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There was a time when people could only think about investing in the financial markets and not be able to do so because there were a lot of barriers to entry. All of that has been simplified with online trading and today, you can trade from anywhere and make the profits you have always wanted. But, you do need to open an account with a broker first and this step is rife with challenges. With thousands of companies pushing their services, it can be tough to figure out which ones are good and which ones are bogus. This Calliber review can aid you in this process.
Most people are unable to make a decision because they don’t know how to separate the bogus and mediocre brokerages from the good ones. On the surface, even the fraudulent ones appear to be quite similar to legitimate ones and most people don’t see the difference until it is too late. Since no one wants to find themselves in such a situation, it is a good idea to do your research and know that you are signing up with a reliable broker. This means resisting the temptation of the offerings platforms are likely to offer to draw you in.
In this scenario, you would find Calliber to be the perfect example because this brokerage presents itself as the platform you would want to use for your trading journey. But, when you look underneath the surface, you can find how it is leading you on. It claims to offer you 500 trading assets, which includes more than 50 currency pairs and is catering to traders all over the globe. It also reassures people that it is complying with the top European regulations and all of this sounds very appealing. But, you have to dig underneath to find out the truth.
Once you start doing that, you will realize that Calliber is not even close to the reliable broker you have imagined. What will make you come to that conclusion? Take a look below:
Blacklisted by the FCA
The regulatory status of a brokerage is of the utmost importance because it dictates whether they can offer you any protections and if they have the license required for offering their services. Regulated companies comply with high standards, laws and policies and can also be held accountable if there is a dispute. Therefore, you need to check if Calliber is regulated or not, as it does claim to be so.
It has mentioned that it complies with European regulations, but this is not true because Calliber is owned and operated by a company called Beggins Group LLC and this appears to be based in Saint Vincent and the Grenadines. This is an offshore jurisdiction and the financial authorities there have clearly stated that they do not regulate the forex industry. Hence, you are definitely not dealing with a regulated brokerage.
But, what makes it worse is the fact that Calliber has actually been blacklisted as a scam by the Financial Conduct Authority (FCA). This is the regulatory authority in the UK, which is one of the most renowned regulatory authorities in the world. Hence, being blacklisted by such an authority is definitely not a good sign. As per the FCA, the company is a scam and is operating in the UK without authorization.
Unusual withdrawal conditions
It is a given that you should check all the policies and conditions you will be required to comply with when you sign up with a brokerage. The same needs to be done in the case of Calliber and when you go about it, you will discover just why this platform is not reliable at all. When it comes to processing withdrawal requests, you will find that Calliber has clearly mentioned that it will cancel them outright if they are investigating your account for one reason or the other.
This is not all. If you look at the conditions further, you will find that Calliber says it will cancel the withdrawal request if it believes that the remaining funds i.e. those left after the withdrawal will not be enough. This really sounds ridiculous because no legitimate brokerage would ever restrict you from withdrawing your own funds, regardless of whether you have sufficient funds left in your account, or not.
No reliable trading platform
One of the most crucial offerings of an online broker that can make a massive difference in your trading experience is their trading platform. The right platform can make trading a smooth and optimal process, while the wrong one can result in problems, preventing you from making the most of the opportunities. The problem with Calliber is that it fails to offer you a professional and reliable trading platform.
The MT4, MT5 and cTrader are some of the most popular platforms in the market, but you will not find any of these at your disposal at Calliber. Instead, they have an unproven web-based platform, which has become quite common amongst scam brokers. It lacks a number of features as well as tools that award-winning platforms can provide.
Only bitcoin and USD Tether supported
The available payment methods at a brokerage is also something you need to take into account for several reasons. First off, you want convenient options that allow you to make your deposits and withdrawals easily and you also want safe choices that don’t put your money at risk. When you check out the payment options available at Calliber, you will find that they only support crypto coins.
Sure, some might see Calliber as a modern broker for its support of crypto payments, but you have to remember the risk. Crypto deposits are final and permanent, which means there can be no chargebacks in case of any problem. You will not be able to get your money back. Plus, these transactions also offer anonymity to brokers, so they will be able to get away with it easily.
With the warning signs that you come across at Calliber, it is easy to see that it is not a reliable broker and should not be considered at all.