Risk scorecard
Each area is scored 0 (clean) to 10 (worst). Higher means more risk.
Regulation
7/10 · HighTakes retail deposits with no licence anywhere, while advertising two. The Saint Vincent number is a company registration from an authority that does not license forex, and the Azerbaijani central bank's published list of licensed investment companies does not include the firm.
Identity & transparency
5/10 · ModerateCredit where due: a real named entity, a verifiable Saint Vincent register entry, and a Baku street address and landline unchanged since 2023. Against that, no owners or directors are disclosed anywhere, two different Baku addresses circulate, and the regulation section shows neither a number nor a register link.
Withdrawals & conduct
3/10 · LowNo credible fund-integrity pattern found. The negative claims in search come from automated review pages with no amounts, dates or ticket numbers, several describing unrelated firms sharing the a third-party broker directory name. Some traders report fast payouts. Scored low, with the caveat that there is no regulator to escalate to.
Reputation
6/10 · HighThin and one-sided. Neither domain has a Trustpilot profile despite a claim of 28,000 active users, and the favourable commentary sits on referral sites that earn a commission on sign-ups plus the broker's own testimonials. One comment on an independent broker directory, which itself scores the firm near the bottom of its scale.
Website claims
9/10 · CriticalThe statement that a third-party broker directory is officially registered and licensed by the FSA and Azerbaijan's financial regulator is false on both halves, and a counter advertises two regulatory licences that are company registrations. Its own site said 105 people had joined in March 2024 and now advertises over 28,000 active users.
Operational history
5/10 · ModerateVerifiable back to an August 2022 domain with continuous presence under the same entity since early 2023, which is genuine history. But the current site is five months old, the Saint Vincent company nineteen months, and the Azerbaijani company cannot be dated because that register is closed, so four years is an upper bound rather than a confirmed figure.
Who they are
A quick desk file on the company behind the brand.
- Brand: a third-party broker directory (also styled a third-party broker directory Broker and a third-party broker directory Market)
- Legal entity: Bigray Finance Group LLC, presented as one company holding two separate registrations
- Registered: Azerbaijan, company number 1406246501, at Nasimi District, Tbilisi Ave., Block 3007, Block 3, Floor 13, House 75, Baku AZ1102; and Saint Vincent and the Grenadines, company number 4044, incorporated 21 February 2025 through registered agent Wilfred Services Ltd.
- Website: a third-party broker directory.market is the live site. fx24broker.com redirects to it and is the older of the two domains, registered in August 2022.
- Only licence: none. The two numbers the broker advertises as licences are company registrations, and neither issuer supervises its trading business.
- Offers: forex, indices, commodities, stocks and crypto CFDs on MetaTrader 5, from a 25 dollar minimum deposit, leverage to 1:500, with Standard, ECN and Scalper Pro accounts.
- Audience: the site runs in English, Persian and Arabic, support is offered in Persian, and deposits are described in Iranian rial and Tether. An earlier version of the site said it did not serve residents of Iran.
- Age claim: the broker publishes no founding year. It does advertise more than 28,000 active users and more than 12 million in trading volume.
Regulation
Who really oversees this broker, and what each licence is worth to you.
Proof of regulation on an official register: No
We could not confirm this broker on any genuine regulator’s register.
Licences the broker publishes
FSA (Saint Vincent and the Grenadines Financial Services Authority)
Central Bank of the Republic of Azerbaijan (CBAR)
Why we reached this verdict
How the evidence adds up.
The verdict rests on the gap between what a third-party broker directory advertises and what the two named authorities actually record.
- The FSA claim is self-refuting. The only FSA-linked identifier the broker publishes is Saint Vincent company number 4044. The Financial Services Authority there does not license or regulate companies engaged in forex trading or brokerage, so no such licence can exist. Its register returns Bigrayfinancegroup LLC as an active Limited Liability Company, entity type LLC, incorporated 21 February 2025. That is corporate existence, not permission to hold client money.
- The Azerbaijan claim fails on the regulator's own list. The Central Bank of the Republic of Azerbaijan publishes the complete register of licensed investment companies. It contains twelve firms, all of them joint-stock companies, and Bigray Finance Group is absent. The same page states that an investment company must be incorporated as a joint-stock company, which an LLC cannot be. The number a third-party broker directory offers instead, 1406246501, is a company registration that has appeared in its own footer since 2023.
