeTrader is based.

Surge Funding LLC was incorporated on December 29, 2022, in the Florida Company Directory. This legal entity is part of the Valo Holdings Group. So SurgeTrader is unregulated, we got that out of the way.

What about the trading services and platform mentioned on the website? SurgeTrader’s partner EightCap actually provides the MT platforms to the former’s clients. EightCap is an Australian brokerage that also operates via a subsidiary in the Bahamas.

Now it is getting interesting. The Bahamas is an offshore domain where the regulations are pretty lax compared to heavy onshore jurisdictions such as the US or Australia. Companies tend to expand their businesses by opening offshore branches in order to reach more potential clients.

SurgeTrader states that all “platforms and trading are provided through EightCap,” meaning that all trading is basically done via an offshore broker with no credible trading license.

This could be problematic so maybe it is not such a good idea to invest your time, energy, and money in SurgeTrader. It’s definitely a bad idea to trade with Investing X though.   

Trader Reviews Of SurgeTrader

For our analysis, we decided to check what traders think about both SurgeTrader and EightCap. Trustpilot was our go-to for this. Recent Trustpilot reviews and complaints seem to point to fraudulent practices.

I have been emailing for more than 6 months to get my money from The Prop Trading prop, but no one is answering me! They shut down the company with a fake letter and stole hundreds of thousands of dollars…

– Trustpilot user, May 24, 2023.

There’s a manipulation by the broker. I have few accounts across different prop firms. With the same trade on the same currency, Surgetrader slips my trade out by its super huge spread!!! While other prop firms didn’t… From a trader with 10yrs experience.

– Trustpilot user, March 16, 2023.

Although there are many positive reviews, these here are alarming. There is definitely something going on with SurgeTrader. What about EightCap?

Horrible and clearly manipulating trading conditions. Spreads are not as advertised, and slippage is horrible, the worst I’ve seen in 10 years… Close a position at 200+ in profit, during a time which is not that volatile, and get 75 instead. Run from this broker and any prop firm that uses them…

– Trustpilot user, May 3, 2023.

Warning Against SurgeTrader

We already mentioned that SurgeTrader’s scope of business does not require a special license. However, that does not mean that the company is welcome to provide services in all domains of the world.

You can clearly see this in the recent warning issued against SurgeTrader by the Spanish regulator, the CNMV. This watchdog operates under the European Securities and Markets Authority (ESMA), which set common rules of financial market conduct in the European Economic Area (EEA).

Further implications of this warning are that SurgeTrader, like River Prime, has no authorization to provide services in the EEA, i.e. basically most of Europe.

Where Is the Company Present? – Countries of Service

Speaking of domains, the largest concentration of SurgeTrader’s activity can be pinned down to three countries. Here is the list:

• US;
• UK;
• France.

France is also under ESMA’s regulations, meaning it is off-limits to SurgeTrader. The UK as well. As for the United States, that’s where the broker was most active.

SurgeTrader’s Packages

To reiterate, SurgeTrader is a proprietary company that provides traders with trading capital they use to make profits, of which they get to keep 75% (can be increased to 90% if the trader buys add-ons), per the website. The daily loss limit traders must not exceed is 5%.

The capital traders get depends on how well they perform in the audition. Thus, SurgeTrader has six packages in store:

• Starter – 25,000 $, audition fee 250 $;
• Intermediate – 50,000 $, audition fee 400 $;
• Seasoned – 100,000 $, audition fee 700 $;
• Advanced – 250,000 $, audition fee 1,800 $;
• Expert – 500,000 $, audition fee 3,500 $;
• Master – 1,000,000 $, audition fee 6,500 $.

If you’re wondering why there are audition fees, SurgeTrader does have legitimate reasons for including them. For instance, the company wants to cover the expenses of technology platforms, personnel, customer service functions, marketing, etc. Furthermore, the SurgeTrader audition fee serves as a filter for serious traders.

Trading Platforms – Available Software

SurgeTrader’s, or rather EightCap’s trading software selection includes MetaTrader 4 and MetaTrader 5, two of the greatest trading platforms in the industry.

Both MT platforms feature an array of cutting-edge tools such as automated & algorithmic trading, live market reports, a user-friendly interface, instant execution, multiple timeframes, etc.

You cannot go wrong with either MT platform. However, you may experience issues given the fact that EightCap is an offshore brokerage with no credible and strict regulation. 

Withdrawing Profits From Your Broker Account

According to SurgeTrader’s website, the company accepts payments via the following methods:

• Credit/debit cards;
• Wire transfers;
• PayPal;
• Crypto (BTC, ETH, USDC).

These methods are used for both depositing and withdrawing funds. Judging by what traders wrote on the forums, withdrawal issues are a possibility. It happened with the shady ip t trade broker.

The minimum audition fee is 250 $, which is sort of in line with the amount regular brokers charge for opening a standard live account. There are no monthly or recurring fees, just the audition fee.

How Can I Get Help for Filing a Chargeback Case?

To sum up, you definitely need to be careful if you decide to sign up for SurgeTrader’s audition. If you ask us, we would rather you find a regulated broker. If you believe that you have been scammed and need help getting your money back, please contact us. 

Depending on the payment method you used, there are several ways of getting a refund. Our team will guide you through the chargeback process and explain each step of the way.

If you need help with chargebacks, book a free consultation with our chargeback specialists who will help you to regain your money.

Is SurgeTrader Legit or Scam?

There are several complaints against the company and a regulatory warning. SurgeTrader is not clean.

Does SurgeTrader Offer a Demo Account?

No. SurgeTrader included an audition process to test traders.

Are my funds safe with SurgeTrader?

Not really. SurgeTrader is not a regulated company, which means your funds may not be segregated in a top-tier bank.

Demaxis broker is originally from St.Vincent and Grenadines. Under the ownership of Demaxis Ltd, they are practicing forex and CFD trading services worldwide.

With a very low overall rating and few fund protection measures it’s not a favorable broker among traders. All key features and flaws of this offshore broker you can find in this Demaxis review.

As well, stay away from the trading scams Benchmark Finance, Hlyton, and Coinexx! Furthermore, before investing, always investigate the history of internet trading firms!

