Category: Broker

FCA warns against Russian broker AlpariA
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March 27, 2022

Alpari and FXTM in Nigeria: Looking for an Account Assistant at Exinity Group

Alpari is a Russian broker founded in 1998 by Russian-born Andrey Dashin, who also owns the CySEC and FCA regulated broker ForexTime a/k/a FXTM. Both ForexTime and Alpari are operated through offshore brokers with a network of various legal entities. Apparently, Exinity Group has an office in Lagos, Nigeria, where the group is looking for an Account Assistant. It perfectly shows that Alpari and CySEC-regulated FXTM are indeed under unified management. The FCA and CNMV issued warnings against Alpari.
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Broctagon Prime the Asian Kraken in CyprusW
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March 25, 2022

Whistleblower Request – Please let us know more about Broctagon Prime, the Asian Kraken in Cyprus!

Broctagon Prime, a wholly-owned subsidiary of Broctagon Fintech Group, Singapore, is a regulated Cyprus Investment Firm (CIF) and acts as a liquidity provider to an impressive number of other CySEC regulated brokers. The Broctagon FinTechGroup is an Asian venture controlled by Soh Kai Jun and Choon Keit Wong. These guys have also been behind the Starfish FX, which renounced its CySec license in Sept 2016. scheme. The UK entity behind Starfish FX was dissolved via compulsory strike-off in 2019. We want to learn more about this Asian Kraken in Cyprus.
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Leverate and SmarticoL
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March 24, 2022

Leverate partners with Ukraine Smartico to further gamify forex trading!

It's no secret that the gamification of online trading has been a major and critically received key to success in the retail segment. Binary options were the first step towards the gamification of online trading. It lured millions of consumers into online trading. Israeli white-label broker software provider Leverate has partnered with Smartico to take advantage of this gamification trend. Smartico offers gamification solutions that will enable Leverate to target its clients with "gamification solutions."
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StocksTech on FinTelegramR
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March 21, 2022

R4I – Cyprus-Bulgarian white-label broker platform StocksTech and its activities!

We have received whistleblower information that Straightpoint Trading Limited d/b/a StocksTech (www.stockstech.com) is a Bulgarian project registered in Cyprus. The mastermind behind StocksTech is the Bulgarian forex veteran Stefan Sotirov. The scheme's LinkedIn page lists an address in Sofia, Bulgaria. According to the whistleblower information, StocksTech would be the operator of broker scams and boiler rooms. This may or may not be the case! We want to learn more about StocksTech and its environment.
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The Russian Metaquotes issueD
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March 10, 2022

Did you know that Russians control MetaTrader via Cyprus?

MetaTrader is a registered market of MetaQuotes Ltd in Cyprus. MetaTrader is a trading software for retail traders for Forex, CFD, stocks, or crypto. In the field of so-called speculative retail traders, MetaTrader has a dominant position. It is used by thousands of brokers and millions of traders. A huge open source community has formed around MetaTrader, developing software for the MetaTrader ecosphere. As a matter of fact, MetaTrader is also the preferred front-end platform for scam broker
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Cost of FCA or CySEC licenseI
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March 3, 2022

Interesting! What it costs to get an FCA or CySEC license!

You want to run a regulated forex or crypto business? No problem if youp put some money on the table. The Georgian Amiran Azaladze has focused his FX B2B Hub Ltd on brokering licenses from CySEC, FCA, and many offshore regulators. A CySEC MM license goes for roughly one million dollars; an FCA MM license costs more than $1.1M. The costs for offshore licenses are significantly lower. For Vanuatu, $50k deposit and $47k application fee is enough. However, this license is hardly worth anything.
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EuroTrader Group and Ozan OzerkT
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October 9, 2021

The new EuroTrader Group of Ozan Ozerk regulated by CySEC and FSCA

EuroTrader is a forex and CFD broker brand owned and operated by the EuroTrader Group, a group of regulated companies owned by the fintech entrepreneur Ozan Ozerk. Until at least April 2021, the latter has also been one of the founders and beneficial owners behind the offshore broker LQDFX. Since we published our report about the EuroTrader Group in April 2021 and exposed the offshore activities around the Marshall Islands-registered EuroTrade Global Ltd, some significant changes have been made.
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BluFX reviewI
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September 6, 2021

Initial review of funded trading provider BluFX

BluFX is an unregulated venture offering traders funded accounts on a subscription basis and calls its offer revolutionary. Starting with GBP 99 p.m., one allegedly receives a funded trading account. The UK-registered companies BluFX Ltd and Blueprint Capital Limited (LinkedIn) are presented as related entities. The Chinese citizen Yu Song, born in February 1987, controls both companies and serves as a director in both. Neither company has an FCA license, and no regulated entity is provided in the public presentations. Here is our initial review of BluFX.
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Funded trading may expose traders to regulatory violationsA
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July 26, 2021

Attention! Funded trading clients could violate regulatory requirements

We have received initial feedback on our articles about funded trading accounts from our alert whistleblowers. One interesting opinion on the legal and regulatory situation for funded traders, i.e. the clients of funded trading providers like Topstep et al, points out that they would have to register with the competent regulator. The apparently legally competent whistleblower, therefore, recommends that all such traders in the U.S. to seek legal advice and conduct due diligence. He also believes that the U.S. CFTC, for example, will take action against Topstep et al.
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funded trading provider Topstep networkR
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July 26, 2021

Review: Funded trading provider Topstep and its business model

Founded in 2012, Chicago-based TopstepTrader LLC did business as TopstepTrader (www.topsteptrader.com) until recently. Sometime in the last few months, it was renamed Topstep (www.topstep.com) a/k/a TopstepFX (www.topstepfx.com). All domains are currently redirected to the main domain www.topstep.com. This is now allegedly operated by Topstep LLC in Chicago. We have not found this company. Michael Patak is named as the economic owner and main principal. There are currently 191 people connected to the traded funding provider on LinkedIn.
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Topstep offers funded tradingF
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July 25, 2021

Funded Trading Accounts – Ripping off inexperienced traders?

It sounds fantastic what is promised on the websites of the providers of funded trading accounts such as Topstep or XLtrade. They promise potential traders do not need their own money for trading, but they will provide it. Even though traders don't need their own funds, they may keep up to 80% of the profits made while the providers bear the losses. Currently, Topstep and XLtrade are doing massive advertising on Google and social media. The catch of the story is that you have to pay setup fees, pass a costly trial period before you may or may not get access to funds.
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IC Markets broker schemeP
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November 5, 2020

Praxis Cashier announced the acquisition of IC Markets as forex client

The unregulated Cyprus-registered Praxis Cashier System Ltd (Praxis Cashier) of Amit Klachko announced the acquisition of IC Markets (www.icmarkets.com) as a new Forex and CFD client. IC Markets is a globally operating regulated broker scheme established by Andrew Budzinski in Australia in 2007. Its different entities are regulated by Australian ASIC, Cyprus CySEC, and FSA Seychelles.
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