- The claim is made in the strongest terms. The homepage heading reads Trusted Regulation & Official Registration, a counter advertises +2 Regulatory Licenses, and a section headed Regulated & Certified for Your Trust carries no licence number and no register link. A firm with real permissions links to them.
- The scale claims moved a long way in two years. The same operation's own site in March 2024 said 105+ People who have joined FX24Broker. The current site advertises more than 28,000 active users and more than 8,000 active accounts. That version also stated it did not provide services to residents of Iran, while running a Persian-language site.
- There is no independent trace. Neither a third-party broker directory.market nor fx24broker.com has a Trustpilot profile. The positive commentary sits on referral sites that earn commission on sign-ups and on the broker's own page. For a firm claiming 28,000 users that absence is itself a signal.
On operating history we can evidence the domain leg but not the company leg. The oldest domain dates to August 2022 and the operation has run under the BigRay name since at least February 2023, so roughly four years is an upper bound. The Saint Vincent company is only nineteen months old, and Azerbaijan's company register is not open to public search, so the Azerbaijani company cannot be dated. The figure therefore rests on the domain alone and the true operating age may be lower.
What we did not find matters too, and we weighed it. No regulator warning names this broker, this domain or this company. No enforcement action and no fraud-related court record names Bigray Finance Group LLC. We found no credible, specific account of a withdrawal being refused. The negative write-ups that surface in search are automated review pages, several of which describe unrelated firms that share the a third-party broker directory name. On that basis we stop short of calling this a confirmed scam and record it as likely, driven by misrepresentation rather than by proven loss.
Evidence ledger
Every finding, with its source and how strongly it points.
E1A third-party broker directory tells visitors it is officially registered and licensed by the FSA and Azerbaijan's financial regulator, under a heading reading Trusted Regulation and Official Registration, with a counter advertising two regulatory licences.
E2The Central Bank of the Republic of Azerbaijan publishes the complete list of licensed investment companies. It holds twelve firms, every one a joint-stock company, and Bigray Finance Group is not among them. The same page states an investment company must be incorporated as a joint-stock company, a form an LLC cannot take.
E3The Saint Vincent register returns Bigrayfinancegroup LLC, registration number 4044, entity type LLC-Limited Liability Company, status Active, incorporated 21 February 2025, registered agent Wilfred Services Ltd. The entry is a company registration and carries no licence, and that authority does not license or regulate forex brokerage.
E4The same register entry confirms the company genuinely exists and is in good standing, which counts in the firm's favour on corporate reality even though it is not a licence.
E5The terms name Bigray Finance Group LLC with Azerbaijani registration 1406246501 and Saint Vincent registration 4044, and describe the business as execution-only. No regulator, licence number or supervisory permission is named anywhere in the document.
E6The Persian-language home page repeats the same claim for an Iranian audience, saying the firm is formally registered and operates under FSA licence and Azerbaijan's financial regulator, citing the same two company numbers.
E7The contact page carries no external link to any regulator or register, and the site publishes no verification link for either advertised licence. It also still shows unedited template filler copy offering to turn the reader's ideas into a digital experience.
E8The live domain a third-party broker directory.market was registered on 14 April 2026 through NameCheap, making the current site about five months old at the time of writing.
ModerateIdentity Digital RDAP recordE9The older domain fx24broker.com was registered on 28 August 2022 through GoDaddy and now redirects to a third-party broker directory.market, and both domains share the same pair of nameservers, tying them to one operator.
ModerateVerisign RDAP recordE10An archived capture of fx24broker.com from March 2024 already shows BigRay Finance Group LLC, registration number 1406246501, the same Baku registered address and the same landline, establishing continuous operation under this identity since at least early 2023.
E11The same March 2024 capture states 105+ People who have joined FX24Broker, against the current site's claim of more than 28,000 active users and 8,000 active accounts. It also states the broker does not provide services to residents of Iran, while the site was already published in Persian.
E12A February 2021 warning-list entry for a broker trading as a third-party broker directory names the website a third-party broker directory.one and the company Swiss Management Corporation. That is a different operation from Bigray Finance Group, and we found no shared entity, address, telephone number or infrastructure, so it is recorded as context and not counted against this broker.
E13Archived captures of a third-party broker directory.one from 2021 and 2022 show a euro-denominated broker on MetaTrader 4 and Sirix claiming service since 2007 and a registration from a body calling itself the International Financial Market Regulation Center. Nothing on it refers to Bigray Finance Group, confirming the two are separate operations sharing a brand word.