Demaxis Broker – Legit or Scam?

Primarily, broker claims to have regulations worldwide. But if they really have a license they would present it clearly on their website. Firstly, SVG as the country has dissociated itself from providing trading licenses. Therefore, we need to look elsewhere.

The only trusted regulators are from the Tier 1 group. Such as BaFin, ASIC and FCA. They have very strict rules and rigorous requirements for getting a license. But, Demaxis broker is not in their register, whatsoever. Thus, we have already a first sign of a scam.

Openly lying about regulation, which they don’t have. Very high minimum deposit requirement. Non-transparent trading platform. Extremely high-leverage. They don’t offer anything competitive.

What Platforms Does Demaxis Offer? – Available Trade Software

Another key point is Demaxis’ trading platform. What they advertise is the latest technological invention. Top-notch ultra-competitive software. With lightning-fast execution and more than 20 indicators, they almost compared it with Meta Trader.

Yet, all that falls apart once you try to download the software. Instead of getting the app downloaded, you get redirected to the registration form of the company.

However, this is exactly how they lure their clients to leave personal information. In exchange for nothing. Because upon registration you will get a call from their agent and the journey begins. So, not only that they are not transparent about trading platforms, but also they are trying to mislead you.

Mobile Platform

Even though they claim to provide a mobile platform, we are unable to check it out. Simply, because they require registration before getting the app. This is quite suspicious and another red flag.

If you take a look at Meta Trader, they will provide you with all the necessary information before registration. Have in mind that this is just an unregulated scam broker.

Demaxis ‘s Trading Assets and Instruments

Like many other scam brokers, they tend to lure traders with attractive offers. That’s why they have all 5 major instrument classes available. Those are:

• Forex                        EUR/JPY, EUR/SEK, USD/GBP
• Commodities            natural gas, gold, silver
• Indices                      UK 100, US 500, DE 30
• Shares                      Amazon, Tesla, Pfizer
• Cryptocurrencies       BCH, LTC, XRM

Since the platform is a mystery we believe that it’s completely fictive. Otherwise, a broker wouldn’t hide the platform. Besides, we can see from Demaxis reviews that this is a scam broker.

Demaxis Countries Of Service

As we can see from any Demaxis review, they are operating worldwide. But mainly scamming traders from:

• United States
• Netherlands
• France
• Belgium

Many of these countries are strictly regulated. Yet, Demaxis trading company doesn’t have any of those licenses. Therefore, no authorization to provide such services.

Types of Accounts Available With Demaxis

The only certain thing about the Demaxis trading account is pricing. They clearly state how much they want to take from you. As for the benefits of depositing more money, you have to make a wild guess. Their account types are:

• Beginner       $2.500
• Standard       $5.000
• Intermediate  $25.000
• Advanced     $50.000
• Integral         $100.000
• VIP               $250.000

Can a Trader Use a Demo Account?

With a minimum deposit requirement 10 times bigger than average this is not your first choice. Especially knowing that some best-licensed brokers have micro accounts and demo accounts.

Yet, Demaxis broker didn’t bother providing such options for its traders. So, your only option is to test your luck and deposit $2.500. Which we don’t recommend.

Negative Balance Protection

Another key feature of regulated brokers is fund protection. One of the measures is negative balance protection which Demaxis broker doesn’t have.

This feature prevents traders from getting into debt while trading. But it looks like Demaxis broker has that as their primary goal.

Terms of Service for Demaxis

Demaxis trading company claims not to have deposit or withdrawal fees. Yet, they claimed to be globally licensed and regulated and they are not.  

So, if we are going to trust their T&Cs we will be in deep trouble. As for funding methods they accept:

• Visa/Master card
• Wire transfer
• Cryptocurrency transfer

Leverage, Spreads and Fees

Besides so many flaws, they have a couple more. The leverage of 1:400 is not in compliance with any regulations. Especially not ones in the EU where they operate. Maximum allowed leverage is up to 1:30. Even though Demaxi broker promises tight spreads, you are not able to check that unless you register.

Additionally, they claim to have withdrawals without fees. Yet, in T&Cs we can see that withdrawals below $100 for wire transfers are charged with a $10 fee. The same applies to other methods of withdrawal below $20. Therefore, this is another sign that this broker is lying about everything.

Scammed by a Demaxis Broker? – We Want To Hear Your Story.

Don’t be ashamed to share your story with us. It can happen to anyone. What matters is to recover your funds back and to let other traders know about this fraud company.

With our fund recovery team, you can start your chargeback process already today. Get in touch!

What Is the Chargeback Procedure?

Once you make a transaction with a debit/credit card, you can request money back. Of course, with valid proof that you were tricked, misled or scammed. That’s why our specialized chargeback team is there to assist you. This process is limited only to the first 540 days, so don’t waste time. Contact us now!

What Is Demaxis?

Demaxis is an offshore broker that provides FX and CFD trading services worldwide.

Is Demaxis a Scam Broker?

Yes. This broker is not regulated by any institution and they are lying about it.

Is Demaxis Available in the United States or the UK?

The broker provides trading services to US clients, but not the UK ones.

Does Demaxis Offer a Demo Account?

No. Not even a micro account. You have to deposit $2.5000 to test their services.

As soon as we saw the exchange’s website, we knew what was up. The bogus platform is the property of a group of cyber cons who have recently been engaged in crypto fraud.

Our Upspacex.com Review is here to show you the truth. Please read our analysis of this shady exchange to learn why you must not invest any money in it. Like in our Exprime review, we reveal what you have to do in case the platform already has your funds.

Legal Info: Is Upspacex.com Regulated?

Contrary to the terms specified in the User Agreement, the Upspacex.com crypto exchange is not affiliated with any Australian regulatory authorities, as it is not listed in any company registers.

Furthermore, the website incorrectly claims that the client’s agreement with the platform falls under the jurisdiction of Maltese laws and regulations. It is important to highlight that this questionable platform is not registered with the Maltese Financial Services Authority (MFSA), which operates following European Securities and Markets Authority (ESMA) laws.

