SLRtrade Review – 5 things you should know about slrtrade.com

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

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Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.

SLRtrade is a clone of two other websites one of which is also trading in cryptocurrencies. It looks like a scammer is just changing the names of the sites and the interface and copying everything else. If you’ve read one, you’ve read them all!

SLRtrade Regulation and safety of funds

Same as the other two brokers, SLRtrade has absolutely the same address in the Czech Republic. After checking, we can advise you that this broker is not licensed and therefore, trading via it will put your money at risk!

If you are looking for a reliable and licensed broker, you should choose one from the well-established jurisdictions, such as the EU, the UK, the US or Australia. These are the jurisdictions offering the best conditions to forex traders as well as guarantee for the safety of their funds. One of the reasons these jurisdictions set a high initial capital is to ward off scammers. In the EU and the Uk, the amount of the initial capital is 730,000 EUR, in Australia, it goes up to 1 million AUD and in the US it is the highest – $20 million! As you can imagine, no scammer will invest so much money just to look legit. In addition to that, brokers from these jurisdictions must report their transactions on a daily basis as proof that there are no shady deals. What is even better, brokers in the EU and the UK must contribute towards a compensation scheme from which traders will be compensated in case the brokers is insolvent. Forex brokers in Cyprus regulated by CySec contribute to the local Investor Compensation Funds from which traders can get up to 20,000 EUR per person in the form of compensation. In the UK, the compensation a trader can get is even higher – up to 85,000 GBP per person but only if the broker is regulated by FCA.

These are the best deals you can get while selecting a forex broker, so please research the links we have provided and make a wise choice.

SLRtrade Trading software

The trading platform offered by SLRtrade is a web browser (screenshot below). In the middle of the screen, you see the chart of one of the cryptocurrency pairs, BTC/USDT, and on the right-hand side, you can see information about the minimum trading amount, leverage, etc, including the bid/ask price. We calculated the spread to be $1,379 and it is incredibly high compared to a licensed broker, such IG, that offer a spread of $36! What it means is that as a trader, this spread is not to your advantage and you won’t be able to make any sustainable profits!  The leverage for this transaction shows to be 1:2.5. Although this leverage seems to be almost within normal limits, if you look at the last image in this review and check out the leverage offered for each account, you will understand that this picture does not look really good. Leverage for cryptocurrencies trade amounting to 1:50, for the VIP account, is extremely high. Compare to the leverage cap for trade with cryptocurrencies in the EU that cannot exceed 1:2. High leverage may seem attractive as it looks like it increases your potential for making a profit, but in fact, what it does is increase your chances of financial loss. Remember that licensed brokers do not exceed the leverage cap and low leverage provides better protection to your funds as the risk of losing money is lower.

We are not going to sing praises to the trading platform this broker offers because it is quite basic and does not offer many trading tools and instruments to the traders. Instead, we want to talk to you about the two best trading platforms in the forex trade world which you should choose from. These platforms are the MetaTrader 4 and MetaTrader 5 platforms. They come with an excellent package of trading tools and instruments, such as a code base with customs scripts, VPS, auto trading option, demo account, financial calendar, app market, etc. The charting options they offer are out of this world. You have a big choice of indicators to choose from that help you analyse and predict the ebbs and flows of exchange rates and make a profit. So, when selecting a licensed broker to trade with, choose one that offers either of these platforms which will help you enhance your trading experience.

SLRtrade Deposit/Withdrawal methods and fees

The accounts offered by SLRtrade are exactly the same as the accounts offered by another broker. They are 6 – Micro, Mini, Gold, Diamond and VIP. We calculated, as per the exchange rate at the moment, that the minimum initial deposit for the Micro account is $6,843.85 (0.5 Bitcoin). Compared to what licensed brokers ask as an initial deposit ($1-5), this seems too much! The other accounts offered by this broker also ask for very high amounts of money. And if this shady broker suddenly decides to shut down the website, what happens to your deposit? Gone down the drain!

In addition to that, the only payment option is via Bitcoin. This is also worrisome because it may create problems in the future as you will find out when you read the last section of this review.

If you read the Terms and Conditions document, you will find out that this broker offers up to 100% bonus. And before you start thinking ‘oh, goody!’ and lick your chops in anticipation, let us tell you that there are some heavy conditions attached to these bonuses that can seriously mess up your trading or withdrawal options. In this case, if you accept a bonus, you must make a required turnover that equals 30 times the deposit plus the bonus amounts before being eligible to withdraw funds! As you can imagine, this is not so easily achievable. In addition to that, if you read further down the document, you will find out that there is a handling fee, in case you want to withdraw funds before you have fulfilled the turnover requirement. In the example provided by the broker, if you deposit $10,000 and accept a bonus of 100%, the handling fee will be $750.

As you can see the Terms and Conditions offered by this broker are definitely not to your advantage. And in case you don’t know, let us tell you that licensed brokers do not offer any bonuses or other incentives to their clients. When you see clauses about bonuses, you can be sure that you are dealing with scammers and our advice is to stay well away from them!

How does scam work?

If scammers make a movie, it will probably be called “Dream on”. They make everything sound credible and build their scam on your dreams of getting an easy and quick profit. People get duped if they decide to deposit money into one of the scammers’ schemes. What you probably do not know is that your hard-earned money goes as commission to the scammers. Next, you get inundated by daily calls. First, the scammers congratulate you for joining their business, next they try to persuade you to invest even more money. After all, the more money you send, the bigger money fall you can expect. This of course is not how things work. By the time you realise that no money is coming your way, it might be too late. All you want now is to get your money back and get out of there but the scammers have other plans for you and they won’t late get away so easily. Now they try to delay you so that you miss the deadline for a chargeback.

What to do if scammed?

If you get scammed, our advice is to act immediately and if you have paid your deposit via credit/debit card you may still have a chance. Visa and MasterCard allow you 540 days time limit to file for chargeback which gives you a fighting chance to recover your money.
However, if you have used bitcoin or bank wire for your payment, the chances of you recovering your money are really slim.
Cancelling your credit/debit card in case you have given the scammers your CVV code may be another good idea. Also, make sure to remove from your PC any software that my give scammers access to your private data stored on your computer.
Whatever you do to recover your funds, beware of the so-called recovery agents. Please make sure that you are dealing with a genuine one by checking their credentials and company’s information transparency. Otherwise, you may fall victim to another form of scam.