If you are looking for a regulated online brokerage, yes, MultiBank FX can be considered one. However, do not hold your breath just yet. You need to know many things about the broker before jumping into anything and giving your money away.

Read our MultiBank FX review and gather all the intel.

MultiBank FX Regulation and Security

MultiBank FX was founded as a part of MultiBank FX International Corporation from the British Virgin Islands. The company has a status of a regulated broker since they obtained a license from BVIFSC. First, however, let us present you with some little-known facts about the BVI license. Once you opt for FSC regulation, you need to pay a fee of $1,500 and have the initial capital in the same amount. There is no obligation of any kind to form a compensation fund for reimbursing clients. Now you can understand how not valuable this particular license is.

You are dealing with an offshore broker, and you should be aware of the MultiBank FX scam.

Fund Withdrawal Issues

If you’ve decided to start a trading account, you must have an ultimate goal – making a profit. Now, besides the broker’s capability to assist you in the process, you need to clarify if there is a chance you can withdraw your funds. Based on several MultiBank FX reviews we’ve come across, the answer is no. Let us show you why.

We’ve taken into consideration the MultiBank FX trading platform and have nothing to say. The broker offers MT5 and a web version of MT4. It sounds like it did put some thought into trading platforms after all. However, having a proper platform is not everything. The leverage this broker offers goes up to 1:500, similar to many other illegal offshore brokerages.

The minimum deposit required by MultiBank FX has not been disclosed anywhere. Payment methods are wide-ranged, while we are left unanswered about any fees or commissions. However, if you try to check the withdrawal section, you’ll find nothing. Highly suspicious for allegedly regulated brokerage.

How Does Online Trading Scam Work?

Suppose you’ve submitted your personal details for an ad related to online trading. You’ve received a call, made your deposit, and ended with a personal account manager. If the company is bogus and not trustworthy, such as MultiBank FX, this account manager will have only one idea – to extort more money. And after you’ve given more funds, most likely, your account will be suspended, and your access to capital will be blocked.

Beware of the MultiBank FX scam and similar illegitimate operations, such as CMMCI, EZDSK.

Scammed by MultiBank FX?

If you have been involved in a scam with MultiBank FX or any other illicit broker, do not hesitate to inform us about it. You need to file a dispute and request a chargeback.

But what is a chargeback? A chargeback is a method of refunding your card in case you have been scammed online.

Contact our support via chat and book your free consultations immediately.

What is MultiBank FX?

MultiBank FX is an offshore online trading platform.

Is MultiBank FX a scam?

MultiBank FX is based offshore and has many negative reviews related to withdrawals.

Is MultiBank FX regulated?

MultiBank FX has a regulation coming from BVIFSC.

Investing online has been quite attractive for the last ten years. This type of trading can yield large profits and provide investors with the desired financial stability. However, investors risk losing their entire capital when dragged into a scheme.

Read our honest Meteor Trade review to determine whether this is the right broker for you.

What is more, we strongly advise you not to invest in CentroBanc, Capital Markets Strategy Ltd and BUX Forex fraudulent brokers.

Does Meteor Trade Have a Forex License?

Meteor Trade broker operates under two domains, meteortrade.co and meteortrade.pro. It seems the company falsely presented itself as a part of the FCA-licensed company, Meteor Investment Management Ltd.

The truth is that Meteor Trade is an offshore trading brokerage owned by the already infamous Incendiary Group Ltd from the Commonwealth of Dominica. This firm owns two other scam brands, Trade Union and InFlux Finance, both unregulated.

Of course, Meteor Trade is no different and practices Forex trading without a valid license.

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

Licensed brokers need to follow strict rules and impose lots of security measures. For instance, in the US, brokers need to maintain a minimal operational capital of $20 million, while in Australia the minimum is 1 million AUD.

Unregulated offshore scammers don’t have minimal capital or negative balance protection, nor do they follow ESMA-imposed leverage limits. They can simply vanish with your funds.

So Is Meteor Trade a Scam?

Meteor Trade is not a regulated trading firm. The brokerage is based in the Commonwealth of Dominica but has not entered the FSU register. The company has been banned by the UK FCA.

Warning From the Official Regulators CNMV and FCA

We have two warnings for you if you need official proof of the Meteor Trade scam. The UK authority body FCA stated that Meteor Trade is a clone firm of an FCA-licensed business. Therefore, those involved cannot be reimbursed from the FSCS compensation scheme or get assistance from the Financial Ombudsman.

Further, the Spanish CNMV issued a similar warning, banning meteortrade.co.

What Do Traders Think Of Meteor Trade?

Instead of us doing the big talk, we’ll show you the Meteor Trade reviews. Here’s an example from Trustpilot.

“If I could give them no stars I would!! This company is false a huge fraud!!! I lost so much money! Also watch out as they use false names!! They pretend they care and gain your trust and then in the end they take your money and run!!!”

What Platform Does Meteor Trade Provide?

Meteor Trade supports lackluster WebTrader we’ve seen numerous times before. It may be suitable for trading beginners, but even they would soon see the lack of features. The platform has basic tools, not support social trading or EAs.

By all means, MetaTrader is more reliable than any web-based trading platform. Thus, we recommend you find a legitimate firm offering MT4 or MT5. These two have been industry standards for over ten years and offer the broadest range of features.

Platform Access For Android And iOS

This brokerage doesn’t offer access to any mobile apps. Simply said, both Android and iOS users will have to use their web browsers.

Once again, you won’t have to face this issue with MetaTrader. Both versions have advanced mobile apps for easy trading.

Old Fraud With a Different Domain

As mentioned, this trading firm has two domains. The one under meteortrade.pro has already vanished, but the scheme remains the same.

When a trading brokerage gets enough funds and too many complaints, they tend to close the website. Hence, clients cannot access their funds or submit withdrawal requests any longer. It’s important to stay away from such scammers.

Meteor Trade Accounts Overview

You can choose from the five account types on offer.

1. Newbie – $100, account insurance, welcome bonus
2. Basic – $250, trading signals
3. Standard – $1,000, margin call at 40%
4. Classic – $10,000, one-click trading, account manager
5. Exclusive – $50,000, personal advisor, margin call at 100%

As you can tell, each account has slightly more benefits than the other.

