Anyone who wants to start online trading is probably aware that they need the services of a broker, but this doesn’t mean that any of them will do. It takes just a couple of minutes for people to discover that the market has hundreds of such companies, but are they all reliable? No, they certainly are not and you can easily find countless scam broker stories. Of course, having your hard-earned money stolen is devastating, so you have to be cautious when making your choice. This is where Italiantrades review comes in because it can help you make a smart and well-informed decision.
Usually, decisions made in haste and without proper research can result in unwanted consequences, something you will discover after going through the review. A look at Italiantrades, one of the numerous brokers in the market, shows that it is an award-winning and established forex and CFD broker that’s known for its customer-oriented focus and education. It is also offering the latest platforms and trading technology, along with seamless access to more than 450 assets, including indices, currency pairs, shares, commodities and crypto coins.
At first glance, this offer appears to be quite exciting and most people will be tempted to register and start trading right away. However, as stated above, the decision has to be a well-informed one and once you check out Italiantrades’ review, it will become evident why:
No licensing and regulation
The first thing you will learn about Italiantrades in this review is their complete lack of licensing and regulation. When you check out any broker’s website, you obviously don’t expect them to share information about their licensing on the homepage and neither do you expect to see details about corporate background. But, you do expect to find them on their website. The same doesn’t apply to Italiantrades and this is a big warning sign.
You will notice that the website is completely anonymous because their entire presentation doesn’t include a company name. There is no corporate background provided and there is absolutely no mention of a legitimate forex license. The only detail you do find on the Italiantrades website is an obscure New York postbox address. This indicates that the brokerage is based in the United States, but there is another problem with this claim.
If you check their disclaimer, you will notice that Italiantrades claims to not provide its services to US citizens. Then how is it based in New York? Moreover, for a brokerage to be based in New York, they have to have a license from the local Commodity Futures Trading Commission (CFTC) and also need to be a member of the National Futures Association (NFA). You will not find their name in their online registers, which means the company is clearly lying and trying to deceive people.
False profit claims
If the lack of licensing and regulation is not already an issue, you will find additional problems on the Italiantrades website. According to them, traders can start making money right away via trading and can make maximum profits. But, the simple fact is that no broker in the world can guarantee you profits, considering that you will be trading in highly volatile financial markets. Any company that tries to convince you of this is only fooling you, so you have to be careful and not fall for their tricks.
Problem with their terms and conditions
The problems continue to pile up, as you dig deeper into the Italiantrades’ offerings. If you go through their terms and conditions, you will come across their withdrawal policy, which clearly shows that they have no intention of letting you withdraw your funds. This is a common tactic used by scam brokers, where they offer bonuses to their clients that have absurd withdrawal conditions that cannot be fulfilled. It is why most regulated markets no longer permit brokers to offer trading bonuses.
With Italiantrades, you will find that they are offering trading bonuses to their clients, which may appear generous, but a look at the terms and conditions will show you why. They have outrageous trading volume requirements that you have to fulfill before you will be permitted to make a withdrawal. The requirement is such that even the most professional traders may not be able to accomplish it, which means no withdrawals for you and you can say goodbye to your money forever.
No mention of minimum deposit
Another issue with Italiantrades is that they have not mentioned the minimum deposit you have to make for opening an account with them. This is worrisome because authentic brokers don’t have a problem with this and should be upfront about how much you have to invest.
Deception about trading platform
When you go through the presentation on the Italiantrades website, you will notice that they are promising to offer you the MetaTrader4 and the MetaTrader5 platforms. This is undoubtedly impressive, considering that they are the leading trading platforms in the market and a favorite of traders. Unfortunately, you will realize later that the brokerage is just trying to deceive you because they don’t offer the MT4 or the MT5 at all. Instead, there is a web-based trading platform provided, which has nothing impressive to offer. Most importantly, it is one that scam brokers are offering these days, so you should immediately be warned.
Problem with payment methods
Another false claim that Italiantrades has made on their website is regard to payment methods. They claim to accept payments via VISA and MasterCard and this might attract people to their platform. After all, card payments come with a chargeback option, which adds a layer of security because you know you can get your money back in case of a problem. So, what is the issue? Italiantrades doesn’t really accept cards; you can only make payments via a third-party payment provider known as paytechno.com.
When you have gone through the iTaliantrades review, it is quite obvious that it is not a broker to be trusted with anything, as it points to a scam.