E14A sweep of the international and major national warning and alert lists returned no entry naming a third-party broker directory, a third-party broker directory.market, fx24broker.com or Bigray Finance Group LLC as of September 2026. No enforcement action or fraud-related court record names the company.
The other side
The strongest case in this broker’s favour.
The case for a third-party broker directory being a real if unregulated business is stronger than for most brokers we look at, and it deserves stating plainly.
- The company is genuinely registered and we confirmed it on a primary source. Saint Vincent's register returns Bigrayfinancegroup LLC, number 4044, status Active. Many suspect brokers cannot survive that check.
- The identity is stable and disclosed. The same entity name, the same Azerbaijani registration number, the same Baku address and the same landline have appeared on its site continuously since early 2023.
- A real trading operation sits behind the brand. A MetaTrader 5 server runs under the Bigray Finance Group name, which is not something a purely fake platform normally has.
- No authority has raised a flag. We swept the international warning lists and the major national ones and found no entry naming this broker, its domains or its company.
- No fund-integrity pattern emerged. Across the platforms we checked there is no cluster of people saying their money did not come back, and Persian-language commentary describes deposits and withdrawals being processed quickly.
- Being unlicensed is not automatically dishonest. Plenty of brokers operate from light-touch jurisdictions, and Azerbaijan has no retail forex licensing regime that a firm of this shape could realistically enter.
- A 2021 warning about a broker called a third-party broker directory belongs to somebody else. That notice named a third-party broker directory.one and Swiss Management Corporation, a euro-denominated operation on a different platform that closed in 2022. We found no shared entity, address, phone or infrastructure with Bigray, so we did not count it against this broker.
What defeats the steelman is not the absence of a licence. It is the presence of a licence claim. A firm that simply said it was unregulated would sit at high risk and no worse. A third-party broker directory tells visitors it is licensed by two named authorities, and both statements fail against those authorities' own records.
What would change this
What we would need to see to revise the verdict.
These are the specific findings that would move our assessment, in either direction.
- Would clear it substantially: a third-party broker directory removing the licence wording and describing itself accurately as a registered but unregulated company. That single change would take this out of the misrepresentation category and into ordinary offshore risk.
- Would clear it: Bigray Finance Group appearing on the Central Bank of the Republic of Azerbaijan's list of licensed investment companies, or a licence number from any recognised authority that resolves to this entity and this domain.
- Would clear part of it: documentary evidence that the Azerbaijani company predates 2023, which would settle the operating history that the closed register currently leaves open.
- Would harden it to a confirmed scam: any regulator adding a third-party broker directory.market, fx24broker.com or Bigray Finance Group LLC to a warning or alert list.
- Would harden it: three or more independent, dated, specific accounts of withdrawals being refused or of a further payment being demanded before funds are released. We found none, and that is why the verdict is likely rather than confirmed.
- Would harden it: evidence tying this operation to the earlier a third-party broker directory.one business through shared ownership, staff or infrastructure.
Check it yourself
Official registers and warning lists. Verify every claim first-hand.
Central Bank of the Republic of Azerbaijan, licensed investment companies
The full list of firms licensed to provide investment services in Azerbaijan. Bigray is not on it.
Saint Vincent and the Grenadines FSA, entity name search
Search BIGRAY to see company 4044 listed as an LLC, which is a registration and not a licence.
A third-party broker directory terms and conditions
Where the broker sets out its two company registrations.
A third-party broker directory home page
Where the licence claim and the client numbers are advertised.
Frequently asked questions
Quick answers about this broker’s safety.
Is a third-party broker directory a scam?
We assess a third-party broker directory as a likely scam and score it 70 percent risk. It takes retail deposits while telling visitors it is licensed by the FSA and by Azerbaijan's financial regulator. Neither licence exists on the relevant register. That is misrepresentation, and it is the main reason for the rating.
Is a third-party broker directory a fraud?
No regulator or court has made a finding of fraud against a third-party broker directory or Bigray Finance Group LLC, and no warning list names this broker. We assess the risk of fraud as high, because the firm advertises two regulatory licences it does not hold. That is our assessment based on the registers, not a legal conclusion.
Is a third-party broker directory regulated?
No. A third-party broker directory holds no financial licence anywhere that we could find. The Saint Vincent number 4044 is a company registration, and that country's Financial Services Authority does not license forex brokers. The Azerbaijani number 1406246501 is a company registration, and the Central Bank of Azerbaijan's list of licensed investment companies does not include Bigray.
What does the FSA licence that a third-party broker directory advertises actually mean?