Meteor Trade – Countries Of Service

This trading brokerage mainly targets the EEA zone, with victims coming from:

• Romania
• Germany
• Slovakia
• UK
• Spain

Also, remember the names of the TradeSimple, FastEarnings247 and Fx24trade trading scams and avoid them at all costs! Moreover, always check the background of online trading companies before investing!

Meteor Trade Range of Trading Markets

You can invest in the following trading assets:

• Currency pairs – EUR/GBP, USD/SEK, CAD/AUD
• Commodities – gold, palladium, crude oil
• Indices – DJIA, CAC40, AU200
• Shares – Amazon, Apple, BMW

Surprisingly, cryptocurrencies are not on offer.

What Is Known About Meteor Trade’s Trading Conditions?

Trading conditions are another sign of business practices. If the brokerage sticks to leverage limits and don’t overcharge spread, we can tell it operates in good faith.

When it comes to Meteor Trade, it’s everything but good. Here’s what we got.

Details About Leverage and Spreads

The spread starts at 3 pips for EUR/USD pairs, which is double the industry average. Therefore, this trading firm decided to rip off its customers at the very beginning.

Further, the leverage is not specified. Your funds are at risk since offshore scammers have no leverage cap.

Welcome Bonus and Withdrawal Problems

Typically, offshore brokers offer welcome bonuses despite the regulatory ban. Then, they add malicious clauses about bonus terms.

For instance, Meteor Trade requires its customers to repay the bonus plus the initial deposit 25 times before being eligible for a withdrawal. It’s a scam tactic that prevents you from getting what’s rightfully yours.

Meteor Trade Minimum Deposit and Withdrawal Terms

The minimum deposit is $100, which may sound tempting. While you think you have nothing to lose, this broker is preying on you to upgrade your account.

Further, the company charges an inactivity fee but says to contact the account manager for more details. Thus, transparency is not the bright side.

Methods of Making a Deposit

The deposit can be made using the following:

• Wire transfer
• Debit/credit card
• Crypto wallet

Be careful with crypto deposits, as these transactions are non-refundable and are not subject to a chargeback.

Scammed by Meteor Trade Broker? – Let Us Hear Your Story

Trading online can be lucrative but also cause heavy monetary losses. It mainly depends on the company you choose. If you find yourself scammed by the Meteor Trade, let us know. Our chargeback experts may be able to help with fund recovery.

But What Is A Chargeback?

This is a way for your bank to reverse the transaction. If you can prove that you have been a scam victim, they can get your money back from the merchant.

Book a free consultation, let us evaluate your case and let’s find the right method for recovery!

What Is Meteor Trade?

Meteor Trade is an unregulated scam firm based in the Commonwealth of Dominica.

Is Meteor Trade a Scam Broker?

Meteor Trade is a scam brokerage banned in the UK and Spain.

Is Meteor Trade Available in the United States or the UK?

The company offers its services in the UK but not in the US.

Does Meteor Trade Offer a Demo Account?

No, Meteor Trade doesn’t offer a Demo account to its customers.

If you’re about to start trading, you must find the right brokerage. Choosing an investment firm is vital since they keep and manage your funds. If you fall into the hands of scammers, you risk losing your entire life savings.

Thus, read this detailed IKICI review carefully to avoid being defrauded.

Additionally, we strongly advise you to avoid the fraudulent brokers Meteor Trade, CentroBanc, and Capital Markets Strategy Ltd.

The Truth About IKICI Regulation

Checking out the regulation section, one may think that IKICI is the best broker. According to the website, the company holds several licenses, including ASIC, FCA, CySEC, DFSA, FSCA, and IFSC. Furthermore, they’re allegedly affiliated with BlackRock Inc. and Ameriprise Financial Inc.

Knowing that Tier1 regulators have strict demands, requiring brokers to have millions in capital to ensure they don’t go bankrupt, we have to suspect everything said above. Additionally, IKICI leverage and other trading conditions don’t comply with regulatory regimes, being another red flag.

After checking the databases of the aforementioned authorities, we discovered that everything IKICI said was a blatant lie. We’re dealing with another bogus scammer, most likely based offshore.

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

If IKICI were a licensed firm, they’d have to comply with regulatory rules. For instance, ASIC requires brokers to have minimal operational capital of 1 million AUD, while both FCA and CySEC limit leverage to 1:30.

Since all the regulations are false, IKICI can run its business from an offshore country. Thus, if an issue arises, taking legal action is nearly impossible.

​​Is IKICI a Legit Broker or a Scam?

IKICI is not a licensed Forex and CFD trading provider. Since providing investors with false regulations, this trading brokerage has been banned by the UK authority body, FCA.

A Warning About IKICI Broker From the FCA

Since the firm falsely says it holds an FCA license, this regulatory body has issued a warning. According to it, this trading firm is not regulated, and customers cannot be compensated from the FSCS fund.

Furthermore, victims are not entitled to assistance from the Financial Ombudsman. Hence, they need to fight for their funds alone.

IKICI’s Reputation On The Trading Market – Opinion of Traders About the Broker?

IKICI doesn’t have a good reputation. According to reviews, getting a withdrawal from this scam firm is nearly impossible as their employees cut all contact once the request is submitted. Since the firm lies about its licenses and trading terms, traders are not pleased.

If you have issues like this, make sure to file a report immediately.

What Platform Does IKICI Provide?

IKICI provides the same lackluster platform as many offshore scammers. It contains some basic features, such as pending orders, but nothing more advanced. Auto trading and social trading are not enabled.

If you want to trade sophisticatedly and with a wide array of TAs, you should find a legitimate firm providing MT4 or MT5.

IKICI Accounts Overview

IKICI has three different account types.

1. Beginner – $1,000, leverage 1:20
2. Amateur – $25,000, leverage 1:50, no swap, PAMM account
3. Professional – $50,000, leverage 1:100, index and ETF trading, deposit insurance

As you can tell, the gap between the first two accounts is rather large, putting pressure on customers to invest $25,000.

Opening a Personal PAMM Account

PAMM or Percentage Allocation Management Module implies one large account where multiple investors add their funds. Then, the pool is managed by the designated broker from the company, and they receive a percentage for their work. The profit is also split as a percentage based on initial participation in the pool.

This type of trading can be suitable when a broker is regulated and trustworthy. Offshore scams don’t have licensed account managers and cannot provide quality service.

IKICI – Countries Of Service

The brokerage mainly offers its services in Australia and Austria.

