Fastrading Review – 5 things you should know about fastrading.com

Fastrading Review – 5 things you should know about fastrading.com

Beware! Fastrading 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.

 

Here goes another broker that looks professional enough to lure people into trading with it. However, how safe it is to entrust your funds to it and hope to fatten your bank account? We find the answers for you.

Fastrading Regulation and safety of funds

From Fastrading website, we find that the address of this broker is in St. Vincent and the Grenadines (SVG). A year ago the Financial Services Authority in this offshore zone issued a warning that it does not regulate forex and CFD brokers. The chances that we are dealing with a scammer are quite great.

It is much safer to choose a broker from the well-established jurisdictions, such as the US, Australia, the EU and the UK, instead of from an offshore zone. In these jurisdictions, the regulations for forex brokers are quite strict to prevent scammers from infiltrating the ranks of legit brokers. First of all, one of the main requirements is that brokers must be well-capitalised. In the US, brokers must invest the staggering amount of $20 million in the form of initial capital, in Australia it is 1 million AUD and in the EU and the UK, it is 730,000 EUR. As you can imagine scammers will never match such high requirements for the benefit of looking legit. Other measures include keeping clients’ funds segregated with tier-1 bank establishments, report transactions on a regular basis and provide protection against negative balance.

One of the perks in trading with brokers from the EU and the UK is that regulated brokers must participate and deduct funds towards local compensation funds or schemes that serve to reimburse clients if the broker becomes insolvent. Brokers regulated by FCA in the UK deduct funds towards the local Financial Services Compensation Scheme which can reimburse clients with up to 85,000 GBP per client if the broker goes bankrupt. Brokers regulated by CySec that participate in the local Investor Compensation Fund will be able to get their clients repaid up to 20,000 EUR per client. These are excellent conditions for trading options.

In the US and Australia, there are no compensation funds or schemes which means that being well-capitalised, forex brokers will still be able to protect their clients from unfavourable evens.

Fastrading Trading software

Fastrading trades in indices, commodities, shares, forex, cryptocurrencies, ETFs and bonds. As you can see from the image below, the trading software is a web trader platform. On the far left, you see the menu for placing orders. It also includes social trading which is basically copying the transactions of other traders. It may be tempting for inexperienced traders, however, be cautious because the trader you are mirroring may not be successful and you may lose funds instead of making a profit. Next is the menu for the trading product which is open on the forex pairs that you can see with their bid/ask price. The biggest part of the screen is occupied by a chart displaying the fluctuation in price in a given time frame of a chosen trading product. Here we see the EUR/USD currency pair. From its bid/ask price we calculate that the spread is 6.4 pips. Such spread is too wide and way above the industry average of 1.5 pips. The implications are that this broker will get rich very quickly as the revenue that forex brokers derive comes from the spread while the traders will suffer the high cost of transactions.

Another reason why you should not trade with this broker is because of the high leverage which is 1:400. Such high leverage amplifies the risk exposure of clients’ funds in case the transaction is unsuccessful which happens to 70% of the traders. In the well-established jurisdictions, we mentioned above, licensed brokers have capped leverage and it cannot exceed 1:30 in the EU and the UK and 1:50 in the US. Only the Australian brokers can, for the time being, enjoy unlimited leverage which is going to change in March 2021 when new regulations will align the leverage to match the one in the EU and the UK.

 

Fastrading platform

 

The web trader offered by Fastrading is not the best trading platform in forex trade. Much better are the platforms MetaTrader 4 and Metatrader 5 which are preferred by around 80% of brokers around the world thanks to the excellent package of trading tools and instruments they offer, such as the auto trading option, code base with customs scripts, trading signals, an app market, VPS, a financial calendar, etc. We must also mention the many charting options these platforms are famous for and the array of technical analysis indicators that help traders predict the future direction of exchange rates and make a profit.

We strongly recommend finding a licensed broker that offers either platform for your enhanced trading experience.

Fastrading Deposit/Withdrawal methods and fees

Fastrading clients have a choice between 4 trading accounts (image below) – Bronze, Silver, Gold and Platinum. The minimum initial deposit for the Bronze account is $1,000. We find this amount to be quite high compared to what legit brokers will ask for, i.e., $1-5.

The payment options that clients can use include payment via credit card, bank wire or e-money.

The minimum withdrawal amount via bank wire is $100 while for the other methods it is $50. The withdrawal requests are processed within 3-4 business days. Please note that as per the company’s policy the first withdrawal is free of charge whereas the other consecutive withdrawals have a service fee of 3.5% with the maximum fee capped at $3,500. As you can see, those fee may have a serious impact on your funds.

