Beware! Infinitrade is an offshore broker! Your investment may be at risk.
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Infinitrade is a Forex brokerage registered in the Marshall Islands. It provides a web-based trading platform with a wide range of trading options. The required minimum deposit is the staggering $2500 which is absurdly large and ten times the industry average. The spread on EUR/USD is quite high at three pips and definitely not in favor for traders.
Infinitrade regulation & safety of funds
The corporate information shown on the website is quite chaotic which is a worrisome sign from the start. We read that the registered address of the company – AE Products Ltd – is in the Marshall islands but the operational address is in Bulgaria. Here is a screenshot:
We remind readers that Bulgaria a member-state of the European Union and online Forex trading is duly integrated within its regulatory framework which is modeled after the ESMA guidelines. In fact, there are quite a few licensed Forex brokerages in the country which operate legally. However, we find no mention of a license by the Bulgarian authorities – thus we may safely conclude that the brokerage Infinitrade does not fall under any European regulatory oversight.
As was said above, the corporate information is quite chaotic. Going through the terms and conditions we also read the name of the company but this time only the operational address in Bulgaria is given which is quite odd since on the website it clearly states that the company is registered in the offshore zone. And no wonder since the Marshall Islands has become a top-destination for would-be scammers due to its very liberal laws regarding the registering of companies. The government does not even require for someone to be physically there in order to register a company. Such a loophole has surely been noticed by many ill-minded brokers and utilized. Nonetheless, it’s safe to assume that TradesCrypto, irrespective of its legitimacy, does not fall under any regulatory oversight whatsoever because the government of the Marshall Islands does not include Forex trading within its regulatory framework.
Putting that aside, the brokerage does provide a web-based trading platform. Here is a screenshot:
The platform itself is quite clumsy and we always consider the lack of the MetaTrader 4 platform as a big disadvantage. However, we do see the spread which is at three pips. In Forex trading the average spread is considered at about a pip and a half and anything beyond that is usually deemed unfavorable for traders. Infinitrade offers a spread double the industry average and we can safely conclude that clients would be at a disadvantage. Another point that is worth highlighting is the extremely high required minimum deposit of $2500. What this means is that clients are required to risk a small fortune just to get a taste of trading with the brokerage – we consider such an amount to be unacceptable and more to the case, telling of the ill-minded intentions of the broker. All in all, the offshore location of the brokerage and the obvious lack of regulation highly inclines us to suspect that potential clients of the brokerage may be open to substantial risk.
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. The FCA provides up to 85 000 pounds per person, while CySEC guarantees up to 20 000 euros.
Infinitrade deposit/withdrawal methods and fees
Potential clients of the brokerage may deposit or withdraw via the standard Visa and MasterCard, as well as Bitcoin, however, popular, online payment gateways such as Skrill and Neteller are sadly missing.
In the terms and conditions of the brokerage we did find quite a few provisions worth noting. Here is a screenshot:
We read that there is a withdrawal fee of 5 percent for credit cards and $25 for withdrawals via bank transfer. Such fees are a bit higher than the usual, however, not quite as excessive as we have seen with other unregulated brokerages. Furthermore, there is also an inactivity fee, also known as a dormant account fee. All accounts that have been inactive or have had low trading activity will be charged 5 percent per month. It isn’t uncommon in Forex trading that brokers charge such a fee since they force clients to participate in trading, however, Infinitrade has set an excessive charge.
Trading with an unregulated brokerage is quite risky and this is why we always advise traders to 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, the possibility of a scam looms over almost every trade in Forex, especially if you are dealing with an unregulated brokerage. That is why we believe traders should be acquainted with the methods of a scam. Here is how it would typically go about:
Through clicking an ad with promises for fast money, you will be redirected to a website such as Bitcoin Evolution or Crypto Cash 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 motive here is quite straightforward – traders have a limited time window for filing a chargeback with their bank and get their money back. The “recovery department” will simply want to mislead you into missing this crucial period and, along the way, losing any chance you might have of getting the money back.