ESMA provides MiFID passports to authorized entities, enabling them to conduct business across Europe and offer compensation contracts of up to 20,000 EUR in case of insolvency or suspicious losses. Due to the lack of regulation, participating in trading activities on this platform involves significant risks.

Therefore, we recommend you trade firms that are licensed to operate under the jurisdiction of esteemed financial market authorities such as the FCA (UK), SEC (US), ASIC (Australia), IIROC (Canada), MAS (Singapore), CySEC (Cyprus), etc. 

Trader Reviews – Sharing Experiences

We once again emphasize the recurring website, a pattern that suggests the involvement of the same criminal enterprise who are also behind the Upspacex.com exchange. These scammers employ various websites as part of their strategy to target users. The platform, however, has not yet been rated by real users.

Also, we found out that the Upspacex.com social media fraud campaign the tricksters have been running. They falsely claim this platform is supported by the likes of entrepreneurs such as Elon Musk and popular YouTubers such as MrBeast.

Negative reviews and complaints can alert you about scams as they helped us expose the Coinneeew fraud.  Crypto crooks usually lure potential victims into their schemes using private Telegram channels and WhatsApp chats so be careful. 

Who Are Upspacex.com’s Targets?

According to godaddy.com/whois, the upspacex.com website domain was created on October 11, 2023. Since then, the black hat crypto platform has mainly been targeting unsuspecting traders who reside in the following countries:

• United States;
• United Kingdom;
• Canada;
• Australia;
• Mexico.

All of the countries on the list have unforgiving market authorities that enforce heavy regulations. One common rule they all have is that they require market participants to obtain a permit to operate.

The fake exchange is not authorized to accept clients from any of the listed countries due to the lack of the aforementioned permits and licenses. We have already stressed the fact that if you invest money in this platform, you cannot count on help from the regulators or financial compensation.

Swipe the bogus website through a webparanoid.com check and you’ll see that it has been identified as a scam and flagged as dangerous with a low trust score. 

Which Trading Platform Is Available?

Upspacex.com offers a simple web terminal that supports spot cryptocurrency trading and features a range of popular coins like Bitcoin, Ethereum, and Litecoin. The platform, however, does not support leverage trading.

While the exchange ensures users have access to basic tools such as graphs, charts, and indicators, it hasn’t included any advanced options, making the platform relatively ineffective.  

We thus recommend avoiding suspicious platforms and sticking to licensed providers that support recognized third-party software like MetaTrader 4 or MetaTrader 5. 

Outlined Fee Structure

Upspacex.com uses a tiered trading fee system based on different levels of trade volume, ranging from 0.075% to 0.035% for makers and 0.075% to 0.045% for takers. It awards traders who achieve higher volume with lower percentages. 

Withdrawal rates depend on blockchain network factors such as congestion. The fees differ for specific coins; for instance, Bitcoin incurs a 0.00005 BTC deposit fee and a 0.00012 BTC withdrawal fee while Ethereum incurs a 0.00087 ETH deposit fee and a 0.00218 ETH withdrawal fee. 

Suspicious Referral Program

The referral program at Upspacex.com presents a chance to earn income by referring friends, offering the referrer 40% of the fees paid by their referrals and a reduced trade commission of 0.1% upon registration through the unique link. 

Here, it’s crucial to point out that the structure resembles a Ponzi scheme due to the focus on recruiting new members. Such pyramid model programs involve using funds from new investors to pay returns to existing investors. Caution is advised, and we do not recommend you expose your friends and family to such risks.

Payment Process and Related Issues

Upspacex.com features a range of third-party electronic wallets for crypto purchases, yet the intricate multi-layered payment system appears to favor cybercriminals rather than users. In the unfortunate event of losing crypto on this dubious platform, tracing the destination of funds becomes a difficult task. 

Reversing such transactions requires sophisticated crypto-tracing software like CipherTrace to unravel the complexities and increase the chances of recovering lost assets. Fortunately for you, our team is skilled at assisting people in the recovery process.

Key Information To Consider About Upspacex.com

To summarize our review, we give a verdict on the platform – Upspacex.com is nothing but a hoax designed by a group of cyber fraudsters that mainly targets traders from the US, UK, Canada, Australia, and Mexico. The platform is not regulated or approved by any financial authority.  

We do not recommend the exchange because it is an anonymous crypto scheme aiming to deceive users through a fake exchange site.

If you have fallen victim to the Upspacex.com scam and cannot withdraw your funds, we offer professional services and assistance. Book your free consultation with Scam Brokers Reviews today!

Book a free consultation with us and start the chargeback process.

FAQ Section

What is Upspacex.com?

Upspacex.com is a fraudulent crypto exchange designed by an anonymous criminal group to scam users.

Is Upspacex.com a Real Exchange?

No. Upspacex.com is an online crypto trading scam, not a legally registered company.

Can I Recover Lost Cryptocurrencies?

It’s possible with professional assistance. We thus urge you to get in touch with us via the web form on our page.

Calling Kingston Trading a liar would be an understatement. The firm allegedly offers brokerage services along with investment savings plans of sorts. What should be bringing you financial stability and profit, turns out to be a confirmed scammer. 

We say this because Kingston Trading has been blacklisted multiple times, by regulators from all over the world. Not only does that speak of their legitimacy, but it also suggests just how vicious and widespread this sham is. Our Kingston Trading review equips you with all the most relevant facts you need in order to understand projects like these. 

Along the way, we will also discuss how swindlers drag into their schemes all the Forex newbies and other unsuspecting victims. So tune in and join us on a journey of uncovering a well-constructed scam behind Kingston Trading.

Is Kingston Trading Legit or Not?

As much as you can try not to jump to conclusions with this one, you just can’t turn a blind eye to the fact that Kingston Trading has been blacklisted multiple times. So when you have an immediate confirmation from acclaimed authorities and financial institutions, you have to approach this suspicious website with caution. 

While this anonymous financial services provider acts as if they’re a premium investment firm and securities trading platform, they also claim to be registered in Hong Kong. However, this claim was quickly denied by the Hong Kong regulator – Securities and Futures Commission, which published how Kingston Trading was lying about their registration address being in Hong Kong. 