However, knowing this trading platform is unlicensed, you should withhold from investing wherever you reside. Unregulated scheme firms can vanish with your funds, and the recovery procedure might be lengthy. The best decision is to look for a locally regulated trading company.

IKICI Range of Trading Markets

If you still want to trade with an IKICI broker, you can do it with the following instruments:

• Currency pairs – EUR/USD, AUD/CAD, GBP/NOK
• Indices – DJIA, NASDAQ, DAX30
• Shares – Amazon, BMW, Apple
• Cryptocurrencies – BTC, ADA, MATIC
• Commodities – gold, natural gas, coffee
• ETFs – EEM, DIA, ISF

Despite the large offer, we advise you to stay safe and not invest.

Also, avoid the trading frauds Axiance, CFDtrades, and Finvis at all costs! Moreover, before investing, always look into the past of internet trading firms!

What Is Known About IKICI’s Trading Conditions?

Another proof that IKICI cannot be regulated is its trading conditions. The company offers leverage of up to 1:100, while the maximum cap in the US and Canada is 1:50 and even lower in other jurisdictions.

The spread is competitive, starting at 0.6 pips. It’s probably the only solid thing we’ve seen since we started this review.

IKICI Minimum Deposit, Withdrawal Terms

IKICI requires an exceptionally high minimum deposit of $1,000. That’s four times higher than average and 100x more than regulated brokers demand.

As per withdrawal terms, we don’t know much. This firm has no legal documents or any Withdrawal Policy.

Methods of Making a Deposit

If you wish to make an initial deposit, you can only do it through crypto. This firm takes BTC and USDT. Note that digital currency is the riskiest payment option due to the anonymity of the transaction processing.

If you wish to get your funds back, you’ll have to find crypto-tracing specialists.

Scammed by IKICI Broker? – Let Us Hear Your Story

If you cannot get money back from IKICI or any other scam broker, don’t be ashamed to report it. Your story can help others as well.

Our recovery specialists will book a free consultation for you, evaluate the case, and try to find the best option to get your money back. Don’t give up. Let’s fight together!

What Is IKICI?

IKICI is a fraudulent online trading brokerage lying about its regulatory status.

Is IKICI a Scam Broker?

IKICI is a scam brokerage exposed by the UK regulatory body, FCA.

Is IKICI Available in the United States or the UK?

The company offers services in the EU, UK, and Australia but not in the US.

Does IKICI Offer a Demo Account?

Yes, IKICI offers a risk-free Demo as a lure for potential investors.

There are so many inconsistent things about Crypto EU broker that we just had to research. We have to try and understand who this firm is and whether or not your money is safe. Read this review and you will understand the level of scheme you’re being dragged into.

What About Crypto EU Regulation?

Crypto EU claims to be based in the UK and working under the FCA regulation. However, the company registration number they provided, HE 367623, belongs to Cyprus-based firm Degalmo Enterprises Limited. So, does the firm operate with an FCA or CySEC license?

Why Must a Broker Have a License?

Brokers ought to have a license to prove they’re legitimate firms, and they’re going to deal carefully with your funds. While Crypto EU claims to provide a high level of security and keeps funds in EU banks, there’s no proof of that. It turns out that neither CySEC nor the FCA have ever regulated broker, and the Cyprus-based firm has nothing to do with this online scheme. 

Furthermore, we found one more company using the same registration number, with exactly the same website – UXTrades. It seems that the scam is widespread, and Crypto EU is just a part of it.

Additionally, we want to invite you to read our recently updated reviews of scam brokers StocksKey, DakkenGroup and Intel Trading. Be careful with these brokers.

Traders Reviews About Crypto EU Scam

The majority of Crypto EU reviews come from:

• Germany
• France
• UK
• Netherlands

Clients complain about withdrawal issues, the fact the firm is not actually regulated, and the non-existing trading platform. Basically, it looks like the firm is there to take an initial deposit and disappear.

Supported Trading Platforms – Available Trading Software

We don’t really know what kind of a platform the broker offers. Nothing on the website indicates whether the platform exists and which one it would be. The Account Types section implies that Android trading is enabled, but it doesn’t mention any apps or a WebTrader you can get.

We also have no information about leverage, spread, or other essential trading conditions. And that’s the main reason to avoid this illicit investment firm.

Everything About Crypto EU Accounts

The broker offers 3 account types.

1. Bronze – $25,000
2. Silver – $75,000
3. Premium – $150,000

Upgrading brings daily signals, a personal educational session, and multiple trading assets. However, we’re unsure whether you have to start with $25,000 initially or the firm will accept something lower.

Crypto EU Range of Trading Instruments & Markets

According to its website, the broker offers to invest in:

• Currency pairs
• Commodities
• Indices
• Shares
• Cryptocurrencies

Since there’s no Demo account or even a platform, we couldn’t verify this.

Furthermore, we highly recommend that you avoid the scam brokers Dualix, Gravity Trade, and FNPMarkets.

Crypto EU – Bad Trading Conditions

Well, technically, we cannot qualify trading conditions as bad since we don’t know any. And that’s a bad sign itself. If you don’t know the leverage, you’re unaware of the risks. If you have no information about spread, you cannot know the commission you will be charged, and you can easily be defrauded. And, of course, if you have no platform, you cannot place any trades, so without the further add-on, we will conclude – Crypto EU is a scam boiler room that you should avoid.

Scam Trading Bonuses

The company offers bonuses but never mentions its malicious Bonus Policy. According to it, you have to repay the bonus amount plus the initial deposit 25 times before being able to submit a withdrawal request. And that’s just another way to make you invest more and more and put you in a loop without payouts.

Crypto EU Deposit and Withdrawal Methods

The trading company says to accept the following payment methods:

• Debit/credit cards
• PayPal
• China UnionPay
• iDeal
• Bitcoin

Again, there’s no way for us to confirm these methods. If you decide to go with this firm, we advise you to use a credit card, as you’re entitled to request chargeback within 540 days.

Are You Already Involved With Crypto EU? – Share Your Story With Us

Suppose you have been scammed by Crypto EU or a similar bogus broker. Let us know and our chargeback specialists may assist you with a refund.

But What Is A Chargeback?

This is a way for your bank to reverse the transaction and recover your funds. Since the process is time-limited, it’s important to act now. Contact us right away to book a free consultation, and let’s start.

What Is Crypto EU?

