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Everyone will tell you that you need to find an online broker to start trading, but you have to remember that the key is finding a reliable broker, not just any company. There are thousands of platforms that are more than willing to offer you their services, but there will only be a limited number that will actually turn out to be reliable. You cannot just sign up with a random platform and expect to achieve your goals. With scammers and fraudsters rampant in the market, it would be foolish for you to do so. Instead, you should opt for a different approach like checking out this Aquatrade review.
This is because identifying fraudulent platforms is not a piece of cake. Even though these scams are not new, people continue to fall into their trap because cybercriminals are very sophisticated and know just how to lure people. This is evident when you take a look at Aquatrade’s website, as it claims to be offering its services to more than 200,000 traders all over the world, offering leverage as high as 1:300 as well as the best spreads in the forex industry. Plus, they are also promising a powerful and reliable web-based platform.
In fact, Aquatrade goes as far as reassuring people that signing up with a renowned and reputable platform like theirs will benefit even beginner traders in their journey. At first glance, you will find this offer to be very exciting and will be tempted into opening an account with them right away. However, when you go through this review, you will realize just why you shouldn’t do so:
Before signing up with any company, it is a must to know as much as possible about them. You will entrust them with your money and your data and you cannot just do this with anyone. Therefore, it is essential to check whether a brokerage is licensed and regulated and has the right background. A quick look at Aquatrade shows that it is claiming to be licensed and regulated by the Cyprus Securities and Exchange Commission (CySEC) in Cyprus and also the International Financial Services Commission (IFSC) in Belize.
But, when you follow up, you will realize that Aquatrade is what you call a clone website. It is impersonating a renowned and reputed brokerage known as XM, as it pretends to be associated with Trading Point of Financial Instruments Limited, the company that owns and operates XM. Obviously, it is not linked to them at all and you can find out by running their name through the registers of the respective regulatory authorities.
A deeper look into the Aquatrade website also shows that it is fully anonymous and they haven’t even mentioned a phone number on their Contact Us page, which means that you will not be able to reach out to them at all. Does that sound like a trustworthy broker? Of course not.
Malicious Terms and Conditions
Not only is the licensing and regulatory status of a broker relevant, so are their Terms and Conditions. These highlight the fees and charges you will incur and the policies you will follow; their aim is to establish your relationship with the broker, so you need to know what to expect. A look at the Terms and Conditions that have been outlined on the Aquatrade website shows just how malicious they are.
The first thing you should look at is their withdrawal policy, which states that Aquatrade clients will be charged a ridiculous 10% levy if they try to make a withdrawal before achieving a specific trading volume. No legitimate brokerage would ever prevent its clients from withdrawing their funds. The story doesn’t end here either because Aquatrade has also mentioned that they are not committed to a time frame for processing withdrawal requests.
This means that they can take as long as they want to approve a request, which is a subtle way of saying that Aquatrade will not approve your withdrawal at all and you can say goodbye to your money.
It would be foolish for anyone to choose a broker without knowing what kind of trading conditions they will be provided. Leverage is an important condition you should know about and Aquatrade has deliberately added a high leverage ratio to attract attention. A leverage of 1:300 is undoubtedly attractive, but you shouldn’t forget that it also comes with its own share of risks. This is why regulatory authorities have prohibited such excessive leverage levels. This includes the CySEC, which is further evidence that Aquatrade is not regulated by them because it wouldn’t be allowed to offer such leverage.
A poor trading platform
According to the claims on the Aquatrade website, they have a reliable trading platform, but they have a web-based and lousy trading platform in reality that no trader wants to use. You do not want such a poor trading platform at your disposal because it will also affect your experience and performance. Professional and legitimate brokers usually offer the MT4 or the MT5 trading platforms that are award-winning and advanced trading solutions, equipped with an array of trading tools that can make a big difference.
No confirmation about payment methods
Another important piece of information you need to have about a broker is regarding their payment methods. You want to ensure the choices are convenient and quick, as well as safe. When you check the Aquatrade website, you will be promised major debit and credit card support, including VISA, American Express and MasterCard. The problem is that there is no way to verify this fact. You cannot obviously take the word of Aquatrade because they have made some claims above as well and all of them have turned out to be false. There are high chances that they provide a shady payment option that doesn’t give you the option of refund.
After taking into accounts the many problems with Aquatrade, it is apparent that this is nowhere near a reliable broker for anyone.