Beware! Sealimited.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.
There are two ways that one can interpret Sealimited.io. Either like a website of the highest authority or a simple scammer brokerage. We will go with the later because there is no way that Sealimited.io offers legitimate services. As a matter of fact, we just noticed that the website, more specifically the way it is structured and laid out, is perhaps in the most common way most scammer brokers do. This was a game-changer, and from that moment we looked at Sealimited.io within a completely different light. From then on we knew where things were headed. Please read the review for it will disclose further crucial details about Sealimited.io.
Logging in took a matter of seconds, which was a result of creating an account ins no more than a couple of seconds. Remember, that easy account creation processes are not always a good thing. The broker might be desperate for users, which is why the registration process is so easy.
Both the user area and the leading trading web trader are what you might call typical. We have reviewed many a broker with similar portal areas and trading softwares. The web trader gives us commodities, forex currency pairs, indices, stocks, and cryptocurrencies as available financial instruments.
We read a 4 pip cost of trade for the EUR/USD pair, which is twice the acceptable price, making it completely useless. The leverage is capped at 1:400, a common offshore brokerage vsalue.
English, German, and Italian are the languages that the broker’s site makes available.
SEALIMITED.IO REGULATION AND SAFETY OF FUNDS
The brokers push the supposition that it is located in the Commonwealth of Dominica, a country that does not have an FX license issuer, therefore all brokers there are unlicensed. In recent years, the country has become a very popular destination for hundreds of unlicensed brokers, much in the same way that Saint Vincent and the Grenadines has been before it.
There are no other details on a regulation or on an address, which is disappointing but not unexpected.
Another aspect of the broker’s shadiness and overall scammer-like attitude is that it has been officially been issued a warning against it by the Italian FX regulator CONSOB, which is the last straw for Sealimited.io.
The broker is UNLICENSED, and therefore a risk to all deposits! It also might be a scam!
To deposit in an unlicensed broker is the equivalent of throwing your money away for no reason. We always say that the first thing to do when dealing with any broker is to check for a license; this should be your priority! Usually, we would go for either an FCA or CySEC regulated brokers or other respected overseers. These regulators all employ harsh rules and impose very severe penalties on those brokerages that do not abide by the scrupulous rules. Furthermore, some agencies, like the FCA and CySEC, include reimbursement schemes to all users of brokers under their wings. These compensation funds schemes, as they are called, are put into action once broker cannot pay their clients back to bankruptcy. CySEC guarantees up to €20 000 per person, while the FCA guarantees up to £85 000.
SEALIMITED.IO TRADING SOFTWARE
Here we have a very common unregulated brokerage trading software that is based on a browser.
The main and only features of the web trader area stop-loss, take-profit, time frames, price alerts, one-click trading, and nothing else besides that. The platform is underwhelming, and not too useful. Users will get tired of it in no time.
SEALIMITED.IO DEPOSIT/WITHDRAW METHODS AND FEES
As per the user area, the minimum deposit is unknown. Users have to directly contact the representatives of the company to get the full payment methods. This approach is reserved for most unlicensed brokers, as through this way of doing things they can convince users to deposit more.
The website suggests that the payment methods are credit cards, wire transfers, debit cards, Skrill, and Neteller. However, we have no way of verifying this, so don’t rush to conclusions! The minimum deposit is said to be $250, the average amount.
According to the withdrawal section in the user area, the minimum amount to take out is €1. There is a 3.5% service fee. If the percentage equals less than $30 then users will have to pay a $30 withdrawal fee. The typical processing time for withdrawals is around 3-4 days.
Don’t let Sealimited.io fool you! This broker is unregulated and a scam, and it will take your money and not return it. Keep away!
How does the scam work?
The straightforward way into an investment scam is through the thousands of online ads that flood our browsers and social media sites. These are those familiar ads that promise impossible returns and luxurious lifestyles as a result of investing.
Succumbing to such ads will lead to either the scammer investment site, or to an intermediary source with close ties to this and other fraudulent websites.
In either case, the user will be asked to provide a phone number and probably an email address. The purpose of these is for the reps of the scam to be able to contact the client and push for initial investments. This is the first wave of the fraud, and is usually done by the rookie team.
The second wave is the pros, sometimes those behind the whole scam. These are charming and cunning individuals, whose communication skills can potentially result in the users to invest a second, or third, or even fourth time.
Basically, the scam continuous until the client realizes that she is being scammed. At that moment, when she wishes to withdraw or has questions for the scammer, it is already too late.
The culprits will easily ignore all requests or stall them. There are times when unlicensed brokers even terminate entire accounts, and on rare occasions entire websites are closed!
What to do if scammed?
The safest way to get your money back is to file for a chargeback using your credit or debit card provider. MasterCard and VISA have a chargeback period of 540 days. However, this only applies if you have deposited through a card.
Wire transfers are more difficult to reimburse, although some banks may have a specific plan for such times, so we advise users to directly contact their banks and ask them for help. What’s crucial is for users to change their bank account user names and passwords as soon as possible.
As for any funds invested through a cryptocurrency wallet, be sure that they are lost! Crypto transfers are untraceable!
And finally: never trust recovery agents or agencies. These are fraudsters who will ask for money in return for nothing. Do not trust these!