Beware! Act4trades 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.
There was not a moment of doubt in our immediate conclusion of Act4trades that it is not licensed and a risk to all investments. From the name, to the website structure, to the various irregularities, to the fake award, everything about this brokerage is a revamp of old scammer elements. Act4trades simply gives users a new website, and a couple of “fun” elements, and voila! It expects trader to reign down upon it along with their investments. Unfortunately, the mere existence of Act4trades proves that people still far for these scams. The following review is dedicated to these folks, and will serve both them and those that are about to make the mistake of depositing in the firm. Read the review first!
Registering was a breeze, and the resulting user area was charming in a shallow kind of way. Unfortunately, we learn something that we would have probably missed out on f we hadn’t created an account. And that is that there is no functional trading software used by Act4trades.
That’s right! As a result of this, Act4trades completely loses its status as a would-be broker, and instead fall into limbo as a useless scam. There are no spreads applicable here, no leverages, and definitely no tradeable financial instruments.
This website is available in English.
ACT4TRADES REGULATION AND SAFETY OF FUNDS
The main registration address of the firm is said to be in the UK. So, this would mean that the broker is licensed in the country by the FCA, and that it offer legit service, right? Absolutely not! If Act4trades offers any trading options to UK residents, then it is doing so without a license.
Act4trades is also one of those brokers that are “regulated” by obscure and untraceable “market” regulators, that are, in truth, scammers, and most of the time cooperate with investment fraudsters. In Act4trades’ case its’s one Lebrn.com, and it’s obvious that its website is a sham.
Last but not least we are told, indirectly through the terms and conditions, that the firm is governed under Estonian laws. This is also a lie, and another sign that this broker is a cheat. This Baltic country is once again used as a scapegoat for reasons unknown. What we do know is that Estonia has its very onw regulator – the Estonian Financial Supervision and Resolution Authority- and it does an excellent job .
Act4trades is for sure not regulated and a risk to all investments.
Unregulated brokers are digital thieves. These entities will not return your funds and will continue to harass you! Best to avoid them. One way to do that is to check the site for a license. It should be easy to locate one, and if you don’t find it do not waste your time with the broker. We personally recommend any UK, EU, US, or Aussie-licensed broker. These are all legitimized by some of the best regulators and are constantly on the watch, never seizing or failing to follow the strict rules and guidelines. Moreover, the FCA and CySEC both offer compensation schemes that are there to reimburse users in case the broker becomes insolvent. The FCA guarantees up to £85 000, while CySEC guarantees up to €20 000 per person.
ACT4TRADES TRADING SOFTWARE
The reason why we had no access to a trading software is simple. The MT4 that is available is owned by a differently named company, and therefore the servers on this software do not reflect the trading conditions of Act4trades. It’s a paradox really, for there are no trading conditions from which this trading software to reflect, seeing that Act4trades has no terminal.
As for the website advertised web trader, it is actually this random MT4. And so we conclude that there is no trading software in place.
ACT4TRADES DEPOSIT/WITHDRAW METHODS AND FEES
There is no way to take any payment information from the user are, since we did not have pour account verified. And so the website it is! Just keep in mind that the info on the site might be overexaggerated.
The minimum deposit is indicated as being $250.
According to the legal docs, all withdrawals are subjected to fees, but what these fees are and who and when they apply, we don’t know for there is no further details on the matter. The same legal provisions mention card and bank transfers as payment methods.
None of the payment details are trustable. Act4trades is not worth your time and money.
HOW DOES THE SCAM WORK
One thing to always keep in mind is that the broker will always try to push the user to create an account. Through this process, the broker tries to take contact information about the user so that it can use it to directly contact the user.
Creating a liaison between user and broker is the first step, and a very important one. The perps will continuously be contacting the user and trying to convince him or her to invest, even the lowest amount. The trick here is that once an initial deposit is made, there is birthing of an artificial trust between the two parties that will serve the broker much more than the user.
Because the client has already invested once, he or she will be more motivated to do for a second time. The broker may bring in some false proof of profit while at the same time pushing for more investments. It’s a self-sustaining model of operation and is very effective. Many users will be compelled to deposit.
However, at some point these users will want to see more than proof of profit; they will require actual withdrawals. It’s at this stage the scammers reveal themselves as the fraudsters they are and will do everything in their power to cancel withdrawal requests. This includes but is not limited to staling requests, closing accounts, and even shutting entire websites.
WHAT TO DO WHEN SCAMMED
Credit card or debit card users will have to file for a chargeback. It’s the safest way to get your money back, although it is not guaranteed. Clients should call their credit/debit card companies. VISA and MasterCard have extended their cash-back period to 540 days.
Wire transfer frauds are harder to get by, yet there is still hope. First of all though, users should immediately change their bank account user names and passwords. And then, they should contact the bank to try to find a way to get reimbursed.
BTC investments are untraceable and are therefore lost. The only way to get your BTC, or crypto, investments back is if the scammers return it themselves.
Don’t pay these so-called recovery agents or agencies who promise users to get their money back using a number of questionable methods. These are pure scams of their own!