Brighter Trade Review – 5 things you should know about Brightertrade.com

Brighter Trade Review – 5 things you should know about Brightertrade.com

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

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Brighter Trade is an Estonia-based forex brokerage with a decent range of trading products. It provides its clients with a web-based trading platform and has a stated spread of 3 pips on EUR/USD. It also requires a minimum deposit of $250 which is about the industry average.

Brighter Trade regulation & safety of funds

Brighter Trade does not state on its website to fall under any regulatory oversight. The stated address of the company – Ingoten OU- behind the brokerage is at Harju maakond, Tallinn, Kesklinnalinnaosa, Roosikrantsitn. The brokerage is fairly new and might apply for a license sometime in the future, however, until then, we must underline the fact that credible regulation is missing.

Regulatory bodies such as the NFA or CySec force a broker to comply with a number of strict rules that lower the risk of fraud and give assurance for the safety of the clients funds.

One such rule is the segregation of accounts which forces the brokerage to handle the finances of the clients separately from their own and greatly lowers the risk of commingling. Another is a requirement for a starting capital of € 730 000 which weeds out scammers.

Brighter Trade deposit/withdrawal methods and fees

Potential clients of the brokerage may deposit or withdraw via Visa, Mastercard, Maestro and wire transfer. We should say that in the Terms and Conditions of the brokerage we did find a minimum withdrawal amount of $100 and a withdrawal fee of 10%. Such fees and conditions should not figure among the terms of a legitimate brokerage. Furthermore, traders should always take notice of the all the ways a trader may test the brokerage’s intentions. Firstly, traders are advised 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?

Unfortunately, taking part in forex trading also means exposing yourself to a substantial risk of fraud. You might as well be prepared, because scammers will make an attempt on you regardless of how informed you are. Here is how a typical scam would unfold:

By clicking on an ad with promises for fast money you will be redirected to a nice-looking website such as BitcoinMethod or Bitcoin Revolution with a high-budget trailer. The video will convince you to register and give away your address, phone number and email. Minutes later your personal data will be sent to a number of brokers who’ll begin calling you with trading offers. After a few minutes on the phone with them you decide to deposit $200-250. And as effortlessly as that – the broker gets a commission of $50 from your initial deposit.

The scam, however, continues and what follows is called the “retention”. Senior scammers will now begin addressing you on the phone and explaining all the advantages in further investing with them. After you decide to go for it, you may even win on a few trades and go up by, say, a couple thousand. Naturally, you will begin wanting to close the account and take away your profits.

Unfortunately, closing the account won’t turn out to be a walk in the park. The “recovery department” will take you and yet another representative will have some other trading opportunities to share with you. His game is pretty simple – he has to mislead you into waiting six months or more so that you may not file a chargeback with your bank and get your money back. That possibility forever closes when six months pass after the initial deposit with the broker.

What to do if scammed?

A scam could happen to anyone, including you, and, in such a case, it would be best to know what options are still available to you.

You may contact your bank or credit card provider and file a chargeback, but only within six months of the initial deposit, as was noted above.

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 change it asap!

Scammed traders should take notice not to trust any so-called “recovery agencies”! Such agencies prey on vulnerable traders with talk of recovering their money in exchange for an “up-front payment”. After receiving the payment, the trader won’t hear from them again.

Rich Snippet Data
Review Date
Reviewed Broker
Brighter Trade
Broker Rating
11stargraygraygraygray

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10 Comments

  1. I was scammed by brighter trade I deposited 500 within an hour realised they where a scam tried to withdraw was unsuccessful and in addition they required more compromising information i let my bank know on the same day hopefully they can recover my funds I used credit card to make payment.

    1. Hi.i have just made a deposit of 500 like you.but i read your comments and not good.did the Bank manage to get your deposit back?

    2. Will not recommend this company as I had some bad dealings with them, every thing with my account went well up-to the point that I placed a withdrawal request the thins suddenly change no action at first from the account manager and then late on Friday 10 August my account manager Daniel Cohen phone me and said that in-order to have the money released I have to do some investments guided by him self as all the markets is closing down he has let no margins in the account and all my money lost in a matter of min nets surly if this is not a scam I do not know what is a scam I have screen shots of the request done days before and not action and of all changes made as back-up to my statement if needed. people watched out and be worn of the name Daniel Cohen attach see his E-mail address Daniel Cohen

  2. Good day I am an honest person that wanted to have a little extra income as a retired pensioner to enjoy my grand children and living a bit, but after the way Daniel Cohen treated me I dont know if I will be capable to enjoy my last years, I am left with zero savings each time Daniel called me he requested and pressured for more money, he was cute and I trusted him! I blame only myself trusting this guy! Never trust a broker who asks money on each call! I am left with nothing behind me no pension and a big hole in my bank account anything I cam do to get my investment only never mind the profit, I dont care for it anymore ??

  3. This is a new brand of Plusoption and Greenfield Capital, and it means it`s a total scam, Don`t invest here, they will steal all your investment.

  4. I was almost scammed , I placed the £500 using my debit card with the agent constantly going on and off line. The system declined the payment with the agent stating that security checks were going on by Mastercard and advised me to follow another fast payment method which required my full bank account details. At this point I stopped the payment with the agent telling me he would call me tomorrow TO COMPLETE THE PAYMENT once the security checks had been completed. I then immediately canceled the card I used for Payment, to be followed up with a call from my bank advising the payment had been requested. I acted in good time and would strongly advise everyone to refrain from investing in this scam. They also take an additional £38 for commissions which of course is not advised during the call (BEWARE)

  5. Brightertrade is not registraded in Holland. I lost 3250 euro in a few days. They are just thieves. They call you by phone, win your trust, but try to steal as much money of you. It looks as if they are experts in trading, but if you put money on their account you can’t get it back: withdrawal button does’nt work.

    1. Hi Nico,
      sene mails to “[email protected]” over and over again with screen shots of proof of your withdrawal request. At the end they will refund after completing your account details.
      I managed at least to get money back.

  6. I was scammed on Nov 11 by by signing on an Ad somewhere. Minutes later I was called by Brighter Trade to invest the 250. Then next day I found the negative comments, so I withdraw my deposit right away. Then I was called by Mike Simon, a senior employee. Nevertheless I explained him to withdraw my initial deposit he was only talking about how to do the trading, which was not my intention at all!! But he wouldn’t listen to my arguments, so I hang up. I got several emails from “Compliance” to ‘complete’ my account. After one week later I finally got the money transferred into my bank account. I would not recommend this Company. Be advised for every one to withdraw the Balance and send emails to ‘[email protected]’ and request for refund. For me this worked out well.

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