Beware! GeneralTrade 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.
Honestly, the moment we stepped into GeneralTrade all our hopes went down the drain. For one, the home page is incredibly limited. So much that it fills the screen and does not go down. i.e there is no option to scroll down. The rest of the website is chuck full with texts and so many subpages that at some point we became both overburdened and confused. It’s not that often that we encounter a suspicious broker having an overflow of information. This review will disclose all the crucial information that readers need to be able to decide where or not to deposit in GeneralTrade.
To open an account. we completed a form that reminded us of previous brokers who had used the same registration interface. All of them were unregulated. The resulting user area was again a clear reminder of previous scammer brokers. It’s an oversimplified dashboard, with half of the industry-standard features.
At least this one had a trading software, the Activ8 web trader. There we got a hold of a EUR/USD spread of 3 pips, which is a value commonly used by scammer brokers. It is in no way favorable to traders. The leverage was capped at 1:200. The Activ8 reveals the following available trading instruments: forex currency pairs, cryptocurrencies, commodities, indices, and stocks.
The website is accessible in English, German, Spanish, and Italian.
GENERAL TRADE REGULATION AND SAFETY OF FUNDS
The broker is a trading name of Lester Partners LTD, which is a firm registered in Saint Vincent and the Grenadines, out of all places. This Caribbean nation has no FX regulator, as of yet, and as such does not have the authority to regulate any forex brokers. The country has thousands of brokers residing in it, and all are unregulated.
Seeing that there is no other proof that GeneralTrade is registered anywhere else, we have to conclude that GeneralTrade is UNLICENSED and therefore a risk to all investments!
There is no reason at all to invest in an unregulated broker. The best advice there is, concerning the choice of a broker, is to always check for a license. If the broker has an FCA and CySEC license you are off to possibly the best start, as these are some of the top regulators in the industry. Usually, legitimate FX overseers integrate a set of rules to each of its listed brokers. Brokers form an agreement with them to follow very strict guidelines. Furthermore, some agencies, like the FCA or CySEC, have compensation schemes that reimburse clients whose brokers have become insolvent. As you can see, a regulated broker benefits not only the brokerage itself but the traders as well.
GENERAL TRADE DEPOSIT/WITHDRAW METHODS AND FEES
As per the depositing section in the registered client dashboard, the only way we could fund an account through was Naspay. The minimum deposit was revealed to be $150. However, once we proceeded with the payment, it was revealed that the real depositing method is a credit card.
As for the withdrawal section, it reveals, only that there is no minimum withdrawal amount. However, when we tried to proceed with the withdrawal, the process redirected us to the main page of the user dashboard. The Deposit and Withdrawal Policy reveals, that there are fees but the website never gives any further info on these. GeneralTrade processing times for withdrawal request is up to 5 days.
The entire experience is further ruined by the presence of the Non-Deposited Funds. This clause is indicative of the unregulated nature of GeneralTrade, and hundreds of scammer brokerages before it. In essence, users cannot withdrawal profit made from trading because of this clause. Thus the entire experience of GeneralTrade is rendered obsolete.
And so, GeneralTrade cannot in any way be trusted with your deposits. It’s a scam and therefore a complete waste of time and money!
How does the scam work?
If things feel uneasy or suspicious, then you are probably being scammed. Most fraudsters adapt the same scam structure, however, they might add their own little nuances. The point is, that if you think you are in a scam, then you probably are!
The first step is the online ads. These annoying pop-ups or side distractors are the essence of scammer brokers. It’s through them that the user is lured into the fake broker website. The link of the ad leads to a website or a registration form. Both require the user to write down his or her personal details, like email and telephone number. Do not give these away. The scammers will contact you if you give these details away, and will sooner or later try to charm his/her way into your wallet, by asking you to deposit.
After a deposit is made, and hopefully, it isn’t, then the first step of the same is complete. The following step concerns the account manager, a.k.a the advanced scammers. These individuals are charming convincers, and if they succeed, it means that you have deposited a second time. This can go as long as the user keeps depositing. When suspicious arises, one of these things will probably happen: the broker will delete the account of the user without a reason; the broker will not allow for withdrawals, or the broker will keep finding ways to stall withdrawals.
What to do if scammed?
Filing for a chargeback is the best advice. VISA and MasterCard have prolonged their chargeback time span to 540 days.
If the deposit is made through wire transfer, then change your user name and password as soon as possible. Another step is to contact the bak as they might have a specialized procedure for such cases.
Another crucial piece of advice: NEVER deposit in unregulated brokers through bitcoin or any other form of cryptocurrency. These payment methods are untraceable, meaning that once a deposit is made, it cannot be traced. The money is lost.
Last but not least. recovery agencies are definitely a scam. These programs, or whatever they call themselves, offer help for defrauded users…for a price. Once the fee/tax is collected, these agents disappear, leaving you at a bigger loss.