Beware! ExpertTradesOnline 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.
Warning! ExpertTradesOnline is a Binary Options broker, a mere fact that immediately rings the bell. The Binary Options trading was banned a few years ago in EU and UK, because they are prone to scam in their application as the price might easily be manipulated. In fact, the binaries has nothing to do with trading, it’s a pure gambling where you bet on two possible options- either the price will go above the entry point or below the entry point for a fixed period of time.
Apart from the very scam DNA of ExpertTradesOnline, there are many other typical red flags and scam signs to be discovered, which undoubtedly confirm that this entity should be avoided. Find all of the details you need to know about this Forex broker in the full ExpertTradesOnline review.
ExpertTradesOnline REGULATION AND SAFETY OF FUNDS
ExpertTradesOnline is a totally obscure and anonymous Forex broker, which doesn’t reveal anything specific about itself, except for the USA contact number listed at the bottom of their page. In fact, the Binary Options are not banned in the United States, but the regulatory framework is quite complicated. There could only exists Binary Options exchanges, which cannot be counterparties to the transaction made by the client, acting as market makers. ExpertTradesOnline was not found to be regulated by NFA in USA, which was expected, fairly speaking.
The website presented by the guys standing behind this broker is pretty amateur-ish and doesn’t in any way suggest we are dealing with a legit Binary Options exchange. There isn’t a company said to own and operate the website, there isn’t a contact address, there isn’t a Client Agreement or T&Cs, or any other document that will reveal something about this fishy enterprise. The lack of such important pieces of information is evidently a major red flag and a very strong scam sign, which confirms that ExpertTradesOnline is nothing else, but a fraudulent Forex broker.
Your funds are not safe if you make a deposit with ExpertTradesOnline, it’s unlicensed, unauthorized and unregulated scam Forex broker, which should be avoided.
Do not ever trust anonymous and offshore Forex brokers, but stay safe by choosing legit and regulated entities, such as the European ones. EU and UK are known for the strictest rules and the security of their financial sectors. Many customer protection measures were agreed and implemented in Europe, but most importantly money there are protection schemes that were created, further contributing to the health of the system.
ICF under CySEC in Cyprus and FSCS under FCA in UK are the most well-known deposit protection funds. In Cyprus you can make a claim of up to 20 000 EUR per client and in UK of even up to 85 000 GBP per client, in case a Forex broker faces difficulties to meet its financial obligations. If it was an offshore entity, however, it would simply disappear and you would lose all of your investments, instead of making profits elsewhere!
ExpertTradesOnline TRADING SOFTWARE
We couldn’t login upon registration, due to some technical problems experienced by ExpertTradesOnline, which is another major red flag.
ExpertTradesOnline doesn’t offer Metatrader4 or Metatrader5 accounts to the traders, in fact, there isn’t even a trading platform mentioned anywhere on their cheap website. We have to repeat it once again, the website that ExpertTradesOnline presents is unbelievably cheap and simple, browsing for a minute or two should be enough for you to give up on investing with them. And each time that you open it, you get this scam message, which makes the so-called broker look even worse in our eyes.
There are 4 types of accounts offered by ExpertTradesOnline, each of them coming with a bonus and “risk free trades”. Those two offers are very obvious scam signs, as there is no such thing as a risk free trade in FX. The bonuses on the other hand are probably the most favorite marketing tool of the scammers. Bonuses and other forms of trading incentives are prohibited in EU and UK, because they were proven to worsen the performance of the traders.
No spreads, no leverage and no margin requirements known.
ExpertTradesOnline DEPOSIT/WITHDRAW METHODS AND FEES
The minimum deposit is supposed to be 500 USD. The deposit methods are only Bitcoin and Credit Cards and we were able to understand that only through the e-mail correspondence.
No minimum withdrawal amount and no withdrawal fees known, which is a red flag.
No dormant account policy found and no fees for inactivity specified, which is a red flag.
There are deposit bonuses starting from 10%. No bonus T&Cs, which is a red flag.
No partnership programs known to exist.
HOW DOES THE SCAM WORK
The scam is a financial crime! It’s presumed that the scammers are going to defraud and rip you off, but the consequences might be much worse than you have ever expected, especially considering the Forex fraud, which is probably the most widespread one today. Once you get involved in scam, however, the risk becomes long-term and you might end up literally having your own life ruined! Here are five possible negative effects of scam:
- Outright Fraud– you made a deposit and got robbed off, not much to discuss about the matter!
- Debts– scam Forex brokers will allow an indebted account and it might turn out that you have to pay them eventually, because your account balance went negative. Under CySEC and FCA regulation the negative balance protection of the clients accounts is a must!
- Identity Theft– the scammers might also abuse your personal information submitted, they might drain up your account, make deals on your behalf, take credits and even register companies on your name!
- Time Waste– the financial losses will accumulate because eventually you will spend hours trying to recover, instead of making money elsewhere, or gaining the interest from the money that you have already lost.
- Emotional Distress– let’s be honest. No one enjoys being lied, tricked, defrauded, scammed or victimized in any type of crime. It bears psychological effects that will negatively effect your life.
That’s why it’s crucially important for you to be able to detect the scam as soon as you see it, even though at times it might turn to be a difficult task. Always do your research, be skeptical about offers that sound too good to true and do not buy the big promises made by the scammers, stay alert! The information at your hand and the knowledge is the single most efficient way to escape being scammed. Always question the brokers you are dealing with, especially those who approached you randomly, because it’s 99% chance that it is a scam, true Forex broker do not intrude aggressively, constantly sending you e-mails or annoying you in any other way.
WHAT TO DO WHEN SCAMMED
No one is immune to scam, anyone can fall into the trap. Scammers are constantly looking for new and different ways to scam consumers. What you need to do first, in case you got scammed, 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.
Report what happened to you, file a complaint, contact the financial regulator, contact other government institutions related to trading and investing. Seek help actively!
Share online your experience, it is important to protect others, as well. Be responsible!