Offshore Broker | FinTelegram News

Category: Offshore Broker

March 21, 2023

Attention: Offshore Broker Alchemy Group

Last year, the Spanish watchdog CNMV warned against the offshore broker Alchemy Markets, part of the Alchemy Group, including the Vanuatu-based FXPIG and the FCA-regulated Alchemy Prime. This global broker scheme uses the same brand and trading style across domains and websites, potentially or intentionally misleading customers. We have done a new review and assigned an "Orange Compliance" rating to the Alchemy Group. Here is our updated review.

March 14, 2023

CySEC Issue: Spanish CNMV Follows FinTelegram And Warns Against OctaFX Offshore Scheme!

In February 2022, we published our initial review of the OctaFX broker scheme. CySEC regulates Octa Markets Cyprus Ltd with license number 372/18. Like many other CySEC-regulated brokers, OctaFX runs an offshore scheme via Octa Markets Incorporated, registered in St. Vincent & The Grenadines. The offshore scheme deploys different domains to solicit clients in EEA and other regulatory regimes. The Spanish CNMV warned against this OctaFX offshore broker scheme.

March 5, 2023

CySEC Revoked License Of Milton Prime Operator; Offshore Scheme Not Impacted!

This does not happen often. Typically, companies voluntarily revoke their CySEC license before it is revoked. This week, the Cyprus regulator announced that it has decided to withdraw the Cyprus Investment Firm (CIF) authorization of Holiway Investments Ltd d/b/a Milton Prime with license number 248/14. CySEC said the company does not have sufficient initial capital to continue its operation. Milton Prime has not yet published the revocation on its website.

February 20, 2023

Update: ‘Gen-Z of Broker’ Opofinance And Its Compliance Rating!

In October 2022, we issued a warning against the offshore brokerage scheme Opofinance, operated by offshore entities in the Seychelles and St. Vincent & The Grenadines. Opofinance operates under a securities dealer license from the FSA Seychelles in most regulatory regimes worldwide without a license. In doing so, Opofinance also violates regulatory requirements and falsely claims that membership with the Financial Commission will protect investor funds. Compliance rating: Red!

February 20, 2023

Attention: Japanese Broker Scheme GEMFOREX Received Red Compliance Rating!

GEMFOREX is a Japanese offshore brokerage scheme registered with the FSA Seychelles as a securities dealer. The website names as operators the two offshore entities GEMFOREX Limited and GEMTRADE Co. Ltd in Seychelles and, since December 2022, also ZRX Technologies Ltd in Cyprus. Similarweb statistics show that almost 100% of the nearly 9.7 million website visitors come from Japan. Here is our initial review and our rating.

February 19, 2023

Offshore Radar: CySEC-Regulated TopFX Switched Fondex To An ‘Offshore Only’ Scheme!

We brought our initial review for the TopFX broker scheme in Oct 2022. At that time, CySEC-regulated TopFX Ltd had been operating the two domains TopFX.com and Fondex.com. Since then, Fondex switched to the "offshore only" gear. Like the TopFX offshore mutation, Fondex is operated through TopFX Global Limited in Seychelles, which is registered as a securities dealer with the FSA Seychelles. The offshore mutations accept EEA residents and offer leverage up to 1:500. Here is our updated review.

February 19, 2023

The Asian Players: Introducing The XM Offshore Mutations XMTrading, XMGlobal, Et Al!

XM is a CySEC-regulated broker and part of the Trading Point Group; Its mirror platforms XMTrading and XMGlobal are a huge offshore broker schemes operated through offshore enties and TPS Management Limited in Cyprus. While more than 98% of the XMTrading website visitors come from Japan, XMGlobal websites XMFX.markets and XMBroker-FX.com attract almost 85% of its visitors from China and 71% from Malaysia, respectively. Here is our initial review.

February 16, 2023

Direct Trading Technologies Secures SFC License Oo Offer Direct Access To US Equity Market In Colombia

Direct Trading Technologies (DTT), a globally regulated financial services provider, has acquired the Superintendencia Financiera De Colombia (SFC) license authorizing the promotion of its products and services, which include 100+ foreign shares listed on the NYSE and NASDAQ markets. The license, granted on December 27, 2022, allows the DTT to open its office in Colombia, reaffirming the company’s commitment to its clients in the country as well as extending the company’s global reach to 12 physical offices worldwide.

February 16, 2023

The Explosive Growth Of OctaFX Offshore Broker Scheme!

In February 2022, we published our initial review of the OctaFX broker scheme. CySEC regulates Octa Markets Cyprus Ltd with license number 372/18. Like many other CySEC-regulated brokers, OctaFX also runs an offshore scheme via Octa Markets Incorporated, registered in St. Vincent & The Grenadines. The offshore scheme deploys different domains to solicit clients. Our new review on 16 January 2023 found that the offshore broker still accepts EEA residents.

Offshore Broker

February 14, 2023

Offshore Radar: Updated Review Of VT Markets Facilitated By Payabl And BridgerPay!

VT Markets is an Australian broker scheme that also allows the onboarding of retail clients in EEA jurisdictions via offshore entities. VT Markets offers maximum leverage of 1:500. Until mid-2022, VT Markets was part of the Vantage Group and still operates with the same solution. In fact, VT Markets is a 1:1 implementation of VantageMarkets with different branding. Payabl and BridgerPay are the main payment facilitator of the scheme, which has already received regulatory warnings.

February 13, 2023

Attention! Another Regulatory Warning Against FCA-Regulated Vantage Group!

Vantage Prime Group LLC d/b/a VantageMarkets (VantageMarkets.co.uk) is regulated in the UK by the FCA. In addition, the VantageMarkets scheme runs offshore entities through which it performs onboarding of clients in the EEA region, in violation of the regulatory requirements of the FCA and ESMA regulators. The Italian Consob has ordered the black-out of the VantageMarkets offshore broker website (VantageMarkets.com). It is not the first regulatory warning. Be very careful when dealing with this broker scheme.

February 9, 2023

Attention! Be Super-Alerted When Working With Offshore Broker NordFX

A few weeks ago, we brought our initial review about the offshore broker NordFX and connected it with a warning. Whistleblowers informed us that the operators of NordFX were three Russians living in the Netherlands. They would also be behind the company Nord Group Investments Inc., which we could not find. We were informed that the NordFX operators were under criminal investigation. We would like to know more and ask our whistleblowers for additional information. Be very careful!