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Forex-trades is a forex broker that claims to collect deposits from across the globe in various countries. However, the company is not licensed or regulated by any financial watchdog. Invest with reputable forex trading companies to avoid losing your deposit to a shady platform.
Forex-trades poses as financial investment experts dealing with trading of indices, bonds, commodities, and forex. According to the company, clients in this platform will enjoy benefits ranging from; up-to-date security measures, guaranteed withdrawals, prompt order execution, several payment options, customer support, and weekend operability.
The company allegedly operates in countries such as; India, Canada, UAE, Australia, France, the US, Japan, Germany, Italy, and Cyprus. It claims it has over six years of experience, over 26 financial experts, 15 accolades, and over 3000 happy clients.
This company might appear like your investment haven, but we want to show you why you should not entertain the idea of trading on this platform. Ranging from the insufficient details availed at the site, false information, and cunning marketing clichés used, the site has proved itself to be a scam. Through this review, you will know what to look for in a legit forex trading company.
Founders and Team
There is absolutely no information regarding who founded the company. This way, there is no transparent chain of accountability or liability should things go wrong. This is an omission that investors should not ignore. Involving yourself with people who are concealing their identity is reckless.
Forex-trades Contact details
Forex-trades is supposedly situated at 35 Hillview Road, Hatch End, Pinner, England, HA5 4PBCompany No. 11420805. The telephone number given is +1 (254) 647-4419.
After doing our research, we could not find the company’s name in the FCA register. This company has falsified its location and existence. If it is in England, the only other explanation is that they are operating illegally.
Make no mistakes; the only reason it uses England as its location is to add to its credibility. The UK’s regulatory body has the strictest requirement, and the company knows that if investors bite this bait, they will trust it.
According to who. is, the company’s domain expires in July 2021. It is not clear when the company was registered.
Something else also caught our attention; the certificate of incorporation copy provided. According to this certificate, the company was incorporated in June 2018, an apparent contradiction to the 6+ years of experience they are stating. The company name in the certificate is Forex Traders 4 U Limited, which is different from the company’s name.
This company is lying about literally everything. This should be a deliberate breach of integrity and transparency. You should not trust this platform that is shamelessly shady and making bold lies.
Deposits and withdrawals
The minimum amount for deposits is $50. While this amount is within the acceptable range of -$100 brokers’ regulation, we question the deposit methods. The only way to make a deposit is through Bitcoin and Perfect money. The two deposit methods are ineligible for chargebacks, the more reason scammers prefer them. Always avoid sites that do not allow you to file for refunds.
Essential information on fees, withdrawals, and bonuses is undisclosed.
Spread and leverage ratio
Forex-traders only promises clients of providing huge margin exchange leverage but has not provided any spread or leverage ratio. This information is important; the spread forms part of the trading cost whereby lower rates are deemed as most beneficial while leverage ratio is used as an indicator for profit potential.
In this regard, it would be doomed for an investor to involve themselves with this broker when such delicate information is missing.
Forex-trades Trading Conditions
The company has four investment plans; starter, standard, premium, and VIP. At a closer look at the investment policy, we found a clause stating that for starters and standard account holders, it is not allowed to make a deposit lower than your previous withdrawal. This is a ploy to get as many deposits as it can. Once in, you are to keep on topping up your deposits. This is a ridiculous requirement, and it points to fishy dealings herein.
We also noticed another sham it is trying to sell. Forex-traders claim its interest rate for a span of 24 hours is 120%. Legit forex companies reportedly make only a 30 % profit on the trade. The staggering profit quoted by forex-trader.uk is both unrealistic and unachievable. As an investor, beware of brokers like this offering enticing terms to lure you to their den.
Forex-traders is not licensed or regulated. We cannot insist on this enough; avoid unregulated forex brokers! They are a threat to your funds’ safety, investment, and wealth creation. Lack of regulation emboldens this broker to con you off your funds without any care, and there is nothing you can do about this. Do not fall victim.
Forex-trades Trading Platforms
Forex-traders has not provided any essential trading software on its platform. You should ask yourself why? For one, this platform does not allow you to trade. This is so clear in their website where they state that “people let us do it for them because they know we do it better”. Ironically, a platform that sells itself as an investment prodigy takes the trading prerogative from the clients with a promise of guaranteed profits. One wonders why they want clients on their platform and then keep them from trading. The answer could only be one, and it is your deposits they are after!
Reviews on this site are all positive with a 4-star rating. To us, this is not a coincidence. For all we know, this could be a coached review.
You really cannot base your trust on a platform based on mere reviews and ratings. The information disconnect and lies propagated here and the information speaks volumes of this deceptive trader.
Is forex-trades.uk licensed?
Forex-traders does not have a license in any countries it claims to be operating in. This is an offshore company, and you should not entrust it with your investment plans. The company can close down with your deposits.
With forex trading gaining popularity worldwide, fraudsters are also alert and ready to swindle money from unsuspecting investors. This trading arena is highly vulnerable to losses, and fraudulent activities and traders should be cautious. A simple oversight could cost a fortune.
To be on the safe side, several red flags should alert you on scam forex brokers. Insufficient information on the trading operations of a platform should be a cause for concern. Falsified information about operations, location, or services is another sign of a hoax platform. Lack of information on founders, trading conditions, and fees should be a warning on the illegality of such a platform.
Also, a broker that does not have regulation documents or a license is proof that it has no regard for compliance with the law. Also, it could be a sign of a broker engaging in shady activities. Finally, an offshore company lacks specific jurisdiction and regulation, making it difficult to make a legal claim or case against it.
Forex-traders has all the characteristics of a scam broker trying to stay relevant. This broker is only making enticing and unrealistic offers to get investors’ attention and lure them into its trap. It would be best if you did not fall victim to this predator eyeing your wealth. Always exercise due diligence to spot such brokers who will only sabotage your investment plans. Invest with legit forex trading platforms to avoid falling prey to scammers.