Beware! SenseTrade 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.
SenseTrade is yet another offshore broker that is best avoided. Here is why:
SenseTrade regulation and safety of funds
SenseTrade is not regulated – in fact, the company is registered in the Commonwealth of Dominica – one of the most infamous scam havens. Here is SenseTrade admitting to that:
What makes Dominica so bad is the fact that it does not regulate its Forex markets. This makes it quite attractive to scammers, who set up shop there in order to run their schemes unopposed.
Brokers from Dominica cannot even guarantee they are not scammers – and without a further license, they cannot provide you with protections that traders with companies from more legitimate jurisdictions enjoy – for example, brokers in the UK are required to participate in guarantee funds which pay out up to 85 000 pounds per affected client if the broker goes under. Always make sure you are trading with a legitimate company to ensure you are benefiting from a transparent and competitive trading experience!
SenseTrade trading software
SenseTrade provides access to quite the basic web platform – it lacks most features of industry standard Metatrader 5, namely automated trading. Here is what the broker’s platform looks like:
Not only is the software basic, but the spreads are too wide, moving well over the 1 pip range, accepted for FX majors like the EURUSD. The leverage is also too high, sitting at 1:200 by default – meanwhile, most regulators have deemed such amounts as too risky for the common trader. This means that if you see a broker offering them in the wild, odds are, you are dealing with an unlicensed company – so beware!
SenseTrade deposit and withdrawal methods and fees
SenseTrade allows its traders to deposit only through Bitcoin – this means that no chargebacks are possible. In general, only allowing such payment methods reeks of a scam – and doubly so with SenseTrade, which also has a very malicious Bonus policy, seen below:
The policy in question states that funds that were made by trading with money that SenseTrade assigned you as a bonus is not eligible to be withdrawn. Of course, SenseTrade does not tell you that there is no way to distinguish such money from profits made by trading with your own deposits – and that the broker will use the clause above as an excuse to deny you withdrawals. This kind of abusive clause has led to the promotion of bonuses being banned in most jurisdictions!
There is also the matter of SenseTrade’s withdrawal fees, about which we only know as much as the next clause told us:
It seems that SenseTrade keeps its traders in the dark about the fees it charges – this bodes quite ill, as without a fee schedule set in stone, a broker can charge you anything it wishes, for any reason it desires. And that is hardly fair!
How does the scam work?
SenseTrade is nothing but another offshore scam broker – here is how the scheme the broker follows usually unfolds:
Someone stumbles upon the broker’s website, where they are prompted to make an account, leaving their phone number in the process. Once the scammers have that, they will start calling around the clock to demand deposits. More and more will be taken from the victim, until they either realize what’s going on, or have nothing more to give – and the scammers will simply cut them off at that point.
What to do when scammed?
If you recognize the situation laid out above, you have been scammed. Here is what you need to do to limit your losses:
First off, you should recall what forms of ID, credit cards and so on sensitive documents the scammers had access to. Once you do that, get new ones issued ASAP. Also, remove any remote control software the scammers had you install on your PC.
When that is done, you can start thinking about getting your money back – to do so, contact your bank and see if you can file a chargeback. But, if a recovery agency reaches out to you and promises you to restore your losses at the cost of an upfront payment, know it to be another scam!
Finally, do not hesitate to leave a comment below and tell us about your own experience with SenseTrade – in doing so, you will be helping us raise awareness of the scam, which is an efficient way to fight it.