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YaMarkets refuses to withdraw clients’ profits
News about YaMarkets’ fraudulent behavior towards Elite CurrenSea is spreading fast. What exactly has happened? Let’s dive deep to find out more.To get more news about yamarkets review, you can visit wikifx.com official website.
In May 2022, YaMarkets reached out to Elite Currency to enrich their copy-trading by adding new strategies.
As you can see from the growth chart, the strategies turned out to be profitable, however, there was a lack of interest from the traders’ part to use these strategies. YaMarkets and Elite Currensea agreed that until YaMarkets figures out how to bring more clients to the methods, they would put $25k across all 5 accounts.
There were some technical challenges from the broker’s part. For example, there was an issue with properly calculating the amount of profit share to be collected for the month of October.
Once the issue was resolved and the funds were paid, two things happened: Gold EA catches a drawdown of 90%, and another method Portfolio ECS catches 910% profit trade (roughly $56k) based on which, Elite CurrenSea is due to receive a $28k profit share.
As this happens, YaMarkets’ team reaches out with complaints regarding the Gold EA DD, without realizing what has happened on another account. At this point 4 out of 5 of money manager’s methods are profitable and have all together collected nearly 900% profit in under 5 months.
The issue became prominent when withdrawal of profits started. The broker claimed that the flagship account had not been connected to the bridge and therefore profits made couldn’t be withdrawn.
Elite Currensea had made YaMarkets a money manager partner for Indian market. As a result, no Indian client was able to use their strategies and money management solutions without having a YaMarkets’ account.
The company was convinced by the broker that they had made a hefty x10 profit in under five months, only to realize that all this time they had been trading “fake money”.
The CEO of ECS is determined to continue pressing on the matter until the initial amount + damages are paid, and the broker openly addresses the issue.
Dubai FXM Review 2022: Scam or Legit Broker?
Dubai FXM is a robot broker launched in 2012 by the Dubai FXM limited. The broker offers a wide range of products, including CFDs in crypto and forex.To get more news about fxm traders review, you can visit wikifx.com official website.
However, it is well known for supporting bitcoin trading through a trading robot known as Bitcoin Up. Dubai FXM popularity skyrocketed during the crypto boom of 2017 due to its association with the robot.Bitcoin Up went viral in 2017 after helping nearly 70% of its users generate hundreds of thousands of dollars in profits within three months by speculating on bitcoin. Like Bitcoin Era, this robot has remained a top choice for investors and is attracting a lot of attention in 2022 as analysts continue to predict another crypto boom.
This means that the popularity of Dubai FXM as a partner of Bitcoin Up is also rising. Users must register on the Bitcoin Up website to enjoy the great benefits associated with this broker. We will discuss these benefits in this Dubai FXM review and offer tips to help users get the best out of it.
How does Dubai FXM broker work?
Dubai FXM is an ECN broker offering low-cost trading to auto-traders. An auto trader is a person who applies a special computer program to perform trading automatically.
Automated trading does not require any skill or expertise. Moreover, you do not have to spend a lot of time managing your account since the program conducts trading automatically. A trading robot relies on a specialized broker as its bridge to the markets.
The roles of the broker include buying and selling the asset on trade as instructed by the robot and facilitating transactions with clients. They also provide leverage, which is a form of loan provided to the trader to help them magnify their trades.
A good example of an auto-trading platform is Bitcoin Up. As mentioned in the introduction, Bitcoin Up is the partner trading robot for Dubai FXM. This means that you need to visit the Bitcoin Up Website and register an account to trade with Dubai FXM.
Trading with Dubai FXM directly is not recommended since this robot is not made for manual trading. Please note that no expertise is needed to trade bitcoin CFDs through Bitcoin Up. You only need to sign up, deposit the trading capital with Dubai FXM, and click the live trading platform.
Dubai FXM Trading platforms
Dubai FXM is specialized for auto trading, and hence users must register through Bitcoin Up to trade with this robot. The broker has a manual trading option, but users must be familiar with the MT4 to trade manually.
We strongly advise against registering with this broker directly since its trading conditions are not the best for manual trading. You must register through the Bitcoin Up robot to get the best out of this robot.
