Agricole Trade

Behind the facade of Agricole Trade lies a familiar exploit that is well know by now. How far does this broker go to fulfill its own goals? Read on to find out.

The domain of the broker is operated by JonGroce Ltd that is registered in St.Vincent and the Grenadines, but not regulated there because of the fact that this country does not regulate the forex market. And even if a company is registered there it does not connote that it is regulated in any way. Since we could not find any proof of a license we must conclude that Agricole Trade is UNLICENSED.

We strongly advise traders to trade only with regulated brokers that hold a license from renowned and severe institutions such as the FCA or CySEC. Not only do these agencies oversee operations and require regular reports from brokers registered with them, but those under their jurisdiction are members of compensation funds that cover victimized clients’ losses of up to £85 000 (FCA) and €20 000 (CySEC).

The spread we got from our demo account for EUR/USD was 1.2 pips. This is quite a good value that most legit brokers offer.

Trading assets are indicated as being: Currency Pairs, Stocks, Indices, Metals. There is much to be desired. For example crypto currencies are missing, and the addition of other commodities would have been most welcome.

The leverage is not mentioned anywhere, as far as our research got. Usually with legitimate brokers this value is one of the first things that pops up as it is of high interest to brokers. AgricoleTrade proves its illegitimacy by not referring to its value.

The languages made available are quite divers for a shady broker: English, Russian, Spanish and Polish.

AGRICOLE TRADE LOGIN

The broker has included a very stylistic platform that nevertheless covers only the bare minimum of requirements.

AGRICOLETRADE TRADER

We have to admit that this trader is one of the more fine looking and slick models we’ve seen been utilized by a shady broker. There are some options for customization, pending orders are here, and traders can have multiple charts open. Yet when compared to industry staples like the MT4 one is left to want more.

The leverage as mentioned remains a mystery to us, while the EUR/USD cost of spread is 1.2 pips.

The broker claims that the trade is available on desktop, mobile and browser, yet from the 3 options we could only get our hand on the browser version. The desktop button redirected us to the browser version, while the Apple/GooglePlay button just sent us to both stores’ home pages.

AGRICOLE TRADE MINIMUM DEPOSIT

A minimum deposit amount is non-existent. We did our research and still ended up empty handed. Are we starting to see a trend of unregulated brokers not having a minimum deposit amount, as is with Proper Trade? Only time will tell.

At least the brokers has provided us with adequate info concerning funding methods. They are: Visa, MasterCard, bitcoin, Bank Transfer and Skrill.

Due to the broker’s lack of any regulation, we advise against depositing any amount whatsoever. If traders wish to invest in online forex, they will find that any FCA/CySEC regulated broker will surely do. These agencies are at the top of their game, demanding a strict conduct from brokers, and requiring regular reports on their activities.

DON’T PROVIDE YOUR CREDIT CARD CVV CODE

The CVV code is the one thing that separates a buyer from a product. Without it, one cannot complete a purchase, even if him/her has given all other necessary information. By giving this detail to someone else, you are essentially inviting them to use your funds for their own means. And be warned that unregulated brokers most certainly plan to do so.

DON’T PROVIDE ACCESS TO YOUR COMPUTER AND BANK ACCOUNT VIA ANYDESK OR TEAMVIEWER

It may or may not happen, but if an unregulated broker asks you to install AnyDesk or TeamViewer and give them log in details, consider yourself very open to a complete drainage of your funds from all your online accounts. These softwares allow for anyone to access your PC from another station and go through all your files and vital information, including credit card, bank and alternative payment method details. Thankfully, these platforms are completely legal and will need your own personal approval in order to be used.

AGRICOLE TRADE WITHDRAWAL TIME AND FEES

In good old shady broker style there is no minimum withdrawal, conceivably because AgricoleTrade has absolutely no intention of paying you back.

However, if you are a risk taker and wish to proceed, the by all means, go ahead.

Processing times are up to 5 days:

Clients cannot make a withdrawal request prior to 14 days from their last deposit:

There is absolutely no mention of withdrawal or any other kind of fees. This is rather suspicious, for unlicensed entities always have some fees here and there.

ADDITIONAL FEES AND TAXES

The total lack of fees, or rather the “missing” information on them, does not cancel out the possibility of incoming and unsuspecting fees.

It is only logical then, that any attempt at withdrawing will be unsuccessful. The most popular excuses for denying your withdraw requests are usually smart and for the most part scripted. These include but are not limited to loopholes in the T/C, asking for more deposits in order to withdraw, or just prolonging your pending withdrawal by claiming that the market will suddenly propel, multiplying your winnings by unrealistic proportions.

ACCOUNT VERIFICATION

If a broker is unlicensed, never give you ID and personal details to it, because the broker will use these details against you once you file for a charge back. Furthermore, any allegation held against the brokerage will be easily refuted if they have in their possession a copy of your ID and proof of address.

The sound thing to do is to direct your attention and investment to an FCA or CySEC licensed broker where the law is integrated in every aspect of their operations.

HOW TO RECOVER

Don’t delay, and file for a charge back ASAP with your bank or credit card company, but also ask them what the situation with your current account is.

Any details you might have shared with the broker, most notably the CVV code, are sure to be used against you, thus you should swiftly cancel your credit card ASAP.

At some point or another you might stumble upon a “recovery” agent or agency that promises to retrieve all your money back. This sounds all too good to be true, and that’s because it isn’t. Before proceeding with the recovery they will ask a payment for their services. If you chose to indulge them, they will disappear with the money without a hint of remorse.

The last line of defense for these indecent folk is more like a desperate cry: often times they will comment on reviews and cite the whole ordeal as a conspiracy initiated by competitive brokers against them; at times even claiming that reviewers are anything but objective, and that no one writes good reviews. The absurdities are limitless!

BOTTOM LINE

Agricole Trade has some promising features, like the self sufficient trading platform, or the design of the website, but these by no means push aside the fact that the brokerage firm is unlicensed. Best keep this one at bay.