ExperTrades Review – Information Expertrades.com Does Not Want You To Know About.

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ExperTrades – Is this a Scam?

Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.

ExperTrades – DO NOT TRADE WITH THIS PROVIDER

ExperTrades claims to be an award-winning financial services broker that offers its clients premium forex, binary options, CFD and Bitcoin trading. The broker states that it can get you as much as 95% in payouts and offers you 4 different types of accounts with which to trade:

  • Silver Account: The minimum deposit requirement for this type of an account is $100. You are supposed to get a 20% daily ROI (Return on Investment).
  • Gold Account: The minimum deposit requirement for the Gold Account is $500. You are promised a daily ROI of 40%.
  • Platinum Account: To start trading on the Platinum Account, you need to make an initial minimum deposit of $2,500. You get a 60% ROI when you trade on this account.

Exclusive Account: To trade on the Exclusive Account, you need to first make a deposit of $10,000. The daily ROI for this account is 80%

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Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.

Founded: 2020

Regulations: Unregulated

Languages: English

Deposit Methods: Ethereum, Bitcoin

Minimum Deposit: $100

Free Demo Account: Available

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Number of Assets: N/A

Types of Assets: Binary Option, Forex, CFD, Bitcoin

Trading Accounts and Conditions

ExperTrades claims to be an award-winning financial services broker that offers its clients premium forex, binary options, CFD and Bitcoin trading. The broker states that it can get you as much as 95% in payouts and offers you 4 different types of accounts with which to trade:

  • Silver Account: The minimum deposit requirement for this type of an account is $100. You are supposed to get a 20% daily ROI (Return on Investment).
  • Gold Account: The minimum deposit requirement for the Gold Account is $500. You are promised a daily ROI of 40%.
  • Platinum Account: To start trading on the Platinum Account, you need to make an initial minimum deposit of $2,500. You get a 60% ROI when you trade on this account.
  • Exclusive Account: To trade on the Exclusive Account, you need to first make a deposit of $10,000. The daily ROI for this account is 80%

There is no information about other trading conditions on any of these account types. We do not know what the leverage is or what the spreads are.

ExperTrades – Advantages

After having gone through ExperTrades’ details, we can safely tell our readers that there are absolutely no advantages to trading with this broker. It is best to avoid contracting with this entity completely. Read on to find out why.

ExperTrades – Disadvantages

Here is the list of disadvantages of trading with ExperTrades:

Anonymous Website:

There is no corporate information given by ExperTrades. We do not know who the parent company of this broker is, where it is based or what its reputation is. The only information we are able to gather from this broker’s website is an address in the United States – and that’s it.

This kind of anonymity bodes ill for traders, as it means that they do not know who is handling their money. Therefore, in the event of a scam, they will not know whom to complain against.

Lack of Regulation

Considering the fact that this broker presented us with a US address, we did our due diligence to check for its regulatory status in the United States. Brokerages in the US are regulated by the NFA (National Futures Association), which has among the most stringent regulations in the world.

When we checked the online registry of the NFA, we were not surprised to find that ExperTrades’ name was not listed anywhere.

Furthermore, this broker claimed (in its Terms and Conditions page) that it was actually regulated by the Vanuatu Financial Services Commission (FSC). Since we do not know the name of this broker’s parent company, and neither do we know its registration, the only link we could check was the broker’s name – ExperTrades. And, unsurprisingly, we did not find this broker’s name listed anywhere on the FSC’s online registry.

All of this leads us to the conclusion that this broker is operating outside the bounds of the law, and is therefore an unregulated entity. What this means for you is that your funds are not safe with ExperTrades.

Unrealistic Promises of High Returns

ExperTrades promises its customers unrealistically high returns. It promises that Silver account holders will get guaranteed 20% returns every day. And Gold account holders will get 40% returns daily. Platinum account holders are promised returns of 60% every day and Exclusive account holders are supposed to get as much as 80% in daily returns.

This is direct contrast to what legitimate brokers publish to their customers. All regulated brokers are required by law to let their customers know that they can lose as much as 70% to 85% of their investment in trading.

Market Maker Offering to Manage Accounts

To the untrained and novice trader, the offer made by ExperTrades actually sounds good. All you need to do is register yourself, choose the type of account on which you wish to trade, and then let the broker’s professional account managers do the investing and money management for you.

And while you sit back and relax, you can watch your money grow exponentially!

The stark reality of the situation is that ExperTrades is a market maker. This means that this broker (like all other brokers) only makes money when you lose! So, when they offer to manage your money and your account, it is actually a serious conflict of interest – something a legitimate broker would never allow.

No Real Trading Platform

We were able to register for an account with ExperTrades, but when we were taken to their trading platform, we found out that the broker does not actually support a real trading platform!

All we got to see was a weird looking dashboard whose charts had been imported directly from an independent financial markets data provider, TradingView.

There is no way in which you would be able to execute trades, since there is no facility to do so on this broker’s so-called trading platform.

Limited and Suspicious Payment Methods

The only ways in which you can transfer money into your ExperTrades account is via a bank transfer, or through two cryptocurrencies – Bitcoin and Ethereum.

Transfers via BTC and ETH are highly suspicious since all transactions done in cryptocurrencies are irrevocable. So, once you have made the transfers, there is absolutely no way in which you can get your money back!

Everything about ExperTrades points to the fact that this is a scam operation and that if you invest your money with this broker, that’s the last you will ever see of it.