Bitcoin Up connects with Dubai FXM in the background. The robot conducts trading research and automatically relays orders to the broker for execution. Traders who register through Bitcoin Up are offered a powerful but easy to use the trading platform to manage their accounts.
Trading with Dubai FXM through Bitcoin Up is easy and highly recommended for anyone looking for a passive way to earn an online income. You do not need to invest in trading education or spend a lot of time monitoring your account to trade with Dubai FXM through Bitcoin Up.
Dubai FXM Tradable instruments
Dubai FXM offers forex and CFDs trading. Spot forex trading is available for manual traders. As mentioned earlier, this broker is best suited for automated trading. We suggest that you only trade with it through the Bitcoin Up trading robot.
With Bitcoin Up, you can trade CFDs in crypto against crypto and crypto against fiat currencies. Popular crypto against crypto pairs includes bitcoin paired against Ethereum, Bitcoin Cash, Ripple, Dash, and Monero.
Crypto to fiat currencies, on the other hand, includes popular offerings such as Bitcoin paired against the USD, EUR, and the GBP. Overall, Dubai FXM offers over 60 crypto CFDs pairs at a leverage of up to 1000:1. Leverage allows traders with small accounts to bet on big trades. For instance, a $250 account can trade positions worth up to $250,000 when the leverage is 1000:1.
It’s worth noting that high leverage magnifies both profits and losses. Bitcoin Up automatically connects with Dubai FXM risk management features to control risk. These features include the stop-loss and take-profit features. You should read the Bitcoin Up trading manual carefully to understand the risk management process. The guide is explained in layman’s terms and is hence easy to understand for all.
TP Trades Review
The first step to protecting yourself from fraudulent parties online is to do thorough due diligence on the companies and entities that you are planning to send the funds to. In all probability, there have been other users who have already used the same service, and have expressed their opinions and feedback online on various forums.To get more news about tp trades review, you can visit wikifx.com official website.
After conducting some research on various social media platforms (Facebook, Twitter, Instagram), as well as online trading forums, a general theme emerged where users were dissatisfied with their experience with TP Trades. Based on this user feedback, it appears that TP Trades is not a trustworthy broker, and hence, extreme caution should be applied before investing through their brokerage platform.
There are a lot of brokers out there operating under fake company names or that have other fraudulent operations. A little bit of preliminary research can go a long way in protecting you and your finances.
Is TP Trades Legit or a Scam?
When searching for brokers to conduct your trading activities with, the first and most important step should always be to learn about their certification(s). This will tell you whether they are regulated by a central authority or if TP Trades is an offshore and/or unregulated entity.
When a broker is unregulated or regulated by an entity outside of your jurisdiction, you have limited to no legal recourse in the event that your funds are compromised. In an event of theft, complaints can only be made if that broker is licensed by the regulator in your jurisdiction. Some examples of regulatory authorities that issue brokerage licenses are:
How Online Trading Scams Work?
One of the most prevalent online trading scams is to initially display profitable trades that give the investor a false sense of confidence, and get them hooked to the idea of ‘easy money’. Once this confidence is established, the investor will be marketed the idea of investing more money to earn greater returns. Additionally, other incentives may also be provided to encourage the investor to get their friends and family onboard the platform too.
Once the brokerage believes that they have extracted all available funds from an investor and his/her network, they will then proceed to suspend the account, and the investor will no longer be able to access the funds put in.
Many fraudulent firms will even claim to be domiciled in a regulated jurisdiction, and display fake regulatory licenses and addresses on their websites to try and improve their credibility with unsuspecting investors.
Be careful and verify your information through multiple sources. Constant vigilance should be applied at all times when sending money online.
The good news is that there is help available. The team at MyChargeBack – a specialist group dedicated to helping consumers recover funds lost online – is available 24/7 and has helped consumers all over the world recoup millions of dollars.
Using a trustworthy service such as MyChargeBack is critical in this endeavour as a typical chargeback process can often be complex and drawn out without the right guidance.
Emar Markets Review
Who are they?
