Beware! InTrade Bar is an offshore broker! Your investment may be at risk.
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InTrade Bar is a binary options brokerage with a registered address in the UK. The brokerage doesn’t provide much information about its trading conditions and is not regulated. There is web-based platform available for clients and a maximum payout of 79% which is a bit below the industry average and what we would usually consider favorable for traders. However, the minimum deposit is just $10 which is way below the industry average and certainly an advantage.
InTrade Bar regulation & safety of funds
InTrade Bar is owned and operated by the company bearing the weird name – Mr Axiano LP. Brokerages in the UK have to be licensed by the Financial Conduct Authority, however, since August of 2018 binary options trading is prohibited in Europe, including the UK which leads us to conclude that InTrade Bar is operating illegally and providing such financial services to British traders without the proper authorization. This should immediately raise red flags both in seasoned traders, as well as newbie. InTrade Bar must be condoned for its originality in misleading clients. It posits on its website that the ban on binary options trading has not affected the UK due to Brexit. Here is a a screenshot:
We assure our readers that this is not the case and binary options trading is and remains prohibited in the UK. Presenting misleading information is among the favourite tropes of scammers and shady brokerages. Through a demo account, we could give the web-based platform of the brokerage a test-drive. We saw a maximum payout of 79 percent which is certainly low and not at all worth it. All in all, traders are warned no to risk it with InTrade Bar. We urge traders to avoid risk by trading only with brokerages that have been licensed by a top-notch regulatory body.
Prestigious regulatory bodies, such as the UK’s FCA and CySec, require compliance with a number of strict rules that give significant assurance for the safety of the clients funds.
The segregation of accounts is among the rules which are especially important in the trading world, because it drastically lowers the risk of possible commingling.
Another is the participation in a compensatory scheme by which the client’s losses will be covered in the unlikely case the broker goes bankrupt or attempts to scam traders.
InTrade Bar deposit/withdrawal methods and fees
From the website we learn that potential clients of the brokerage have a wide array of payment methods available for them, including a number of popular e-wallets such as Yandex, QIWI, WebMoney, PerfectMoney, advcash, IBOX and MIR, as well as the standard Visa and MasterCard.
No legitimate brokerage should have such a withdrawal provision and this only further speaks about the brokerage’s ill-minded intentions towards potential clients. There is no other mention of withdrawal fees on the website, nor in the terms and conditions of the brokerage either, but that is still no guarantee, because unregulated brokerages – especially those who present misleading information – often charge unexpected fees once the client has already invested funds. Precisely due to such instances we remind readers of 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, much of the forex trading world is overshadowed by the huge numbers of scammers. All a trader may do is be well-informed and, in case he is the subject of a fraud – stay calm and not panic! The chance for panic is greatly reduced if such a situation does not take you by surprise. Here are the available options for scammed traders:
In most cases through clicking a tempting ad with promises for fast money, you will be redirected to a website such as The News Spy or Bitcoin Evolution where registration will require you to give your address, email and phone number. Your personal information will be immediately shared with brokers in call centers who are just waiting for juicy leads. After a few minutes hearing how the millions are sure to flow your way, you decide to deposit some $200-250. And just like that – the scammers take a 25 per cent commission from this initial deposit.
After leading you by the nose for a few hundred bucks, senior scammers will take you up and begin pushing you to further invest. You may even be swayed and further give it a shot. At this point, regardless whether you are in the red or not, you probably begin to consider closing the account and getting back your money.
However, now comes the “recovery” part of the scam. After stating that you wish to withdraw your money, they will know its time to redirect you to the “recovery people” who will further stall you in any way possible. The angle here is simple – remove the last guard you may have – filing a chargeback with your bank. You may do that only during a limited time-window, once it passes – your money is gone for good.
What to do when scammed?
Unfortunately, much of the forex trading world is overshadowed by the huge numbers of scammers. All a trader may do is be well-informed and, in case he is the subject of a fraud – stay calm and not panic! The chance for panic is greatly reduced if such a situation does not take you by surprise. Here are the available options for scammed traders:
You may contact your bank or credit card provider and file a chargeback, , as was noted above. The high instances of fraud have provoked both Visa and MasterCard to take effective measures against scammers in the business. Keeping true to their intentions, MasterCard has already increased the previous time period of six months for filing a chargeback to a year and a half and Visa is expected to follow suit in December.
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 and ready at anything to somehow retrieve their funds. They will say that in exchange for an up-front payment, you will get your money back, but no such thing will occur!
