57Trader Review: A Spanish Trading Scam

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57trader Review
  • Contact and support
  • Deposit Safety
  • License and Regulation
  • Trading Platform
0.9

Summary

Here’s another scam, 57trader, that wants to target Spaniards. The platform is facing a warning from several regulators in Europe. Here’s our in-depth 57trader.com review.

57trader (57trader.com) is a Spanish forex investment scam waiting to pounce on investors. Several regulators, including CNMV and CONSOB, plan to issue a warning. As a result, members have been having difficulty withdrawing funds from the platform. And this is the reason why we have to expose the platform. Once you fund an account, that’s the last you will see or hear from the store. Please find out more in our thrilling 57TRADER REVIEW.

About 57trader

57Trader Pros and Cons

There’s little to write home about when it comes to 57trader. Those who have failed to withdraw funds are now ruing the decision of signing up. Instead, what we have is a platform that fails to redeem itself in the eyes of the law.

You need to invest in proven forex trading tools to get ahead in the forex trading world. Therefore, we recommend investing in reliable forex trading robots backed by experts. These robots guarantee safety and offer advanced tools for trading.

57trader doesn’t even offer any advanced tools or help to investors. Once you sign up, the platform fails to indicate the available account features. Members are signing up blindly with this platform.

And this is why we have to expose the platform’s dirty laundry. Investors need to shun trading with unregulated platforms that promise heaven. 57 traders is one such example that promises heaven but delivers hell. That’s why we have to expose the platform’s red flags.

We have to dig deeper into the platform’s agenda with no background and history. We strongly believe that 57trader.com is another exit scam. Once you deposit funds, the platform will soon lock you out.

You need to protect yourself from such platforms. An excellent way is to do some research before signing up. First, you need to try and find out what makes a platform tick from other investors. Then, try and read our unbiased reviews that help expose the truth about trading.

Accounts 57trader

57trader offers two account types, and these two include Simple and Dynamic. Each of these accounts comes with a different set of features. What’s familiar with both accounts is the guarantee of making a profit.

Here’s a closer look at each of these accounts;

Simple

For the simple account holder, there’s a minimum acceptable deposit of $200. In addition, the account promises a 10 percent welcome bonus and a guarantee of making a 10 percent profit for your investment.

Dynamic

It’s the most exclusive account, with investors having to deposit a minimum of $100. The account comes with a guarantee of making 17 percent in profit. It also comes with a vesting period of 365 days.

Account features

Accounts 57Trader

We have to straightaway insist on the issue of the vesting period. The time you spend waiting for the vesting period does not match the profit estimates. Furthermore, the platform will have already shut down.

The platform does all the investing and trading for you. And this means you give the platform access to your trading account. Sadly, there’s nothing positive about investing with the two accounts.

Affiliate program

An affiliate program promises a 10 percent commission on all profits. Before you become an affiliate of this platform, you need to understand the risks. The platform will put your reputation on the line.

With victims having no way of reaching out, affiliates are their next option. You will have to explain why the platform fails to allow withdrawals. These victims might take the platform to court.

The law will consider you as an accessory to online fraud. That’s why you need to stay away from the store or risk losing everything. Also, avoid becoming an affiliate to stores that rarely offer any services to consumers.

Assets and trading instruments

You get to trade with five classes of trading instruments on the platform. These include commodities, crypto, forex, indices, and stocks. Mind you that the platform is the one that does the investing and trading on your behalf.

Some commodities include household goods such as gas, sugar, wheat, and more. You also get to trade digital currencies paired against leading currencies. Some of the cryptos to find include Bitcoin and Ethereum.

Forex trading happens to be at the core of the platform’s trading activities. We could only find major and minor pairs listed on the trading platform. There are no exotic pairs that members can use to spread their risks.

Indices found on the platform include NASDAQ, S&P 500, and more. You also get to trade shares of leading companies. These companies include those from the manufacturing, tech, and textile industries.

Business holder

Despite our efforts to track down the business owner, the store is anonymous. There’s no business registry of the platform anywhere on the face of the planet. Even Spain’s business registry doesn’t have such a platform.

And this makes 57trader an anonymous investment platform. It would be best if you stayed away from anonymous platforms before you end up losing your funds. Try and find out the legitimacy of a platform before committing funds.

Are funds safe with 57trader.com?

You will notice that the platform fails to indicate the CEO or founders of the platform. An ideal platform will openly give names of staff members. And this is one of the many red flags to spot on the platform.

Client testimony

Jose Garcia is one of the victims who fell for the platform’s antics. He wanted to start investing slow and move on to large investments. But, sadly for him, all the multiple accounts he opened didn’t make any profit.

And this is the same story you will hear with other victims. The platform promises heaven and delivers hell. That’s why you need to stay away from the platform before you lose your investment amount.

Contact and customer support

The platform also fails to avail of live chat support. You don’t even get access to a phone number. These are some of the red flags naïve investors will fail to spot. As you can see, these features must be available on any trading platform.

It would be best if you also made the effort of trying to test the support structure. A genuine platform will have direct means of communication. Test how fast a platform responds to queries before becoming a member.

Deposit and fund safety 57trader

Your funds are far from safe with an anonymous and unregulated platform. The platform fails to segregate funds as dictated by trading regulations. Instead, we have a platform that deposits all funds in a single personal bank account.

The platform also fails to deposit the minimum amount required to start a trading platform. Regulators use such an amount as insurance for deposits made by investors. In the event of bankruptcy or insolvency, no member will get compensated.

CNMV Warning 57 Trader

License and Registration 57trader

57trader is not licensed or registered and faces several warnings from European regulators. The platform fails to apply for a valid license, putting funds at risk. As an investor, you have to protect yourself.

Check with regulators to confirm a platform is dully licensed. The best regulators include ASIC, BaFIN, CFTC, CNMV, CONSOB, CySEC, and the FCA. Others include FINMA, NFA, and the SEC.

Our verdict

After checking the platform, it’s clear that 57trader.com is a scam. Please avoid investing in such platforms in the future.

Experts recommend using affordable forex trading robots that offer an edge while trading.

Feel free to leave a comment or email us with any questions.

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