Beware! Trade Verse LTD 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.
Trade Verse LTD’s website looks like the websites of dozens of scammers we have encountered in the past – devoid of any essential information including almost any sort of contact information. This enterprise is not regulated and is, therefore, all but secure – if you deposit money with them, you can expect to lose it very soon. The broker has also done all in its power to prevent withdrawals by adding certain clauses to its Terms and Conditions – which such scammers often do. The takeaway is that investing with this broker is a horrible idea you should never consider.
Trade Verse LTD REGULATION AND SAFETY OF FUNDS
The only sort of contact information Trade Verse LTD has provided was an email – do not come expecting full transparency. You would not get any sort of address, phone number, or specific company information which makes this broker more or less anonymous. Trusting such companies is a horrible idea – you would have no proof that your money is being handled correctly and is not just going into someone’s pocket and that all laws are being followed.
Trade Verse LTD claims to be governed by the laws of the UK. But as we will see some of the conditions the broker offers are not in line with UK regulations – such as the offer of bonuses or extremely high leverage. We could also not find this broker anywhere in the register of the FCA – the UK’s reputable financial regulator – which proves with absolute certainty that Trade Verse LTD is not regulated in the country and is therefore not allowed to offer services. This means that you can forget all about all the protections trading with a licensed broker means – this broker is not under the supervision of any financial authority and is, therefore, a danger.
Trade with a licensed UK broker and you would not be sorry. These brokers are considered to be some of the best in the world – and the FCA is one of the strictest financial regulators out there so do not expect any shenanigans. In order to obtain a UK license, brokers have to maintain a very high standard and meet many requirements – hold a minimum capital of €730 000 in order to prove their financial stability and long-term approach, keep client money in segregated bank accounts to prove that they are not using it for their own purposes, and provide negative balance protection. This last thing means that you can never lose more money than you have in your account as a retail trader. Finally, all UK brokers participate in the Financial Services Compensation Scheme (FSCS) which means that in case your broker becomes insolvent, you would be entitled to a compensation of up to £85 000.
Trade Verse LTD TRADING SOFTWARE
We did not succeed in opening an account with Trade Verse LTD. We were supposed to verify our email in order to start trading with the broker but a verification email never came. As a result, we could not access the client area, make a deposit or see what sort of trading software this broker offers – or if it offers any trading software as a whole. Some scam brokers try to pull off such tricks – they prefer to pick clients personally and only send verification emails to certain people. This way, the scam could remain undetected for longer and unwanted attention can be avoided.
We would recommend that you choose a broker who offers a highly functional trading platform instead. The most popular platforms in the industry are MetaTrader 4 and MetaTrader 5 – and there is a good reason for that. Both of these platforms are fairly user-friendly and intuitive – but they also offer a full range of market-tracking and analysis tools, features like Expert Advisors, a Strategy Tester, a market for additional extensions, the chance to set trading signals, or develop custom scripts and much more.
Trade Verse LTD TRADING CONDITIONS
Trade Verse LTD claims that you would be able to trade a full range of markets if you opened an account – forex, stocks, energies, commodities, and cryptos. However, it seems that in order to open an account, you would have to be willing to invest at least $1000 – which is a huge amount of money for a basic account. Most legitimate brokers offer far more affordable conditions – you could easily become the client of one of the most respected companies in the industry for $100 or less.
The broker claims to offer leverage of up to 1:500 – and while we cannot confirm if this is actually true without an account, we can say with complete certainty that such high rates cannot be offered by any legitimate UK broker. A leverage cap exists in the UK – up to 1:30 on forex majors for retail traders. Such restrictions exist for a good reason – trading with high leverage can indeed be more profitable but it can also lead to much bigger losses of capital, especially for inexperienced new traders. Choose the leverage you trade with carefully in order to avoid such losses. But if you think you can handle trading with higher rates, check out brokers who can legally offer such.
Trade Verse LTD DEPOSIT/WITHDRAWAL METHODS AND FEES
Without access to a client area, we could not see which deposit and withdrawal methods were available with this broker. We can state one thing with full certainty, however – depositing money with them is a terrible idea that will only result in huge losses for you.
The broker seems to offer bonuses – that are banned in the UK according to the law of which Trade Verse LTD is supposedly operating. The reason for this ban is simple – scam brokers often attach certain clauses to their bonuses that later make it impossible for the client to withdraw before reaching an impossibly high turnover. Such was also the case here:
In order to withdraw the bonus or any of your profits, you would have to reach a turnover of 40 times the bonus. No legitimate broker would try to deny you access to your profits – but this is something scammers would gladly do. They would later keep raising that turnover threshold in order to slow you down – and disappear with your money before you have figured out something is wrong.
HOW DOES THE SCAM WORK?
Such scams are not only becoming more frequent but they are also surprisingly effective – which is why the first and most important step if you want to protect yourself from them, is to understand how they work.
You stumble upon a broker on the Internet – that broker promises to make you a rich, successful trader in no time. You are curious to see what forex brokers are all about – after all, you have heard stories of people becoming rich by trading – and provide the scammers with your phone number and email. After that, you would not be left alone before you have deposited – these people are seasoned scammers and will convince you to transfer money in no time.
This will not be enough though – the broker will keep asking for more and more money, and since scammers often manipulate profits and platforms, you might even be happy to invest because you would be thinking that you are turning a profit.
Once you try to withdraw, however, the problems will start – the broker will start denying withdrawals because of certain clauses in the Terms and Conditions, because of previously unmentioned fees and taxes, etc. At this point, you will find out that there is something wrong going on – but the scammers will be long-gone with your money before you can do anything.
WHAT TO DO WHEN SCAMMED?
Do not get desperate and do not employ any so-called “recovery agencies” that promise to track down the scammers and retrieve your money for a fee – this is just another type of scam.
What you should do is notify the responsible authorities in your country and contact your bank to let them know that you have been scammed. Change all your banking passwords and remove all remote access software the scammers had you install under false pretenses – they only wanted access to your computer and your banking systems.
If you have deposited with a Visa or MasterCard card, you might be able to retrieve your money – both card providers allow chargebacks within 540 days of the transaction so contact your card issuer as soon as possible.
Finally, make sure to share your story with as many people as possible to let them know that such scams exist and how they work. This way, others can avoid losing their money in the future.