Crypto EU is an unregulated Forex and CFD trading provider.

Is Crypto EU a Scam Broker?

Crypto EU faked its trading firm and headquarters, indicating it was a scam firm.

Is Crypto EU Available in the United States or the UK?

The broker provides its services in the UK but doesn’t operate in the US.

Does Crypto EU Offer a Demo Account?

Crypto EU doesn’t offer a Demo account, only Live types.

ESSOMILLANNI claims to be an offshore investment company based in Saint Vincent and the Grenadines (SVG). That’s bad news right off the bat but it doesn’t end there.

We also found some complaints against the fraudulent company and its duplicitous scheme. Read our ESSOMILLANNI Review to learn the truth and find out how to protect yourself from cyber scams. 

Legal Info: Is ESSOMILLANNI Legit?

ESSOMILLANNI claims to be an investment company based in SVG, a notorious offshore domain. SVG and Forex don’t belong in the same sentence because trading is not regulated in that jurisdiction. SVG’s Financial Services Authority explicitly says on its website that it regulates only the banking sector.

There is basically no financial market authority overseeing and regulating the monkey business of ESSOMILLANNI. Hence, there is no reason for you to trust this anonymous investment firm or any other SVG-based scammer such as invcenter. 

Instead, find a licensed provider that’s regulated by a reputable financial market authority such as the FCA (UK), CFTC & NFA (US), BaFin (Germany), IIROC (Canada), ASIC (Australia), CySEC (Cyprus), MAS (Singapore), etc. You will thus be entitled to numerous benefits such as negative balance protection, segregated funds, and even a compensation scheme.  

Who Are ESSOMILLANNI’s Victims?

According to godaddy.com/whois, the ESSOMILLANNI website domain was created on September 15, 2021. Since then, the cyber con artist has mainly been offering unregulated Forex trading services to traders residing in the following countries:

• Italy;
• Germany;
• Vietnam.

We found some complaints from German traders but more about that later. Needless to say, ESSOMILLANNI has no license to operate anywhere. Rest assured that all the ESSOMILLANNI News on the website is fake, fictional.

Jurisdictions with heavy regulations such as Italy and Germany are off-limits to shady offshore providers such as ESSOMILLANNI and orbitrade. The latter is blacklisted so we must urge financial regulators to issue warnings against ESSOMILLANNI as well.    

If you want to learn how to recover your funds from online scams, book a free consultation with us.

Trader Reviews

What do traders think about ESSOMILLANNI? We hopped over to trustpilot.com and scamadviser.com to find out. When there are few reviews and most of them are negative, it speaks volumes about how awful of a scam ESSOMILLANNI really is. Please heed these warnings and don’t give the scammer a dime!

This one is obviously manipulated! You can carry successfully for a while, but at the point where you get into a winning range that would be payable, the trader stops you… So again just a simple scam, but reasonably intelligently done!

• Trustpilot user, March 19, 2023.

This platform is deceptive, fake reviews and very fake promises to lure unsuspecting victims. I has been a victim, incurring a huge sum in debt. No email I sent were returned.

I am putting this out here for everyone to witness and keep away from this platform…

• Scamadviser user, January 3, 2023.

ESSOMILLANNI Trading Assets

According to the company’s website, there are three available asset classes that can be traded:

• Forex currency pairs – EUR/USD, GBP/USD, AUD/JPY…
• Stocks – Boeing, Apple, Nike, Microsoft…
• Crypto – BTC, ETH, LTC, USDT…

To reiterate, the company is not licensed to provide Forex and CFD trading services. You shouldn’t be trading instruments on an unregulated platform. Offshore Forex scams such as ESSOMILLANNI and stockcore often rely on offering super high leverage and attractive spreads. However, this company did not reveal anything about the trading conditions.

If you fell victim to the ESSOMILLANNI Scam, we can help you get your hard-earned money back. 

ESSOMILLANNI Withdrawal Process

ESSOMILLANNI listed several methods that can be used to deposit and withdraw funds:

• BTC;
• ETH;
• LTC;
• PerfectMoney; etc.

The minimum deposit is 10 USD and the minimum withdrawal amount is just 1 USD. The company doesn’t charge any fees. The bad news is that the majority of payment options are cryptocurrencies. Thus, the scammer can accept payments and remain anonymous.

What’s even worse is that such transactions are extremely hard to reverse. You will need professional assistance, which we happen to offer. We can help you by tracing your transaction and making the whole refund process possible. 

Customer Support and Referral Program

ESSOMILLANNI claims to offer 24/7 customer support through email and Telegram. The company states that its email support team will respond to inquiries and questions within 24 hours.

It is also emphasized that users can contact ESSOMILLANNI via Telegram for an instant solution. We must stress that proper customer support, while a positive aspect, does not necessarily indicate the legitimacy of an investment platform. Scammers can also provide responsive customer support as a tactic to gain trust.

The ESSOMILLANNI affiliate program allows participants to earn additional profit by referring new investors to the platform. Commissions are structured based on the deposits made by the investors brought in.

The initial commission rates are as follows: 3% – 2% – 1% – 0.5% – 0.25% from each deposit. These commissions are immediately added to your balance and can be withdrawn. The whole referral program smells like a Ponzi scheme.

Key Information To Consider About ESSOMILLANNI

ESSOMILLANNI is an unreliable offshore investment scam, claiming to be based in SVG. This scammer, active since 2021, mainly targets users from Italy, Germany, and Vietnam.

Please avoid this company at all costs. If you lost money to the ESSOMILLANNI Scam, please contact us for help. Our experts can trace your transaction using CipherTrace, an advanced crypto-tracing software. Once we trace your transaction to a wallet within an exchange, you can request a refund from the exchange.

Here you can book a free consultation and find out what to do for a start.

FAQ Section

What Is ESSOMILLANNI?

ESSOMILLANNI is an offshore investment scam. This fraudulent company is not regulated or licensed to provide Forex trading services.

Is ESSOMILLANNI A Legit or Scam?

ESSOMILLANNI is a scam, 100%. This company is not licensed to provide services. If you are a victim of this scam, contact us for help.

Wha Is The Investment Conditions in ESSOMILLANNI?

All you have to do is deposit the minimum requirement of 10 USD. Don’t do it because ESSOMILLANNI is a scam.

