Beware! AitechTrade 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.
It is not a good sign when a broker is not even legit enough to even bother to mention what trading platform they are using. Considering the fact that the website of AitechTrade was so overburdened with information, it is surprising we had so little to go by when writing this review. There was, however, just enough information for us to conclude that this broker is not and could not be legit. Read our review to find out why you should stay as far away from AitechTrade as possible.
AitechTrade REGULATION AND SAFETY OF FUNDS
AitechTrade claims to be a “web-based investment brokerage firm” whatever that might mean. Their phone number is a UK one and as for the address – well, usually we would not have been able to say in what country or city their office is situated but here we found an address that is very familiar both to us and to a lot of people in the trading world.
The address is not famous for anything good, however. Suite 305 in the Griffith Corporate Centre in St. Vincent and the Grenadines is the address where countless scam companies are registered. It is very common among scammers to use one name and website until someone starts figuring out what they are doing. The moment this happens, the scam company disappears, changes websites and logos and starts operating under a new name, attracting more and more unsuspecting clients. So it is no wonder a recuring address for scam companies exists in the trading world – one that should be avoided at all costs when encountered. Furthermore, the St. Vincent and the Grenadines Financial Services Authority has stated more than once that they do not “issue any licenses to carry on the business of FOREX Trading or Brokerage or Binary Options Trading nor does the FSA “Regulate, Monitor, Supervise or License” International Business Companies (IBCs) which engage in such activities.”. So every company that claims to hold a license there, lies blatantly.
If you want to trade securely, you should stick to regulated brokers, preferably ones licensed in the UK or Cyprus. These are the locations where most top European brokers obtain their licenses at. To do so, they must follow the strict regulations imposed by the FCA (the UK) and CySEC (Cyprus). If you start working with such a broker, you can always rely on transparency and thorough documentation of transactions. Additionally, you always have negative balance protection – your losses cannot exceed the amount of money you have in your account. And if a regulated broker goes bankrupt, you can rely on the fact that you will receive compensation – €20 000 in the EU and £85 000 in the UK. So don`t waste your time on scammers that don`t answer to any authority or follow any sort of law and turn to licensed brokers instead.
AitechTrade TRADING SOFTWARE
We could not find out from the website alone what trading software AitechTrade uses and as that website malfunctioned and we could not let us set up an account, we will probably never find out anything on that question. If you are wondering what trading software you should try out, we would definitely recommend MetaTrader 4 and MetaTrader 5. Both platforms have been industry staples for years due to the many useful tools they offer. One such function you won`t find on many web-based platforms is the pre-programmed Expert Advisors – trading bots that track the market and trade in accordance with an algorithm. You can also develop such trading bots yourself on both MT4 and MT5. But we make sure to make sure that the broker you choose is licensed as many scammers also use MT and take advantage of the good reputation the software has built for itself.
AitechTrade TRADING CONDITIONS
You can set up five different types of accounts with AitechTrade with the minimum deposit for the most basic one being $250. This sum is pretty decent considering this is also the upper limit for most regulated brokers. If you cannot afford such a deposit, however, there are licensed brokers that would open an account for a tiny amount of money – as little as $1.
As for the leverage and spreads AitechTrade offers, we could only get access to limited information. No mentions were made of leverage and as for spreads, they were advertised as being as low as 0.1 pips. These numbers are great but we could not find out if there was any truth to AitechTrade`s claims as we could not set up an account.
AitechTrade DEPOSIT/WITHDRAWAL METHODS AND FEES
The deposit and withdrawal methods you have at your disposal are Visa, MasterCard or American Express – quite limited options but as AitechTrade is a complete scam, maybe you should use that money in a better way and deposit them with a broker that is actually legit.
If you need more proof that this is not a legitimate broker, you can take a look at the bonuses AitechTrade offers – between $50 and $5000 for different account types. Bonuses are not something any legit broker would offer you because they are currently strictly prohibited. Any broker that offers such would definitely be risking their license.
HOW DOES THE SCAM WORK?
It does not take a genius to design such a scam but they are surprisingly effective.
What usually happens is that you see an ad for a broker while scrolling on the Internet and get tempted by the opportunity to make some quick and easy money. The scammers` websites will show you pictures from the luxurious lifestyle you want to be leading and drown you in satisfied clients` testimonials. In reality, none of the promises you get would turn out to be true.
Once you have provided scammers with your contact details, the game is afoot. You will start getting calls and emails asking you to make a deposit. Soon enough you will have an account open, usually under incredibly good conditions, and you will probably be making money too. That is what the scammers want you to believe anyway – so you would invest even more money.
The problems start when you start trying to make a withdrawal. There will usually be some sort of complication preventing you from doing so like more and more additional fees and more and more waiting periods. The moment you start figuring out that something is not as it should be, the scammers will stop returning your calls and will disappear into the blue.
WHAT TO DO IF SCAMMED?
The most important thing now is to remain rational and not trust any “recovery agents” promising to retrieve your money for a small fee. This is just another type of scam, sometimes performed by the same people that ran off with your money in the first place.
What you should do is contact your bank or card provider and ask for assistance. If you were using a credit or debit card, you can file for chargeback within 540 days. Sometimes, if you have verified your account with the scammers by sending them a picture of your face and ID, they will use that to prove that you were indeed their client and invested voluntarily. In such cases, retrieving your money would be pretty impossible.
Make sure to change any passwords you gave the scammers access to. Contact authorities and share your story with your friends and acquaintances. Post about it on the Internet. The more people know about these types of scams, the harder it will be for scammers to lure in unsuspecting victims.