Beware! InterTrade-FX is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
Even when a broker looks professional and seems to handle itself with style, very little is required to break the entire experience. In the case of InterTrade-FX it was the TradingView widget icon that was attached to the slide bar that showcases the price of different assets. All these prices have nothing in common with what InterTrade-FX supposedly offers. A third-party chart, or similar, is never the way to present trading terms because any online company can use TradingView’s charts o their website. In fact, 99% of all brokers that we have reviewed and used attachments from TradignView are unregulated. Read on to find out if this applies to InterTrade-FX.
The registration process was easy and quick. We were allowed to a user dashboard area that came in the shape of trading software, a browser-based one. This is a move almost exclusively used by scammer brokers. Not to mention that the terminal itself was a reminder of previous illicit brokerages. But at least we can talk about accurate trading conditions and payment details.
The web-terminal reveals a EUR/USD flickers between 4.2 pips and sometimes goes higher. This cost of trade is truly unacceptable and does not constitute a legitimate brokerage spread. The only party that profits from such a spread is the broker. The leverage was capped at 1:100 and we had no way to alter it. Trading products are as follows: forex currency pairs, indices, commodities, ETFs, crypto, bonds, and stocks. Not a bad amount of trading assets, but we have noticed that this trading software always comes with these same financial instruments, which makes us question if the trading software is borrowed from some other source. We will not dwell on this question, and neither should you, because, as you will see, deposits are advised against.
As far as we know, InterTrade-FX comes only in English.
INTERTRADE-FX REGULATION AND SAFETY OF FUNDS
The first major regulatory information is seen in the footer of the website. There it is alleged that Saint Vincent and the Grenadines (SVG) are the locations of the broker, but not that it is regulated there. And even if it did, it would be impossible because the nation does not regulate the FX markets industry. There is no FX regulatory body. So InterTrade-FX is not regulated there, even if it is located there. In the end, it matters not if it holds a Saint Vincent and the Grenadines address.
Aside from the SVG misleading detail, the broker lack proof that it is regulated.
Thus, InterTrade-FX does NOT HOLD A LICENSE, and is a risk to all investments made in it!
There is only one thing left to do! All users who are interested in trading Forex or CFD, are urged to do so only with the real regulators of the industry. Some of the most renowned and secure are the FCA and CySEC. These regulators act upon a set of rules that have been put into a legal framework with the local governments, and that is why users should trade only with brokers regulated by them; once a broker is granted a license from one of these watchdogs, they immediately adopt these legal frameworks as their own rules of conduct. What’s more is that the FCA and CySEC make it is obligatory for all brokers under their gaze to participate in financial compensation schemes; 85 000 pounds per person for FCA, and up to 20 000 euros CySEC.
INTERTRADE-FX DEPOSIT/WITHDRAW METHODS AND FEES
We had no way of getting a hold of deposit details from the user dashboard because the broker required us to verify our account first. Thus we have no other choice but to rely on the website.
The Terms and Conditions reveal that the withdrawal requests are processed in 2 to 7 days. Interestingly enough, the withdrawal portal was not blocked, and so we saw what methods users can use to withdrawal: wire transfer, credit cards, and Bitcoin. There are mentions throughout the Terms and Conditions that reveal commission and fees attached to CFD trading, verification fees, and service fees. Many of these fees have not been given any value or application conditions. There is no clarity on a minimum withdrawal amount.
It is not advisable to deposit any of your funds at InterTrade-FX. The brokerage is unregulated and has scammer trading conditions. We can continue with the reasons, but these two we have indicated are the most crucial of all!
How does the scam work?
Scammers have been known to use the same type of scammer structure, with just different hues and approaches. With that said, the way the scam works is actually incredibly easy to grasp, and once yo know how it works, yo will always be able to detect it.
The first step to being scammed, if we can express ourselves so, is to be lured in by an ad online. These are found all over the internet, but especially on social media websites. Illicit FX firms advertise false promises and fake trading conditions. Internet users that are tempted by these will either be redirected to a so-called robo-scam website or straight to the unlicensed entity. These websites will require you to register with an email or a phone number, and once you provide these details, you will start getting contacted by reps of these scammer firms. These reps require a minimum deposit from users, and will probably achieve to convince you because they are charismatic and confident in what they do.
However, they are no match for the expert scammer, whose goal is to talk you into making more deposits, and in the end will tell you that you cannot withdraw your funds for a number of reasons that will sound suspicious. In the end, what matters is that the client will not be able to withdraw his or her money back.
What to do if scammed?
The only thing to do in that case is to file for a chargeback with your credit card provider. VISA and MasterCard have extended their chargeback time span to 540 days, so good news for those that at have deposited by either of these methods.
If you have deposited via bank transfer, be sure to block the account or change the password. Or you could contact your bank and see what they can do.
Never deposit funds using crypto methods into an unregulated broker. These methods are untraceable, and there is no way to get you money back.
Last but not least, do not trust the so-called recovery agencies, who are nothing more than fraudsters in disguise. If you get scammed, you might get contacted by someone claiming to be a recovery agent who is willing to fight for your money back, in exchange for a small hiring fee. Once you pay them the fee, they will disappear.
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