Warning! AllTradeMarkets is an offshore company! Your deposit may be at risk.
RECOMMENDED FOREX BROKERS
Does AllTradeMarkets tick all the boxes necessary for providing solid brokerage services or is this one better left alone? Read on to find out.
AllTradeMarkets’ parent company Global Market Index Limited is said to be registered in Lithuania. In Lithuania the main regulator of the financial market is the Bank of Lithuania which directly reports to the government. The official database of the Bank of Lithuania is devoid of any search results for both the holding company and the broker. Furthermore, it does not say for a fact that the broker is actually regulated.
Always check for a proper broker license within the domains of the regulatory agencies. All of them have access to either an online database of regulated financial services providers, or separate lists of authorized companies. We advise traders to go with FCA/CySEC regulated brokerage firms, since these two agencies are some of the best for the job.
We registered easily and were given a user name and pass for the proprietary platform. There we got a EUR/USD spread of 0.8 pips which is a great cost of trade, while the leverage is said to be 1:200 which excludes the broker being based in the EU since in the European Union ESMA has restricted all forex leverages to a maximum of 1:30.
The trading platform gives us the following assets for trading: Forex Pairs, Commodities, Indexes, Stocks, and Crypto.
The only language here is English.
The trading platform here is very surprising in its professional look and feel, and what makes things even more dashing is the fact that this is a proprietary trading terminal. There are many indicators, chart management options, and many more options that deem this platform worth a look.
The leverage is capped at 1:200, while the EUR/USD spread is 0.8 pips.
We found no mentions of fees. Seeing that this broker is unlicensed, we would urge traders to expect incoming fees!
The trading platform is available as a standalone desktop trader, and as a web-based terminal.
ALLTRADEMARKETS MINIMUM DEPOSIT
The depositing methods as per the client dashboard are Credit Cards, Wire Transfers, and Bitcoin.
We could not proceed with the depositing process, and thus we have to go by the website’s claim for the minimum deposit which is said to be $500.
Due to the broker’s lack of an authoritative 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 three digit CVV code is essential to making purchases or completing transactions online. By handing this info to someone claiming to be a broker, your are exposing your savings to the biggest risk of all!
DON’T PROVIDE ACCESS TO YOUR COMPUTER AND BANK ACCOUNT VIA ANYDESK OR TEAMVIEWER
AnyDesk and TeamViewer softwares are double edged. For one, you provide complete access to your computer to someone else who, essentially, takes over as the new user. This can be helpful if the person with access is a friend, colleague, or acquaintance; or it can be devastating to your private information, including bank info, if you provide entry to someone with a shady background. Hence the double edge. Note that these softwares are 100% legal meaning that your approval will be needed if someone is to tinker inside your PC.
ALLTRADEMARKETS WITHDRAWAL TIME AND FEES
Withdrawals should appear in the trader’s account in 3 days as seen in the FAQ.
The minimum withdrawal amount is said to be $100, again as per the FAQ.
The broker has not mentioned any fees connected to the withdrawal process.
ADDITIONAL FEES AND TAXES
The only clause worth a mention is the indemnification clause that absolves the broker from the harm it dose
to users. This is a classic clause with all illicit brokers.
Unlicensed brokers utilize smartly crafted tactics to keep you as invested as possible into their schemes of deception. The broker will probably refuse to return your money by constantly postponing your withdrawal. Either the broker will find a loophole in the terms and conditions that is completely made up, will firmly advise you against withdrawing, or they will ask more deposits needed if one wished to withdrawal. Scammers come up with additional fees and taxes for the sole purpose of keeping you on stand-by, and to deplete as much money from you as is possible.
Traders will sooner or later realize that something is a foot. Filing for a chargeback might not be as easy as it seems if, beforehand, the user has given away a copy of his ID and proof of address to the unlicensed broker. With these in their possession the broker can easily refute any claims you might have against them.
Yet again we urge readers to stay away from this broker as it will, without a doubt, never return your funds and profits. If you wish to to get smooth and efficient transactions, please visit a FCA/CySEC regulated broker, where all withdrawals are handled with care and respect.
HOW TO RECOVER
The only way to recover is by filling for a charge back, and hoping it’s not too late.
If you have given a CVV code to the broker, be sure to cancel your credit card as soon as possible, because the broker will not delay with draining every cent from it.
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!
AllTradeMarkets has one major advantage, its trading platform, but alas it is not enough for us to recommend this one. AllTradeMarkets is unregulated, and its legal documents are quite a mess, and for these, and other, reasons we urge traders to let this one go!