We recommend that you look for a legitimate, transparent and regulated broker with which to contract, so that all you need to focus on is trading!

ExperTrades review – 5 things you should know about Expertrades.com

Beware! ExperTrades is an offshore broker! Your investment may be at risk.

Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.

ExperTrades is a CFD brokerage based presumably in the US. It provides a web-based terminal, not the MetaTrader 4 trading platform with a required minimum deposit of just $100 which is quite low and favorable. However, further trading conditions remain undisclosed.

ExperTrades regulation & safety of funds

Through the website of the brokerage we only come across an American contact address and nothing else. There isn’t information regarding the name of the company and it’s corporate details which renders the website anonymous. We remind readers that brokerages operating on the territory of the US have to be regulated by the National Futures Association and are subject to strict rules such as a 20 million capital requirement. However, reading the terms and conditions it appears that ExperTrades claims to be regulated by the Vanuatu Financial Services Commission, however, without a company name we have no reason to believe, nor any means to verify this statement either. This leads us to conclude that ExperTrades is operating outside the law. We also discover that ExperTrades acts as a market maker while simultaneously offering clients “managed accounts” which is a big problem since is constitutes a serious conflict of interest. Market makers only yield a profit when the client losses and if such a broker offers to manage the accounts of the clients, it feels like a definite scam. The regulatory warnings and the lack of regulation put tremendous risk on any transactions interested traders may conclude with the brokerage and we deeply recommend they look elsewhere for viable trading options.

Traders needn’t have to worry themselves with such risk if they choose to trade with a brokerage regulated and authorized by a prestigious regulatory agency. Such agencies are the FCA in the UK or CySec in Cyprus which have been leading names in Forex trading for some time now. Their regulatory framework is composed of a number of strict rules which prevent clients from falling victims to fraud. Such rules include the segregation of accounts which assures that commingling with the client’s money is not possible. Furthermore, a license by such a regulatory body entails participation in a financial mechanism by which clients may be compensated if they suffer losses due to fraud or bankruptcy. With the FCA the compensation is up to 85 000 pounds, where as with CySEC it is up to 20 000 euro per person.

ExperTrades trading software

The brokerage does not provide the MetaTrader 4 trading platform which is something we always consider an advantage since the MT4 is among the foremost trading terminals in Forex trading at the moment, close to 80 percent of users prefer it. The platform provides an advanced charting package, lots of technical indicators, extensive back-testing environment and a variety of Expert Advisors (EAs). However, there apparently isn’t even an available trading platform. A test-drive of the so-called software does not present to us any discernible trading conditions. We only read that the required minimum deposit is surprisingly low and definitely in favor for traders, however, we advise interested customers to steer clear of such dubious offers.

ExperTrades deposit/withdrawal methods and fees

Potential clients of the brokerage may deposit or withdraw only via Bitcoin and Ethereum. The standard payment methods such as Visa and MasterCard, as well as bank wire are missing. Popular e-wallets such as Skrill, Neteller are also not available.

We did not find any stated withdrawal fees, as a matter of fact – the terms and conditions of the brokerage is missing which as clear a sign of trouble as is possible in Forex trading. We do remind traders that when dealing with unregulated brokerage we may never be sure whether they wont charge unexpected fees once the clients have deposited their funds.

Such website are also the reason we advise traders to always put up only the required minimum deposit, instead of risking a bigger amount with no certainty. Afterwards, they may also try to withdraw a small amount in order to check for any unexpected fees or delays. Such fees and delays are usually the signs of a scammer.

How does the scam work?

Even though the forex trading world is extremely large and encompasses millions of people around the globe, the most common scamming is pretty simple and straightforward and as such – it’s not particularly daring to avoid. Here is a quick overview of how it is done:

Through clicking an ad with promises for fast money, you will be redirected to a website such as Bitcoin Evolution or Cashless PayGroup where registration will require you to give your address, email and phone number. After sharing your personal information, you will being receiving calls from brokers, compelling you to invest with them and win big. After a few minutes hearing their pitches, you decide to deposit some $200-250. And just like that – the scammers take a fat commission from this initial deposit.

After they are done with you, senior scammers begin working you into putting even more money. They say it’s the only way to profit from trading even more. After making the mistake of investing even further, you’ll begin wanting to get out of this and withdraw what you have left.

Unfortunately, the con-artists have no such thing in mind. They will now begin persuading you to wait it out and not withdraw right now. The angle here is pretty blunt – traders have a limited time period for filing a chargeback with their bank and get their money back. The “recovery department” will simply want to mislead you into missing thе crucial period and, along the way, losing any chance you might have of getting the money back.

It is important here to take notice that both Visa and MasterCard are taking measures to combat unregulated forex brokerages by classifying all forex transactions as high risk. And with the case Btcoinpro – they are correct in doing so. Furthermore, supporting their intention with clear actions – MasterCard has increased the previous time period of six months for filing a chargeback to a year and a half.

What to do when scammed?

As was mentioned above, scamming is quite the common in the trading world and, sadly, even you might suffer from it. In such an unfortunate case there still may be some available options for you.

You may contact your bank or credit card provider and file a chargeback.

If, however, you have provided the broker with your credit card details, immediately cancel your credit card.

If you have given information regarding your online banking pass – you should switch it asap!

Beware of potential calls from self-described “recovery agencies”! They prey on scammed and vulnerable traders who are desperate to recover their losses. They will require an “up-front” payment to help you, but after paying them, no such help will be coming your way!

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