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. Furthermore, due to the high instances of fraud – both Visa and MasterCard have decided to sidestep scammers as best they can in Forex trading. The first thing we have seen so far is that MasterCard has increased the previous time period of six months for filing a chargeback to a year and a half.
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!
Peter Hoia
Infinitrade is 100% SCAM, they have connections to a previous big scam Procapitalmarkets which has disappeared or quit doing harassment calls since they had so bad online reviews and warnings. Infinitrade is a similar SCAM. If you have so much extra money of course give what you have to these scammers and kiss your money goodbye. C´mon, unregulated scam broker registered in Marshall Islands?? LOL
John
Infinitrade is 100% scam. Stay away from this crooks.
I lost a lot of money with this super crooks
Peter Hoia
Just to add to my comment, how do I know this is a 100% scam, they sent me information about an account that has been opened for me, I never opened an account with them, so they are breaking the EU laws in that, as well as calling people in different countries.
Zed
Infinitrade is one big scam. They will put you in a system where you will never be able to withdraw your money.
From the moment you put in your money, you’ve already lost it.
Basically they offer you a 1000 euro bonus if you deposit 2500 euros.
This sounds very attractive right? But of course there’s a catch to it.
As long as your account hasn’t it the 10.000, you’ll not be able to withdraw money.
So in the first days/ weeks they’ll generate you some profit. This will give you a happy and euphoric feeling. You’ll start with what they call a ‘bronze account’, this is an account with the minimum deposit.
Case 1: They’ll bring it to the silver account (5000 euros), and they will convince you to add money so that they can bring it to the Gold account (10.000 euros), which include “risk free trades”
Case 2: They’ll make some profit and then they’ll ask you how you feel about the profits. When you tell them how happy you are they’ll convince you to add another amount of money. They will always have a reason for you to come with more money.
(Keep in mind that in the beginning 2500 euros was enough to make “fantastic profits”.)
So basically, they will continue to convince you to add more and more money. You’d then think about the profits you’ve earned before, and will with no doubt add until you get discouraged or don’t want to put any more money.
When they notice that you’re absolutely not willing to put any more money. They’ll empty your account.
I forgot to mention that they also earn money when you make losses. They’ll tell you that they only make money on profits but that’s total bs.
You still don’t believe me?
Okay, ask yourself these questions.
1. Why would I lie to you? People don’t write reviews unless they’re mad or unhappy about a certain service.
2. The agents/ traders contact you via WhatsApp to sign contracts etc. , how unprofessional.. A company of traders that arrange things via WhatsApp ?
3. The traders claim to have 15-20 years of experience. Where can you check that for yourself? You don’t even know what the agents look like. All you hear is a voice, over the phone, that can tell you whatever he wants. Do they at least have portfolios with their results? Do they have a picture of themselves? The answer is no.
4. Is this company regulated? Answer: no.
This is not a regulated company, which means that once you invest your money, you’ll have to stick by their rules or policy. You cannot withdraw YOUR money when you want to (as promised in the beginning).
5. Do they have positive reviews? Absolutely not… Always check the reviews before buying something.
6. Are they professionals?
In scamming? Yes. In trading? Of course not.
Their risk management strategy is extremely poor to non-existent.
They get mad at you, when you don’t want to put more money.
7. Does making tons of money with no effort nor knowledge sounds realistic? No.
I made the mistake of investing in infinitrade. And I can confirm that this is the dumbest decision I’ve made in my entire life. I lost an investment of 3400 euros. I’m glad I didn’t add anything more.
If you still decide to invest your money in infinitrade after reading this whole explanation of why you shouldn’t do it. There must be something wrong with your brain.
Now that I’ve learned this valuable lesson I know for sure that this will never happen to me ever again.
If you have any more questions, just ask them below. I’ll check it once in a while to save you guys some money.
Infinitrade Support
– Infinitrade is one big scam. They will put you in a system where you will never be able to withdraw your money.
** Scam? Zed, your account is yours and any decisions that come with it is yours too. You have accepted additional services and also signed documentation in agreement to the services, how can you still say that we’re a scam.