The rest of the warnings were also issued by major financial authorities and we’ll list them all here, including the SFC warning, which triggered the public outrage towards this fake broker and investment scheme:

• SFC
• FSMA
• CNMV
• CONSOB
• DFSA

The fact that Kingston Trading isn’t licensed anywhere at all, yet operates on a world scale is utmost concerning. This firm doesn’t implement any security measures required by the leading regulators in all the areas of their operation. That further means that the clients’ deposits are kept in segregated bank accounts and Kingston Trading can manipulate them however they wish, stealing included. 

Not abiding by any regulatory rules also implies that Kingston Trading doesn’t provide a secure trading environment for the clients in the sense that they do not limit the leverage and do not have negative balance insurance. Compensation funds are also absent, so in case of dispute, clients won’t be able to be protected and refunded at least partially. 

Lastly, we also checked with the FSC of China, which is responsible for regulating Taiwaneese brokers and Kingston Trading is not among the regulated firms. Even if they really had an office there, it would suggest that they operate under no supervision. 

For what is worth, please consider another firm that actually has a valid brokerage or similar license, depending on their field of business. Forex market is already highly volatile as it is, you don’t need an additional risk by investing with fraudulent firms.   

Who are Kingston Trading clients?

Present basically all over the world, no retail traders or long-term investors are safe from this fraudulent entity. Kingston Trading offers clients a chance to trade equities, fixed income securities or mutual funds. By diversifying their portfolio of instruments and services available, this fraudster is managing to attract so many victims it’s alarming. 

So far, most of the defrauded traders and investors have appeared in the following countries:

• New Zealand
• United Kingdom
• United States
• Portugal
• Malaysia

It is apparent that the Kingston Trading scam isn’t just focused on one area or niche. The scam agents employed at Kingston Trading website work tirelessly to explore more corners of the world and bring in more customers. All led by the idea of a fixed income and effortless earning, while investing the cash that actually goes straight to the cyber criminal’s pocket. 

The deviousness of their conduct isn’t immediately visible, of course. The swindlers possess the talents and the techniques to delude their targets into thinking how Kingston Trading will solve all their financial problems and ensure a bright future for them. 

If income doesn’t appeal as strongly, swindlers use other weak points, such as loneliness and attention craving. So they even go as far as forming romantic relationships with their victims, only to betray and robb them, in the end.

Whatever it is, please do not be afraid to speak up and seek professional help for retrieving your funds. We’re always here if you’d like to just talk and share your experience or ask for advice on how to start a chargeback process.

Trading Terms – Leverage, Fees, and Spread

Not a single paragraph on the whole Kingston Trading website provides any information on the fees and trading costs and conditions. All this sham does is describe all their services and features as quality, accurate and timely. The service provider thinks that is paramount to know, not the exact amounts of commissions and fees. It’s like Kingston Trading is just trying to leave an impression on their future customers, not actually provide any useful info to work with. 

Kingston Trading Features – Trading Platform and Accounts 

As already suggested, Kingston Trading website doesn’t publish any meaningful legal document or other significant information on their concrete services. Since we couldn’t immediately join the platform, we weren’t able to access the majority of the features. Kingston Trading keeps a low profile obviously, because they’re unsupervised and unlicensed. So they try to omit as much relevant info as possible, and handpick their victims and future recruits. 

Trading Platforms Choice

The firm supposedly provides access to investments, insurance, small business, and self-directed solutions through their advanced platform solution. However, nowhere on the website could we find the much-glorified platform. Or any kind of software at all, for that matter. 

Kingston Trading keeps bragging about providing the fastest, most reliable and safest of all platforms on the market. As a matter of fact, it could very much be that no platform exists at all. It could be that Kingston Trading just hides it very well. But if they were actually licensed and acclaimed, they’d have no reason or legal grounds to hide anything. 

Available Investment Assets

The suspicious and blacklisted company can’t actually have a rich array of features and beneficial services for every kind of client or investor. Nonetheless, that doesn’t stop the fraudster from handing out empty promises and statements about providing investment advice and expertise to all investors alike. Their range of investment products should include:

• Equities (Large Capitalization Companies, Small Capitalization Financial Institutions)
• Bonds (Corporate Bonds, Municipal Bonds)
• Mutual Funds (Open-End Funds, Closed-End Funds, Exchange Traded Funds – ETFs)

Institutional and Research

Kingston Trading provides their institutional clientele with primary and secondary market fixed income and equity products. Some of their most commonly offered assets are bond funds, insurance companies, bank trust departments, banks, broker- dealers, pension funds and private placements.

Investment professionals are claimed to be able to rely on the research data provided by Kingston Trading to ensure an edge on every market. Collection of information includes stock ratings, analytical information and tools. 

Withdrawing Profits

Independent legal documentation doesn’t exist at Kingston Trading. They could only be available for members, but we sincerely doubt the fraudster even has them at all. As just one of the elements of the regulatory framework, these texts exist to elaborate on delicate processes such as funding and withdrawals. 

Because this sham, just like Beaufort Securities, aren’t at all transparent in their conduct, we cannot expect any of the payouts to be performed smoothly and hustle-free. It is well known that financial swindlers make the biggest income from the investments and deposits you make. So then, let us ask you, why would they ever allow you to withdraw them?!

Customer Support

In an attempt to seem helpful and caring of their customers’ desires, Kingston Trading seemingly provides many ways for making contact. Getting in touch with their support team is allegedly easy and seamless, with the minimum waiting time. The communication channels are the following:

• Physical addresses in Hong Kong and Taiwan (SFC already denied the HK address to be true)
• Phone numbers
• Email – [email protected]
• Online form for describing your problem and requesting a solution to your email 

Key Information To Consider About Kingston Trading 

None of the common scams like Kingston Trading, AXNEB or more complex ones deserve from you to fund them by depositing hard-earned money. These proven cyber criminals are not going to last long on the market, as they have financial authorities on their track. In the meantime, you should do your best to protect your funds and invest safely, by choosing a regulated brokerage to rely on.

In the case of having difficulties while trying to get a refund or process a payout, feel free to use our online chat feature to connect with the first available agent. You will shortly be contacted by a proper legal expert who you can describe your problem to and expect valid advice and legal help.

