Beware! InSure Trade 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.
InSure Trade’s website is a source of filler-text abundancy and deceptions. How do we know you might ask? We, we have reviewed thousands of brokers, and have gained the talent for sniffing out brokers whose main concern is not to protect and serve the traders, but only themselves. This self-satisfaction is achieved only by deceiving users into thinking that brokers like InSure Trade are offering legitimate services, where the truth is much further than that. We know that the website can seem impressive, but this is all a part of the plan. Read the review to see for yourselves.
The log in process reminded us of previous broker that we had reviewed, all illicit. The following user dashboard came with the same feeling. The trading terminal gave us a EUR/USD spread of 3 pips, cost of trade that has nothing good to offer users. The leverage is maxed out at 1:100, and the trading assets are forex pairs, commodities, cryptocurrencies, indices, and shares. As always, trading information on shady brokers is taken from the user area, where the trading conditions are final. InSure Trade’s trading info on the website differs greatly from the one found in the trader area.
The languages that are available are English, Spanish, Russian, and German.
INSURE TRADE REGULATION AND SAFETY OF FUNDS
The broker says that it functions under the laws of Saint Vincent and the Grenadines. The country does not have a FX regulator, making in impossible from brokers to be regulated there.
W also stumbled upon the Environment section of the website, where the following claims were made: InSure Trade is regulated by the NFA in the United States, the FSA in the UK – which should be the FCA, but InSure Trade has made a mistake-, CySEC in Cyprus, the Financial Services Commission in Mauritius, and the Federal Financial Markets Service in Russia, which is no longer operational since 2014. This gives to show how little InSure Trade knows of the forex industry- almost half of these are not FX regulators, while the rest are contradicting regulators that would never be allowed to license the same broker together. We assure you that InSure Trade is not regulated by any of these financial agencies.
The only thing left to say is that InSure Trade is UNLICENSED, and therefore a risk to all invested capital.
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.
We gathered some well hidden proof that you money may be at risk. The following clause talks of the broker transferring invested user funds to different bank account. In these cases, the broker will not be liable for any mistakes made by it. In other words, if any money transfer fail, or result in losses, the broker will not be held accountable
INSURE TRADE TRADING SOFTWARE
The desktop MT4 came under the name of a mitzholdingsltd, which obviously has noth8ing to do with the broker at hand. The browser MT4 was available under the broker’s name, however the available servers came in the same mitzholdingsltd name. So, we can conclude that the MT4 is actually not held by InSure Trade.
So no MT4. The only other option is the Status WebTrader, a poor man’s choice, since this terminal may look the part, but is in reality a very limited software.
The only solid features include copy trading, pending orders, a limited room for chart customization, and one point clicking.
INSURE TRADE DEPOSIT/WITHDRAW METHODS AND FEES
The minimum deposit is $250. Depositing gateways are as follows: PayTrio, Credit Card, and an array of crypto currencies.
Withdrawals are said to be processed in 3 to 5 days, yet there are no real withdrawal methods indicated (we can only assume that they are the same as the ones used for depositing). Please note that, even though InSure Trade has not included any specific withdrawal fees, the Terms and Conditions are filled with mentions of taxes, commissions and similar charges. So, users should be on the guard for unexpected fees.
Yet again, we come to the Non-Deposited Funds provisions, which once and for all seals the deal in making this broker completely illicit. With this clause, the broker prohibits all profits withdrawals, rendering all the trading experience pointless.
Bonuses have a withdrawal requirement of 30 times the deposit + the bonus amount.
InSure Trade is not without its fair share of indemnification clauses, which make it their mission to fully absolve the broker out of any guilt that might arise from a trader’s financial losses due to a number of different circumstances, many of which are in fact illegal.
Furthermore, all claims against the firm will be voided in 12 months.
The legal documents did not provide us with an extensive catalogue of scammer fee, however we think that the ones included are enough to conclude that InSure Trade is definitely a scammer brokerage firm. Especially, the Non-Deposited Funds provision’s ridiculous premise is more than enough to change your mind. Add to that the fact that InSure Trade is unregulated, and what you get is the classic recipe of an unregulated broker. We assure you, that all deposited funds will be at risk!
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.