After taking a look at their website, it shows that they do not fall under any regulating agency. That is a MAJOR RED FLAG!! That should be enough for you NOT to invest with them. And they also work with websites that offer “Automated trading software” which is another red flag, as this kind of websites are notoriously famous for scamming schemes.To get more news about emar markets review, you can visit wikifx.com official website.
So Emar Markets is just another unregulated forex broker, which means the customers are not protected, and there is highly likely they will get away with your hard earned money and there will be no regulating agency to hold them responsible.
How does it work?
Usually unregulated forex brokers work in the following way. They will call people to persuade them to make the initial minimum deposit, while trying any conceivable method in order to make that happen. They will offer deals that sound too good to be true, like we will double your initial deposit or you will make $100 per day easily. Please don’t fall for anything they say!!! It is a SCAM! After making the initial deposit, people get transferred to a smarter scammer, called a “retention agent”, who will try to get more money out of you.
Withdrawing funds
You should submit a withdrawal request ASAP, because your funds are never safe with an unregulated broker. And here is when things get tricky.
If you want to withdraw your money and it does not matter if you have profits or not, they will delay the withdrawing process for months. If they delay it for six months, you won’t be able to file a chargeback anymore and your money is gone for good. It does not matter how often you remind them or insist in withdrawing your money, you will NOT get them back. And if you signed the Managed Account Agreement or MAA, which is basically authorizing them to do anything they want on your account, they will lose all your funds so there won’t be anything to request anymore.
How to get your money back?
If you already deposited your money with them and they refuse to give your money back, which is very likely to happen, don’t worry, it might be a way or two to get your money back.
First of all you need to keep the emails as a proof that you have been requesting the money back from them but they don’t give it to you, or they delay the process for too long, with the intention of not refunding your money.
The first thing you should do is perform a chargeback! And you should do this right away! Contact your bank or credit card provider and explain how you were deceived into depositing for a trading company that is not regulated and they refuse to give your money back. This is the simplest way of getting your money back and is also the way that hurts them the most. Because if there are many chargebacks performed, it will destroy their relation with the payment service providers. If you haven’t done this before or you are not sure where to start or how to present your case to your bank or credit card company, we can assist you in preparing your chargeback case. Just contact us at [email protected] but do not let your broker know they you read this article or that you are in contact with us.
What about wires?
If you sent them a wire, there is no way to perform a chargeback on a wire. For this step you need to raise the fight to a different level. Tell them that you will go to the authorities and file a complaint against them. That will get them to rethink the refund possibility. Another thing you can do is prepare a letter or email for the regulating agencies. Depending on the country where you live, you can search on google to find the regulating agency for Forex brokers in that country. After that you can prepare a letter or an email describing how you got deceived from them. Make sure you show this letter or email to them, and tell them you will send it to the regulating agency if they don’t refund your money. If you do not know where to start, reach for us at [email protected] and we will help you with this step as well.
Make sure you leave reviews about Emar Markets in other sites
Another way to hurt them and save other people from falling victims is to leave bad reviews on other sites, and describe shortly what happened. If you fallen victim please leave a review and a comment on this site at the comment section. Also, when these people change their website they tend to call the old clients, so if they call you from a new website please write it down on the comment or let us know it by contacting us. That would be really appreciated by us and families all over world. Also if you get phone calls from other companies please put the name of these companies also in the comment or send it to us. We will expose them too.
What you should know before investing with this broker
TRADEQUO is an emerging online broker registered in Saint Vincent and the Grenadines. Saint Vincent and the Grenadines is an attractive place for financial companies to operate through an offshore company. there is no sharp regulation or overseeing of the company operation implemented. The SVG broker can run its activity and accept forex payments through credit cards but is not overseen. It has experience in the business of about 2 years. This brokerage provides forex, metals, indices, energies, crypto, and stocks. We do not know the specific address of this broker and who the owner is on the basis of its shabby website. In addition, WikiFX has given this broker a fairly low rating of 1.32/10.To get more news about trade quo review, you can visit wikifx.com official website.
TRADEQUO offers clients three different types of accounts: They are Trade Quo Platinium account, ECN VIP account, and ECN Standard account. The minimum deposit for Trade Quo Platinium platform is $30,000. The minimum deposit for ECN VIP is $3000, and the minimum deposit for ECN Standard is $100.