What Is Kingston Trading?

Kingston Trading is a fraudulent website, which has been blacklisted multiple times by leading Tier 1 regulators from all over the world.

Is Kingston Trading Regulated?

Not only is this firm not regulated, but they’re also been blacklisted. Several financial authorities have confirmed that Kingston Trading attempts to sell their services and products in areas where they lack licensure and supervision. If you consider yourself to be in danger from being defrauded, contact us for legal help.

Is Kingston Trading Available in the United States or the UK?

Kingston Trading is available for the UK and US clients currently.

PrimeXBT is a subsidiary of the PrimeXBT group of companies based in St. Vincent and Grenadines. SVG dissociated itself from providing licenses for FX and CFD trading companies. After all, the broker has the right for saying that they don’t need a license for trading in the country. 

However, trading anywhere outside of the SVG requires an adequate license and our PrimeXBT review will explain why.

On top of that, we seriously recommend you not invest in the fake brokers InterCapital, FTMO, and AvizGroup. Do not trade with these unlicensed brokers if you want to save your money!

PrimeXBT Is A Regulated Broker?

This broker offers the fair disclaimer that they don’t provide service to certain countries. However, in those where they provide services, they should have a license. For instance, this broker offers services to most European countries, Australia, Singapore, and some others.

That being said, they should have a license at least from FCA (UK) or ASIC (Australia). As an illustration, we checked all registers of Tier 1 Regulators like FCA, BaFin, ASIC, and CONSOB, but we couldn’t find any information about PrimeXBT broker. In fact, we discovered some more irregularities that are coming further in this article.

For a broker that uses only crypto transfers and has no license, you can smell trouble from a mile. PrimeXBT is an offshore broker with a CONSOB warning against it.

Reasons for Using a Regulated Broker for Trading

Another key point is security, which is the most important thing about regulated brokers. A non-licensed company can claim on its website anything they want. Although this may be true, without regulation, nobody controls those activities. Therefore, everything is questionable.

This broker offers higher leverage than allowed by ESMA rules and MiFID II directives. The maximum allowed by these rules is 1:30, whereas TradeXBT offers 1:100 and directly violates laws for trading in the EEA zone.

Warnings From Financial Regulators

The irregularity we were talking about is a warning from a financial regulator. Although this broker provided a detailed disclaimer, it doesn’t seem like they are genuine in the end. 

After all, the Italian regulatory body – CONSOB – issued a warning on the 13th of Feb 2023 against this broker for fraudulent activities.

What Platforms Does PrimeXBT Offer? – Available Trade Software

Instead of investing so much money and effort in hiding their illegal activities, they could invest in more trusted trading software.  PrimeXBT offers only a web-based platform, which we have seen with many scamming companies. 

Firstly, they provide very high leverage. Secondly, they lack regulations. Thirdly and most importantly, they don’t offer trusted platforms like MT4/MT5 or cTrader.

Mobile Application

Unfortunately, PrimeXBT broker doesn’t offer a mobile version of its platform. It can only be accessed through the web browser. In general, it can be very disadvantageous since many brokers tend to catch the opportunity whenever they have it. That’s why having an app is a huge benefit.

PrimeXBT Trading Instruments

As for the trading instruments, they don’t provide anything more than other trading companies.  There are 4 different asset classes with a highlight on cryptos:

• Forex                        USD/JPY, AUD/USD, USD/CAD
• Commodities             natural gas, gold, oil
• Indices                      NASDAQ, DAX40, ASX200
• Cryptocurrencies       BTC, LTC, ETH

To point out the high leverage that goes up to 1:100, where clients are exposing their funds at risk. Especially with an unknown and non-reliable web trader.

PrimeXBT Service Countries

PrimeXBT trading company has a very long list of prohibited countries. Certainly, that is because of the laws and regulations. However, they provide services in:

• US,
• Germany,
• UK,
•  Indonesia,
• Spain.

Even though all of the mentioned countries have regulations, PrimeXBT broker doesn’t have any.

PrimeXBT Accounts Overview

If you are still considering investing with this broker you won’t have much trouble choosing an account. PrimeXBT broker doesn’t offer any specific classification of the accounts. The minimum requirement is 0.001 BTC, which is at the moment of writing around $25.

As a result, you get very low entry costs, but you can expect a pitch for more money. Especially if you are using margin trading. Certainly, that’s the whole idea of these swindlers.

Can Customers Open A Free Demo Account?

Unlike many other licensed companies, PrimeXBT broker doesn’t offer a demo account. Besides the low minimum requirement, the safety of the information is a priority. Since this broker is a non-licensed one, we don’t know what might happen. For this reason is better to stay safe and find another trading company.

PrimeXBT Promotions

As can be seen in the company’s presentation, they state that for margin type trading accounts they offer promotions. Yet, it’s unclear what that promotion consists of. 

Whilst bonuses are banned according to any regulation and ESMA rules, it wouldn’t be a surprise that this broker is using exactly that. Standard tactics to make clients put in more money.

PrimeXBT Deposit and Withdrawal Policies

Correspondingly to the deposit method, withdrawals can only be done with a crypto transfer. However, these are unreliable due to encryption and hard traceability. In case something goes wrong, you are in a trouble.

Moreover, all withdrawal requests should be approved by the broker. That’s where clients have the most issues, because they start making up excuses why not allowing it.

PrimeXBT Details of the Terms and Conditions

For example, in the general T&Cs, we can see many irregularities in terms of withdrawal requests again. At some point, a broker has the right to limit withdrawals due to Customer Due Diligence (CDD).

As that being said, there is nothing to look for here. That’s why licensed brokers are more reliable because all T&Cs are transparent and clear.

Leverage, Spreads, and Fees

Generally speaking, all conditions are questionable. Leverage goes up to 1:100 with unclear spreads. It’s a recipe for a disaster. According to the broker, spreads are from 0 pips. Moreover, commissions as well start from 0% on most assets and 0.05% on cryptocurrencies. As mentioned, it’s not excluded those will be much higher.

What Should I Do If I Have PrimeXBT Problem?

Since they are not regulated, you can’t contact any regulatory body. Firstly, leave your opinion on the broker. That way you will prevent other people to get scammed. 

