Category: Retail Broker

FinTelegram assigns Orance Compliance rating to BelleoFXD
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June 23, 2023

Dubai-based Offshore Broker BelleoFX Received Orange Compliance Rating!

The Dubai-based offshore broker BelleoFX is a new player on the market. The scheme is operated through offshore entities in Mauritius and St. Vincent & The Grenadines. The CEO is Andrew Ishchuk, who, until July 2022, was the CEO of Dubai-based HonorFX. The available reviews are very good so far; one FCA warning from 2022 was deleted again. We have assigned an Orange Compliance rating to the broker.
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FinTelegram rating for offshore broker Capital Street FXO
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March 6, 2023

Offshore Broker Capital Street FX With Red Compliance Rating!

Capital Street FX is an offshore broker operated via Capital Street Intermarkets Limited in Mauritius and UK-registered Minus Zero Technologies Limited. The broker is controlled by Indian nationals and has an office in Dubai. While clients seem to be happy and provide good reviews, Capital Street FX does not have authorization for its most important markets in North America or EEA. Consequently, we have assigned a red compliance rating.
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FinTelegram upgraded Broker Moneta Markets to Orange Compliance ratingA
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February 28, 2023

Attention: Orange Compliance Rating For Expanding Offshore Broker Moneta Markets!

FinTelegram is known and hated primarily for its critical reviews. In this respect, we may (somewhat) disappoint this expectation with our new review of Moneta Markets by David Bily. We have upgraded the broker's compliance rating from red to orange, honoring the regulatory actions taken in recent months and the positive customer feedback. However, some of the broker's key target markets are still covered without regulatory permissions. Here is our updated review.
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AvaTrade Group with Green Compliance RatingG
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February 28, 2023

Green Compliance Rating For Retail Broker AvaTrade

AvaTrade is one of the best-known CFD retail brokers working with regulated entities in various jurisdictions. The broker has received an "Excellent" trust level from thousands of reviewers on Trustpilot. Most recently, AvaTrade has come to our attention concerning an illegal financial influencer punished by the FCA who earned hundreds of thousands of pounds in commission through AvaTrade. We awared AvaTrade a Green Compliance rating.
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Opoforex is now Opofinance but still unauthorizedU
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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!
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FinTelegram reviewed and rated Gemforex broker schemeA
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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.
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Marc Suarez appointed to LATAM Marketing Manager fpr BDSwissB
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February 12, 2023

BDSwiss Appointed Marc Suarez As LATAM Marketing Manager

Marc Suárez joined the CySEC-regulated broker BDSwiss in December 2021. He has been appointed LATAM Marketing Manager to support the broker in these new target..
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Direct TT acquied the SCA license in the UAED
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February 6, 2023

Direct TT, par of Direct Trading Technologies Group, Secured UAE Securities And Commodities Authority (SCA) License!

Direct TT, a leading financial consultancy firm and part of the DTT Group, a financial services provider regulated in several jurisdictions, secured a UAE Securities and Commodities Authority (SCA) license for financial consultancy and financial analysis. In this context, the DTT Group announced its plans to invest USD 10 million over the next two years in its regional operations and fintech research and development.
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Andreas Andreou is the new COO of BDSwiss GroupE
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February 5, 2023

Embattled Broker BDSwiss Appoints New Chief Commercial Officer!

All new at BDSwiss Group. The German investor Jan Eric Malkus controls the German Cyprus broker scheme. FinTelegram recently reported on the restructuring of domains and operations at BDSwiss with its new Viverno scheme. A new Chief Commercial Officer (COO) was appointed in February 2023: Andreas Andreou, the former Head of Business Development at HF Markets’ subsidiary in the United Arab Emirates (UAE), announced his appointment on Twitter this week.
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Crypto-based CFD trading platform PrimeXBT and its peopleB
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December 27, 2022

Be Cautious When Trading With Novox Capital Successor PrimeXBT!

We recently brought an update on Novox Capital Ltd, a CySEC-regulated investment firm (CIV) that was notorious for facilitating vast binary options scams. Until a few months ago, the entity was controlled by Shay Hillel and Yehoram Hillel. The company was apparently sold to Dmitrij Pruglo and renamed PXBT Trading Ltd. It applied for voluntary suspension of its CySEC license due to the acquisition. Pruglo is the CEO and shareholder behind the Malta-registered crypto company Coinvesting and one of the key players of the PrimeXBT offshore crypto trading platform.
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CySEC settles with BCM for €170000C
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December 16, 2022

CySEC Settles With BCM Begin Capital Markets For Possible Regulatory Violations!

The multi-asset broker BCM Begin Capital Markets CY Ltd is regulated by the Cyprus Securities and Exchange Commission (CySEC) with CIF Licence number 274/15. On 16 December 2022, CySEC informed that a €100,000 settlement has been reached with the BCM for possible violations of the regulatory framework. The second settlement in 2022. In July 2022, CySEC informed that a €170,000 settlement has been reached for possible violations of the regulatory framework.
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CySEC-regulated ColmexPro with unlimited pre-kyc depositsI
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December 16, 2022

Interesting Approach Of CySEC Broker ColmexPro!

This morning, we received an unexpected email from Rafael Ciosmak of CySEC-regulated broker ColmexPro welcoming us as a new client. Strangely only that we had not registered at all. We were asked to upload our ID and residency confirmation and make deposits. We did not upload any documents and did not pass a KYC check and still could have deposited €150,000 via credit card through BridgerPay. This is indeed an extraordinary approach by this CySEC broker.
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