Regulation: Is TRADEQUO legit？
TRADEQUO is not a regulated broker. This means it does not hold a regulatory license. Traders need to understand the risk of investing with an unregulated broker. WikiFX has assigned this broker a “No License.”
Spreads & Commissions
The spread is variable in light of the type of accounts, concerning the ECN Standard Account, the spread is from 1.5 pips, besides, clients who are the member of the ECN VIP Account could enjoy the spread from 0.9 pips, for the ECN VIP Account, it sets the limit to the spread from 0.6 pips. In addition, the information on the commission is not mentioned.
Trading Platform
What is worth mentioning, is Trade Quo is an MT4/MT5 White Label provider, providing a platform that is well-recognized as an authoritative and reliable platform for clients all over the world, besides, it is available for free download to PC desktops (Windows/macOS) and mobile device(Android/iOS).
Customer Support
We could not get relevant information about the phone number of the company due to failing to visit the official website, if so desired, please e-mail [email protected] at an appropriate time.
Conclusion
Please be warned that TRADEQUO maybe get involved in a scam since it has a very low score on WikiFX. We suggest you do more research and make yourself comfortable before you choose a certain broker to invest in.
The Collapse of FTX: What Went Wrong with the Crypto Exchange?
Cryptocurrency exchange FTX and its founder and former CEO, Sam Bankman-Fried, are intricately entwined. The swift and damaging collapse of FTX in late 2022 will have repercussions on the international crypto community for years to come.To get more news about bexchange review, you can visit wikifx.com official website.
What Happened to FTX?
FTX’s collapse took place over a 10-day period in November 2022. The catalyst was a Nov. 2 scoop by crypto news site CoinDesk that revealed that Alameda Research, the quantitative trading firm also run by Bankman-Fried, held a position valued at $5 billion in FTT, the native token of FTX.
The report disclosed that Alameda’s investment foundation was also in FTT, the token that its sister company had invented, not a fiat currency or other cryptocurrency.
That prompted concern across the cryptocurrency industry regarding Bankman-Fried’s companies’ undisclosed leverage and solvency.
FTX Collapse’s Sequence of Events
The following is a recap of the events that led to FTX’s failure, bankruptcy filing, and its former CEO’s jailing and extradition to the United States to face a series of criminal and civil charges.
Binance Says It Will Sell All Its FTT Tokens
Binance, the world’s biggest crypto exchange, announced on Nov. 6 that it would sell its entire position in FTT tokens—roughly 23 million FTT tokens valued at about $529 million. Binance CEO Changpeng “CZ” Zhao said the decision to liquidate the exchange’s FTT position was based on risk management, following the collapse of the Terra (LUNA) crypto token earlier in 2022.
FTX Liquidity Crisis and Binance Deal
By the next day, FTX was experiencing a liquidity crisis. Bankman-Fried attempted to reassure FTX investors that its assets were stable, but customers demanded withdrawals worth $6 billion in the days immediately following the CoinDesk report. Bankman-Fried searched for additional money from venture capitalists before turning to rival Binance. The value of FTT fell by more than 80% in two days.
On Nov. 8, Binance announced that it had reached a nonbinding agreement to buy the non-U.S. business of FTX for an undisclosed sum—effectively the world’s largest cryptocurrency exchange bailing out its close rival.
Binance Cancels Deal to Bail Out FTX
The promise of a rescue was short-lived, as Binance backed out of the deal a day later. On Nov. 9, the exchange said that it would cancel the FTX deal after corporate due diligence raised concerns about the mishandling of customer funds, among other issues.
FTX Assets Frozen and Other Implications
On Nov. 10, The Bahamas’ securities regulator froze the assets of FTX Digital Markets, FTX’s Bahamian subsidiary, following news that Bankman-Fried was seeking up to $8 billion in capital to bail out the exchange.
On the same day, the California Department of Financial Protection and Innovation announced that it had initiated an investigation into FTX.
Bankman-Fried apologized the same day for the liquidity crisis and admitted on Twitter that FTX’s non-U.S. exchange had insufficient funds to meet customer demands. He said that “poor internal labeling” caused FTX to miscalculate leverage and liquidity. In the same Twitter thread, he said Alameda would wind down trading.
