Expertise Trader Review
Thanks to online trading, the financial markets have become accessible and anyone can decide to try their luck when they want. However, it is crucial to remember that achieving success in the market is not that simple. Sure, there are no barriers to entry and you can start trading without experience and knowledge, but this doesn’t promise success. In fact, even having these cannot guarantee success. Yes, the markets are volatile, but it is also your choice of broker that plays a role in it. How? You will find some of the answers in this Expertise Trader review.
This is one of the brokers you will come across when you begin looking for one to start online trading. It doesn’t take people long to realize that there are a horde of companies that have been established to offer their services. Most people often become overwhelmed and go with the first choice they find, but it is not a wise move. If you have done any research, then you should know that the market also has plenty of scam brokers. This was bound to happen, considering that the internet grants anonymity and there is no central authority.
Yes, these fraudulent brokers do exist and while many people have suffered at their hands, it doesn’t mean that you have to do the same. The internet also provides you access to extensive information, which allows you to make an informed decision. You just have to be willing to put in some time and effort for doing so. When you come across Expertise Trader that promises to provide you the opportunity of trading forex, cryptocurrencies, stocks and binary options, you may want to sign up straight away.
However, it is essential to bear in mind that promising and actually delivering is a whole different ball game altogether. You have to ensure that Expertise Trader is a legitimate broker and can actually deliver what it is promising. Does it? Find out below:
Licensing and Regulatory Status
When you want to find out whether a broker is legitimate or not, you first check their license and their regulatory status. Every legitimate company out there would have the proper license and would also be regulated. So, what information do you find on Expertise Trader’s website. They claim to be owned and operated by a company named Expertise Trader Ltd., which is based in the United States. Sadly, the address provided is probably a fake one because the broker is certainly not licensed or regulated.
As a matter of fact, one of the European Union regulators, the CNMV from Spain, has actually issued a warning against Expertise Trader. It has been blacklisted by the Spanish financial regulator, which is certainly a mark against the broker and makes it apparent that it is not legitimate. If that is not enough, you will also discover that the broker is almost anonymous because there is no corporate background whatsoever.
Furthermore, Expertise Trader hasn’t disclosed any trading conditions either, which means that you can scour through their website and find absolutely no Client Agreement, or Terms and Conditions. These legal documents are of the utmost importance because they establish the relationship between a broker and its clients and the lack of these documents indicate that Expertise Trader is not a legitimate entity.
It is the norm for brokers to offer trading accounts to their clients, so they can decide which option they are comfortable with. While Expertise Trader does the same, the problem is that they only disclose these accounts to you after you have completed the registration process. An authentic company wouldn’t do this at all. Secondly, if you check out the account options, you will discover that the brokerage is actually guaranteeing profits.
The Starter account on Expertise Trader requires a deposit of $600 and it promises returns of $10,000. Not only are these profits unrealistic, it is just not possible for any broker to guarantee them. Anyone who does so is only trying to scam you because the financial markets are highly predictable and no one can make promises. Plus, they haven’t provided any information about how these profits will be generated.
In order to trade in the financial markets, you need a trading software, which is commonly referred to as the trading platform and it is the responsibility of the online broker you choose to provide you with the said software. You would expect the same from Expertise Trader, but it is not what you will find. They don’t appear to have a trading platform altogether, which doesn’t make sense. After registration, all you will find is a dashboard that only gives you the option of making a deposit and nothing else. It doesn’t offer trading at all, whereas any legitimate broker worth their salt would offer either the MT4 or the MT5 trading platforms.
As mentioned earlier, the Starter account, which is the first one offered by Expertise Trader, requires a minimum deposit of $600. This is considered significantly higher than the average minimum deposit that’s usually asked by a broker. In fact, most now permit traders to open an account with just a $10 deposit.
A trader would want to know what kind of leverage they would be offered when they sign up with a broker, but you will not find any such information provided to you here. Expertise Trader has not mentioned how much leverage they support on their website.
Along with these issues, you will also discover that the default payment method at Expertise Trader is Bitcoin, which is worrisome. Crypto payments are anonymous and almost impossible to track, which makes them an unsafe option in this case. Yes, Expertise Trader does promise support for cards and bank wire transfers, it is best to avoid the platform altogether. All the aforementioned problems with the broker clearly indicate that it is not to be trusted or relied upon and you should look for a different option.