– – From the moment you put in your money, you’ve already lost it.
** No, you have deposited funds on your account to begin with, to lose or win or even gain profits depends on the decisions you (the client) makes, and also it depends on the financial market which we cannot be held responsible for.
** We advise our clients on which steps to take and the decision to proceed or not to proceed is the yours (the client).
– Basically they offer you a 1000 euro bonus if you deposi 2500 euros.
** We have “offered” not “forced” a bonus, also, you have forgotten to mention the fact that you have signed documentation for the bonus as well. Infinitrade did not force you to sign the documentation either, you’re an adult and we are sure that you’re aware that any documentation provided should be read before signing, which we are sure you have done.
– – So in the first days/ weeks they’ll generate you some profit. This will give you a happy and euphoric feeling. You’l start with what they call a ‘bronze account’, this is an account with the minimum deposit.
** The account types has been displayed on the website, I am sure every client is aware what a bronze account is, and we appreciate you sharing what it feels like when you gain profits.
– – Case 1: They’ll bring it to the silver account (5000 euros), and they will convince you to add money so that they can bring it to the Gold account (10.000 euros), which include “risk free trades”
** We do not “convince” clients to add funds, you took the decision to add funds and also signed documentation stating that you have authorized the funds. The benefits of the different types of accounts is also displayed on our website if you would like to check, you should find it under “About Us”.
– – Case 2: They’ll make some profit and then they’ll ask you how you feel about the profits. When you tell them how happy you are they’ll convince you to add another amount of money. They will always have a reason for you to come with more money.
** Once again, we did not convince you, you took the decision to deposit more funds, you did not have a gun to your head saying you should deposit, and nor do we have any telepathic talents which can convince you to do anything.
** I am sure that as an adult no one can convince you to do anything unless you want to do it.
– – When they notice that you’re absolutely not willing to put any more money. They’ll empty your account.
** How exactly would we do that when we do not have any option to do so? We have checked your account and all trades and activity came from your end. I understand that you want to prove a point or to put a company down due to the reactions of your actions, but there is no need to lie.
— I forgot to mention that they also earn money when you make losses. They’ll tell you that they only make money on profits but that’s total bs.
You still don’t believe me?
** How exactly will any sane company make money on losses? Do you not believe, see or hear how that doesn’t make sense?
— Okay, ask yourself these questions.
1.Why would I lie to you? People don’t write reviews unless they’re mad or unhappy about a certain service.
** People don’t write reviews when their happy either, and unhappy clients have the tendency to write reviews based on their own belief and excluding the facts and documentations they signed, as well as excluding the terms and conditions they read and chose to ignore for whichever reason.
2.The agents/ traders contact you via WhatsApp to sign contracts etc. , how unprofessional.. A company of traders that arrange things via WhatsApp ?
** If you have whatsapp and use it to communicate then you would know how efficient it is when it comes to communicating with anyone, this makes communication for any client more accessible and quick as not everyone has the time to speak on the phone or check their emails, we have implemented the option of Whatsapp considering all our clients of different level types, as well as their response in regards to what they want and need on a platform.
** (This is exactly what was meant when we mentioned “unhappy clients have the tendency to write reviews based on their own belief”)
3.The traders claim to have 15-20 years of experience. Where can you check that for yourself? You don’t even know what the agents look like. All you hear is a voice, over the phone, that can tell you whatever he wants. Do they at least have portfolios with their results? Do they have a picture of themselves? The answer is no.
** You’re correct, but knowledge doesn’t always need a piece of paper to prove it, you said it yourself, you gained profits, and you didn’t mention that you wouldn’t have if your account manager did not help you in the first place.
** Also, you’re raising such concerns on TrustPilot, when you have not even tried to request for this information to begin with.
4.Is this company regulated? Answer: no.
** Yes, we are not regulated, we did not try to hide that either, and nor have we led you to believe otherwise.
5.Do they have positive reviews? Absolutely not… Always check the reviews before buying something.