Secure and friendly trading platform provided by TradersHome offers no safety and quality trading. This SVG-based firm is so devious and cruel in their scam operations they earned a place on blacklists of multiple regulators. 

By now, our readers are probably well familiar with the principles of SVG unscrupulous firms. Stay tuned to read more on the newest scam methods presented in the following TradersHome review.

Multiple Blacklists

Small businesses existing in SVG and engaging in brokerage activities aren’t overseen by the domestic regulator. This has allowed TradersHome to profit by defrauding customers, which has come to the attention of several reputable regulators. The following financial watchdogs have blacklisted TradersHome as scam:

• Financial Commission
• CONSOB
• FINANSTILSYNET
• CNMV
• DFSA
• AMF
• NSSMC

Nothing is a better confirmation of a broker being a scammer than when they get a public warning against them. TradersHome is unsafe for trading, doesn’t store funds in segregated bank accounts and freely access the clients’ deposits. 

Apart from financial security, they lack negative balance protection, leverage restriction to 1:30 and compensation funds. Fantex operates in similar ways. Avoid both at all costs!

Number of Victims Increases

It seems that offering unrealistic trading conditions, state-of-the-art software and lowest costs in the industry is producing good results for TradersHome. More victims are buying into their lies and the number of defrauded investors is another reason why authorities have put a stigma on this broker. 

None of the promises of getting rich will come to life. Entire profit made is fake and the withdrawals are impossible. Scam agents may convince you otherwise, but believe us when we say the financial authorities have the means to detect swindlers. And TradersHome is one of them. The countries where they mostly operate are the following:

• Ukraine
• France
• United Kingdom
• Germany

Refuse any suspicious offer sounding too good to be true. And if you want to take back your investment, feel free to contact us. We can work on filing a chargeback and getting your capital back promptly. 

Fake Reviews Can Mislead You

TradersHome has a claimed profile on TrustPilot and they seem to be getting nothing but positive feedback. Let us tell you immediately that these come from the reviews selling networks and none of them sound credible. It is far better to trust what regulators say. 

We’ve found one review that is actually honest:

“I had an account and the first weeks it all went fine. […] Last week, all trades were closed and my account is even negative. DO NOT trust them as you are not important because only money counts for them. They have all kind of tricks and traps to get you in and create their situation to explain why it is your fault it goes wrong. They also ask more and more money. DO NOT risk your money. Tradershome is not regulated and they do whatever they want with you and your account.”

Secret Costs

One way to recognize fraud is the lack of transparency. Especially when it comes to trading costs, fees and potential commissions that the broker charges. TradersHome offers ridiculously high leverage of 1:400, which is against all regulatory rules of Tier 1 licensing entities. Moreover, the transparency fails when they should share the spreads and other costs, like withdrawal fees. Legal docs are also very unenlightening about any of these elements.

Unreachable Web Trader

The website boasts about featuring the latest technological discovery in the field of online trading. Alas, this revolutionary web trader is not available for any kind of preview unless you open an account first. Since that didn’t work, we got no chance to try it out. 

Despite the obstacles, we can already assume why TradersHome is being so mysterious about their terminal. The web trader is the simplest form of a trading platform and is borderline useless. Scammers easily manipulate it to their benefit so that explains why it is found so commonly among unregulated firms. 

Tradable Asset Groups

The TradersHome offer of financial instruments doesn’t stand out among others in any way. On the contrary, it’s quite limited and includes only the basic and most popular products like:

• Global Currencies (EUR/USD, EUR/CHF, USD/AUD, USD/JPY)
• Spot Commodities (Spot Gold, Spot Silver, and Crude Oil)
• Spot Indices (S&P 500, Dow Jones, Nikkei)
• Spot Energies (WTI Crude Oil , Natural Gas, and Brent)
• Cryptocurrencies (BTC, BCH and ETH)
• Shares (Tesla, AstraZeneca, Ferrari, Porsche)

Pricey Account Types

The six account types that the broker offers are promising low floating spreads, no slippage and best ordering execution. We highly doubt that is actually the case, especially considering that TradersHome has multiple warnings on them for operating without a license. 

To refer to the anonymity problem yet again, the packages aren’t precise about the features they include. Everything seem to be wrapped in secrets except the jokingly high prices:

• Student – $250
• Starter – $2,500
• Premium – $10,000
• Advanced – $25,000
• Pro – $50,000
• VIP – $100,000

Demo Account

How helpful would it be if TradersHome allowed newbie investors to trade risk-free during a certain period. It is absolutely crucial to first get familiar with the trading environment before you invest. However, because TradersHome has things to hide, they do not allow trial-trading. 

TradersHome Withdrawals as a Greatest Problem

Due to not being allowed into the client area, we cannot say what funding methods are available and how withdrawals work. Let us just warn you that unscrupulous websites make it extremely hard to take back your initial investment. Their tricks and excuses include additional documents being necessary, like photos of your ID, credit cards and passports. This is a great addition for their identity theft side projects.

Also, to instantaneously make it even less possible to get a hold of your frozen investment, scams like GfxRoyal and TradersHome can cut off any communication channels. Let us elaborate on that.

Customer Support Doesn’t Reply!

When we struggled with opening an account we used the online form to reach out to support service. Even after enough waiting, we got no reply whatsoever. The error with the TradersHome login said to use online chat to ask the support for help, but that feature doesn’t exist on the site! 

TradersHome provides email addresses, a phone number and online submission form to get in touch with the customer support. We doubt any of them work. It wouldn’t be a first.

TradersHome – Final Thoughts

Once again we’d like to remind you to stay aware of the number of blacklists where TradersHome appears. That is your proof of this firm being nothing but a dastardly scheme profiting off the misery of others. 

If such fate becomes your burden, please contact us immediately. As soon as you find out you’ve been scammed, reacting quickly is of vital importance. You can avoid the headaches and the endless wait by referring to our legal experts for help. We can offer you guidance, and the first consultation isn’t even being charged!

FAQ Section

Is TradersHome Regulated?

No, they’re not and multiple Tier 1 regulators confirm that – CONSOB and CNMV being just some of them.

Which platforms are supported by TradersHome?

What TradersHome advertises is a web trader. However, without an account, we could gain insight into the offer.

For which type of trader is TradersHome best suited?

No one! This website is a complete scam and an anonymous cyber thief, so stay away and contact us momentarily if you’re having issues with withdrawing funds!