Secondly and more importantly, you can contact our expert team for fund recovery. Contact us today!

FAQ

What Is PrimeXBT?

It’s an offshore trading company that offers margin and copy trading with a highlight on cryptocurrencies.

Is PrimeXBT a Regulated Broker?

No. This broker doesn’t comply with any regulations whatsoever. Because of that, we consider it unreliable and based on a warning, a scam broker.

Is PrimeXBT Available in the United States or the UK?

They restricted themselves from providing services to US clients, but UK clients are accepted.

Does PrimeXBT Offer a Demo Account?

No. Prime XBT offers only live trading accounts. However, there are low minimum requirements, but for a non-licensed broker, we wouldn’t trust even that money.

Bitnomics company operates under Money Flow OÜ registered in Estonia. Because of specific jurisdictions country became a hub for shady brokerages and exchanges. But what puts this company in that famous group you’ll have to find in this detailed Bitnomics Review.

Investment scams are present everywhere and you should equip yourself with knowledge. Don’t miss out our PrimoTrade review if you want to stay safe. 

Legal Info: Is Bitnomics Legit Or A Scam?

Bitnomics company used to be on the Estonian list of licensed virtual asset service providers list. However, the company decided to revoke its license on the 18th of July 2023. With this in mind, you know there’s nothing else safe with this company.

Moreover, there is also a warning issued by the Canadian BCSC against this company.

Who Are Bitnomics’s Victims?

Crypto exchanges don’t have many restrictions. Therefore they can operate anywhere. Thus, this company was mainly scamming traders from: 

• Canada
• United Kingdom
• Netherlands
• Germany
• Belgium

Considering the strict regulation of mentioned countries, it’s quite dull for them to target those traders. Nevertheless, if you are still looking for a way to get your money back, we have it. Send us a message to find out more.

Traders Reviews

Another crystal clear sign of Bitnomics scam is their reviews. In fact, there are already 69 comments on Trustpilot. But the scary part is that more than 75% are the ones with the lowest rating. Overall, mostly points out the withdrawal issues.

That’s why we recommend anyone contact our team for further advice. It’s your money in the end and the first consultation with our experts is free.

Investment Costs with Bitnomics

Important to realize is that the company doesn’t reveal any investment costs. You can’t have transaction fees, exchange fees and especially not withdrawal fees. Even if you didn’t see a warning this would be a dealbreaker.

         Bonuses

In standard terms, bonuses are not available. Thus, traders can get bonus funds while referring the company. A standard tactic to get more and more victims into their pool.

Bitnomics Trading Features

Bitnomics Exchange doesn’t offer any advanced features. Without a dedicated app, their platform becomes more and more dangerous. To make it even worse, the company has quite poor instruments offered. Yet, they expect you to trust them with your money.

         Available Trading Assets

In the era where traders are luring for potential in altcoins, Bitnomics company stayed with the roots of the business. In fact, they offer only two investment options. Those are: 

• Bitcoin
• Ethereum

         Account Types

Generally, some exchanges offer different account types to motivate traders to invest more. In exchange, they get better fees. Thus, Bitnomics scam company has 3 levels but without any benefits. Those are: 

• Level 1  200-14999 EUR
• Level 2  15000 – 49999 EUR
• Level 3 50000 EUR +

         Mobile Trading App

Another sign that Bitnomics is not a safe company is missing a dedicated app. All iOS and Android users will have to access their accounts through the browser. In general, something that you are looking to avoid for any app.

         Demo Account

This crypto exchange like many others, doesn’t offer a demo account. But in this case, most likely because they are hiding their flaws. In general, that’s why we suggest traders to work with trusted and more transparent companies.

         Education

Generally speaking, traders already know a lot about cryptos. But there is always something new and it’s great seeing a company offering proper education. Yet, Bitnomics only runs a blog.

Bitnomics Withdrawal

Bitnomics wallet is not secure as some might think. Primarily because it’s web-based. After all, that’s why investors experienced different kinds of issues but mostly withdrawal ones. Bitnomics.co exchange doesn’t share transparent withdrawal fees and of course, you can’t expect anything positive there.

Have in mind that crypto transfers are also irreversible and hardly traceable. All that goes in favor of this scam company to prevent you from withdrawing anything. With all these tricks learned you can check our BullishFX review and check your knowledge.

Customer Support

Surprisingly, bitnomics.co company offers transparent contact options. There’s a phone, e-mail and social media available as the contact option. Moreover, the company claims to be available 24/7. Thus, reviews point out it’s only true if you want to deposit money.

Key Information To Consider About Bitnomics?

Primarily, the company revoked its license for Virtual Asset Service Provider. Secondly, there is a warning from British Colombia Securities Commission. Lastly, but most importantly, we can’t forget 75% of negative reviews.

If you are reading this, most likely you were scammed before. In that case, don’t hesitate to reach out to our team. Getting your money back might be closer than you think. The first consultation is on us! Get in touch today!

FAQ Section

Who Is Bitnomics?

Bitnomics is an Estonian crypto exchange operating since 2019 and it’s owned by Money Flow OÜ.

Is Bitnomics Regulated?

The company used to have a license from FIU (Estonia) but it was revoked in July 2023.

What Is The Site Of Bitnomics?

Bitnomics uses the bitnomics.co domain. If you were one of their victims, don’t wait to contact us for refund assistance.

Keep your cash away from Northern Bits because, despite the fact that it may not seem unsafe at first, this broker is actually highly dangerous. There isn’t much to it other than the fact that it is an outright hoax. Everything you see on the website, including the design decisions made, is a part of the deception used to conceal the firm’s genuine motives.

We quickly and easily registered and were then taken to the web trader. The following assets are available for trading there: forex, cryptocurrencies, equities, commodities, and indices, though as you will see, we don’t advise trading with them.

The following Northern Bits review explains all the reasons why you should not invest with this broker.

Also, remember the names of the AllinvestFX, Everrise Brokers and VirtusCapital trading scams and avoid them at all costs! Moreover, always check the background of online trading companies before investing!

Is Northern Bits a Reliable Broker With a License? 

