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Brokers not recommended by BrokerChooser

Eszter Z.
Aug 2022

In addition to in-depth broker reviews, BrokerChooser is expanding its offering to also include short reviews of some of the online brokers that raise red flags. These reviews of brokers that we do not recommend have been thoroughly checked by our analysts based on the brokers' regulatory background, transparency, and whether they had been sanctioned, or placed on a warning list.

We at BrokerChooser want to keep you and your investments safe. In these articles, we present some brokers that we found not to be good options. Hopefully, with these articles, we also give you tools to be vigilant and recognize the warning signs when trying to find the right online broker for yourself.

We currently have reviews on the following brokers that we do not recommend:

Not recommended broker list
Broker's name Reason for not recommending Review link
Binomo
  • Not licensed by a top-tier financial authority, like the UK FCA or the Australian ASIC
  • Negative Binomo news on Stanford blog
  • Warning on CySEC's website
 Binomo review
ExpertOption
  • Not licensed by a top-tier financial authority, like the UK FCA or the Australian ASIC
  • Multiple negative ExpertOption reviews on Quora & other blogs
 ExpertOption review
Hugo's Way
  • Not licensed by a top-tier financial authority, like the UK FCA or the Australian ASIC
  • The majority of Trustpilot Hugo's Way reviews are negative
 Hugo's Way review
OlympTrade
  • Not licensed by a top-tier financial authority, like the UK FCA or the Australian ASIC
 OlympTrade review
Pocket Option
  • Not licensed by a top-tier financial authority, like the UK FCA or the Australian ASIC
  • PocketOption is on the CFTC RED list.
 Pocket Option review
Videforex
  • Not licensed by a top-tier financial authority, like the UK FCA or the Australian ASIC
  • The majority of Trustpilot Videforex reviews are negative
 Videforex review
IGM Holdings
  • Not licensed by a top-tier financial authority, like the UK FCA or the Australian ASIC
  • IGM Holdings is on the FCA & finma warning lists
 No IGM Holdings review yet
TradelightFX
  • Not licensed by a top-tier financial authority, like the UK FCA or the Australian ASIC
 No TradelightFX review yet
fxtrading247
  • Not licensed by a top-tier financial authority, like the UK FCA or the Australian ASIC
 No fxtrading247 review yet
HBC Market
  • Not licensed by a top-tier financial authority, like the UK FCA or the Australian ASIC
  • HBC Market is on the finma warning list
 No HBC Market review yet

 

Not recommended broker list
Broker's name Reason for not recommending Review link
GFX Royal
  • Not licensed by a top-tier financial authority, like the UK FCA or the Australian ASIC
  • The majority of Trustpilot FX Royal reviews are negative
 No GFX Royal review yet
Unique Finance
  • Not licensed by a top-tier financial authority, like the UK FCA or the Australian ASIC
  • Unique Finance is on the finma warning list
 No Unique Finance review yet
123 Trade
  • Not licensed by a top-tier financial authority, like the UK FCA or the Australian ASIC
 No 123 Trade review yet
BIGFX
  • Not licensed by a top-tier financial authority, like the UK FCA or the Australian ASIC
  • The majority of Trustpilot BIGFX reviews are negative
 No BIGFX review yet
umarkets
  • Not licensed by a top-tier financial authority, like the UK FCA or the Australian ASIC
  • umarkets is on the FCA warning list
 No umarkets review yet
Spectre
  • Not licensed by a top-tier financial authority, like the UK FCA or the Australian ASIC
 No Spectre review yet
Tradersway
  • Not licensed by a top-tier financial authority, like the UK FCA or the Australian ASIC
 No Tradersway review yet
SuperForex
  • Not licensed by a top-tier financial authority, like the UK FCA or the Australian ASIC
 No SuperForex review yet
LQDFX
  • Not licensed by a top-tier financial authority, like the UK FCA or the Australian ASIC
  • The majority of Trustpilot LQDFX reviews are negative
  • LQDFX is on the CFTC RED list. CFTC is a US regulator.
 No LQDFX review yet
Templerfx
  • Not licensed by a top-tier financial authority, like the UK FCA or the Australian ASIC
 No Templerfx review yet

 

