Free Trade CFD Review: Another Suspicious Broker
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Free Trade CFD Review
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Regulation
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Fund Safety
Summary
a closer inspection reveals that Free Trade CFD is a typical scammer. Many questionable forex trading brokers market themselves as industry experts to give the impression that they have vast market experience. This is misleading.
The first impression you will get when you look at this broker is that you are dealing with a “global forex trading specialist.” However, a closer inspection reveals that Free Trade CFD is a typical scammer. Many questionable forex trading brokers market themselves as industry experts to give the impression that they have vast market experience. This is misleading.
If you want the best trading experience, always trade with licensed, honest crypto brokers. Avoid scam brokers who have attractive deals. Although they may look legit, their mission is always fraudulent. Often, these shady brokers operate for a short while and then disappear as soon as their schemes are uncovered.
About Free-tradecfd.com
You can trade currencies, stocks, crypto, gold, and indices on the Free Trade CFD platform. The broker offers four types of accounts, each with pros and cons. One of the notable differences between the accounts is the minimum deposit allowed. Some accounts also allow telephone trading, which perhaps allows a trader to call and place a trade via phone.
We checked whois.com and realized the broker registered their domain in September 2024, and it will expire in September 2025. The firm could not have expanded to reach a global audience within such a short period. Therefore, their claim about being global is false. Furthermore, the fact that their domain will expire within one year is a red flag.
Founders and Team
This shady broker has omitted all details about its founders and current leadership. One reason for this secrecy is to evade legal repercussions. By keeping their identities hidden, they can avoid personal liability for any fraudulent activities. Without clear leadership, it becomes challenging for authorities to hold anyone accountable.
Additionally, hiding the identities of leaders and founders helps these brokers appear legitimate. By presenting themselves as faceless entities, they can create the illusion of being a large, reputable organization with a team of experts behind them. This can lure unsuspecting traders who may be more inclined to trust a seemingly established brokerage.
Free Trade CFD Contact Details
We couldn’t find any contact information about this broker. This was a red flag. If the broker had any shred of honesty, they would have freely given directions to their head offices. However, they chose to remain anonymous.
Beginner traders have so many questions about the market and their trades. For example, if a trader experiences slippage in the market, they may not understand why the spread has changed in a currency pair. Thus, they require guidance from the broker. If the broker is unreachable, the trader will find trading in the forex market very frustrating.
Free Trade CFD Regulation
Before signing up for an account with any broker, you must check the legal entity that runs it and the regulator overseeing their operations. A licensed company must have the necessary legal documents to prove it.
Most regulators require brokers to keep client funds in segregated accounts. This means that the customer’s money is kept separate from the broker’s funds, reducing the risk of loss in the event of the firm’s insolvency.
On the Terms and Conditions page, we established that Free Trade CFD is based in Cyprus. Thus, they should be under the Cyprus Securities and Exchange Commission (CySEC). When we checked the CySEC database, we couldn’t find the broker’s name, which wasn’t surprising given its questionable nature.
The Italian Commissione Nazionale per le Società e la Borsa (CONSOB) has warned its citizens about this broker. They have noted that the broker offers its services illegally, without a prospectus.
Trade Trading Conditions
Free Trade CFD’s minimum deposit is $250. This is a lot of money, especially for beginner traders. The spread is from 1.2 pips, and the leverage is 500:1. This leverage is too high, and many financial regulators wouldn’t allow it.
We also noted that the conniving broker only allows customers to deposit with cryptocurrencies. This is a common practice among financial scammers. Cryptocurrencies are favorable to them because they’re anonymous and irreversible.
Final Verdict
Free Trade CFD is a scam broker and its motive is to generate income through unconventional means. The broker has many telltale characteristics of a scammer.
In the forex market, there are numerous honest and trustworthy crypto brokers you can work with. Always ensure, however, that you do your research well before selecting a broker. Reading honest reviews is also recommended.