** It seems you have not checked it either as you would see that we do indeed have good reviews, and nor have you checked the other trustpilot sites for any other country. We have hundreds of clients who we assist everyday, and out of 100% only 1.3% is on this trustpilot page. (It has been calculated by our analyst)
6. Are they professionals?
In scamming? Yes. In trading? Of course not.
** Where is the Scam, is it because you cannot withdraw and you’re angry with yourself as you’re aware that you’re at fault for signing documentation for services which you accepted and aware of and which we made you aware of and now you’re trying to make Infinitrade look bad for your mistake? We have put all terms and conditions in front of you, and you acknowledge them, where is the scam?
7. Does making tons of money with no effort nor knowledge sounds realistic? No.
** If personally I can do it, anyone can do it, and mostly everyone is doing it. Once again, you have mentioned that you have gained profits.
— I made the mistake of investing in infinitrade. And I can confirm that this is the dumbest decision I’ve made in my entire life. I lost an investment of 3400 euros. I’m glad I didn’t add anything more.
If you still decide to invest your money in infinitrade after reading this whole explanation of why you shouldn’t do it. There must be something wrong with your brain.
** Dumb… Yes, as you can’t take accountability for your actions and have to put us at blame. You have not even contacted our Complaints Team to sort out your issue, as you didn’t want to sort it out as you know the one at fault is you.
If ever you do want assistance for your account, please contact our complaints team.
Kind regards,
Infinitrade Customer Support Team
Paola
Infinitrade is a Big Scam Company. I don’t recommend people to invest in this horrible company because they will take your money and you won’t see any penny after. I lost over a thousand euros with them and the customer service in Bulgaria is incompetent. You won’t get your money back. I hope Facebook Ban this company from taking more innocent customers.
Tina
Infinitude, do not lie, you scammed me too exactly in that order. I have reported you to Action Fraud. I hope you get closed soon so justice take place and no more people get scammed. I also believe the universe will pay back the favour and you will get what you deserve at some point in life. You took all my life savings. I do not know how can you sleep at night!
George Burcea
You are scams. I made a withdrawal request from 15 days and I didn’t see any money. You are profesional thieves. Give my money back!!!
Tina
I have experienced exactly that in that order,
and they took all money away. Report them to the police, Action Fraud on 08000234567
Greven
Wow. If Zed’s comment didn’t raise enough warning flags and discouraged me from ever invest with Infinitrade, the reply from Infinitrade customer support team sure made the trick.
Infinitrade Support
Hi Greven,
We apologize that you feel that way.
We constantly have to explain to our clients that every case is different. Though Zed has received documentation, support and clarification, he has still chosen to post a review with incorrect information, basically misleading.
Till date Zed has not contacted our complaints team nor gotten back to our support team either, which again shows that he does not wish to get his issue resolved.
On the review above, we have replied point for point based on his review and all information above can be proven with evidence. The above approach is normally taken when a client refuses to communicate in any way, email, phone, message, online chat or even whatsapp, and as a company we have to clarify every point to avoid any queries from our other loyal customers.
We understand the type of view clients such as yourself may have regarding the above response, but trust we don’t do this out of the blue. We apologize and understand your hesitation to join our company.
Thank you for your review.
Kind regards,
Infinitrade Customer Support Team
Martina Machacova
I have also problem but the support team stopped communicating with me. Could you contact me please. Its very important. Thank you
Cindy To
Infinitrade is a Scam Company. I lost over $5250 us dollars and I could not get my money back.
I hope Facebook Ban this company from taking more innocent customers.
Mahdi
Infinitrade is a 100% Scam Company, they know right means to take away money from you. They will show how you can make profit by doing trades and ask you to invest more money and once you decline they will knowingly open trade to ensure your balance becomes zero that too within 5 mins before you can act. Warning never to invest with them. They will only cheat you off your money.
David Shum
Hi all,
This is a real BIG SCAM.
I lost USD8000 and you can never get even a cent back.
