SylverTrading review – 5 things you should know sylvertrading.com

SylverTrading review – 5 things you should know sylvertrading.com

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

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SylverTrading says to be one of the world’s largest forex brokers, San Francisco based, and with over 13 years of experience on the financial markets. And they also say to be offering profitable account management services, which allow you to earn on the forex market without having to make trades by yourself.

This may sound as a legit and attractive offer, was it not for the fact that SylverTrading is an anonymous, unregulated website, with no functional trading platform, which on top of that offers managed accounts – something no legit broker will ever do – we will elaborate on that in the following paragraphs.

SylverTrading regulation & safety of funds

As we already noted SylverTrading is an anonymous website – apart from a San Francisco postcode, there is no physical address, no name of the company behind the broker, and no corporate background whatsoever.

And because obtaining a U.S. forex license is quite a serious business, here we will just note that U.S. regulated brokers should be licensed both as futures commission merchants (FCM) and retail foreign exchange dealers (RFED) by the Commodity Futures Trading Commission (CFTC), and to be members of the National Futures Association (NFA). And because retail foreign exchange dealers in the U.S. should also maintain no less than 20 000 000 USD in operational capital, this explains why so few brokers are licensed to target the U.S. market.

Needless to say, but SylverTrading is not one of them.

SylverTrading deposit/withdrawal methods and fees

SylverTrading suggests that you may leave the trading to their experienced traders, who will place trades for you, basically managing your funds. There is something fundamentally wrong with this – the problem is that like most other brokers SylverTrading is a market maker, and if you let a market maker manage your account, it will simply have the incentive to mismanage your money and lose them in its own pockets.

As far as the payment methods are concerned, SylverTrading accepts payments with wire transfers and major crypto coins like bitcoins and Ethereum. They do not accept payments with popular e-wallets like Neteller and Skrill however, and that is notable, especially since Skrill adopted their new anti – scam policy to partner with properly regulated brokers only.

And the minimum deposit requirement of 300 USD is also higher than with most other brokers, which will let you start trading with about 250 USD or so.

How does the scam work?

Scammers are pretty active over the internet, exploiting social networks like Facebook and Instagram to promote bogus trading platforms and investment opportunities. And they also use call centers and aggressive marketing techniques, but you will face those only after you hand them your e-mail and mobile number.

Most people, who would fall in to the scammers net, usually register with one of the so called robo scam websites like Bitcoin Revival and Bitcoin Profit Those websites, as a rule, are all about a video ad, promising hefty returns with a minimal risk, if only you agree to join some innovative trading platform, which, you will be assured, is about to solve your financial problems once and for all. And that is when you will surrender your mobile number and e-mail, and scammers will start calling you.

So after you register with the robo scam website, right away you will be redirected to the website of a unregulated, scam broker, where you will be invited to open a live account with about 250 USD.

Trading with the scammers might seem like a lot of fun in the beginning – your money will more than double in just a few days, surpassing your own expectations. That however will be just a part of the scam, as fraudsters will manipulate your trading platform, with the sole intention that latter you will be more easily convinced to deposit more. And that is precisely what your “senior account manager” will be telling you as well – if you want to make some real cash, you will simply have to invest more – like at least 10 000 USD.

And many people do invest that kind of money without realizing they have been scammed right until the day they request to withdraw some of their profits. Then, all of a sudden you will be informed that you have no right to withdraw because of some minimum trade volume requirement, most probably linked to your trading bonus. Whatever the excuse, scammers will cancel all of your withdraw requests and you will not see a single penny back.

What to do if scammed?

In the unfortunate event you have been scammed, there is only one possible way for you to get your money back, and it may work only if you have paid with a credit card. You can file for a charge back with your bank, as both VISA and MasterCard grant you that right for 540 days after you have made the deposit. But do not waste any time, because the chare back process might take a few months.

And be aware that scammers may try to steal money directly from your bank account, in case they manage to get to your banking details like your credit card number and online banking password. This may happen under any pretext, including by convincing you to install a remote control application like Any Deck or TeamViewer. If that has happened, immediately delete the program, change your online banking password and block your credit card.

And one final word or warning. In case you get approached by one of the so called recovery agencies, do not accept their services – they will just charge you some fees in advance and basically that will be all. They will not help you recover your funds in any way.

Rich Snippet Data
Review Date
Reviewed Broker
SylverTrading
Broker Rating
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