Beware! Camtrade.io 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.
In this review, we are going to show you a shady broker operated by many companies, which actually has nothing to do with each other. As for their introduction, well, there is no shortage of innovational claims. They pretend to be the leading provider of online trading services and offer the best signals and automated trading tools. However, below the surface, we spotted numerous red flags, and we are going to prove it’s a scam scheme. Find out how we expose them in the full Camtrade.io review.
Camtrade.io REGULATION AND SAFETY OF FUNDS
Camtrade.io is a brand of FINEX GROUP LTD, a business that’s already exposed as a scam scheme. They also operate a fraudulent broker named Exfinances, which was blacklisted by various regulators, including the Spanish CNMV, the Belgian FSMA and the Italian CONSOB, to name a few. You can see the review by following the link provided. Your funds are in danger if you deposit with Camtrade.io because it’s a broker run by scammers. Below you can see the Belgian FINEX GROUP LTD blacklisting.
However, there are other details we need to put down. On Camtrade.io’s footer, you can see them pretending to be e brand of an Australian company. Well, there is such a legit business registered back in 1992 in Australia, but they have nothing to do with this swindling broker. Camtrade.io is acting as a clone firm, too, which makes their scheme even more dangerous. The clones are knowingly abusing authentic companies’ credentials such as names, registration numbers, license numbers etc., to appear as if legit. This is a simple looking type of fraud, but it’s proven to be very efficient, so beware.
Avoid Camtrade.io and see some EU brokers and British brokers. We strongly recommend those companies because Europe is a place where clients’ funds are protected by deposit insurance funds. For example, CySEC brokers’ traders can claim 20 000 EUR in compensation, while the British protections are up to 85 000 GBP per person. If you can open an account with a European company, go ahead. It’s a no-brainer.
Camtrade.io TRADING SOFTWARE
Camtrade.io offers web-based trading software only. In fact, they pretend to provide a Desktop distribution, too, but it’s available for download exclusively upon a deposit. Yet, we can’t guarantee that such a platform is actually available, and that may be merely a scammers’ trick.
Anyway, the platform isn’t impressive, and it’s surprisingly similar to the platform deployed by other fishy brokers we recently reviewed- Exfinances, BidSwiss and GoEverUps. The latter was even exposed as a scam scheme by the Cyprus financial regulator CySEC. Now, back to the software, it lacks functionality but visually looks like the MetaTrader web distributions. We also suspect that there may be manipulation in action because the price action is exceptionally slow and overall weird. As already proven, Camtrade.io is a scam, so make sure to stay away from this fraudulent entity and its deficient platform.
Instead, see these MetaTrader4 brokers and MetaTrader5 brokers. Both MT platforms lead the market and provide sophisticated features such as Expert Advisors, Algo Trading and many complex indicators. MetaTrader also has a marketplace where you can find more than 10 000 apps and third-party developed solutions.
The EUR/USD spread is 2.3 pips, which isn’t the best Buy/Sell difference you can find. It forms part of the trading costs, so lower rates are beneficial and largely determine whether the broker is good or not. The FX market is highly competitive, so it’s easy to find regulated brokers offering spreads of 1 pip and below.
The maximum leverage is 1:200, which is a ratio that’s too risky for traders, and it’s available to adjust only upon subscription. Such a level may become the cause of lightning-quick losses, so make sure to handle it properly if deployed.
In fact, due to the risks involved, many financial authorities agreed on regulations and restricted leverage usage. As a result, the EU, British and Australian brokers are limited to 1:30, while the Canadian brokers and the US brokers can’t provide more than 1:50. However, if you are risk-tolerant, you may as well try with Swiss brokers, which are reliable but not leverage restricted.
Camtrade.io DEPOSIT/WITHDRAW METHODS AND FEES
The minimum deposit with Camtrade.io is $250, which is in line with the offshore brokers, but higher than the regulated industry standards- $100 on average. The available funding methods are dubious– there are three options, and all of these redirect to fishy bitcoin exchanges. Hence, to make a deposit, you need to buy cryptocurrencies first, which is strong evidence of a scam. Digital coin payments are anonymous, final and non-refundable, which makes them a preferred method for scammers. See the funding methods at the bottom of this section and beware.
Still, check our lists with Skrill brokers, Neteller brokers, FasaPay brokers, Sofort brokers, and Bitcoin brokers if you have a preferred payment system. The high-rated companies are strictly regulated, and it’s unlikely to come across scammers.
The withdrawal provisions are thoroughly unfair- a minimum of $100 for Credit/Debit and $250 for Wire Transfers. The charges are monstrous- $25 per bank card transfer plus a $10 processing fee and $50 for wires. There are also trading volume requirements applicable- clients need to trade at least 200 in turnover (whatever this should mean) to avoid paying 10% additionally. That’s a scam!
The inactivity fees are equally unreasonable. After 6 months of inactivity, an account becomes dormant and will be subject to a deduction of 10% per month, which is a typical scam clause that can be found in the T&Cs of many proven scam brokers.
There are trading incentives generally available, but the additional provisions are pretty unfavourable, which once again confirms that this broker simply wants to pocket people’s money. Traders need to execute a volume of 25 times the deposit amount plus the bonus amount to become eligible for withdrawal.
Overall, Camtrade.io is a scam we exposed in this review, so make sure to stay away from this fraudulent broker.
HOW DOES THE SCAM WORK
New types of investment scams come about literally every day. However, most of the new schemes represent a modification of common fraud. These are not typical for the local markets but very similar from country to country.
Nowadays, scammers most often search for victims on the Internet and social media. Classical tactics, such as cold calling, became less widespread as the Internet got prevalent. The offers scammers make look legit and present exciting opportunities to invest money in the Forex market. Traders got reassured that the people behind the broker have an excellent track record, and they promise high returns, seamless trading and guaranteed profits. The scammers deliberately make people believe that the Forex market isn’t a risky place, but actually, the opposite is true.
What usually happens is that scammers just pocket traders and investors money. Sooner or later, clients would ask for a withdrawal, but scammers would delay or straightforward refuse to send any money back. Whenever traders persist, the guys standing behind the fraudulent broker would usually cut the communication or even ask for additional deposits. Either way, traders are likely to lose some or all of the capital invested. The end is always the same. When fraud becomes evident, the scammers would simply rebrand and start afresh, creating a new scheme under a different name.
WHAT TO DO WHEN SCAMMED
Unfortunately, no one is immune to scam. If this unfortunately happens, the first thing to do is to protect yourself from further risk. Contact your bank and explain what happened to you so that they can give you instructions and 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, call the police if you feel necessary. Seek help actively!
Remember, it’s crucial not to rush blindly trying to recover your funds because many scam chargeback agencies and individuals are trying to double scam the victims. They ask for upfront payment, take the money, but won’t do anything to help you!
Share online your experience; it’s important to protect others, as well. Be responsible!