Altcointraderlive review – 5 things you should know about altcointraderslive.com

Beware! Altcointraderlive is an offshore broker! Your investment may be at risk.

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Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.

In short, Altcointraderlive is a scam targeting people who lack experience and knowledge of financial markets. In this review, we will look at the evidence that this website is not the well-established and trustworthy forex broker it claims to be. We will also direct you to truly trustworthy alternatives for getting into financial trading.

Altcointraderlive Regulation and safety of funds

Legitimate forex brokers provide clear and detailed information about the legal entity that owns and operates them, where it is based, what licences it has and which regulators oversee its activities. Lack of such details or improper presentation of them are always a red flag that we are probably dealing with a scam.

Altcointraderlive does not disclose the name of the company behind this website. The terms and conditions also do not mention the name of any legal entity. In addition, the document is too short and insubstantial and therefore does not meet the standards for such legal documentation.

Altcointraderlive claims to be based in South Africa but does not provide an exact address.

There is no licensed broker using this trade name and domain in the Financial Sector Conduct Authority (FSCA) database.

After registering an account we get access to a deposit menu, which has an option for a bank transfer to a company named Altcoin Trader PTY LTD. But this option is not actually functional.

A company with such a name exists and is engaged in cryptocurrency trading, but it operates through a completely different domain from Altcointraderlive. We have every reason to believe that Altcointraderlive is using this company’s name illegally.

When choosing a broker through which to invest in the financial markets, you should not only make sure that all the information required by law is available, but also that this information is true. Always check that the company is indeed on the records of the specified regulator and that the domain used is among those officially approved for the particular broker.

You should only trust legitimate brokers operating in one of the established financial centres like the UK, EU, USA or Australia. There, the activities of brokers are controlled by powerful regulatory bodies such as UK’s Financial Conduct Authority (FCA), Cyprus Securities and Exchange Commission (CySEC), Commodity Futures Trading Commission (CFTC) in US or Australian Securities and Exchanges Commission (ASIC). Clients of these brokers receive protections such as negative balance protection and segregation of the client’s funds from the broker’s funds.

In the EU and the UK, brokers must also participate in guarantee schemes that cover a certain amount of the trader’s investment if the broker becomes insolvent. These guarantees amount to up to 20 000 EUR in the EU and 85 000 GBP in the UK. However, the likelihood of such a bankruptcy is low because regulators also have significant net capital requirements that companies must maintain – EUR 730 000 in UK and Cyprus, AUD 1000 000 in Australia and at least 20 million USD in the United States.

Altcointraderlive Trading software

After registering an account, we gain access to a supposed web-based platform, which, however, has no functioning menu for placing orders. This looks more like a poor imitation than a genuine trading software.

But even if Altcointraderlive had a more convincing platform, that would not make this website credible. Fake brokers use rigged trading software to mislead their victims that their money is really being invested. But this trade is entirely sham.

Legitimate brokers offer clients a wide selection of trading software, including desktop, mobile apps and web-based platforms. The most widely used platforms in the industry are MetaTrader 4 (MT4) and MetaTrader 5 (MT5). These platforms have established themselves as industry standard because they offer a wide range of features, including a variety of options for customization, multiple account usage, designing and implementing custom scripts for automated trading and backtesting trade strategies.

Altcointraderlive Trading instruments

Altcointraderlive claims to offer forex and cryptocurrency trading, but as we have seen it has neither the legal authorization nor the necessary software.

Altcointraderlive Spreads and cost of trading

When you visit the website of a legitimate broker you will find proposals for different types of trading accounts suitable for investors with different preferences, as well as detailed descriptions of trading parameters – minimum deposit, order execution method, tradable financial instruments, leverage, spread, swap, commissions, etc. Altcointraderlive offers three types of accounts, but does not provide any information about the associated terms and conditions.

Altcointraderlive Maximum leverage

High leverage creates the opportunity for more significant profit, but correspondingly increases the risk of sudden and excessive losses. All leading regulators therefore restrict leverage for retail traders.

Regulated brokers offer higher leverage only to professional clients who must meet very high standards for capital and experience and forgo the guarantees enjoyed by retail traders.

If you don’t qualify as a professional trader but are willing to take the risk of high-leverage trading, the most viable option is to use the services of an offshore affiliate of an established brand.

Altcointraderlive Deposit and withdrawal methods

In the deposit menu we see options for cryptocurrencies and bank transfer. But as mentioned, the second option is not actually available. Therefore deposits are only possible via digital currencies.

This is typical of financial scammers. Cryptocurrencies are their payment method of choice because on the one hand they allow the scammer a degree of anonymity, and on the other hand they do not allow the scammed to ask for a refund.

While there are some legitimate brokers that accept digital currencies like Bitcoin, they do so alongside other transparent payment methods such as credit/debit card, bank transfer or popular e-wallets like PayPal, Neteller or Skrill.

Altcointraderlive Minimum deposit

Altcointraderlive requires a minimum investment of 4,000 ZAR, which at the time of writing this review equates to about 200 USD. For a significantly lower amount you could open a trading account with some of the leading global brokers.

Altcointraderlive Withdrawal requirements

The Altcointraderlive Terms and Conditions present a withdrawal fee of 15% of accumulated profits as normal. Real brokers do not charge such extortionate fees.