Bankman-Fried Steps Down as CEO; FTX Files for Bankruptcy
Bankman-Fried stepped down on Nov. 11 as CEO of FTX, replaced by court-appointed FTX CEO John Ray, who led energy trading firm Enron through bankruptcy proceedings years before.
InvestFW Review: Is A Scam Or Safe?
Forex has been around since the 1970s. It is a market where you can trade currencies from around the world. There are several different ways to trade forex. One of the most popular ways is through a broker. In this post, we are going to be talking about a forex broker called Investfw. In this article, we cover an in-depth Investfw review.To get more news about investfw review, you can visit wikifx.com official website.
What Is InvestFW?
InvestFW is a simple trading platform that is best known for its easy-to-use brokerage services and secure trading environment. An ideal place to trade with proper regulations and good trading conditions.
Founded in 2016, the broker has achieved great popularity in the financial market. Traders can have good products and services with the best trading platform to invest in.
Is InvestFW Scam?
No, It’s Not A scam broker. InvestFW is a regulated broker that is working under the brand name of iTrade Global (CY) Ltd. The company has a good reputation and two more brokerage firms working, TradeFW and TradedWell.
It is regulated and authorized by the Cyprus Securities and Exchange Commission (CySEC) with license number 298/16. The company has a physical presence with its headquarters in Limassol, Cyprus, and is registered with the number HE 335424.
Other than this, it is deemed authorized and regulated by the Financial Conduct Authority and has a sound security system to make transactions smooth.
It has years of market experience in serving traders with excellent market tools and resources and opportunities. Relying on the details discussed, it could be easily said after the read-investfw review that the InvestFW broker is a legitimate broker and not a scam.
InvestFW Review: Trading Accounts?
InvestFW knows that every trader is different, and their needs from the market also differ. To manage such requirements and help them achieve their trading goals, it offers four types of trading accounts.
The accounts are from novice to experienced traders, supporting them with the best trading practices. Traders can have the following trading accounts:
Platinum accounts are specially designed for the professionals of the market. Traders can use the services of the account to execute their trade, analyze the market and have an easy trading experience.
The services offered are the same as listed with a standard account but what makes it different is the swap discount offered, the tight spreads (from1 pip), and the minimum contract size from 0.1.
Fees and Charges
Trading fees at InvestFW are low and do not involve any hidden or extra costs. There is zero commission charge for trading with the broker, and traders can easily invest in the markets.
However, there could be some fees on the transactions or deposits or withdrawals of funds from banks or institutions.
Other than this, the trade is simple with low fee charges.
InvestFw Review: Leverage
Leverage is the trading loan offered by the broker to open high market positions. InvestFW offers its clients maximum leverage of up to 1:30, and traders can use it to make trade benefits.
A good source to explore market opportunities, but it has its risks as well. Therefore, traders have to be careful while using it.
ZaraFx provides customizable trading functionality to all its end consumers
Zara FX has been a pioneer in providing professional brokerage services to traders all around the world.To get more news about zara fx review, you can visit wikifx.com official website.
Zara FX works with both individual and institutional clients to help them take advantage of the fantastic investing and trading opportunities available in currencies, commodities, CFDs, and a variety of other instruments.
They created a variety of tools to make trading in the forex market more convenient for you. We have both live ECN and micro accounts available.
By providing better services, faster execution, and cheaper spreads, Zara FX hopes to revolutionise the trading sector. They strive to make significant improvements in the way trade is conducted. And aspire to be one of the world's largest online foreign exchange providers.
Zara FX's customer-centric business focuses on providing customizable trading functionality via its platforms, with a diverse selection of products available at the best pricing, execution, and liquidity.
The primary goal of Zara FX is to provide our clients with the finest possible trading environment. It is accomplished by providing various sorts of accounts to meet the needs of various types of traders.
With the diversity in terms of services and flexibility that Zara FX provides has helped it to serve multiple clients and customers throughout the globe.
Because of its exceptional services and customer support Zara FX has raised to higher levels and has been bestowed with the award of Fastest Payout in the Forex Expo held in Dubai 2021.