Not recommended broker list
Broker's name Reason for not recommending Review link
Grand Capital
  • Not licensed by a top-tier financial authority, like the UK FCA or the Australian ASIC
  • Grand Capital is on the CONSOB warning list
 No Grand Capital review yet
Umarkets
  • Not licensed by a top-tier financial authority, like the UK FCA or the Australian ASIC
  • Umarkets is on the FCA warning list
 No Umarkets review yet
LMFX
  • Not licensed by a top-tier financial authority, like the UK FCA or the Australian ASIC
  • LMFX is on the CNMV warning list
 No LMFX review yet
Monfex
  • Not licensed by a top-tier financial authority, like the UK FCA or the Australian ASIC
 No Monfex review yet
SimpleFX
  • Not licensed by a top-tier financial authority, like the UK FCA or the Australian ASIC
  • LMFX is on the CNMV warning list
 No SimpleFX review yet
Brokerz
  • Not licensed by a top-tier financial authority, like the UK FCA or the Australian ASIC
  • Brokerz is on the FCA warning list
 No Brokerz review yet
Golden Markets
  • Not licensed by a top-tier financial authority, like the UK FCA or the Australian ASIC
  • Golden Markets is on the FCA warning list
 No Golden Markets review yet
Profit Trade
  • Not licensed by a top-tier financial authority, like the UK FCA or the Australian ASIC
  • Golden Markets is on the FCA warning list
 No Profit Trade review yet
EasyTrade
  • Not licensed by a top-tier financial authority, like the UK FCA or the Australian ASIC
  • EasyTrade is on the FCA warning list
 No EasyTrade review yet
Absolute Global Markets
  • Not licensed by a top-tier financial authority, like the UK FCA or the Australian ASIC
  • Absolute Global Markets is on the FCA warning list
 No Absolute Global Markets review yet

 

Not recommended broker list
Broker's name Reason for not recommending Review link
FxGlory
  • Not licensed by a top-tier financial authority, like the UK FCA or the Australian ASIC
  • CONSOB warned against FxGlory
 No FxGlory review yet
CF Group
  • Not licensed by a top-tier financial authority, like the UK FCA or the Australian ASIC
  • CF Group is on the FMA warning list
 No CF Group review yet
Uptos
  • Not licensed by a top-tier financial authority, like the UK FCA or the Australian ASIC
  • Uptos is on the CONSOB warning list
 No Uptos review yet
PaxForex
  • Not licensed by a top-tier financial authority, like the UK FCA or the Australian ASIC
 No PaxForex review yet
Plusoption
  • Not licensed by a top-tier financial authority, like the UK FCA or the Australian ASIC
  • Plusoption is on the FCA warning list
 No Plusoption review yet
Trade24
  • Not licensed by a top-tier financial authority, like the UK FCA or the Australian ASIC
  • Trade24 is on the FCA, FINMA, and ASIC warning lists
 No Trade24 review yet
Binary Uno
  • Not licensed by a top-tier financial authority, like the UK FCA or the Australian ASIC
  • Binary Uno is on the FCA warning list
 No Binary Uno review yet
CloseOption
  • Not licensed by a top-tier financial authority, like the UK FCA or the Australian ASIC
  • CloseOption is on the CFTC RED list
 No CloseOption review yet
Trade12
  • Not licensed by a top-tier financial authority, like the UK FCA or the Australian ASIC
  • Trade12 is on the FCA warning list
 No Trade12 review yet
10 Markets.com
  • Not licensed by a top-tier financial authority, like the UK FCA or the Australian ASIC
  • 10 Markets.com is on the FCA warning list
 No 10 Markets.com review yet

 

