Abstract：We all know that online currency investing is very dangerous. There are a large number of forex scams online, initiated by fraudsters who convince investors of high returns by trading on the forex market.
Once you believe these defrauds, you will suffer losses. Here we found a forex broker named GLORY TRADE, who is conducting illegitimate forex trading activities.
GLORY TRADE claims to be owned by GLORY COMMERCE LIMITED, a company regulated by the Belize International Financial Services Commission (Belize FSC) under license number IFSC/60/430/TS/19. However, we did not find any match results to the company name or the license number in Belize FSC.
At the front homepage, the broker is celebrating its 11th anniversary. However, evidence tells the company was first created in December 2021. How comes with 11 years？ Here is another red flag here.
GLORY TRADE offers leverage of up to 1:1000 and this high leverage is ridiculous. This figure is too high for any broker who is trying to convince you that it is a supervised broker( it says it holds Belize FSC license) as financial regulators have imposed leverage restrictions to protect investors from the higher losses trading with such big leverage can result in. GLORY TRADE has many offices including the UK base as it shows in “Contact us” For example, UK and EU brokers are not allowed to offer anything higher than 1:30 to retail clients.
Based on the above information, we can conclude that GLORY TRADE is a scam.
FFG Securities was established in 1945 and became a full member of the Fukuoka Stock Exchange in 1949, and established Shimabara Office (upgraded to a branch office in 1980). In October 1985, FFG Securities acquired the qualification of trading futures related to government bonds and other securities on the Tokyo Stock Exchange. In November 1990, FFG Securities became a full member of the Tokyo Stock Exchange, and in December 1998, it was registered as a securities company under the revised Securities and Exchange Act. In 2007, the name of this company was changed to FFG Securities Co., Ltd. FFG Securities is currently regulated by the Financial Services Agency of Japan and holds its authorized and licensed retail foreign exchange license is, regulatory number: 2290001010521.
Evolution Markets is a U.S. registered brokerage firm providing brokerage services in the energy and environmental commodities markets. Evolution Markets currently holds an investment advisory license from the FCA in the U.K. (Regulation No. 224510) and a general financial license from the NFA in the U.S., but both of these licenses are over-the-top. Evolution Markets' services cover the three main segments of brokerage, structuring and advisory, and data/analysis.
Established in 2017, TRFX claims to be a forex trading platform registered in Malaysia, mainly providing forex trading services. Please note that TRFX is likely nothing but a Ponzi scheme, which means it uses the money of next member to pay the present one, which is essentially a pyramid scheme with the distinction of hidden, deceptive and socially harmful. By calling most investors’ desire for money, fraudsters In the platform begin rising funds underground. Overall, investors are advised to stay away from this forex broker.
VTFX presents itself as a forex broker registered in Hong Kong, China, offering its clients a series of trading instruments. As VTFXs official website cannot be opened for now, we were unable to obtain more information about its minimum deposit, trading platform, spreads and commissions, and more. VTFX is operated by a company called VFTX International, and this company does not hold any regulatory license to show it operates legally. Please be aware of the risk involved.