MyTrade Option

MyTrade Option may seem like a professional looking broker, but this facade is quickly dissolved into something discerning. Read on to find out more about it.

At first glance MyTrade Option delighted us with its simple yet attractive interface, and modern feel, but then this delight was cut short by the fact that the broker offers no information on a regulation. In fact, the website is very limited, and the only two sections for unregistered users are the Home Page and the Login/Sign Up section. Furthermore, the broker has absolutely no legal documents to show, which is always a clear sign of an UNREGULATED brokerage firm.
Note, that the broker claims to be located in the most demanding forex broker environment in the world, where only a handful of firms are able to maintain their businesses: the United States. We are immediately, ruling out the possibility that MyTrade Option is registered there.

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).

We tried twice to register, using two different email addresses; both attempts proved unsuccessful. We noticed, however, that the broker requires a phone number during the sign up process, meaning that they will probably try to contact you, should you provide a valid phone number. Once reached, you will be, without a doubt, in conversation with the brokers representative whose one and only goal is to push you to make an initial deposit. In so doing, the first stage of the scam is complete- the pitchers have won themselves a hefty commission. After the pitchers are done with you, the retainers, or so called “personal account managers” will charm and manipulate you into funding your account with much larger sums of money ($10 000…), because, as they will claim, that is the only for you to profit in the tens of thousands.
Only after the client is hooked, will the broker reveal the user portal with all the depositing methods.

As for the review, because we had to way to register, any spreads and leverages are a mystery.

In the platform segment, the broker claims to offer Stocks, ETFs, Forex, and Digital Options. However, without being able to confirm this, one is left unsure about these claims.

The website can be translated in English and Chinese.

MYTRADE OPTION LOGIN

Without a registration the platform as out of reach. The broker briefly mentions it on the Home page, and claims to be offering a new, unique to MyTrade Option, asset called Digital Options. Aside from that, there is nothing special or new about what the broker says about its alleged proprietary trading terminal. Here is the text in its entirety:

Upon further inspection of the image, we as well as more keen readers, will notice that the platform bears resemblance to most scammer broker web based platforms.

MYTRADE OPTION MINIMUM DEPOSIT

Unfortunately, the website offers us zero deposit info. We assume that these details will be revealed to users once they are contacted by the agent and/or registered. At the moment, seeing the way things are, all deposit information is missing.

The regular and most usual minimum deposit is $250, while the most popular methods for deposits used by fraudulent brokers, if we are to judge from previous reviews, are VoguePay, bitcoin, and Credit cards.

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

Never give away your CVV code without first making sure that the broker is regulated by an efficient agency. By giving away your Card info with the CVV code to some unconfirmed person you are literally giving access to your funds, and if these details fall into the wrong hands, rest assured that your bank account will be promptly emptied.

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 scammers’ way.

MYTRADE OPTION WITHDRAWAL TIME AND FEES

Since the depositing information is quite literally non existent, is it a surprise that any withdrawal details are completely missing. There are zero mentions of withdrawals anywhere. The missing legal documents do not help at all.

Many scammer brokers do not offer much withdrawal information, and those that do usually have confusing clauses (in the legal documents) concerning unfair fees and charges.

ADDITIONAL FEES AND TAXES

There are no additional fees mentioned in because there are no Legal Documents.
Be sure to note that any effort to withdrawal your money will be unsuccessful. 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.

ACCOUNT VERIFICATION

Beware, once more, when giving away an ID and a proof of address. Trustworthy brokers ask for these before traders can deposit to make a check up. Deceitful ones will ask for these details, using the anti-money laundering legislation as pretext, once you start asking too many questions and are getting suspicious of their activities. Understand that they will use this to build a stronger case against you in the event that you request a chargeback.

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

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.

If you have given away your credit card details including the CVV code to the “broker” you should cancel it ASAP and check with your bank to see the damage inflicted.

Victimized traders will have their guards down looking for every opportunity to get their money back. This is where the fake recovery agents come in, seeing an opportunity in your desperateness. First of all, they will promise to recover all your money, but they will ask a fee to cover their services. Once this fee is paid rest assured that you will never again hear from them.

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

MyTrade Option is a pure scam. If you are talked into depositing, no matter what the agent on the other line says and promises, be sure that he is deceiving you. The broker will take your deposit and never pay it back to you. Stay back!