It means the company exists on paper in Saint Vincent and the Grenadines. The register shows Bigrayfinancegroup LLC, number 4044, entity type Limited Liability Company, incorporated on 21 February 2025 and currently active. Registering a company there costs little, takes about a day, and involves no check on how the business treats client money.
Can I withdraw my money from a third-party broker directory?
Some traders report that deposits and withdrawals are processed quickly, and we found no credible pattern of refused withdrawals. But because no regulator supervises the firm, there is nobody to escalate to if a withdrawal is delayed or refused, and no compensation scheme behind your balance. Withdraw in stages and keep records.
Is my money safe with a third-party broker directory?
Your deposit is not protected. There is no regulator requiring client funds to be held separately from company funds, no ombudsman and no compensation scheme. If the firm stopped paying, you would have no realistic route to recovery. Only risk what you can afford to lose entirely.
Who owns a third-party broker directory?
A third-party broker directory is operated by Bigray Finance Group LLC, which holds an Azerbaijani company registration numbered 1406246501 and a Saint Vincent registration numbered 4044. The site names no directors, officers or beneficial owners, and neither register publishes them.
How old is a third-party broker directory?
The earliest verifiable sign of the operation is the domain fx24broker.com, registered in August 2022, and the brand has run under the BigRay name since at least February 2023. The current site a third-party broker directory.market only went live in April 2026 and the Saint Vincent company was incorporated in February 2025. Azerbaijan's company register is not open to the public, so the Azerbaijani company cannot be dated and roughly four years should be read as an upper bound.
Is a third-party broker directory a clone of another broker?
No. A third-party broker directory is not impersonating a regulated firm and is not using another company's licence number. The registrations it publishes genuinely belong to Bigray Finance Group LLC. The problem is that they are company registrations presented as regulatory licences.
There was a 2021 scam warning about a third-party broker directory. Is that this broker?
No. That notice named the website a third-party broker directory.one and a company called Swiss Management Corporation, a euro-denominated broker on a different trading platform that closed during 2022. We found no shared company, address, phone number or infrastructure with Bigray Finance Group, so we did not hold that history against this operation. Several unrelated firms use the a third-party broker directory name.
Does a third-party broker directory accept traders from Iran?
The site is published in Persian, support is offered in Persian and deposits are described in Iranian rial and Tether, so it is plainly marketed to Iranian traders. An earlier version of the same site stated that it did not provide services to residents of Iran. Those two positions cannot both be true.
What should I check before depositing with any broker?
Find the licence number on the broker's own site, then open the regulator's public register yourself and confirm the number returns that exact company and that exact website. Check that the licence permits dealing rather than only advice, and that it has not expired. If the broker names an authority but gives you no number and no link, treat that as the answer.
What do I do if I have already lost money to a broker?
Gather your deposit records, statements, ticket numbers and all correspondence, then report it to the police or financial crime unit where you live and to your bank or card issuer, who may be able to attempt a chargeback. Never pay anyone who promises to recover your funds for an upfront fee. Those recovery offers are a second scam aimed at people who have already lost money.
What we recommend
The practical takeaway from everything above.
Our advice to anyone considering a third-party broker directory, and what we suggest the platform does.
- Do not deposit on the strength of the licence wording. The two numbers on the site are company registrations. Neither gives you a regulator to complain to, a compensation scheme, or any guarantee that client money is held separately from the firm's own.
- If you already have money there, withdraw it in stages and keep records. Save deposit receipts, ticket numbers, chat transcripts and the dates of every request.
- Treat any request for an extra payment to release a withdrawal as a stop sign. No legitimate broker requires a tax, fee or insurance payment before returning your balance. We have not seen this reported here, but it is the pattern to watch for.
- Check the claim yourself. The Central Bank of the Republic of Azerbaijan and the Saint Vincent register are both public and take a minute each. The links are listed above.
- For the platform: flag the broker for the false licence claims, correct the stored country from United Arab Emirates to Azerbaijan, replace the recorded main website a third-party broker directory.one with a third-party broker directory.market, and add Bigray Finance Group LLC as the legal entity. Re-review in 90 days, or sooner if a warning-list entry appears.
This is an independent assessment of risk, not a legal ruling. Scores and verdicts follow the Wikilix broker-safety methodology and can change as new evidence appears. Review scores are treated with caution when a broker’s reviews look manipulated. Last reviewed September 8, 2026. If any detail here is out of date or incorrect, or you represent this broker, please contact us.