Beware! Aman Trade 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.
Aman Trade, or Aman Investment Group, seems like your typical go-to broker, while still being able to encapsulate a small amount of uniqueness into its otherwise typical interface. These first impressions, now that we know for sure, are completely imaginary. The reality of how things work at Aman Trade is far from being perfect. In fact, truth be told, Aman Trade is nothing more than a shady broker, run by individuals whose goal is to profit as much as they can from unsuspecting clients. The same old story told once more…
We could not have asked for a quicker and simpler registration process, that was, nevertheless, suspicious for being so elementary. This tells us that Aman Trade will let just about anyone into its user area, which increases the broker’s chances of scoring more deposits.
After we had registered, we were redirected to a minimalistic user area, bearing only the most important options and nothing more. Soon, we discovered that the broker lacked a trading software. Actually, it had a link to one but the link wouldn’t stop producing privacy errors.
Now, we won’t get into detail here about the missing terminal, but what we will do is say that without a trading platform all trading conditions promoted by Aman Trade are useless. Meaning that none of the spreads, leverages, and tradeable assets apply to our experience.
The website is available in English and Arabic.
AMAN TRADE REGULATION AND SAFETY OF FUNDS
It came as no surprise the fact of Aman Trade’s complete anonymity. Nothing on the site gives away a location or a potential license. Not that anyone would be brave enough to attempt to regulate Aman Trade. It has an overwhelming amount of issues, that cannot be fixed easily.
Furthermore, all the links to the legal documents area are, you guessed it, broken. Therefore, Aman Trade has no legal documents, and thus it is not bound by any law or rules. This makes Aman Trade especially dangerous to users who have provided it with their copies of ID or similar documents.
There is no doubt in the following assertion: Aman Trade is NOT LICENSED, and a risk to all investors. It is also most certainly a scam!
Better to invest in an FCA or CySEC regulated broker than throwing it to a scammer/unlicensed broker that will spend it on its own indulgences. Unregulated brokers will not return your funds, and users of these companies will face other issues! That is why we always say to readers that they should always check and double-check for a legitimate license. The FCA or CySEC are preferable regulations, but there are dozens of other equally capable regulators. Check our list for all of them. Crucially, though some FX watchdogs offer compensation schemes that apply to users of brokers that cannot deliver their financial duties. For example, CySEC guarantees up to €20 000 per person, while the FCA guarantees up to £85 000.
AMAN TRADE TRADING SOFTWARE
As we mentioned, we had no way to access a trading platform from the client dashboard. Moreover, the website’s links to any kind of trading platform were useless.
We actually found a downloadable link to an MT5 that bore the name of a completely different company
One thing to note though- we cannot be sure that other users will experience such an error. Some of our readers might be able to launch the web trader, while others might not be so lucky.
AMAN TRADE DEPOSIT/WITHDRAW METHODS AND FEES
As seen in the user area, the depositing section was actually broken, while a withdrawal section was nowhere to be seen. Judging by just this, we can deduce that users cannot deposit nor can they withdraw.
According to the website: withdrawals are processed within 24 hours, the payment methods are varied – e-wallets, credit/debit cards, and wire transfer -, and there is no info on fees, although scammer brokers tend to launch unexpected charges. The minimum deposit is said to be $250, although we cannot be sure if this is the case, for any of the aforementioned payment details, in fact.
One thing that seems to define Aman Trade throughout the review is its defective nature. More than half of the areas that should be working are busted. What does that tell you about this broker? For one, it is completely useless as a brokerage, and if ever one is able to invest in it, our advice to him/her is not to!
How does the scam work?
The crucial moment for scammers happens when a random user decides to click on an ad that promises high profit, luxury goods, a care-free lifestyle, or any other too-goo-to-bee-true prospect.
Said user will be redirected either to the scammer investments site directly or to an intermediary site. There, she will be asked for her phone number and email address, through which the broker’s representatives will contact her. The goal is for the user to deposit the initial deposit.
Once this happens, in come the expert scammers, whose job is to keep the user as invested in the scam as possible, by initiating further deposits and, if possible, extracting sensitive ID documents.
At some point, the user will want to see results. She might see a couple of impressive profit sessions, but these are devices to keep her invested. The crucial part arrives when the client want’s to actually withdraw this money.
At this time, the broker will delay the request, block the account, stop calling the user, shit down the website, or do whatever it can so as to keep the user’s money for itself!
What to do if scammed?
Filling for a chargeback with your credit or debit card is crucial. That is if you have invested by means of a credit card. The good news is that MasterCard and VISA have a chargeback period of 540 days.
Bank deposits are harder to recuperate, but not impossible. Your best bet is to contact the bank and see with the institution itself if it can somehow get the money back. It’s crucial to always change your bank details – user name and password – if you have been defrauded by means of a wire transfer.
Last are deposits made by some kind of crypto method. These are untraceable, and therefore impossible to retrieve. That is why users should never invest by means of any digital currency.
The last line is the recovery agent or agencies. These promise to retrieve all the lost funds, using questionable techniques. Do not trust these for they will take a commission from you and leave you at an even bigger loss!