Beware! AllFinancialTrading 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.
We are reviewing AllFinancialTrading- purportedly a broker designed to put smart people on their own path to financial freedom. They claim to provide an award-winning investment platform, but that’s not actually true. In fact, the broker is an exposed scam, and you can see which regulator blacklisted it in the full AllFinancialTrading review.
AllFinancialTrading REGULATION AND SAFETY OF FUNDS
AllFinancialTrading is a Lithuanian broker, or at least they claim to be. It’s allegedly a brand name of UAB BENSELA, but we didn’t waste time checking the company because the Italian regulator CONSOB issued a warning against it. So, your funds will be in danger if you deposit with the broker because it’s an exposed scam. You should avoid it.
As AllFinancialTrading is fraudulent, you’d better consider the high-rated EU brokers and British brokers topping both lists. We recommend those because the Europeans offer high-grade security and protection guaranteed by deposit insurance funds created to reimburse clients in case of insolvency. Thus, CySEC brokers’ traders can claim up to 20 000 EUR in compensation, while the British guarantees are up to 85 000 GBP per person. So if you are eligible to open accounts with European companies, you can safely go for it.
AllFinancialTrading TRADING SOFTWARE
AllFinancialTrading claims to provide revolutionary trading software, but their statements can’t be farther than the truth. The platform is web-based and doesn’t actually offer any significant advantages over MetaTrader, for example. The EUR/USD spread is good- 0.6 pips, which is an excellent Buy/Sell difference only if the so-called broker isn’t a scam and the platform inferior. The spread forms part of the costs, so the lower it is, the better for clients. Thankfully, the FX market is highly competitive, and you can positively find better brokers with even more favourable spreads by simply following the links provided in this review.
That said, the high-rated MetaTrader4 brokers and MetaTrader5 brokers on both lists are safe and deliver the best trading terminals. The MT distributions are packed with sophisticated tools such as Expert Advisors, many complex indicators, sophisticated charting tools and a marketplace featuring more than 10 000 apps. You’d be much better off if you choose MetaTrader brokers over those offering Web traders, as the fraudulent AllFinancialTrading.
The leverage provided is unknown, and that’s a major red flag. Leverage present fantastic opportunities to make profits, but it carries high risks for traders and that’s why people should always be in control of it. Well, AllFinancialTrading doesn’t even mention a word about it. That’s a scam!
In fact, leverage is so dangerous that various respected authorities regulate it to decrease clients’ risks. Hence, EU, British and Australian brokers‘ clients are limited to 1:30, while Canadian brokers and US brokers can’t provide more than 1:50. In addition, most of the high-leverage FX companies are unlicensed, and we urge traders to be careful with those.
AllFinancialTrading DEPOSIT/WITHDRAW METHODS AND FEES
The minimum deposit with AllFinancialTrading is $500, a hefty requirement compared to the regulated brokers’ demands on average- $100. At the same time, though, many acclaimed FX companies would be happy to accept clients and let them open micro accounts starting from 5 to 10 dollars. Well, AllFinancialTrading is an exposed scam, but we wouldn’t recommend the broker solely because of the unfavourable deposit requirements. Avoid!
The funding methods are Wire Transfers and Bitcoin, both of which final and non-refundable, so riskier than Credit/Debit cards. As a matter of fact, cryptocurrency deposits are totally anonymous, and people have absolutely no idea whom they are sending money to. Digital coins present many advantages over traditional payment methods, but the transactions carry high risks. Not surprisingly, scammers beloved Bitcoin, and you’d better be sceptical if a broker accepts cryptocurrency funding only.
Speaking of deposits, we can offer our lists with 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.
The minimum withdrawal is $100, free of charge, which is indeed an unfair condition. In contrast, most regulated brokers impose no or minimal withdrawal requirement, which is the right thing to do. The request processing time is undisclosed.
The inactivity fees are seemingly bearable, but AllFinancialTrading is an exposed scam, so we can’t take their word for it. According to the clause, an account becomes dormant after 6 months of inactivity and will be charged $25 twice per year. This is around 5 dollars a month, which is pretty much in line with the industry standards.
Trading incentives are generally possible, but the broker fails to specify anything about such campaigns. The only thing we know is that bonus money is classified as non-deposited funds, so traders can’t withdraw any amount whatsoever!
Overall, AllFinancialTrading is an exposed scam, so you have to steer clear of it.
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 typical 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 first deposit is not the end but the beginning. Gradually, scammers would manipulate victims and would urge them to invest repeatedly. For example, con artists may not allow people to trade themselves but would pretend to manage the accounts. Forged results would show victims massive profits, and scammers would ask for more money, promising to secure more gains.
However, the problem starts when people ask for withdrawals. Scammers would make excuses to refuse withdrawals and even require additional deposits to let people take their money out. Those criminals won’t stop asking for funds, no matter what. In the worst case, the victim would believe in the scammers’ falsehood and deposit again and again. However, sooner or later, the scam would become evident, the fraudsters would cut the communication and eventually disappear. They would drop the website, create a new one and carry on with their criminal business untouched, while people would be left with losses almost impossible to recover.
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!