According to the legal paperwork, the broker abides by Saint Vincent and the Grenadines’ governing rules, indicating that the company is based there. Which is completely false since there is no regulatory body to give Northern Bits a licenses.

There is also the well-known fact that thousands of unregulated brokers from all over the world reside in Saint Vincent and the Grenadines, numbering in the hundreds. The way the country is organized makes scammers welcome! A local registration certainly spells danger!

That’s all there is to it, really. We have also checked the FCA, ASIC, and BaFin to see if Northern Bits is regulated there, but nothing was found. Therefore, Northern Bits does not have Tier1 regulation.

There is no reason to believe this broker is reliable without a license. The unregulated Northern Bits will take all of your money.

Why Is Trading On a Licensed Broker’s Platform Preferable?

It would be terrible to lose money to scammers. You are essentially wasting your money by signing up with and making investments with an unlicensed broker, which is unlawful and completely worthless. Relying on European, UK, US, Australian, or any other licensed brokers for that matter is what we advise our readers to do.

Globally regulated brokers provide several features that unregulated brokers are unable to, such as client funds segregation, consumer protection, protection against negative balances, reporting on every transaction, and many more.

So Is Northern Bits a Scam?

Northern Bits is an unregulated forex and CFD trading company. The business claims to be regulated and licensed, yet this Northern Bits review, shows that all of the claims are false.

What Trading Software Does the Northern Bits Broker Offer?

The software that Northern Bits offers seems tempting, we can assure you that it is not worth it. You see, these online traders make use of the first impression impact to seduce unsuspecting users, and from that point on, the user may believe that he or she is getting value for the money.

What Northern Bits Offer is a basic web trading platform that doesn’t have any necessary tools that industry approved platforms have.

Also keep in mind that another telltale sign that you are dealing with a scam is the lack of any tried-and-true trading software, such as the industry standard MetaTrader4 or MetaTrader5. It makes sense that it is only used by unlicensed brokers.

Does Northern Bits Have Mobile Trading?

The trading company does not offer mobile trading, since they claim that their web trading platform is optimized for all devices. However, the platform on mobile devices is very faulty and unstable. 

Furthermore, apart from being unstable, the web platform is unreadable and does not look at all professional. A completely basic and unprofessional web platform that should discourage you from investing with Northern Bits.

Northern Bits Accounts Overview

It appears that the broker offers five different account options. Here is a quick overview of all the accounts available:

• Standard – $250 deposit, leverage 1:100, 1.6 spread.
• Advanced – $10,00 deposit, leverage 1:200, 1.5 spread
• Superior – $50,000 deposit, leverage 1:300, 0.5 spread
• Premium – $100.000 deposit, leverage 1:200, 0.0 spread
• First Class – $250.000 deposit, leverage 1:200     

Northern Bits Range of Trading Markets

Listed below are the trading assets available with Northern Bits:

• Forex (NZD/USD, NZD/CAD, AUD/USD)
• Crypto (Litecoin, Chiliz, Chainlink, Bitcoin Cash)
• Stocks (Next, AstraZeneca, London Stock Exchange)
• Commodities (Natural Gas, Platinum, Gold Spot)
• Indices (UK 100, Germany 40, Japan 225 Futures)

What is more, we strongly advise you not to invest in Shangquan, Cryptos Circus and Firmon fraudulent brokers.

What Is Known About Northern Bits’s Trading Conditions?

The website claims that the Standard Account spreads begin at 1,6 pip, but when we entered Northern Bits’ web-based platform, we found that the EUR/USD spread was locked at 3 pips. Such spreads are by no means appealing, but as we’ve already mentioned, this situation has much bigger issues because it’s clear that we’re dealing with a pure scam.

Otherwise, it is claimed that the maximum leverage is 1:500, but again, considering that we are dealing with a largely anonymous website that obviously bears all the telltale signs of a scam.

Northern Bits Minimum Deposit, Withdrawal Terms 

Both the deposit and withdrawal pages for Northern Bits in the contact form was completely unavailable. We don’t know why that is, and we don’t really care. Given that the broker is a scam, any explanation is possible. If the user can actually withdraw money is still up for debate. 

The withdrawal policy states that withdrawals are free, yet there are unstated commissions and fees that the company does not elaborate on. The site mentions the existence of additional commissions that are still a mystery, in addition to the standard costs that are charged to legitimate brokers as well. 

The minimum deposit is $250, according to the website. Which is roughly the amount that the majority of other brokers would ask regardless.

Methods of Making a Deposit

When we tried to make a payment, we were instructed to contact support or our so-called account manager for further information. Northern Bits claims to accept payments using major debit and credit cards, bank wire transfers, and some unidentified e-wallets. 

However, we were unable to confirm this. Legal documentation that Northern Bits provides states that the broker may alter these procedures at any moment without notifying the user.

Scammed by Northern Bits Broker? – Let Us Hear Your Story

Northern Bits is scamming traders in the US, Serbia, and Canada. Numerous traders in those regions have complained to us about this broker. We advise our readers to steer clear of this broker.

The most common action is to request a chargeback, but only if the user made their purchase using a credit or debit card. This has led to a decrease in the number of credit card-based investment scams. The good news is that if funds were invested using a card, MasterCard and VISA each have up to 540-day chargeback periods.

Sadly, cryptocurrency transactions are complicated to refund. Scammers are taking full advantage of these qualities since systems supporting them become more complicated, and the results are highly profitable. So, never use cryptocurrency payments to trust unlicensed brokers.

We advise contacting the bank to sort out the problem since wire transfer deposits are more difficult to recover.

But What Is A Chargeback?

A chargeback occurs when an item on an account statement or transactions report is successfully disputed by a customer. This refund goes to the payment card. Refunds are a possibility with both credit cards and debit cards (and the associated bank account).

A reversal is a specific kind of refund since it gives back money that has already been taken from an account. Chargebacks, which target charges that have been fully processed and addressed, can typically take several days to execute since they need to be reversed through an electronic process involving several companies.

If Northern Bits scammed you, get in touch with our chargeback specialists for support, arrange a consultation, and we’ll do everything in our power to help you get your money back.

What Is Northern Bits?

Northern Bits is an offshore unregulated forex and CFDs broker.

