Beware! Revotrade 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.
Revotrade is a proven scam, avoid it! If being contacted by them do not reply and consider reporting them. There are warnings against the broker issued by numerous EU financial government authorities including the Italian CONSOB, the Belgian FSMA and the Spanish CNMV. There are also plenty of complaints you can find all over the internet. If you intend to trade forex and plan to invest have a look at the legitimate and properly regulated EU and UK forex brokers, most of whom are among the leaders in the industry worldwide.
Revotrade is an offshore broker which automatically means that your funds might be at risk due to the lack of proper financial regulation in the so-called tax havens. Always be suspicious when dealing with such financial service providers even if there aren’t any warnings issued against them. Furthermore they only accept crypto funding which is the easiest way for them to pillage your wallet.
“First hybrid social trading platform” that is how Rrevotrade is promoting itself, looking like a classical multi-level marketing scheme including masters, affiliates, rewarding plans and so on. Their target are traders and investors with little or no experience, with interests in social and copy trading, a form of investing gaining popularity in recent years.
REVOTRADE REGULATION AND SAFETY OF FUNDS
Revotrade is registered in St. Vincent and Grenadines, a favorite place for forex scammers, due to its tax haven reputation, lack of transparency and lack of strict financial regulations. That means that there are no money protection schemes similar to EU and the US, or a negative balance protection imposed on the retail brokerage firms.
SVG financial authority- SVGFS openly states that forex brokers are going to remain unregulated, meaning that from a certain point of view they can offer more attractive trading conditions such as an increased leverage, for example. Many traders with higher risk profile might take advantage but for the majority of the traders the financial regulations are the most important feature. The guarantees provided by CySEC(Cyprus) and FCA(UK) are respectively of up to 20 000 EUR and of up to 85 000 GBP per client.
If you want to be a successful trader never trust brokers like Revotrade, they are proven scam.
REVOTRADE TRADING SOFTWARE
Revotrade offers MT4 and MT5 accounts with leverage of up to 1:500 for personal trading and they do not support their own platform. They claim their MT5 accounts are ECN RAW accounts but we are suspicious, because ECN brokers charge a commission on the positions they place, while there are no commissions when trading with Revotrade. This is an attempt to make their service look professional and at the high end, thus way to help attract more customers.
The social trading platform, on the other hand is the core of their business and their offer for you is to open investment account with some of their trading masters. A simple procedure but we have to stress on the fact that there aren’t any investment conditions in their Client Agreement at all. Once you open your investment account you find out that there is a performance fee equal to 25% of the profits every week, which is exceptionally too high compared to other similar services. Misleading information which leads to unrealistically high expectations is always the first step the scammer makes.
REVOTRADE DEPOSIT/WITHDRAW METHODS AND FEES
You can deposit with Revotrade without proof of identity, which is definitely very very suspicious. It is written within their Client Agreement that they require but in reality this is not true.
Revotrade doesn’t list anywhere its minimum deposit requirements and that is for a reason- they only accept cryptocurrencies. Cryptos aren’t regulated anywhere in the world in any way and are increasingly preferred by scammers, money launderers, tax evaders and other dodgy business entities. It is not surprising that Revotrade is only accepting cryptos, it’s been blacklisted by a few European regulators and possibly there are more to come.
But! When you open your trading account, by default it is an USD account. It is absolutely obscure and unsettled how a conversion between cryptos and dollars is executed. No rates shown, no commissions as well, the trader is simply asked to deposit some cryptos and that’s all of it. While doing the deposit there is some auto-generated conversion rate, which is supposed to show you the amount of dollars you are going to receive in your account but the whole process is distrustful and suspicious. Do not try at home!
In the Client Agreement Revotrade states that they accept bank account deposits but no conditions are listed at all, in fact as we already saw, they do not accept bank cards or wire transfers. Another lie!
We will face the same problems with withdrawal, they claim you can withdraw your funds in your bank account but a question arises: How is this supposed to happen when they only accept crypto funding. On top of that they are using some obscure KYC withdrawal system with sms confirmation which is in the same way distrustful. As we already advised, stay away from Revotrade, it is a proven scam.
There aren’t any fees specified, as well, even for Dormant Accounts. It looks like everything is free with this broker and that is a sneaky way to present itself as a broker with the greatest trading conditions, also operating the most advanced and innovative social hybrid trading platform in the world. In reality, the opposite is true, it is a scam broker which will deprive you from the information you need and persuade you to deposit cryptos with the promise to incorporate you in a very lucrative multi-level marketing scheme. That scheme is actually far from lucrative, but a pure scam and you are going to lose your hard-earned money. Avoid Revotrade!
HOW DOES THE SCAM WORK
The scam is a criminal activity. Scammers are aiming at your money and their only purpose is to make you deposit money with them. Their targets are usually individuals who would easily believe in a get-rich-quick scheme. Scammers will promise you almost everything, they will manage your account, will send you free trading signals, will have the best software, will give away bonuses and will promise hundreds or thousands of per cents weekly gains and profits.
There are some very distinct features about scammers that you have to remember. First to know is that most of the scam is registered offshore and is not regulated by any financial authority. Our strong advice for you is to always trust brokers that are properly regulated by the law, the chances to get scammed by such a broker are close to none.
Revotrade as a scammer is trying to make their potential clients invest in their social trading platform. The investment is possible only through deposit with cryptos. Once you deposit your crypto you fall victim to fees as high as 25% from your profit weekly. But that is true only if the master trader you invested in is winning. On the other hand, if you choose to get back your money you might end up robbed by their conversion rates. Revotrade is blacklisted in numerous European locations for a reason, do not deposit cryptos with them, it is a scam.
The most effective way to avoid scam is through research, get familiar with the trading conditions of brokers, read their Client Agreements, use demo accounts, read reviews, be alert. And yet you should be careful when you choose your forex broker, do not buy everything they say or promise. Always be sure that the broker you choose is legal and compliant to strict financial regulations.
WHAT TO DO WHEN SCAMMED
Anyone can become a victim of scam. What you need to do first is to protect yourself from further risks. Contact your bank and explain to them your situation, they will give you important instructions to follow and will help you, if possible, recover your money.
Also be careful, because there are many scam agencies which claim that they can help you recover your money. Always research because these same agencies are usually registered in the same shady jurisdictions and in the most unfortunate scenario you might get double-scammed.
Share online your experience if you fell victim to scam, it is important to protect others as well. Be responsible!
Avoid Revotrade, it is a proven scam!