Beware! Altosmarket is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
Altosmarket possesses a zing to its website that is entirely due to its visual appeal, an element that when isolated results in a pretty poor broker overall. Altosmarket has the signs of an offshore broker, down to the alleged regulation and questionable missing legal documents. Is there any reason why you should go on and trade with Altosmarket, or is this one for the pile? Read the review to find out.
We registered very easily, which led us to a familiar trading software that we will talk about further down in the review. What you need to known now is that the trading platform is technically the user dashboard. Brokers that do this are either too lazy to create their own client dashboard area, or do not care for making one. What ever the case is, this is indicative of what is to follow in the rest of the review.
As for the EUR/USD spread, it was revealed to be 0.5 pips which is superb, yet the prices for all the assets do not move and have stayed fixated ever since we registered. This is definitely not a good sign.
According to the website, the leverage is capped at 1:500. We could not find the leverage in the trading software, nor the user area.The instruments for trading are forex pairs, ETFs, crypto, commodities, and indices.
The website is in English and Russian, and so is the user dashboard.
ALTOSMARKET REGULATION AND SAFETY OF FUNDS
Vanuatu is a destination known to harbour some shady brokerages,even if the nation has a financial regulator under the name of the Vanuatu Financial Services Commission (VFSC). In recent times this agency has sought to improve its game and has, since 2017, raised its minimum capital requirement for forex brokers to $50000,among other, smaller, changes to its regulatory requirements.
Altosmarket’s website includes a certificate that claims the broker to be regulated by the VFSC, however if you look closely you will see that the document has expired on 8th February 2020. And furthermore, the official records of VFSC has no mention of a Altosmarket anywhere, meaning that the broker is not regulated by the commission.
Altosmarket has not mentioned anywhere else that it is regulated by any other agency, and so Altosmarket is NOT REGULATED. Such brokers are a risk to all investments. Furthermore, a lack of regulation means that the user’s data, or personal information, is not safe at all and can be sent to unknown third parties!
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. With the FCA the compensation is up to 85 000 pounds, where as with CySEC it is up to 20 000 euro per person.
ALTOSMARKET TRADING SOFTWARE
Altosmarket comes with a below average platform, that is not equipped to fit the needs of today’s trader, no matter your level of expertise.
And what’s more, this is the exact same platform that we saw with another illicit brokerage that goes by the name of Bilin Capital. What we said about the platform there will be repeated here, because there is nothing else to write about; that’s how limited this terminal is. Aside from some chart customisation capabilities and pending orders, the only other real allure here are the visuals, which have been purposefully created to create the illusion that novice users are dealing with a high end trading terminal, when in reality this is on of the most inadequate softwares we have come about.
ALTOSMARKET DEPOSIT/WITHDRAW METHODS AND FEES
According to the user area, the minim deposit is non existent, which is tied to the fact that the only depositing method is via a bitcoin wallet. The user is pushed to copy the company’s BTC wallet address, and send it bitcoin. In what way this helps a user fund his or her account in a question that should left be unanswered. And not to mention that bitcoin payments in general are unsafe and untraceable.
Withdrawals, on the other hand, are also limited to a crypto wallet. The minimum amount to withdrawal is $15, and as this is a crypto method, the time for you to receive your digital currency should be less that a minute. However, the broker claims that it will process withdrawals in 24 hours tops.
As for fees, which we assume there are, we cannot talk about because there are not legal documents anywhere to be found.
The lack of legal documents is a clear sign that this brokerage firm is not to be trusted. Without legal provisions, the company can do what ever it wishes with the user’s money and personal details, and worse- it can get away with it. Furthermore, those who read our reviews will notice that there are no clauses attached, which again is a caused by the missing legals. However, that does not mean that Altosmarket will not launch incoming and unnecessary fees and charges; in fact it will do so and will find many ways to prohibit you from withdrawing. Our experience with illegal FX brokers has taught us a lesson, which is that scammer brokers do not return deposits!
How does the scam work?
Even though the forex trading world is extremely large and encompasses millions of people around the globe, the most common scamming is pretty simple and straightforward and as such – it’s not particularly daring to avoid. Here is a quick overview of how it is done:
Through clicking an ad with promises for fast money, you will be redirected to a website such as Bitcoin Evolution or The bitcoin miner 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 angle here is pretty blunt – traders have a limited time period for filing achargeback with their bank and get their money back. The “recovery department” will simply want to mislead you into missing thе crucial period and, along the way, losing any chance you might have of getting the money back.
It is important here to take notice that both Visa and MasterCard are taking measures to combat unregulated forex brokerages by classifying all forex transactions as high risk. And they are correct in doing so. Furthermore, supporting their intention with clear actions – MasterCard has increased the previous time period of six months for filing a chargeback to a year and a half.
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.
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!