Beware! This 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.
AllTradingMarkets.com cannot be taken any more seriously than 95% of all the brokers that we review on a daily basis. At least some of those brokers try to hide their scammer nature but in this case, AllTradingMarkets.com has totally taken a short way. We find it to be ridiculous that the broker does not even try to do anything new. It is as if it took all the elements from the most common unregulated brokers and puzzled them together. This is a simple, textbook, unregulated brokerage. Read the review for why this is.
Opening an account was incredibly easy and it took less than 10 seconds to enter a user area. This is not a good thing. This means that anybody can create an account and enter the user area and can easily deposit and as a result of this lose money.
What’s more, is that the user area of very uninspiring and very boring. Moreover, we were not even able to access a web trader, that actually exists, but we never got the password for it. The broker told us that it had sent over the password on our email but we never actually received an email from the company.
Therefore we must take the trading conditions from the website. We will have to disappoint our readers. There is absolutely no information on trading financial instruments, spreads, or leverage. The broker has not indicated anything that would be of help. Another very clear sign that the company is not regulated.
The website is available in English and Italian.
ALLTRADINGMARKETS.COM REGULATION AND SAFETY OF FUNDS
The contact address of the broker locates the company in Lithuania. The only regulatory power that has control over the forex markets in the country is the Central Bank of Lithuania. Whether there is nothing that suggests the agency to be regulating AllTradingMarkets.com. The broker does not even claim to be licensed there.
Other than that, we find in the legal documents the very typical claim that the user must be authorised by his or her own jurisdiction in order to access the website. This is one of the most difficult claims held by unregulated brokers, shifting the responsibility of being licensed into the hands of the user.
There is nothing else to work with here. If it were up to us we would deem this company completely anonymous and even a bigger risk than we initially thought. Anonymous brokers cannot be traced and can only be found if they want to be found.
Overall this broker is not regulated and is, therefore, a risk to all users.
Investing in unregulated brokers is basically throwing your money out of the window. They will very rarely return your money, and even if that happens it would cost the user an incredible amount of headache and time.
That is why we encourage users to only trade with regulated brokers. Please, once you enter a broker that you think is worth investing in always check for a license before doing anything else.
We recommend UK, EU, US, or Aussie brokerage firms. All such regulated brokers are very trustworthy and offer safe and secure trading grounds.
Furthermore, agencies like the FCA and CySEC offer user compensation funds that are applied only when the broker at hand is not able to pay back to user due to insolvency. CySEC guarantees up to €20 000 per person, while the FCA guarantees up to £85 000.
ALLTRADINGMARKETS.COM TRADING SOFTWARE
As we mentioned we were not able to access a trading software. Whether there should be a trading platform because the user area reveals a web trader access button.
Without access to this terminal, we had no way to talk about a trading software. What’s even more worrying is not we cannot be 100-percent sure that the broker actually offers a trading software.
ALLTRADINGMARKETS.COM DEPOSIT/WITHDRAW METHODS AND FEES
We will try to take as much payment information as possible from the user area. According to the depositing section of the user dashboard, clients can invest only by means of wire transfer and a bitcoin wallet. And actually, the only real way to invest is through the Bitcoin wallet; if the user wishes to invest by means of a bank transfer then he or she will have to contact her account manager which is actually a direct way of initiating the scam. And not to mention that deposits using crypto wallets is a very risky thing.
The withdrawal portal reviews that users can take out money only with a bank transfer. There is absolutely nothing indicated on the website concerning withdrawals.
Overall this broker is a complete scam and a risk to all investments.
How does the scam work?
It’s almost ironic that’s one of the most popular ways to get scammed by a forex investment fraud is incredibly simple to grasp. If you look at it constructively, the way a scam works is that it follows a couple of incredibly simple steps that nevertheless take a lot of experience and authority to pull off.
In fact, investment scams are so effective not because of the way they are structured but because the people that are behind them are very talented at human manipulation. They have an arsenal of psychological and behavioral tricks.
Indeed, the hardest part of any scam is to actually be introduced to the scammer in person which happens most of the time by phone but it can also occur by email correspondence.
The quickest and most effective tool they have is online ads. Fake and misleading ads are ubiquitous over the internet. They continually evolve into becoming more and more legitimate-looking while retaining their complete scammer nature. Everybody has seen at least a couple of these ads: they promote a carefree life, luxurious products on the go, beautiful women, and other very expensive and realistically unattainable stuff.
Behind these ads are the investment scammers. Once you end up on the website you will be asked to provide a phone number or an email address for the sole purpose of being contacted by the broker.
The representatives of the scam will ask you to invest. He or she will use an array of tactics to make you invest. This is a solicitation and nothing else. Investing an initial deposits will build trust with the scammer and can potentially lead to more and higher investments.
If the user continues to invest and trusts the broker, he or she will continue to invest money that will be very hard to retrieve.
And once the time comes to actually get your money back or at least withdraw a profit, the true scammer nature of the company will reveal itself. The broker will either block your accounts, close off all communications with you, shut down the entire website, or stall all requests. At times it can even pay you back a percentage of your deposit and profits in order to create a false sense of security.
What to do if scammed?
Now, the quickest way to get your money back is to file for a chargeback with your credit or debit cards provider. However, this applies only to those users that have actually lost money by means of a card. MasterCard and VISA have a chargeback period of 540 days.
Bank transfers are harder to get back. First of all, we always encourage users to immediately change their bank account username and password. And then to contact the bank itself and try to find a solution to the problem together. The banking institution might have a specific section that deals with similar issues.
One sure way to lose all of your deposit is to invest in a regulated broker via any sort of cryptocurrency. Even in today’s world, crypto transactions are untraceable making crypto deposits the most popular investment gateway used by unregulated brokers. All funds invested through a crypto wallet are definitely lost.
And a warning to all readers! Do not trust the self-proclaimed recovery agency or agencies whose promises of returning all your funds are as misleading as the broker scam itself. They will take the initial fee charged for the false services and will disappear with the money.