It’s of utmost importance to be able to distinguish between genuine crypto exchanges and false websites that are only aiming to get into your wallet. While investing in unpredicted crypto markets bears substantial risks on its own already, you shouldn’t expose your assets to even greater danger by trusting shady platforms. 

That’s why we strongly recommend you read this Xtecoin review before proceeding and before gambling your financial future away.

False Claims All Over

According to the pseudo-legal information published on this site, this exchange operates under the jurisdiction of courts of Malta. That is easily debunked, as the MFSA register doesn’t contain a company under this name, meaning that the conduct isn’t legally operating.

Furthermore, the business also states that they abide by the regulatory rules set by ASIC, yet they can’t be found in the ASIC register. Therefore, their claims pertaining to the AUSTRAC license for virtual asset service providers are also false.

To sum it up – is Xtecoin legit? Absolutely not. The firm is not registered in any country or supervised by any financial authority. They’re as unsafe as the notorious scammers going by the name of Pulse Investments which we’ve previously reviewed.

Victims Bothered Until They Invest

Considering the fact that there isn’t a single one of Xtecoin reviews available online, you can already assume we’re reviewing a completely anonymous entity. 

However, it seems that, since the site activation in 2023, the scam project has been especially focused on recruiting new users from these countries in particular:

• United States
• Brazil
• Germany
• Turkiye
• Spain

Like most of today’s crypto criminals, these miscreants also promise attractive rewards, bonuses, airdrops and free coins in order to entice their potential victims. Offshore schemes like Bullwaves also tend to offer riskier trading conditions and promise higher profits. Therefore, please make sure you refrain from such proposals if boiler room operators ever start pestering you to invest.

Empty Fee Schedule

Usually, when users want to find out more about the costs of a particular service, regulated exchanges will allow them to preview the page dedicated to fees and costs. In this case, the Xtecoin exchange has a web presentation called Transaction and Trading Fees, yet it is entirely empty. 

Instead of a transparent and fair approach, this exchange chooses to stay silent about costs and keep their victims in complete darkness. Legal papers do clarify that various external and internal fees exist, but none of them is known. Only after creating an account, we saw that starting maker and taker fees are 0.075%.

How Ponzi Scheme is Fueled

Rewards for clients that participate in promoting the company are quite attractive. Whoever recruits new blood has a chance to get 40% of the commission paid by their affiliates, while their trading fees are discounted to 0.1%. 

With such enticing promises, it’s natural to have your existing victims work extra hard to acquire new members.

Unexciting Features Don’t Thrill Anyone

Any platform that wishes to expand their user base and fuel more investments has to be able to offer notable features. Sadly, yet expectedly, nothing shown on this crypto portal will motivate you to invest here. Rudimentary tools and questionable security are just some of the reasons never to put your money on the line.

Platform Functionality: Questionable

Easily accessed even without an account, the Xtecoin app is available for previewing. That’s what anyone interested in investing here should do first. Otherwise, you may be led into thinking that this basic terminal has anything valuable to offer. 

Once you preview it on the site, you will quickly realize it’s just a rigged portal used for data manipulation and false profits. Actual trading activities don’t happen when it’s all a part of a simulated scam environment.

List of Currencies

Coins supported for trading include some of the most popular digital assets today. By that we mean BTC, ETH, TRX, XRP, ADA, DOT, DOGE, LINK, NEO, SOL and about two dozen other ones. 

The complete choice in the form of a Xtecoin crypto asset list isn’t available on the site. The offer itself doesn’t seem particularly rich, especially if we remember that regulated major exchanges offer access to thousands of coins.

Immediate Verification Required

After sharing a couple of details like email and password, you can become a proud owner of a Xtecoin login. Once you find your way to the user dashboard, however, you will quickly learn that all of the features are locked until you deposit real cash. 

To be able to do that though, you are expected to verify your identity. Don’t forget that sharing sensitive personal data can cost you more than a few coins, as these cons also tend to steal user identities.

Only VIPs Can Withdraw

Whoever wants to be allowed a payout has to first activate a special VIP status by paying 0.25 BTC. Only then will you be allowed to request a withdrawal.

Naturally, all of the transactions on this site are done through crypto channels which facilitates the scam. Cyber thieves find it easier to transfer funds via crypto as they don’t have to expose their identity in the process. In addition, they will force you to pay all kinds of hidden fees and taxes to be able to request a payout.

No One to Complain to

Relying solely on FAQs for input on how to solve various issues often isn’t enough. Therefore clients need a proper customer support office that will provide advice for problem solving. At least that’s how reputable platforms work. 

In this case, support doesn’t even exist and clients are left on their own to deal with the damage.

I Got Scammed! Who Can Help?

If you were also a victim of the vicious Xtecoin scam, we suggest you act quickly. If you wait too long, the swindlers may disappear entirely and make money recovery practically impossible. That’s why we encourage all our readers to let us know immediately, as soon as the robbery happens. 

The sooner we act, the better. Contact our chat agents and they’ll help you book a free consultation with our asset recovery team.

FAQ Section

What is Xtecoin?

Xtecoin is a part of a greater crypto-stealing scheme that claims to operate legally yet doesn’t.

Is Xtecoin Legit?

No, this project is owned by unscrupulous individuals that run plenty of other anonymous sites like this one.

How to Get My Money Out of My Xtecoin Account?

Since you won’t be allowed to take your funds back, we suggest you contact our financial advisors for support with fund recovery.

In the middle of the holiday season, we’ve got several companies that stood out as fraudsters and have been blacklisted around Europe. One of those is DCMGroup, discovered by the Spanish regulatory body. Read our DCMGroup review to find out everything about the brokerage.

In addition, we strongly advise you not to invest in FXPlanB, DG Flex and Invests360 fraudulent brokers.

What About DCMGroup Regulation?

We’re sure you’ve often heard people saying that you shouldn’t invest with unregulated brokers. Unfortunately, this is true because those types of companies have no intention of giving you any money. They’re established with one goal – to take your money and close their operation. One of those is DCMGroup, a brokerage based offshore in the Marshall Islands, owned by Archax Ltd. It is not registered with GLOFSA or any Tier1 regulators, meaning that it operates without a license. In case of issues, you will have no authority to assist you in getting the money back.

DCMGroup Warnings From Financial Regulators

Right after Christmas, the Spanish regulator CNMV issued an official warning against the DCMGroup scam and added it to the blacklist. 

