Warning! ExperTrades is an offshore company! Your deposit may be at risk.
RECOMMENDED FOREX BROKERS
ExperTrades has that futuristic look that is alluring to all sorts of users. However behind the neon is a broker that does things like so many others.
ExperTrades claims that is it regulated by the VFSC, the Vanuatu Financial Services Commission (VFSC). Readers should be aware that Vanuatu is one such destination where many shady brokerage firms register for the reason that the VFSC is not an organisation as severe as the FCA or CySEC, but a looser regulator. Nevertheless, since 2017 the commission has raised its minimum capital requirement for forex brokers to $50000, meaning that any would-be broker with a capital below that will not be licensed. We checked, just in case, if ExperTrades is regulated and it turns out it is not licensed by the VFSC. With that out of the way, we proceeded to see if there are other claims of a license. There are none. This leaves ExperTrades totaly UNREGULATED, making it a risk to any investment.
Investing in unregulated brokers is the digital equivalent of throwing your money away for the wind to disperse it. It’s obvious that no one would do such a thing. Go with brokers that are regulated by trustworthy organizations like the FCA or CySEC. These entities work closely with the law, enforce it when called for, and have strict requirement for those under their gaze. Not to mention that those under their jurisdiction are members of compensation funds that cover victimized clients’ losses of up to £85 000 (FCA) and €20 000 (CySEC).
Trading conditions are technically non-existent for a much to common reason we will soon see.
As for the languages available, English is the only one.
The two alleged platform or charts, or whatever they are called, are third party owned charts that indicated irrelevant vlaues, having nothing to do with ExperTrades.
Technically this brokerage firm has no software for trading.
EXPERTRADES MINIMUM DEPOSIT
The user dashboard discloses that the minimum deposit is 1$. The means of funding are Wire Transfer, bitcoin, ethereum, and litecoin. Deposit made via crypto are untraceable and are therefore not recommended.
There is a clause warning users that their bank deposit can take up to 45 days to process which is a first for us.
We would not deposit with this one if we were you. This broker is clearly not legitimate and not regulated, meaning that who knows what they will do with your investment. Traders should deal exclusively with brokers regulated by exemplary agencies such as the FCA or CySEC, for they oversee a brokers activities from head to toe with a severe case of diligence.
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
Be sure to never give AnyDesk or TeamViewer access to your PC to unverified agents. These 2 platforms allow for your PC to be taken over by a second party, often times for help or guidance, but in the case of these brokers for the sole purpose of looting your bank account(s) and personal information. However, in order to do so your consent is needed, and this is the only thing standing in the scammer
EXPERTRADES WITHDRAWAL TIME AND FEES
Withdrawals are made through the same depositing methods, and are charged with a fixed fee. All crypto withdrawals are fees by $2+ 2% of the sum, while bank transfers apply a charge of $30 + 5%.
Crypto withdrawals are instantaneous; bank withdrawals can take 2 days.
ADDITIONAL FEES AND TAXES
There are no clauses worth mentioning. That does not mean that users shouldn’t be on the lookout. Unregulated brokers do not care who you are and what your situation is; all they see is money, and they will trick you into giving it to them every chance they get. 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.
We strictly advise against giving away an ID and proof address to unregulated brokers: they can be literally anyone with enough time and skill to mask themselves as a broker. Usually, these individuals use the anti-money laundering legislation as front for when traders start to get suspicious. Once this suspicion is confirmed and you file for a charge back, they will use your details against you case.
We are positive that this so called broker will not return your funds; the evidence we have laid out before you work in sync against it. 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
Filing for a charge back is the best advice we could give you. Immediately contact your bank or credit card company and lay out the circumstances.
Cancel your credit card if you have shared any notable details with the fraudulent broker, especially if you have provided them with the card’s CVV code. If such is the case, annul your credit card ASAP.
Also, beware of self proclaimed “recovery” agencies or agents. These cheeky scammers promise to fix your problem and restore the lost funds. They offer their services in exchange of a small sum from your end, after which you won’t ever hear from them again.
The last line of defence 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!
ExperTrades is a scam, no matter what is otherwise connoted by the website. Don’t make the mistake of depositing here!