Beware! DealTrade 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.
In this review, we are going to have a look at an investment provider that’s offering swindling investment services. In fact, DealTrade is a proven scam after a European financial authority exposed them. The warning aside, they offer a fixed 3% profit daily, which itself is an alarming sign suggesting that DealTrade is a scam scheme. Find out the rest about this investment programme in the full DealTrade review.
DealTrade REGULATION AND SAFETY OF FUNDS
DealTrade is a trading name of Deal Trading Limited, a UK company that’s reassuring it’s a legit investment provider. But that’s not true because they don’t have a license to sell financial products and services. What’s more, the Spanish regulator CNMV published a warning against DealTrade, confirming it’s a fraudulent enterprise which should be avoided. Your funds are not safe if you deposit with DealTrade; it’s an exposed scam. You can see the CNMV warning at the bottom of this section.
Avoid DealTrade and look at the EU brokers and the British brokers we suggest. Europe is a safe trading environment because of the strict regulatory framework put in place. In Europe, investors’ money is protected by the deposit insurance funds, considered the last resort for traders when companies go insolvent and can’t pay. In such a case, CySEC brokers’ clients can claim up to 20 000 EUR in compensation, while the British protections are up to 85 000 GBP per person.
DealTrade TRADING SOFTWARE
DealTrade doesn’t provide with trading software. Their products and services include only investment plans promising a daily profit of 3%. They claim that they make profits for their clients through cryptocurrency investments. We need to warn traders and investors that the digital coins are highly volatile and unpredictable. It’s a scam if someone guarantees profits generated by cryptocurrency investments.
Speaking of platforms, do not miss the MetaTrader4 brokers and MetaTrader5 brokers we recommend. MT is the leading Forex platform, which traders and investors prefer for its reliability. It features sophisticated trading tools such as Expert Advisors, Algo trading and many complex indicators. There you can also find a marketplace offering more than 10 000 trading apps available at the time.
So, there aren’t spreads and leverage levels. Anyway, we’ll elaborate a bit because those two are the most important elements in trading. The spread is the Buy/Sell difference, and the lower rates benefit traders. There are many legit brokers on the market offering tiny spreads, which you can find by following the links provided throughout the review.
The leverage is the next important aspect. It’s a powerful financial tool amplifying the potential profits, but it comes at a cost because the higher the leverage, the greater the risks. Ratios such as 1:500 are utterly risky, having the potential to destroy traders’ accounts within minutes. Many financial authorities worldwide imposed a leverage cap on the regulated markets, aiming to prevent losses caused by leverage misuse.
As a result, the European, British and Australian brokers (will come in effect later in 2021) are restricted to 1:30, while the Canadian brokers and the US brokers can’t offer more than 1:50. The Swiss brokers can offer increased leverage for risk-tolerant traders, but the capital requirement of 20 million francs drives scammers away.
DealTrade DEPOSIT/WITHDRAW METHODS AND FEES
The minimum deposit with DealTrade is $10, which seems like a favourable condition. However, that’s a proven scam, so do not even think about it. The funding methods are Payeer, PerfectMoney, Bitcoin and other cryptocurrency transfers. It’s worth noting that Credit/Debit card payments are not accepted, which is by far the safest deposit method. It allows filing a chargeback within 540 days from the transfer date. On the other hand, direct crypto payments are final and non-refundable, which is a fact you need to consider before making any deposits.
However, if you have a preferred funding method, see our lists with legit Skrill brokers, Neteller brokers, FasaPay brokers, Sofort brokers and Bitcoin brokers. These brokers are strictly regulated, so it’s unlikely to experience fraud.
The minimum withdrawal amount is $0.50 via PerfectMoney and $10 for cryptos. The withdrawals are said to be free of charge, but the request processing time is unknown. Naturally, there aren’t inactivity fees because DealTrade isn’t a broker at all. Also, there are no bonuses available.
Overall, DealTrade is an exposed scam and seemingly a Ponzi scheme, so stay safe and avoid this business.
HOW DOES THE SCAM WORK
New types of investment scams come about literally every day. However, most of the new schemes represent a modification of common fraud. These are not typical for the local markets but very similar from country to country.
Scammers usually find their victims through ads on social media or other websites, which is the latest trend. Classical tactics, such as cold calling, became less widespread as the Internet is prevalent nowadays. The offers look legit and present exciting opportunities to invest money in the Forex market. Traders are reassured that the people behind the broker have an excellent track record, promising high returns or seamless trading. They claim that there are no problems when trading with them, concealing that the FX market is utterly risky.
What usually happens is that scammers just pocket traders and investors money letting them believe they trade in a real environment. Sooner or later, clients would ask for a withdrawal, but scammers would delay or straightforward refuse to send any money back. Whenever traders persist, the guys standing behind the fraudulent broker would usually cut the communication or send a tiny amount of money. It’s also a common manoeuvre for scammers to ask for more money to sort the withdrawals out. Either way, traders are likely to lose some or all of the capital invested. At some point, when the fraud becomes evident, the scammers would simply rebrand and start afresh, creating a new scheme under a different name.
WHAT TO DO WHEN SCAMMED
Unfortunately, no one is immune to scam. What you need to do first, in case you got scammed, is to protect yourself from further risks. Contact your bank and explain to them your situation, they will give you necessary instructions to follow and will help you, if possible, recover your money.
Report what happened to you, file a complaint, contact the financial regulator, contact other government institutions related to trading and investing, call the police if you feel necessary. Seek help actively!
It’s crucial not to rush blindly trying to recover your funds because many scam recovery agencies and individuals are stalking, aiming to double scam the victims. They ask for an advanced payment but do nothing to help you recover your losses and simply pocket the money you’ve sent!
Share online your experience; it’s important to protect others, as well. Be responsible!
Rich Snippet Data