Not long after, the Norwegian regulator received the same complaints and re-published CNMV warnings on their official web page. Both of these warnings imply that the broker is illicit, and you should avoid it.

Fund Withdrawal Issues With DCMGroup Broker

DCMGroup presents itself as a crypto wallet that provides trading services with the ability to be used as a savings account and resolve all your financial issues. In theory, it sounds perfect. However, once you learn that the company has no regulations and has scammed many, it’s time to start questioning. According to investors, you will see the wallet and the balance for as long as you’re willing to fund it. Once you ask for payout, even if it’s just 1% of the amount you invested, your access to the money will be suspended, and you will have no contact with the company’s employees.

Before investing any money with DCMGroup, think if such a place is good for your funds. If, however, you’re already involved, contact us for assistance.

Areas Of DCMGroup Trading Scam

Most complaints about DCMGroup come from Spain, Germany, Canada, and Romania. Being added to the blacklist in Norway suggests that the company is active in Scandinavia, too, while we’ve seen comments from Australia, South Africa, and more. Wherever you are, it’s important to distinguish between regulated and unregulated companies and go with legit ones.

Traders About DCMGroup Scam

There’s nothing good to say about DCMGroup and its operations. The company doesn’t help their clients or assist them in resolving financial issues, as advertised. In fact, anyone involved is now in more significant issues than ever before. Clients are persuaded to invest their life savings with the company just to discover that getting a refund is impossible.

How Does Online Trading Scam Work?

Whether you sign up for an ad or are approached by the company’s employees via social media, you will be promised impossible results. Of course, everyone in the brokerage will try their best to explain how you can make thousands of dollars overnight, but let’s face it, it’s all just a story. At first, you may even make some profit, just for the account manager to gain your trust. Yet, once you ask for that profit, you will be convinced not to withdraw it or will simply be ignored. This is when you will understand that you have been scammed, and getting the money back is more complicated than it seems.

Also remember the names of the ZES Forex, KadoCapital and Stockcore trading scams and avoid them at all costs! Moreover, always check the background of online trading companies before investing!

Beware of Extra Fees Before Withdrawing Funds

Some brokers, including DCMGroup, may ask you to pay additional fees before being able to withdraw the money. You will hear numerous excuses, such as money necessary for fees and taxes, but you won’t get any withdrawals even if you pay it. Don’t let them fool you and make more money; protect yourself in time.

Scammed by DCMGroup? – Tell Us Your Story

If you were scammed by DCMGroup or a similar bogus broker, let us know. Our chargeback specialists may help you file a dispute and get your money back. 

But What Is A Chargeback?

This is a way for your bank to retrieve the money from the merchant. Contact us via online chat to book free consultations with our specialists. Let’s get your money back before it’s too late!

What Is DCMGroup?

DCMGroup is an online Forex and CFD trading provider based offshore.

Is DCMGroup Regulated?

DCMGroup is not regulated and provides financial services without authorization.

Is DCMGroup a Scam Broker?

DCMGroup is a fraudulent broker that is blacklisted in Spain and Norway.

easyMarkets, formerly Easy Forex, is an online CFD and forex broker. They first began offering financial services in 2003. The broker has two branches, one Australia and one Cypriot. They maintain licenses with both CySEC and ASIC to meet requirements in both countries.

Big Fine for easyMarkets

While they haven’t gotten into as much trouble with CySEC as a broker like ETFinance, easyMarkets has certainly had some trouble with the financial regulator. In 2009, the broker received a major fine from the regulator. They had to pay €45,000 in total due to numerous infractions. The biggest offenses were failing to meet record-keeping standards and their unfair withdrawal policies.

easyMarkets App and Trading Platforms

Traders who go with easyMarkets have several platform options. Of course, there’s the standard MetaTrader 4. The use of this platform is widespread among CFD and forex brokers, with many offering the platform as their sole option. Traders can also try the broker’s proprietary browser platform. This platform fails to meet the wealth of features that MetaTrader 4 offers. In addition to the browser platform, the broker offers the easyMarkets app to traders on the go. This pares down even more options, leaving traders without the tools they need.

Trading Conditions

Our easyMarkets review found their trading conditions to be competitive with other CySEC brokers. They have a good selection of assets between CFDs and forex. Furthermore, they actually have decent spreads. The EUR/USD pair hovers around 1 pip, which is generally what traders are looking for. The broker offers traders leverage up to 1:400 for Australian clients, but they are bound by the ESMA 1:30 limit for European clients.

Getting Started

easyMarkets has a low minimum deposit of $100, below the standard for most similar brokers. They also have a VIP account that requires a deposit of $5,000. Unfortunately, the broker’s good spreads are reserved for VIP account holders. Traders with a basic account have much worse prospects and would be better off elsewhere.

Make Sure You Get What Is Rightfully Yours

Traders might think they’re guaranteed to succeed with a regulated broker, but they could still be at risk. Corrective measures from regulators are commonplace, showing that the brokers can still break the rules. If you’re having trouble getting your funds back from a registered broker, you can contact us today to take your efforts to the next level and implement a chargeback.

TenkoFX claims to be oriented solely on flawless and instantaneous deal execution to ensure top quality trading. Behind the fancy statements and shiny surface lies a dark past of an offshore entity. Although established in 2012, TenkoFX hasn’t acquired a premium license to this day. 

While they were regulated for a while, that license didn’t matter much, considering it came from a Tier 3 institution. For a detailed report on this whole scheme, please read our TenkoFX review fully.  

Legit Once Upon a Time

The owning company of TenkoFX used to be named TenkoFX Ltd then TenkoFX Limited, while their latest name is Tenko Systems Limited. Regardless of all the renaming, the company is the same fraudulent entity from the start. For a while, the broker was regulated in Belize. Their license was valid until 2015. 

After that, the firm continued operating and claiming to be regulated although they were not. The same regulator that has once licensed them has published a warning against this entity for using a false license. FSC from Belize has even called them a fraud openly.

Contact number provided is supposedly located in the UK, but FCA doesn’t have this firm in their collection of supervised entities.

TenkoFX hasn’t got a valid license since 2015 and has been a fraudulent broker that shamelessly defrauds clients, doesn’t respect their privacy or keeps their funds secure. Investments here are inevitably stolen and misused, so beware!

