Beware! Reliable-Trade.com 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.
Reliable-Trade.com doesn’t seem to notice that in order to thrive in one of the most competitive online industries in the world, one must, at least, lift a finger. This broker seems to have taken the easy way out, and by that, we mean the fraudulent route to a quick profit. It’s 2021, and there are still illegitimate brokers out there that have not learned anything, and still utilize the same approaches when it comes down to their interface and overall brokerage package. The first thing we notice, and not just us, was the logo, which seemed way too childish to be taken seriously. But the logo is just the beginning. We have the familiar text font and website structure, the false regulatory claims, the suspicious trading conditions, and more. The following review is here to enlighten readers about Reliable-Trade.com.
The registration process was all too familiar to us. We had encountered the exact same registration form multiple times before with unregulated brokers. After receiving a verification code, we were in. However, the entire user dashboard was blocked to us. Before accessing it, users have to provide a set of ID documents which we think is the last thing one should do.
Unfortunately, we did not proceed with the user area, and so all the trading and payment details in the review will be taken from the website.
Reliable-Trade.com allegedly offer forex currency pairs, commodities, stock indices, cryptocurrencies, and options. The spread for the Classic account is 1.9 pips, a value that can be swallowed, but users can do better. The second account offers a 1.5 pip spread on average in exchange for $2500 (however, we cannot be sure that this is the actual financial requirement). The only leverage value we have on display is a 1:5 cap for crypto assets. Reliable-Trade.com has denied disclosing a leverage cap for any other asset.
The website can be accessed only in English.
RELIABLE-TRADE.COM REGULATION AND SAFETY OF FUNDS
Reliable-Trade.com sets the bar for itself to incredible heights, that is ultimately impossible to reach in the forex industry. It claims to be regulated by the FCA in the UK, by CySEC in Cyprus, by the CFTC in the United States, FSB in South Africa, and the IFSC in Belize.
Not only are there errors and missing links in these claims, but such a level of regulation is impossible to be reached nowadays. For example, the Financial Services Board (FSB) was replaced way back by the Financial Sector Conduct Authority (FSCA) which is currently the official FX regulator in South Africa. Furthermore, the broker in the US must be regulated by both the CFTC and the NFA.
None of these regulators actually license Reliable-Trade.com. We made sure of this when we checked their official databanks of regulated firms.
Things are made all the more difficult by the lack of all legal documents. All the crucial provisions all missing, meaning that there is no legal link to tie the user and broker.
The last straw is the official CySEC warning against Reliable-Trade.com. There is a heavy price to pay when you have been blacklisted by one of the most famous and notorious regulators in the world.
Reliable-Trade.com is absolutely UNREGULATED and most certainly a scam!
There is absolutely nothing one can gain from depositing in an unregulated broker. We urge readers to check for a license prior to investing. The FCA and CySEC are the most popular and some of the best regulators in the world. These two, among other superb overseers, have gained the reputation of being the best through years of regulating some of the world’s top brokers. Watchdogs employ a huge set of rules by which every single broker under them has to abide. They include minimum capital requirements, segregated client bank accounts, the guarantee of funds’ safety, etc. All users under the FCA or CySEC, are eligible for compensation, in case the broker at hand cannot pay its dues. CySEC guarantees up to €20 000 per person, while the FCA guarantees up to £85 000.
RELIABLE-TRADE.COM TRADING SOFTWARE
The company supposedly offers not one but three separate trading platforms. Now that is a feat worth anybody’s appreciation.
First, we have the Reliable Trade Platform a seeming web-based terminal with a handful of helpful trading features. Then we have both the MT4 and the MT5, two superb platforms, that deserve to be crowned as the best of the best.
However, the web trader had no way of access, while the MT4/5 download links lead us straight to the MetaQuotes official website, where anyone can download the MT4 or MT5. Because of this unfortunate turn of events, we think that both the MT4 and MT5 are not available. We believe that there is either a very lackluster web terminal, or none at all.
RELIABLE-TRADE.COM DEPOSIT/WITHDRAW METHODS AND FEE
While we were opening an account, we had the ability to chose one of four account types. The lowest of the accounts came with a $300 minimum deposit requirement. However, the account section on the website claims the minimum deposit to be $1000, while another sub-section reveals it to be $250. There is no way for us to verify what the minimum deposit really is.
Readers will be disappointed to learn that there is absolutely no info on payment methods and withdrawals. The website is secretive with this information, for one reason or another. Scammer brokers usually come with some sort of crypto payment method plus a credit/debit card options and sometimes wire transfer. There are almost always withdrawal fees, either plain or hidden. The processing times for withdrawal is usually up to 5 days.
However, we cannot verify this, nor speak of anything concrete! What we do know for sure is that Reliable-Trade.com is not worth your money and time! This broker is a pure scam!
How does the scam work?
Most fraudulent brokers gain their reputation because of the usage of the scheme, the most popular scheme of all in fact. Its ultimate goal is to steal from users and continue doing so until the users sniff them out, or he or she gives up. The scam follows a number of simple steps, but it is worth noting that many unregulated brokers put their own unique twist on it.
The first step is to bait the user. This happens through the usage of online ads, that appear mostly on social media websites or other similar online sources. The scammer ads are distinguishable by their outrageous promises of wealth and profit through trading, investing, or binary options trading. These advertisements showcase a luxurious life and a care-free lifestyle.
Once a user falls for these tempting clicks, he or she will be asked to provide a telephone number or an email address. Giving these away means that the broker’s first wave of representatives will be contacting you. Their one and only goal is to make one deposit. Furthermore, some brokers choose their targets based on how easily manipulated they are.
An initial deposit means that you are knees deep into the scam. The time has come for the expert scammer, a.k.a the account managers. These are relentless, compelling, and at times charming. They can easily enforce their influence on a trader, and sooner or later this trader will be depositing a second, or third, or fourth time.
At some point during the scam, the user will start getting suspicious as to why she hasn’t been paid yet after only deposit for weeks on end. Every withdrawal request will be met with resistance, and depending on the broker the ways of refusal vary. Some might change your mind and solicit you to deposit more, others might close down the user account, or shut down the entire website. A popular method is to stall until the scammer can completely disappear.
What to do if scammed?
The best advice we can give for those that have been scammed is to file for a chargeback as soon as possible. All credit and debit card companies should have this option on the ready. Note that MasterCard and VISA have extended their chargeback period to 540 days.
Bank transfer payments mean that the scammer can potentially get access to your bank account, so it is crucial to change your password and user name. Another good piece of advice is to contact the bank itself and check with them if they have a ready to go plan for such circumstances.
As for crypto deposits, they most surely are gone. That is what it is paramount to remember never to invest in a shady broker through any sort of cryptocurrency.
A final piece of advice. Victimized users might stumble on recovery agents or agencies, who will promise to get your money back, but not before you pay them a hefty fee. Once the charge is paid, they will sooner or later disappear without helping you even one bit.