Zara FX also understands the importance of providing quality customer support to help you trade without issues. A personalized customer support in many languages is an add-on when you enroll and start your trading journey with them. They have professional account managers and support team to cater to your needs.
Zara FX is a platform that provides state-of-the-art Forex trading services to match the busy lifestyle of traders where you can manage your accounts with their unique set of features. They have over 200+ partners, 80k+ accounts spread widely over 4+ countries.
Trading with Zara FX is like a cakewalk with three simple steps -
1. Choose Account Type: To get started on your trading journey with Zara FX, choose the right account type that suits your trading goals and investing capacity.
2. Open Trading Account: Open your trading account with Zara FX with a small deposit to start your ambitious trading journey and earn more.
3. Find Your Account: It is all about finding the right combinations to start earning unlimited profits from trading. Find your account now.
Once you've established yourself as an industry leader, it's time to take a bigger bite out of the pie.
By providing better services, faster execution, and cheaper spreads, we hope to revolutionize the trading sector. We strive to make significant improvements in the way trade is conducted. We aspire to be one of the world's largest online foreign exchange providers.
Zara FX offers a selection of six precious metal pairs, including Gold, Silver, Platinum, and Palladium, that may be traded against the US Dollar or the Euro.
Our professional brokerage service assists you in managing your metal trading portfolio so that you may take advantage of unique opportunities while minimizing risk. On MetaTrader4 & MetaTrader5 platform, Zara FX offers four valuable silver and gold crosses. Like any other currency pair on the platform, you can trade gold and silver against the US dollar and the euro.
Opofinance Review 2022
Opofinance manages to provide access to both MetaTrader 4 and MetaTrader 5 and offers relatively decent trading conditions. However, this is an offshore broker who claims to be regulated by different financial authorities without actually having any sort of formal license. This makes the broker dangerous and a likely scam – so we would suggest that you do not trade with them and choose a legitimate broker instead.To get more news about opofinance review, you can visit wikifx.com official website.
When we checked the register of the FSA of Seychelles, we did not find a company with that name – which means that Opofinance is not actually authorized by this financial authority. On the other hand, the regulatory body of St. Vincent and the Grenadines, SVGFSA, does not regulate forex brokers and does not impose any laws in the sphere of forex trading – which means that no broker could be regulated in this country. Finally, the Financial Commission is not a regulator we are familiar with – and even Opofinance stated that this is just an international organization dealing with the resolution of disputes. This means that the broker in question is not authorized to offer services by any financial authority – which makes them a danger to your investment.
What are the risks of dealing with unregulated brokers?
Anyone who deals with unregulated brokers like the one we are currently reviewing is taking a major risk with their money. These companies offer online trading services without any sort of a license and without any supervision on the part of the authorities – which makes them not only unreliable but dangerous for they are completely unaccountable for their actions. Most such entities are nothing but scammers who only seek to deceive their clients and swindle them out of their money. But even if such a company is not running a scam, it still cannot be trusted – for example, it could go under due to mismanagement, in which case its clients will lose their entire investment.
To avoid any such problems, turn to a legit and reliable broker that does everything by the book, and can provide you with significant assurances for the security of your funds.
Regulatory framework in the US
The US forex market is among the most heavily regulated ones. Brokers operating in the country should be members of the National Futures Association (NFA) and also be registered with the Commodity Futures Trading Commission (CFTC). They are required to meet a long list of requirements in order to make sure that these companies are transparent, well-capitalized and treat their clients fairly.
First of all, US brokers are subject to one of the highest capital requirements for financial services providers worldwide – they must maintain net capital of at least $20 million. Also, like all properly licensed brokers, those regulated in the US should keep clients’ funds segregated from their own operational funds to ensure that no commingling takes place.
Similarly to the situation in other countries, forex brokers in the USA face restrictions in terms of leverage – they are allowed to provide leverage up to 1:50 for majors and up to 1:20 for minor currencies. The leverage restrictions are introduced due to investor protection concerns.
Another restriction US brokers are subjected to is the so-called FIFO (first in, first out) rule which prevents traders from going long and short on the same pair at the same time. Simply put, If you open more than one position on a currency pair, you must close the first before closing the second one.This also means that hedging is not allowed.