Countries of Operation

TenkoFX has huge experience in dealing with Forex and CFD trading. During the previous decade, they’ve developed their strategies that are efficient in bringing in new customers. By offering high leverage for more educated and courageous traders, but also helpful account managers and investment advisors for beginners, TenkoFX ensures all their customers are attracted. 

Unfortunately, little do the rookie traders know that their investments will be quickly stolen. Suspiciously friendly and affectionate boiler room agents operate for the single goal of extorting money and stealing your personal data for devious purposes of TenkoFX.

Here’s which traders have suffered the negative effect of the unscrupulous business called TenkoFX:

• South Africa
• India
• Indonesia
• United States

Not Many Reviews

Despite years spent on the market, it doesn’t seem like TenkoFX has been excessively active. Their Trustpilot page is basically empty and it’s been a long time since the last review was posted. A couple of ratings were posted, which makes for an average rating of 4.0 out of 5, which is beyond unrealistic for the overall quality of service.

Risky Trading Environment 

There are brokers that legally offer higher leverage, but TenkoFX isn’t one of them. This illicit brokerage brand will easily have you trade under huge exposure which significantly increases your chances for loss. Leverage ratio is set at 1:500 maximum, while it goes up to 1:3 for crypto. 

The spreads are more than attractive, with the starting pips of 0.0. Sadly, when it’s an unscrupulous broker that offers them, we can’t quite trust all of these claims. 

Promotions, Partner Programm and Cashback

Offshore brokers aren’t obligated to follow legislation that rules the EEA and UK. Therefore, they can offer all kinds of bonuses and rewards. 

For example, TenkoFX rewards all clients with significant commission for bringing in new clients. This commission is rewarded from at least 3 referrals and cannot be lower than $10.

Furthermore, the broker returns a part of the funds to its new customers within the first three months of trading. Lastly, if you deposit 1,000+ USD you supposedly get 3 months of trading with liquidity costs of just $10.

TenkoFX Trading Features

The majority of trading on this website is done on MT4, but there’s another platform advertised – Tick Trader. It is inaccessible though.

Starting off is facilitated with the diversified offer of trading accounts and financial instruments to trade. On top of that, you can even choose a risk-free trading period if you wish to explore the conditions further. 

You’d think these features and tools are even solidly helpful, if only they weren’t a product of an unregulated platform. Another defrauding scheme to watch out for is FXFair.

MT4 and Another Mysterious Software

TenkoFX software of choice is MT4. Available for Desktop and Mobile platforms, this superior trading platform is confirmed to be one of the most reliable, fastest and feature-rich. It’s a shame that an illicit brokerage uses this premium terminal to attract customers to defraud them, instead offering genuine service. 

Another advertised software is Tick Trader. However, when you try to download it from the TenkoFX site, you won’t be able to. You see, the page turns to a 403 web error and any download attempt is sabotaged. 

MT4 Available On Mobile

Certainly a way to earn the trust of your customers is by enabling mobile trading. For their exceptionally busy or active clients, TenkoFX provides MT4 for iPhone and Android users. Automatically a plus, but also a reminder that illicit brokers are not to be trusted.

Diverse Portfolio With Forbidden Instruments 

It is known how volatile crypto trading could be. That’s why CFDs on crypto currencies have been efficiently forbidden in the UK and other countries. Offshore brokers can still offer it without legal consequences. Here’s the full list of TenkoFX instrument classes:

• FX Spot CFDs (EUR/USD, USD/JPY, EUR/GBP, USD/CHF, AUD/NZD)
• Cryptocurrency CFDs (BTC, ETH, LTC, SHIB, DOT, EOS, ZEC, XRP)
• Shares CFDs (Disney, 3M, Astra-Zeneca, Caterpillar, Facebook, Netflix)
• Index CFDs (FR40, ES35, JPN225, UK100, AUS200)
• Spot Metals CFDs (Gold, Silver)
• Commodity CFDs (Wheat, Cotton, Coffee, Soybean)

Several Accounts

The packages available at TenkoFX are the following:

• STP – $10
• ECN – $100
• Crypto -$10

Each TenkoFX account is promised to bring some unique features, like floating spreads from 0 pips, unlimited number of trades, transactions and possibility of opening Demo and Islamic versions of accounts.

For an unregulated broker, the offer is quite rich and alluring. 

Once again, we have to remind you that offshore brokers without licenses make their offers especially shiny and nice because they aren’t such in reality. 

Demo Account

Besides the standard three accounts, as well as the islamic accounts, TenkoFX also allows clients trial trading. During a limited time, users can perform risk-free trading with the virtual margin of up to $100,000. This is easily a bait, however, considering the unrealistic conditions that illegal brokers present this way.

Shady Funding Methods

TenkoFX asserts that it offers a variety of ways to deposit and withdraw funds to and from your trading account. Turns out, all these methods are limited to several crypto currencies. Needless to point out once again, these transactions are fully anonymous. 

For the unregulated broker this means a way to avoid legal consequences. For the unsuspecting target it represents a way to surely lose cash and not be able to issue a chargeback! 

We also recommend you to read our thorough review on FirewoodFX, which is known for similar scam tactics. 

Customer Support

The two single ways of getting in touch with TenkoFX support service are:

• Email at [email protected]
• Phone number: +44 114 463 0905

Although the site claims the customer support office is available 24/5, we were reluctant to believe such shallow statements without a way to confirm them. Besides, unscrupulous brokerage websites are known to be far less diligent when it comes to responding to help tickets and tending to clients’ needs with diligence. 

What To Do In Case Of Scam

It’s vital to be aware of the fact that a proper prompt reaction to a scam is the most efficient in the process of restoring your funds. Please feel free to refer to our expert team if you need legal support in issuing a chargeback or dealing with a scam broker otherwise. 

Our Online Chat feature is always active and we do not even charge the first consultation!

FAQ Section

What is TenkoFX?

TenkoFX is an illicit brokerage website previously licensed but now blacklisted by the same authority – FSC (Belize).

Is TenkoFX A Scam Or Legit?

Tenko FX is a scam website that doesn’t follow any legal directive. If you need help to restore your investment with this unscrupulous swindler, contact us as soon as possible.

What Are The Trading Platforms Of TenkoFX?

One major trading software offered is MT4 for Desktop, Android and iPhone, but another terminal, Tick Trader, doesn’t work and cannot be downloaded.