1. Trade24 (www.trade-24.com)
Ontario Securities Commission (OSC) has added trade-24 to the list of brokers that cannot be trusted in the forex business. This is due to the rise in the recent published complaints. A lot of negative reviews have been raised in the recent past. A very high number of suspicious positive reviews in favour of trade-24.com were submitted in January 2014. This was done to lure clients to start investing with them. The Belize IFSC has declared that the license shown on trade-24.com website is fraud.
According to the OSC, Trade24 Global Ltd has not been registered in Ontario to do the business of trading in securities or advising investors with respect to investing in the same. The company is not properly regulated and does not show clear regulatory status in the ‘about’ section of its website. Most expert broker reviewers have warned against working with trade-24.com until it becomes properly regulated and resolves its current issues.
2. Xtrade.com (www.xtrade.com)
This is another broker that has been added to the spam list. They came up with a very smart way of spamming traders. Usually, when you sign up for an account a representative calls you to convince you to deposit. They make you add your credit card details and make the account verification fast and easy. The deposit goes through smoothly as long as your credit card has money. Some clients claim that the deposit went through without their consent upon submitting their credit card details. When you request a withdrawal, the drama starts. They tell you that the verification documents you submitted are not valid and you are therefore required to submit valid ones. They take you round and finally you do not get to withdraw your money. They also promise 100% bonus upon deposit, just to convince investors to deposit. When you try to contact support, they take you round and terminate the chat before the issue is resolved.
A lot of complains and negative reviews have been raised against xtrade.com. Investors are advised to be really cautious with this broker.
3. UFX Bank (www.ufx.com, UFXMarkets.com, UFXBank.com)
This broker has published very many fake positive reviews for itself right from their offices in Israel. They went ahead to submit fake customer testimonials in the Forex Peace Army’s forums. Once you make a deposit they convince you to add more funds, claiming that they want you to be part of ‘something big’ that’s coming up. They go on and on and even advice you to borrow money from friends and take loans from banks to deposit more money. You eventually lose all the deposited money in a single trade and they blame you for risking a lot of money per trade, despite having followed their rules all along.
The broker claimed that they had a black hat SEO company do SEO for them. They then put the blame on that company claiming that they left fake reviews. The FPA advises clients to have a very high level of caution conducting any business with this broker. It further advises clients not to open accounts with this broker and those that have already deposited should attempt to withdraw as soon as possible.