Finally, forex brokers legally operating in the States have to meet certain reporting requirements. In addition to the record-keeping and reporting guidelines introduced by the CFTC, they are required to provide their clients with access to certain transaction execution data (under the NFA’s rules on disclosure of transaction data).
OFFSHORE BROKERS’ DIRTY TRICKS
Most unregulated brokers are known to engage in fraudulent practices, but they usually have a similar approach. Once you get acquainted with it, you can easily recognize the scammers’ dirty tricks and protect yourself. So, here are two of the most popular scam broker techniques:
Bonuses with high trading volume requirements
Trading bonuses are inseparable part of the offering of most scam brokers. Attractive as such promotions may seem at first sight, they always come with strings attached – a minimum turnover requirement you have to meet in order to be able to withdraw the bonus funds. Usually, however, the trading volume requirements are so high that even seasoned traders will have difficulties in achieving them. But the most serious problem is that once your account is credited with a bonus, it is no longer possible to distinguish which money is made from the bonus funds and which are derived from the ones you have deposited.
StarTrader Review: 5 reasons to avoid this forex broker
Presented as a safe and trusted, fully regulated broker, in fact the fastest growing broker in the world, in reality StarTrader is at best a zero credibility, offshore broker with no legit forex license, if not an outright scam. So if you are still considering the possibility of trading scores of forex pairs, stocks, indices, agricultural and energy commodities, precious metals and crypto currencies with the purportedly tight spreads advertised in the presentation, better think twice and read the following lines.To get more news about startrader review, you can visit wikifx.com official website.
StarTrader Regulation and Safety of Funds
To begin with, we are not entirely sure which exactly is the company behind the website. First we have NextRoll, Inc., whose internet cookies we were asked to agree with right after we accessed the StarTrader’s website. Than we have STARTRADER LLC, which we are assured is duly incorporated offshore in St. Vincent and the Grenadines, and then we have Iv Markets Ltd., which is actually the company you are signing an agreement with upon opening a trading account with StarTrader and which appears to provide the trading platform.
Whatever the story, the fact that non of the above mentioned companies is licensed and authorized to provide trading services anywhere, is more than sufficient to identify StarTrader as a scam.
Actually StarTrader do claim to be a fully regulated broker, and they even mention the Financial Services Authority (FSA) of St. Vincent and the Grenadines. That however, is simply not true. Take a look:
Just bear in mind that even if StarTrader is truly registered in St. Vincent and the Grenadines – an offshore registration which does not help with their credibility at all – they could not possibly be licensed by the FSA, because the local regulatory authorities simply do not license and authorize forex and CFD brokers.
As a matter of fact the FSA of St. Vincent and the Grenadines has even issued a special warning on the subject, informing the public that “the FSA does not issue any licenses to carry on the business of FOREX Trading or Brokerage or Binary Options Trading nor does the FSA ‘Regulate, Monitor, Supervise or License’ International Business Companies (IBCs) which engage in such activities.”
Fake profits and 20% “fee” on withdrawal request
You should be aware as well of the ridiculous withdraw processing and handling fees, as well as the so called “profit fees”, which as a matter of fact you will be required to pay every time you request a withdrawal, no matter if your request is latter approved or not. The funny thing here is that such fees can easily exceed 20%, which is simply outrageous.
Guaranteed returns
And bear in mind that any broker that promises you guaranteed returns or risk free trades is obviously about to scam you as well. On the contrary, legit and regulated brokers are even required to warn you about the dangers of trading leveraged instruments and the high probability that you are about to lose your funds.
StarTrader Trading Platform
StarTrader do provide a well known trading platform – the industry standard MetaTrader4, but that certainly does not change the fact that the website is not regulated anywhere and that it clearly bears all the hallmarks of a scam we can possibly think of.
With 17 years on the market MetaTrader4 is a veteran platform, which still proves to be one of the most popular among traders, regardless of their level of experience. Not surprisingly MT4 has a 4,8 star rating at Apple App Store, supported by nearly 61 000 reviews, and a 4,7 star rating at Google Play on the basis of 803 thousand reviews. Not to mention the well over 10 million downloads from each of the two locations.
