Beware! Clearsave 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.
Clearsave says to be a leading provider of online trading services, offering traders a world- class trading experience with over 250 instruments, including forex pairs and CFDs on spot metals, stocks, futures, spot indices and commodities, all of which on the industry standard MetaTrader4 platform.
This may sound as a fine offer, was it not for the fact that Clearsave is a unregulated, offshore broker with virtually no credibility.
Clearsave regulation & safety of funds
Clearsave is an offshore broker, owned and operated by the St Vincent and the Grenadines based Lagoon Technologies Ltd. Apart from the offshore registration, which makes Clearsave rather anonymous, the bigger problem is that the broker is not regulated, as it should be, which basically means that their credibility borders zero.
Unlike brokers, which have legit licenses to operate in Europe, the UK or Australia, unregulated brokers are completely unaccountable fore the way they handle their clients money, and more often than not are simply involved in scam.
Brokers, licensed by the Financial Conduct Authority (FCA) in the UK, the Cyprus Securities and Exchange Commission (CySEC) or the Australian Securities and Investments Commission (ASIC) on the other hand are reliable trading partners as they duly abide by strict rules and are subject to a strict regulatory control.
What is more, with brokers, regulated in the UK you will get the additional protection of a special client compensation fund, which basically insures your trading account for up to 85 000 GBP.
Clearsave deposit/withdrawal methods and fees
Clearsave says to accept VISA and MasterCard, bank wire, crypto coins and a couple of e- wallets including EntroPay and PostePay. Unfortunately we were not able to verify this, so here our best advise is to stick with the more conventional payment methods like VISA and MasterCard, if they are truly offered. The reason is that with major cards like VISA and MasterCard you will be able to file for a charge back in case you realize you are a victim of a scam.
Payment methods are not our biggest worry with Clearsave though. Our problem is that they say to offer a Savings Account, which according to their presentation comes with fixed, guaranteed returns – in one section of the presentation they quote monthly returns of up 45%, while in another returns of between 5% and 25%. See for yourself:
No matter what the promised percent is, the problem is that these are basically managed accounts, as is the Clearsave Auto Trade Account:
Irrespective of whether you are told that your trades will be managed by a special trading software, as is the case with the Auto Trade Account, or if they will be managed by your account managers – this is a clear indication that we are dealing with scammers.
Clearsave, as virtually all forex and CFD brokers, are market market makers, which means that they make money whenever their clients lose. So it is more than obvious that if you let Clearsave to manage your trading account, they will have the incentive to mismanage it in order to lose your money for their own profit. This is an example of a conflict of interest.
Also, it is highly misleading if a broker says your profits are guaranteed. Trading leveraged instruments involves a high degree of risk – actually, the percent of traders who lose money even with perfectly legit and regulated brokers is between 75% and 85% on average. The exact figure is published by every broker in the EU and the UK.
Furthermore you should be aware that Clearsave offers trading bonuses, which is yet another worrisome sign. The problem with all trading bonuses is that they come with additional withdraw conditions – in this case Clearsave requires you to trade the bonus amount divided by 2 in lots before you will be allowed to withdraw anything from your account. Take a look:
And take a look as well that Clearsave reserves the right to change their bonus policy on their sole discretion, without a prior notice, which kind of explains why you may never be able to reach the above mentioned minimum trade volume requirement, which is quite a serious task even as it is. If you receive 200 USD as a bonus, you will have to trade no less than 10 000 000 USD in order to get a clearance to withdraw.
And we should not forget the fixed 30 USD commission Clearsave charges with every withdraw request – basically, you will be penalized with 30 USD even if your withdraw request is canceled. Bear in mind as well that trading bonuses are one of the favorite tools, used by scammers, when it comes to finding a pretext to refuse a withdraw.
How does the scam work?
Social media like Facebook and Instagram and the Internet as a whole are full of questionable ads, promising investment opportunities with guaranteed returns. And if you click on one of those ads, you will visit one of the so called robo scam websites like Crypto Engine and Crypto Master Bot where you will be invited to join some innovative trading platform, where some special trading software is supposed to generate you fantastic returns, while you seat back and watch your balance grow.
And if you do register, filling the simple registration form with your e-mail and phone, in a second you will be redirected to the website of a unregulated, offshore broker like Clearsave, where you will be asked to deposit about 250 USD. Next, either you will be offered the service of a professional account manager, who will be supposed to take care of your trades – we already discussed why managed accounts are a clear indication of a scam – or you will be left to trade by yourself and your trading results will be spectacular. That however will not be real as your trading account will surely be manipulated – scammers can do that easily – with the sole intention that latter you will deposit more. And you will be receiving daily calls by your account manager, who will be trying to persuade you to do exactly this – to deposit as much as you can.
Finally, when you attempt to make a withdraw out of the blue you will be explained that you are not eligible to do so, because of your welcome bonus minimum deposit requirement. There could be other excuses as well but the bottom line is that you will not be allowed to withdraw a single dollar.
What to do if scammed?
Your best chance to recover your stolen funds is to file for a charge back with your credit card provider, meaning your local bank, in case you have paid with VISA or MasterCard. In both cases you will be able to request a charge back within 540 days.
And if for any reason you have told scammers your credit card number, card security code or online banking password, or if you have been mislead to install a remote desktop application like Team Viewer or Any Desk, immediately cancel your credit card, delete the application and change your online banking password.
Finally, be aware of the so called recovery agencies as well. You will simply be asked to pay some fees in advance and that will be all. You will not get any service.