Is Northern Bits a Scam Broker?

Yes, we firmly believe that Northern Bits is a scammer.

Is Northern Bits Available in the United States or UK?

Northern Bits is available in both US and UK and many countries around the world.

Does Northern Bits Offer a Demo Account?

Northern Bits gives an insight into its trading platform but there is no mention of a demo account.

The Gravity Trade scam was a malevolent Forex dealer that defied regulatory warnings, evaded obtaining a tier 1 forex license, and ultimately disappeared without a trace.

As the dust settles on the deserted domain, the pressing question for those who fell victim remains: Is there hope for recovering the stolen investments? 

This Gravity Trade review is here to shed light on some unscrupulous brokerage practices and explore the possibilities for victims seeking restitution, so read on.

Is Gravity Trade Regulated? – Why Does It Matter?

The company is a brand owned by Inure Consulting Ltd from the Commonwealth of Dominica. The same company owns another scheme brand we’ve talked about earlier, RubyFinance.

Since Dominica has a financial regulator, no matter how loose, Gravity Trade regulation should be in the FSC register. And that would mean some small security for you, as authorities would be aware of the broker’s existence.

In addition to the above, we strongly advise you not to invest in Warden VC Broker, AlphaTrade Plus and Zivyard fraudulent brokers.

What’s Wrong With A Trading License?

Like the other brand, this company has not been regulated by any Tier1 regulator, including FCA, ASIC, and BaFin. Be aware that this firm is nothing but a scheme, and don’t let them run with your hard-earned money.

Regulatory Warning Against Gravity Trade Fraud

The first regulator to publish an official warning against the Gravity Trade trading scam was Spanish CNMV.

Official Warning Issued by CNMV – Evidence of Fraud

In this warning, CNMV stated that Gravity Trade provides unregulated financial services in Spain, and citizens should note it.

Many regulators later republished this warning numerous times, including Italian CONSOB, Portuguese CMVM, Belgian FSMA, Norwegian Finanstilsynet, and Estonian FI.

Where Is Gravity Trade Trading Scam Active?

According to our research, the broker Gravity Trade is mainly present in Germany, the US, the UK, and Poland. However, we’ve seen no restricted areas, and there are so many warnings from the EU, so you should keep your eyes open and not fall for the Gravity Trade scam.

Also remember the names of the SafeTradez, Nash Markets and Quicmarket Group trading scams and avoid them at all costs! Moreover, always check the background of online trading companies before investing!

Gravity Trade Reviews – Victims’ Experience

Due to the vague online presence and a tendency to keep a low profile, not many reviews are left behind on this dubious Forex services provider. Major review sites have fewer to no ratings posted at all on the account of this unscrupulous firm.

The one review we found on Trustpilot was left by an outraged customer that was defrauded for the amount of their initial investment. Apparently, no withdrawals were possible, unless you paid ridiculous fees and taxes upfront. The total sum of these will most probably be far higher than your initial deposit!

What Trading Platforms Are Available? – Trading Software

After everything being said, the Gravity Trade trading platform may not be of interest to many. But for the sake of this review, we’ve done research about it. The company offers GT-Trader, a proprietary version of an MT5, and a WebTrader.

Gravity Trade MT5 – MetaTrader 5 Platform

As you may know, MT5 is, along with MT4, the best trading software on the market, preferred by 80% of market users. However, it means nothing if a broker gives you unregulated trading conditions. Besides a terrific offer of charts and indicators, this MT5 enables leverage of up to 1:200, while EU regulators limit it to 1:30.

Mobile Trading App

Besides the desktop app, GT-Trader MT5 is available for Android and iOS. The Gravity Trade login from mobile is possible through an app that you can download directly from the company’s website.

Gravity Trade Trading Accounts – What They Offer?

There are 3 company account types, including:

• Micro – $250
• Standart – $500
• Trader – $1,000

 Since the difference is not that big, we’ve checked what you can possibly get for such a small upgrade. The answer is – more trading signals, access to more trading instruments, and higher Gravity Trade bonuses.

Demo Account As a Lure

While many companies will offer you a practice account, Gravity Trade Demo is unavailable. You will need to deposit the funds, and only then will you be able to check the offer.

Gravity Trade Deposit Methods – How To Deposit?

Gravity Trade’s minimum deposit is $250 and can be made via:

• Wire transfer
• Debit/credit cards

The broker’s FAQ section insists that you use a wire transfer, but using cards is safer since you have up to 540 days to charge back the transaction if anything goes wrong.

Gravity Trade Withdrawal Issues – No Money Withdrawal Guarantees

If the broker is offshore and unregulated, there are no withdrawal guarantees. Of course, no regulator would take responsibility for the illicit firm.

Once you want to deposit the money, you will get professional treatment, but all the communication will stop if you ask for the withdrawal. Usually, these companies make up reasons why you can’t withdraw just now, and if you’re too persistent, they simply block your access to the trading account.

What Can I Do If a Broker Site is No Longer Active?

As a victim seeking financial reimbursement for what you spent on an illicit service, you should refer to our legal experts and a team of recovery professionals. We can help you discover potential avenues for reclaiming what was wrongfully taken from you. 

Our knowledge and experience in this niche is unmatched, so do not shy away from contacting us at your convenience. In order to book your free consultation, please use our online chat feature.

Scammed By Gravity Trade Broker? – Talk To Our Recovery Experts

If you are a victim of the Gravity Trade scam, let us know. It’s time to talk to our recovery specialists and get some help. Book a free consultation via online chat, tell us your story and let’s refund your money before Gravity Trade disappears, leaving you with no other options.

Can I Trade Cryptocurrencies And CFDs With Gravity Trade Broker?

You can trade CFDs, but crypto is not available with Gravity Trade.

Does Gravity Trade Give a Deposit Bonus When Opening an Account?

Gravity Trade gives up to a 50% bonus on the initial deposit.

Is Gravity Trade MetaTrader 4 Forex Broker?

This company has no MT4 but offers MT5 and WebTrader instead.

Are My Funds Safe With Gravity Trade?

Gravity Trade has been blacklisted all over the EU, so no, your funds are not safe.