ZurichTradeFinco Review – 5 things you should know about zurichtradefinco.com

ZurichTradeFinco Review – 5 things you should know about zurichtradefinco.com

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

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ZurichTradeFinco does not srtike us as a broker that tries or aims to achive anything above the average forex exeperience. This first impression was quickly debunked, after we reached a different conclusion from our secondary experice with ZurichTradeFinco. Read on to see what conclusion we reached after dabbling with ZurichTradeFinco.

Signing up was a process that was way too familair to us. In fact, all brokers that use the same registration form and subsequent dashboard all proved in the past to be 100% illicit.

The EUR/USD spread was 3 pips, a cost of trade that is in no way lucrative to traders. The leverage is capped at 1:100. Instruments used for trading are forex pairs, commodities, crypto, indices, and shares.

The website is available in English, Russian, and Arabic. As proof that the user dashboard is a template and not owned by ZurichTradeFinco, we have the following list of languages in which the user area is available. Note the huge gap in difference. The languages are: Arabic, English, Russian, Chinese, Italian, German, and Spanish.

ZURICHTRADEFINCO REGULATATION AND SAFETY OF FUNDS

The Terms and Conditions reveal that a user is bound by the laws of thecountry of Estonia. This does not at all what we though, given the name of the broker; Zurich is a city in Switzerland.

The current and only authorised body in Estonia that issues Forex licenses to wanne be brokers is the Finantsinspektsioon. One quick check in the database of the agency, and we were convinced that ZurichTradeFinco is NOT LICNESED, as proven by the lack of ZurichTradeFinco’s name in the records.

And anyway, the legal documents claim some very indicative things, all pointing out the fact that ZurichTradeFinco is not a holder of a financial license. Namely, clauses that state users are bound by their local jurisdiction laws, and must abide by these laws in order to trade with ZurichTradeFinco. This is another way to say that ZurichTradeFinco doesnot fall under any regulatory oversight.

Traders should be trading with risk-free brokers, that hold licensed from renowned and austere agencies, like the FCA  or CySec , which have made a name for themselves as some of the top regulators. Readers should be aware that both agencies have adapted very strict rules of conduct, and their licensing framework guarantees safety and security for all clientele. A good example of this is the segregation of accounts which assures that client money and broker money are kept in separate accounts. Furthermore, FCA/CySEC brokers participate in a financial reimbursement scheme that cover traders losses in case the broker becomes insolvent. The FCA provides up to 85 000 pounds per person, while CySEC guarantees up to 20 000 euros.

ZURICHTRADEFINCO TRADING SOFTWARE

Once we tried downloading the MT4, the following .exe filw was given to us: lengvinpartners4setup.exe. Obviously, this name has nothing to do with ZurichTradeFinco. As for the web based MT4, it did not give us any results; when we tried to access it, the link gave us a blank page. So, we are left with the seocnd, and only alternative, the Status Webtrader.

The Status WebTrader’s only pros are pending orders, one point clicking, options for chart customisation, and copy trading. In a MT4 ruled industry, these are not nearly enough to even barely scrape the surface of the MT4. The Status terminal is one clear example of a software that it ams to trick users with its cool visuals.

Note that, the firm can change the margin amount with notifying the client.

 

ZURICHTRADEFINCO DEPOSIT/WITHDRAW METHODS AND FEES

According to the user dashboard, the minimum deposit is $250. However, due to an error message, we were not able to get a look at the funding methods. The website, a source which should not be trusted with any sensitive info for the broker is unregulated, claims that deposit are made via the following gateways: Credit cards, debit cards, skrill, sofort, sepa, neteller, giropay, and trustly. Personlly, we belive that out of all these mentioned gateways, the most credible one is the credit card one.

Withdrawals are processed within 3 to 5 days. Wire transfers are issued a $50 fee; $35 for credit and debit cards; and $25 for ePayments. Furthermore, a 10% tax will be deducted from any withdrawal amount on which has not been executed a 200 turnover requirement. The minimum withdrawal amount for wire transfers is $250, and $100 for all other methods. The withdrawal section in the dahboard was unavailable becasue we had not deposited.

Withdrawals of profits are prohibited by the broker. The Non-Deposited Funds provision makes it clear that any profit from trading will not be availble for withdrawing. So what is the point at all in ZurichTradeFinco.

Furthemore, if ZurichTradeFinco detects that a withdrawal is confirmed, the broker will claim all funds for itself. What kind of a financial services firms will keep all deposited funds for itself, without giving them back to the user? A completely illegal one!

The dormant account fee is 10% per month, after 3 months of innactivity.

The idemnification clause is here to tie the whole illicit bundle together. In essence, the limited liability provision states that the company will not be held accountable for any damages it causes the user.

Related to the above mentioned, the all claims a user has agains the broker will be void after 12 months. This means that the broker can use these 12 months to stall off a person’s claims against it.

The broker can terminate any account for any reason, and/or no reason at all!

Need more proof that ZurichTradeFinco is a scam? Believe us when we say that ZurichTradeFinco will not return any of your deposits.

How does the scam work?

The usual scam operates on a multi-level, though very basic model. The users will be tempted to click on an Internet ad promising quick and easy profits. If they do, it will take them to a website that will ask for their personal details, including email address and phone number. Once they submit this information, an avalanche of emails and phone calls will be unleashed. Scammers will promise the world to these potential traders in order to induce them to make an initial deposit between $200 and $300.

These “brokers” will get a fat commission from the deposited sums and will transfer the unsuspecting users to “senior” scammers. The latter are smooth talkers who will try to persuade users to invest more funds, using phrases like “now is the right time” and “the moment is perfect for making hefty profits”. Of course, these are empty words, and traders will soon have doubts whether they have not been played.

When they try to withdraw their money, these doubts will be confirmed: the con-artists will do anything to deny or at least delay their withdrawals. From trying to convince the traders that they are making a big mistake to withdraw funds now because they will lose big profits, to asking for additional documents or citing clauses in the accepted agreements, to transferring you to another department, there is a single objective to delay the users from filing for a chargeback with their financial institution and lose any chances of recovering their money.

What to do when scammed?

Anyone can fall prey to such a scam. In the unfortunate event this happens to you, there are a few things you can do. If you deposited using a credit card you should immediately file for a chargeback. In an effort to combat online fraud VISA and MasterCard have extended the period in which one can file a chargeback to a year and a half, so there is a big chance that you may be able to recover your funds. If however, you used a bank wire or bitcoin to deposit, chances to get your money back are almost none.

We should also warn against “recovery agencies” who prey on victimized traders by claiming they can recover their funds. These scammers will ask you to pay a fee for this service, but will only take your money and do nothing.

Rich Snippet Data
Review Date
Reviewed Broker
ZurichTradeFinco
Broker Rating
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