I have sent over 30 emails and request for withdrawal but I had NOT received any feedback. But I kept receiving a call from what claimed Manager, who kept convincing, insisting you to ADD money to the account in order to fulfill a certain level of membership prior to allowing the withdrawal.
But there’s NOTHING of this mentioned in the T&C. They never answered it through black and white in the email but only via phone calls. I kept sending withdrawal request since the beginning of Apr, I was shocked to find my account balance becomes ZERO.
A guy names George called me right after and said he would like to introduce me plans to recover the lost. Of course, the only way is to SCAM you again. I asked the reason of losing since I told them through tons of email NOT to touch my money and I would not do any trading. He said that it was done by my account manager, Sammy Parker. I have never authorized anyone to do the trading for me but it still happened.
Therefore, PLEASE never trust this company and I think there are a lot more losers around. I recommend those who are victims please spread this to the public as this kind of SCAMMERS shouldn’t exist in today’s world.
Infinitrade is a REAL SCAM. All those working there are ill-minded and scammers. They should be put behind the bar instead.
Leo Monteiro
I was introduced to INFINITRADE by FACEBOOK advertising showing famous names like PeterJones, GordenRamsey and many more. It was very enticing and it convinced me. I filled in my details and within minutes the call.
I was convinced by a lady, who called herself Hanna. Who appeared very flirty. After asking her several questions, she said I could try with a minimum amount of £250 and if I was not happy after a week I could withdraw. They took all the required details including my credit card photos. Couple of days later a person who called himself Mark phoned me and said I would need to add more money to my account to start trading. I did not agree. He said I could withdraw. Since then I tried to withdraw and every time it says “ account not verified “ A lady who called herself Ely, said that she would help and she forced me sign a receipt. I signed as per the request. Since then I tried to call infinitrade, but the phone numbers they used are not reachable. I tried several times to withdraw without success. PLEASE BE WARNED. INFINITRADE IS 100% SCAM
I cannot understand why FB and the Famous names they have used do not take any action. So the general public is kept safe from this vampires scammers. ( A copy of this is also sent to “support @infintrade )
Luke Robbins
By the sounds I was lucky I tried with 250 and managed to withdraw 375 but it was not straight forward it took a lot off time I will not trade on internet again I do it in real stocks and that is a lot safer way or premium bonds have worked for me
Sasha
Hello! Never trust a site like this. INFINITRADE – REAL SCAMMERS! No one is listening to you, no one is responding to your requests. They are talking very nice to you untill you put your money into the account, then you became a shade for them. i lost my money with them in 10 minutes. In the morning requesting for a withdrawal and after 10 minutes it took only 10 minutes to Sammy Parker (Infinitrade employe) to place 7 unprofitable orders and to loose very quickly 5000 Euros from my account, but they will say that was you, because in the reports is says that the “User” opened and closed the orders, unless you have some IT knowledges to see the IP logs. The moment you deposit money into their account they are very friendly with you, but the moment you request for a withdrawal YOUR MONEY WILL DISAPPEAR VERY QUICKLY. DO NOT TRUST THEM and DO NOT TO THE MISTAKE TO GIVE THEM YOUR MONEY !!!!
James
Invested £250 I will never see it again dispite being told I would get my money back,after all ,nothing had been used to invest they are still calling me a year later.
It would be great if a so called financial advisor would mail me in order to get my money back .
But I think we all know there is no such person,
In conclusion SCAMMED SCAMMED SCAMMED.
I’ll wait for your call to tell me you are going to give me my money back,you have my email – phone number
If you use this company you will be in the same boat as me
Please stay well clear.I don’t like the thought they will scam others.I hope you read this and decide what I’m telling you is TRUE 100%
John
infintrade: stay away from these big thieves!!!!
they steal all your money
John
They steal 600.000€ from me. I’m bankrupt
Andrew Forrester
I’ve just received a phone call from an individual saying he is in the refund department for INFINITRADE who have been discredited for illegal trading and the my £250 invested 2 yrs ago and on checking company records my investment is now worth £16,790 and that I need a wallet for my crypto so then I can with draw it it in cash
BEWARE