Beware! Amctrade.net 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.
Amctrade.net introduces as an FCA authorised broker holding passport rights to operate throughout FCA. However, we found out that’s not the case- it’s actually a clone firm impersonating a duly licensed and adequately regulated broker bearing precisely the same name. The scammers went a step further, providing a link to the FCA license belonging to the authentic business. We named the broker reviewed after its domain to separate it from the authentic AMC. Clones are dangerous and we are going to explain why in the full Amctrade.net review.
Amctrade.net REGULATION AND SAFETY OF FUNDS
As mentioned, Amctrade.net pretends to be FCA regulated in Britain, but we quickly disproved those claims by checking the domain name in the register- nothing found. Amctrade.net is a clone firm abusing the name and numbers of a genuine company- the scammers even dared to put a link to the license page. That’s s scam! Amctrade.net is going to steal your money if you deposit.
Firm cloning happens when scammers use names, addresses, numbers etc., of genuine companies to trick people into thinking they are presented with legit offers. It’s a simple approach, but apparently working one as the number of clones increases every year. Internet is plagued by scammers, so you’d better always double-check the companies before making any deposits whatsoever.
However, we found Amctrade.net claiming to conduct its business according to the Marshall Islands governing laws- it’s seemingly an offshore broker. Dealing with offshore brokers is risky as these fall under no regulatory oversight, meaning that they can do anything with your money while being unaccountable for their actions. Moreover, Marshall Islands’s registered companies are with hidden ownership, so the people running the broker remain anonymous at all times. Above all, though, the scammers will take your money offshore, where no one can track it down, and it’ll literally disappear.
Avoid it, and better get legit brokers that are stringently regulated and bound by law to keep your money segregated, like the European ones. The segregation improves transparency, reduce risks, prevent fraud, and in case of a default, clients will simply get their money back as their accounts are not commingled with the broker’s accounts.
That said, why don’t you check the high-rated EU brokers and British brokers. The companies on top of both lists also participate in deposit insurance funds- if you trade with a CySEC broker, you can get up to €20 000 in compensation, while FCA brokers guarantee up to £85 000 per person. The money protection schemes provide another layer of security, and it’s a no brainer if you can open an account with European companies.
Amctrade.net TRADING SOFTWARE
Amctrade.net claims to offer a Webtrader, but we couldn’t access it because the broker currently does not support registrations from our country. So, a broker stating to be EEA authorised refuses to accept EU clients- what a failure!
Speaking of software, we’d like to offer the high-rated MetaTrader4 brokers and MetaTrader5 brokers on both lists instead. We recommend MTs as they feature sophisticated trading tools such as reliable indicators, easy-to-use charting tools, Expert Advisors making automated trading possible and even a marketplace with more than 10 000 trading apps.
Since there is no platform, we can’t analyse the actual trading costs or leverage risks. Nevertheless, Amctrade.net purportedly offer up to 1:300 leverage, thus exposing itself as illegitimate- the British FCA no longer allows such levels. In fact, leverage is so dangerous that it’s now a part of the licensing regime in numerous jurisdictions.
Namely, licensed British, EU, and Australian brokers must limit retail clients to 1:30, while Canadian brokers and US brokers can’t provide more than 1:50. In contrast, most of the high-leverage brokers are either poorly regulated or not at all, so you should be careful with their offers.
Amctrade.net DEPOSIT/WITHDRAW METHODS AND FEES
The minimum deposit is $250 allegedly via Credit/Debit cards and Bitcoin, but we can’t validate this due to the sign-up issues we faced. In general, though, the first method mentioned is much safer as it allows chargebacks for up to 540 days. In contrast, Bitcoin deposits are final and non-refundable.
Anyway, as the broker is a suspected scam, we’d like to offer our lists with Skrill brokers, Neteller brokers, FasaPay brokers, Sofort brokers, and Bitcoin brokers if you have a preferred e-wallet or a trusted payment system. The high-rated companies are well-regulated and won’t take you for a ride if you deposit.
Amctrade.net doesn’t say much about withdrawals and fees, and even if it did, that wouldn’t matter as it’s created to misappropriate funds. However, we’ll focus on a bonus clause we found in the Terms. In particular, if people accept bonuses, they should trade the sum plus the deposit 30 times to become eligible for withdrawals. That’s too challenging, but FCA regulated brokers are not allowed to offer bonuses or other trading incentives, so we once again confirm that Amctrade.net is a scam.
HOW DOES THE SCAM WORK
In this review, we exposed Amctrade.net as fraudulent, so make sure to avoid this FX creature. Below, you’ll see how scams usually happen, and the broker reviewed most probably uses the same or very similar tricks to rip people off their hard-earned money.
In a nutshell, you get enticed by an offer that sounds too good to be true, deposited as instructed by scammers and eventually get ripped off. Actually, the Forex scam is a process that significantly differs from ordinary fraud, which is usually a one-time event. In contrast, in Forex fraud, you are in constant touch with scammers who will manipulate you to deposit over and over again. For example, they will pretend to manage your accounts and will show you incredible profits. Or, if you trade by yourself, they’ll distort market prices to make your account look profitable, thus luring you to put even more money in the scheme.
The scam becomes obvious as soon as you start insisting on getting your funds back. Scammers will reject withdrawal requests for whatever reason they choose and even instruct you to pay taxes first. It’s 100% a scam if you are required to send money when you want to withdraw. When it’s obvious that you won’t send money again, the cons will simply cut the communication, leaving you with losses almost impossible to recover.
WHAT TO DO WHEN SCAMMED
Unfortunately, no one is immune to scams. If you get scammed, the first thing you need to do is to consider the secondary risks. Deactivate your bank card immediately and contact your bank and ask for advice.
Report what happened to you, file a complaint, contact the authorities, call the police. Seek help actively!
Then, it would be best if you were careful with your attempts to recover funds because fraudulent chargeback agencies and individuals would be happy to take you for a ride again. They usually ask for upfront payment but will do nothing in exchange.
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