If a trading account stays inactive for 60 days, it will be charged a dormant fee of $100.

 

Fastrading trading accounts 

 

If you take another look at the image with the trading accounts information, you will notice that for each account there is a welcome bonus starting at 40% for the Bronze account and going up to 100% for the Platinum account. Bonuses are usually offered by dodgy brokers to tempt unsuspecting traders as it looks like bonuses add more trading power. However, they are funds belonging to the broker and are usually subject to heavy to fulfil conditions. Please be warned that accepting a bonus may cause a mess in your accounts and withdrawal options. If a client of Fatrading chooses to accept a bonus, he/she will have to execute a trading volume equal to the bonus amount divided by 10 before being eligible to withdraw the bonus amount. This is not something easily achievable! Also, please be informed that legit and licensed brokers do not offer bonuses or other incentives and this is another way to differentiate them from the dodgy ones.

How does scam work?

No one wants to be duped by scammers, but it happens all the time because they know how to manipulate people. As they say in one popular song “sweet dreams are made of this” and this is what scammers rely on – creating in people’s mind a sweet dream of being rich! Scams usually start by unsolicited telephone calls or ads on the Internet or social media promising quick and easy profit. It is easy to fall into scammers’ trap and once you make a deposit, you are done for! Scammers won’t let you get away easily even if you realise that you are being scammed. They will try to delay you when you try to withdraw your funds by asking you to provide this document or fill out this form, etc., in order to make you miss the deadline when you can file for a chargeback.

What to do if scammed?

You need to act very quickly. First of all, if you have made a deposit using a credit card, you must immediately file for a chargeback. Fortunately, VISA and MasterCard allow for 540 day period in which you can file for a chargeback. This is the good news. The bad news is that if you have made a deposit using bank wire or Bitcoin, the chances of you getting your funds back are nil!

Another thing you can do is cancel your credit card if the scammers have your CVV code. Check your PC and erase the software that gives scammers access to your personal data.

Be careful, because even doing all that we recommended, your unfortunate experience with scammers may not be over. There are so-called recovery agents. One of those may approach you offering to recover your funds for a fee. Do not trust them and always check the legitimacy of the recovery agent and the agency.

Also, be aware that some “victims” of scam may post comments after the review, saying how they lost money and how a recovery agent helped them retrieve their funds. They will even put the contact info for this so-called recovery agent. Do not trust them either as it is another case of scam!

Rich Snippet Data
Review Date
Reviewed Broker
Fastrading
Broker Rating
11stargraygraygraygray

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UK, Australia4.85/5$50 Click for a special offerWebsite
Cyprus, SVG4.8/5$100 Click for a special offerWebsite

9 Comments

  1. Fastrading is a scam.
    They took my 5500usd via bitcoin

    1. It is a scam, took a lot of money via bitcoin and credit cards, sounded professional in trading, but in the end you end up losing all your money, no matter how much you keep putting in.

    2. People stay away from this company unlessyou want to loose all your money! This is scam!!! Very bad experience! I wish I’ve read reviews before making a deposit.

  2. I read this article late – after I transferred 250 euros. After the transaction, they stopped communicating with me!

    1. Hi Pierre did you get your withdrawal back? The manager at Fastrader begin to lure me into adding more deposits when I made request for withdrawing money.
      Is there any chance you can get back at them?

      1. Hi did you get ur money back?

  3. Валери Христов

    The same thing happened to me. I borrowed € 250 and after I transferred them, the communication with me stopped. I tried to call the woman who insisted on me for a long time, but… The first call was answered by a man who said he would pass on my call. The second call was answered by a woman with the same name but a different voice, who said she did not know.
    ————————-
    С мен се случи същото. Взех 250€ в заем и след като ги преведох,комуникацията с мен се преустанови. Опитах да звънна на жената,която настоятелно и дълго комуникира с мен, но … На първото обаждане отговори мъж, който каза, че ще предаде за обаждането ми. На второто обаждане отговори жена със същото име, но с различен глас и твърди, че не познава.

  4. Hi deposited 250 US dollar, exploring the trading game then gets high and low. After that, the so called account manager will contact you and advice to add more money exactly as what others described then if you’re not following well they act kind of irritated. The sad part but no longer surprises me is that when you withdraw and ask for refund, well, expect that it goes into a donation to the curse of their entire family. Please before doing anything, just read and listen all the comment. These people have roots from hell. Just a sort of lesson for me.

  5. I invested 250 dollars is there any way I can get it back?

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