Beware! N-Trade26 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.
This review is about a pretty suspicious broker. N-Trade26 is presented as ASIC regulated, and upon sign-up, they even provide a link to the Australian license. However, we found some inconsistencies, and can safely conclude that this broker is a suspected scam. Find out what we are talking about in the full N-Trade26 review.
N-Trade26 REGULATION AND SAFETY OF FUNDS
N-Trade26 claims to be a brand name of an Australian company regulated by the local authority ASIC. Well, indeed, there is such a company, but now we’ll have to criticize the Australians for not being customer-oriented. The license doesn’t include domain names, and generally, the information presented is totally useless for most investors. When ordinary traders try to verify a company claiming to be ASIC regulated, they may indeed get bamboozled and end up dealing with clone firms. The Australians had better follow the British FCA’s example, making broker verification as easy as pie.
Anyway, we disagree with the broker’s regulation claims because of some pieces of conflicting information. First of all, N-Trade26 claims on the website that its incorporation year is 2016. Well, the genuine Australian company was granted ASIC authorisation back in 2010, so we have evidence of a scam. Then, N-Trade26’s leverage is up to 1:500, a ratio ASIC regulated brokers are no longer allowed to provide. The leverage offered shows that the broker is either unregulated or breaching the Australian financial laws. In both cases, your funds won’t be safe if you deposit with N-Trade26.
Instead, check the EU brokers and British brokers topping both lists. The European markets offer high-grade security, with companies covered by deposit insurance funds established to protect clients’ money. Hence, CySEC brokers’ traders can claim up to 20 000 EUR in compensation, while the British guarantees are up to 85 000 GBP per person. If you are eligible to open an account with a European company, you can safely go for it.
N-Trade26 TRADING SOFTWARE
N-Trade26’s trading software is web-based and resembles both MT4 and MT5 online distribution. However, the platform is fundamentally different because it’s based on a third-party provided chart and can’t offer any significant advantages over MetaTrader. The EUR/USD spread is 2.7 pips, a Buy/Sell difference that’s no longer competitive. Most regulated brokers offer mich tighter spread of 1 pip and below, which significantly reduce the trading costs. It’s not worth wasting your time with the controversial N-Trade26.
That said, the high-rated MetaTrader4 brokers and MetaTrader5 brokers on both lists are safe and deliver upper-class software. The MT distributions are packed with sophisticated tools such as Expert Advisors, many complex indicators, sophisticated charting tools and even a marketplace featuring more than 10 000 apps. MT is definitely the best choice for traders.
As already mentioned, the maximum leverage possible is 1:500. In fact, it varies between 1:5 and 1:500, and traders can change it themselves in the User Panel, which is one of the very few positive features of N-Trade26. Nevertheless, leverage is utterly risky, and many regulators even imposed restrictions to reduce clients’ losses caused by misuse. As a result, EU, British and Australian brokers‘ clients are limited to 1:30, while Canadian brokers and US brokers can’t provide more than 1:50. Most of the high-leverage FX companies are poorly or not regulated at all, so you’d better be cautious when choosing a broker.
N-Trade26 DEPOSIT/WITHDRAW METHODS AND FEES
Allegedly, N-Trade26’s clients can deposit as little as $1, but we can’t validate this because we couldn’t test their funding system due to ID verification issues. The broker is shady enough, and naturally, we refused to submit personal information. The funding methods are purportedly Credit/Debit cards, Wire Transfers and Bitcoin. Out of those, bank card funding is considered safer because it’s possible to chargeback and eventually get a refund- up to 540 days after the transaction. Bitcoin transfers are on the other end; the payments are final, non-refundable and totally anonymous.
Nevertheless, see some Skrill brokers, Neteller brokers, FasaPay brokers, Sofort brokers, and Bitcoin brokers if you have a preferred payment system. The companies on top of both lists are adequately regulated, and you won’t face scammers.
N-Trade26 reveals nothing about withdrawals and fees, which is a red flag. The regulated brokers are bound by law to explicitly sort provisions out and present traders with all the details about the trading conditions. Beware!
Overall, N-Trade26 is a controversial broker and a suspected clone firm, so you’d better avoid this business.
HOW DOES THE SCAM WORK
The Forex scam is a popular type of fraud that’s rather distinctive because it’s actually a process. In the usual scenario, the victim clicked on an ad, then received a phone call, and at some point got convinced to deposit money. To make people accept fraudulent offers, scammers would present deals that sound too good to be true, bonuses, get-rich-quick schemes, and so on. Their imagination is rich and would invent as many stories to get the craved deposits.
Unfortunately, the initial deposit is not the end but the beginning. Gradually, scammers would manipulate victims and would urge them to invest again and again. For example, the con artists would not allow people to trade but would pretend to manage the account instead of the traders. They’d then falsify the results to show victims massive profits and would ask for more money, promising to get even more profits.
However, if the victim asks for a withdrawal, that won’t happen. Scammers would come up with a story that the unfortunate trader needs to deposit again if they’re going to pull money out. Those criminals won’t stop asking for more, no matter what. In the worst case, the victim would believe in the scammers’ falsehood and deposit repeatedly. Sooner or later, though, the scam would become evident, and that would be a signal for the fraudsters to cut the communication and disappear. They would abandon the website and would create a new one, carrying on with their criminal activities.
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 so that they can give you instructions and help, 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 to recover 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!