EasyTrade Review – 5 things you should know about easytrade.biz

EasyTrade Review – 5 things you should know about easytrade.biz

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

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EasyTrade is a unregulated forex and CFD broker, against which there is a recent warning by the Bulgarian Financial Supervision Commission (FSC) and a court order to block the access to the website form the territory of Bulgaria.

Otherwise EasyTrade says to be offering CFDs with “more than 1000 financial assets”, including forex pairs, stocks, commodities, indices and major crypto coins like Litecoin, Ethereum, Dash and Bitcoin and Ripple. EasyTrade is offering a web based trading platform with a maximum leverage of 200:1.

Spreads, however disappoint – as tested with a demo account the benchmark EURUSD spread was fixed at 4 pips, which is roughly three times higher than the levels traders usually expect with a standard account.

Trading conditions put aside, let us have a few words about our main concern with EasyTrade – the lack of proper regulation.

EasyTrade regulation & safety of funds

As we already mentioned EasyTrade is blacklisted by the Bulgarian Financial Supervision Commission for providing financial services without a license and a Bulgarian court has blocked the access to their website form the territory of the country.

Otherwise EasyTrade says to be owned and operated by the Estonian Grau International OU and regulated by an organization called The International Financial Services Commission (IFSC).

Have in mind, however, that IFSC is nothing more than an anonymous website without legitimacy whatsoever, which in no way can be compared with official financial authorities such as the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission (ASIC), the Cyprus Securities and Exchange Commission (CySEC) or the Bulgarian FSC for that matter.

Properly regulated brokers have to follow strict rules, among which to allow external audits, to file regular reports, to maintain a certain minimum operational capital, to provide a negative balance protection to their clients, to keep their money in a segregated, protected form creditors account and in some cases even to insure traders funds.

Thus, for example, if you are trading with a FCA broker, the first 50 000 GBP in your account will be covered by a special, FCA backed compensation fund, which will guarantee your money even if your broker goes insolvent. A similar compensation fund, backed by CySEC, insures up to 20 000 EUR.

EasyTrade deposit/withdrawal methods and fees

EasyTrade accepts all kinds of payment methods including major cards like VISA and MasterCard, e-wallets including PaySafe, Neteller, Skrill, WebMoney, QIWI, Yandex and AstroPay, as well as bank wire.

The minimum deposit requirement is 250 USD and the broker offers different trading bonuses, which however are linked to a certain minimum trade volume requirement – in order to withdraw you will have to reach a trade volume of at least 80 times the amount of the bonus.

Also there is a minimum 30 USD withdraw fee, monthly maintenance fee and a profit clearance fee, all of which, we should note are highly unusual.

How does the scam work?

Scam scenarios are often quite elaborate and often involve the so called robo scam websites like Crypto Revolt and Bitcoin Evolution. There you will happen to watch a video with a promise of fast and easy money, completely risk free, in exchange of a tiny investment. Basically all you have to do is fill a simple registration form, leaving your e-mail and phone.

And than you will be transferred to the web site of an offshore scam broker, where you will be asked to deposit roughly 250 USD. And take a note that your first trades will happen to be actually quite successful. That however will be a trick., Scammers will manipulate your account so that latter you will be more easily convinced to invest a larger sum.

And probably you will do exactly that after your phone conversation with your “senior account adviser” or “market expert”, who will professionally explain that if you want to start making real money you will simply have to invest more – like 10 000 USD.

And chances are you will not realize you have been scammed until the very moment you decide to withdraw some of your funds. Than it will suddenly turn out this is not possible because of some minimum trade volume requirement, linked to the welcoming bonus you have so carelessly accepted. Certainly it could be something else, but the base line will be the same – you will not be given a single dollar back.

What to do if scammed?

Do not hesitate but immediately file for a charge back with your credit card provider. Currently both VISA and MasterCard allow for a charge back within 540 days.

And if you realize that scammers have tricked you to tell them your credit card number and online banking password – immediately cancel your credit card and change your online banking password.

Finally, do not be fooled by the rescue offers of the so called recovery agencies. They will not recover a single dollar, but will simply take some money in advance and basically that is the last time you will hear form them.

Rich Snippet Data
Review Date
Reviewed Broker
EasyTrade
Broker Rating
11stargraygraygraygray

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