Scam Brokers

PrimaryFxMarkets claims that it is owned and operated by a Cyprus-based company called FP Asset Management Cyprus Ltd. The broker also claims that its parent company is regulated by the CySEC (Cyprus Securities and Exchange Commission), and gives a license number (317/17) to highlight this fact. The broker also provides an address that is in Cyprus.

ImperialCapitals states that it is owned and operated by Inter Media Ltd, a company that is based in St. Vincent and the Grenadines. The broker also claims to have offices in the UK and in Denmark, but there is no mention of it being licensed in either of these two countries.

NewRichMarkets does not offer information on the types of accounts it offers its clients. Because of this, we do not know what the minimum deposit requirement is for opening an account with this broker.

Broker XP has provided no details about the types of trading accounts it offers. Furthermore, there are no trading terms mentioned anywhere on this broker’s website.

We could not verify the spreads because of issues with the trading platform – a point we will discuss in detail later in this review.

The minimum deposit amount is $300, spreads start from 0.8 pips and the leverage is 1:20. The broker also offers a bonus of 12% on your deposit.

PrimeStocks offers only one live account and has an Islamic account option. There is no information presented about the minimum deposit requirement. The broker only states that the spreads are low and the maximum leverage is 1:100.

Topinvest100 has only one account type (Real Account) with an Islamic Account option. There is no information related to trading conditions on the broker’s website. However, the demo account shows that the maximum leverage stands at 1:100 and the spreads start at 1.6 pips for the EURUSD pair.

The only piece of information we have about the trading conditions set by 500-index is that the minimum deposit amount is $500. We do not have any information about the spreads, leverages, commissions, roll-overs, or fees.

There is no information on the broker’s website about the spreads offered, but when we registered on their web-trader platform, we saw the spreads on the EURUSD pair were at 3 pips. The leverage on their platform showed a maximum of 1:100, which is in contradiction to the 1:30 mentioned on their website.