Not recommended broker list
Broker's name Reason for not recommending Review link
Maxitrade
  • Not licensed by a top-tier financial authority, like the UK FCA or the Australian ASIC
  • Maxitrade is on the FMA warning list
 No Maxitrade review yet
Markets Swiss
  • Not licensed by a top-tier financial authority, like the UK FCA or the Australian ASIC
  • Maxitrade is on the FINMA warning list
 No Markets Swiss review yet
GSI Markets
  • Not licensed by a top-tier financial authority, like the UK FCA or the Australian ASIC
  • GSI Markets is on the FCA, FMA, and ASIC warning lists
 No GSI Markets review yet
TitanTrade
  • Not licensed by a top-tier financial authority, like the UK FCA or the Australian ASIC
  • TitanTrade is on the DFSA and FMA
 No TitanTrade review yet
Cash FX Group
  • Not licensed by a top-tier financial authority, like the UK FCA or the Australian ASIC
  • Cash FX Group is on the FCA warning list
 No Cash FX Group review yet
GCG Asia
  • Not licensed by a top-tier financial authority, like the UK FCA or the Australian ASIC
  • GCG Asia is on the FINMA warning list
 No GCG Asia review yet
Turnkey Forex
  • Not licensed by a top-tier financial authority, like the UK FCA or the Australian ASIC
 No Turnkey Forex review yet
TorOption
  • Not licensed by a top-tier financial authority, like the UK FCA or the Australian ASIC
  • TorOption is on the FCA warning list
 No TorOption review yet
Binarymate
  • Not licensed by a top-tier financial authority, like the UK FCA or the Australian ASIC
  • Binarymate is on the CFTC RED list
 No Binarymate review yet
PWRTrade
  • Not licensed by a top-tier financial authority, like the UK FCA or the Australian ASIC
  • PWRTrade is on the ASIC warning list
 No PWRTrade review yet

 

Not recommended broker list
Broker's name Reason for not recommending Review link
Tallinex
  • Not licensed by a top-tier financial authority, like the UK FCA or the Australian ASIC
  • Tallinex is fined by US authorities
 No Tallinex review yet
Europa Trade Capital
  • Not licensed by a top-tier financial authority, like the UK FCA or the Australian ASIC
  • Europa Trade Capital is on the FCA warning list
 No Europa Trade Capital review yet
Capital Traders
  • Not licensed by a top-tier financial authority, like the UK FCA or the Australian ASIC
  • Capital Traders is on the FCA warning list
 No Capital Traders review yet
CIBfx
  • Not licensed by a top-tier financial authority, like the UK FCA or the Australian ASIC
  • CIBfx is on the FCA warning list
 No CIBfx review yet
BinaryTilt
  • Not licensed by a top-tier financial authority, like the UK FCA or the Australian ASIC
  • BinaryTilt is on the FCA warning list
 No BinaryTilt review yet
StoxMarket
  • Not licensed by a top-tier financial authority, like the UK FCA or the Australian ASIC
  • StoxMarket is on the FCA warning list
 No StoxMarket review yet
Top Trade
  • Not licensed by a top-tier financial authority, like the UK FCA or the Australian ASIC
  • Top Trade is on the FCA warning list
 No Top Trade review yet
BigOption
  • Not licensed by a top-tier financial authority, like the UK FCA or the Australian ASIC
  • BigOption is on the CFTC RED list
 No BigOption review yet
CFD Advanced
  • Not licensed by a top-tier financial authority, like the UK FCA or the Australian ASIC
  • CFD Advanced is on the FCA warning list
 No CFD Advanced review yet
Finpari
  • Not licensed by a top-tier financial authority, like the UK FCA or the Australian ASIC
  • Finpari is on the CFTC RED list
 No Finpari review yet

 

Not recommended broker list
Broker's name Reason for not recommending Review link
Orbit Global FX
  • Not licensed by a top-tier financial authority, like the UK FCA or the Australian ASIC
 No Orbit Global FX review yet
XM Bazaar
  • Not licensed by a top-tier financial authority, like the UK FCA or the Australian ASIC
  • Brand use illegally the brand of XM, a regulated broker.
 No XM Bazaar review yet

 

Stay tuned, as we may expand this list with additional brokers in the future.

Until then, read our full reviews of more than 100 global brokers we have covered and can recommend safely to you; see the best brokers for various categories; or explore our education articles to learn more about the arena of investing.

 

Further reading

Author of this article

Eszter Zalán

Author of this article

Eszter has been writing and editing BrokerChooser's content since 2021 bringing her more than a decade-long experience in journalism to the team. She has been covering world affairs and several financial crises, and recently has been diving deep into SEO and coding to make BrokerChooser's content more accessible to users.

Eszter Zalán

Editor, Financial Journalist

Eszter has been writing and editing BrokerChooser's content since 2021 bringing her more than a decade-long experience in journalism to the team. She has been covering world affairs and several financial crises, and recently has been diving deep into SEO and coding to make BrokerChooser's content more accessible to users.

Everything you find on BrokerChooser is based on reliable data and unbiased information. We combine our 10+ years finance experience with readers feedback. Read more about our methodology

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