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If you have taken an interest in online trading and are researching brokers, then you have probably heard about scam brokers that have become quite abundant these days. This T4Trade review talks about one such company. Of course, it makes you wonder as to how people fall for these fraudulent schemes and are unable to see through them. No, this does not mean that everyone who gets scammed is naïve, but indicates just how good these cybercriminals have gotten when it comes to fooling people. Those days are long gone when they made glaring mistakes that made it easy for people to know their reality.
Nowadays, it has become a major challenge because these criminals know the latest tricks and just how to deceive people into believing their story. Thus, even experienced traders often discover that they have been trapped and there is nothing they can do about it. Many people are embarrassed and frustrated when this happens and may decide to not indulge in trading, but do you really want to give up on the chance of making profits because of these fraudsters? Instead of doing so, it is better to work on uncovering the reality of a brokerage before you sign up.
How can this help? This will allow you to find a company that is what it claims to be and is not another impostor trying to dupe you into handing over your money and data. It is a decision that should never be made in a hurry because of the risks involved and as long as you are cautious, you do not have to go through any such ordeal. The important thing to remember is that these fraudsters are willing to say anything to fool you. It is what T4Trade does, which is presented as offshore CFD broker that offers trading services for forex, indices, stocks and commodities.
According to T4Trade’s presentation, you can enjoy good trading conditions, which include competitive spreads that start from as low as 1 pip and leverage that can go as high as 1:1000. It also offers various trading accounts that come with fixed and floating spreads. All in all, T4Trade sounds like a comprehensive broker, but the reality is remarkably different. How? This is because it has a lot of flaws that you can uncover with just a bit of effort. Let’s go over them:
An offshore regulation
One of the best ways for traders to protect themselves from getting scammed online is to choose a licensed and regulated brokerage for trading. These companies have to maintain professional standards in terms of service, offer security and transparency and also comply with strict laws and rules. There is accountability with such platforms and this is all the reassurance you need. When you check out T4Trade, you will discover that it claims to be licensed and regulated.
A look into T4Trade’s background reveals that it is owned and operated by a company named Tradeco Limited, which is based in the Republic of Seychelles. In addition, it appears to be licensed and regulated by the Financial Services Authority (FSA) in Seychelles. The problem is that Seychelles is considered an offshore jurisdiction and while their regulatory authority does monitor the forex industry, they are a lot more lenient than some of the other regulatory authorities around the world.
Their rules tend to be more lax, so it does not really do much for the credibility of T4Trade to be regulated in an offshore jurisdiction. Moreover, you will also find that the broker makes another claim as well. It states that its group also comprises of Damadah Holding Limited, which is based in Cyprus. But, if you check the register of the regulatory authority of Cyprus i.e. the Cyprus Securities and Exchange Commission (CySEC), you will not find the broker listed. This means that they are making false claims and such a broker cannot be trusted.
Offer of trading bonuses
When you go through the offerings of T4Trade, you will discover that they are using a very popular scam tactic that should immediately put you on alert. The brokerage appears to be offering trading bonuses, something that legitimate brokers do not do. Why? This is because most regulatory authorities around the globe have actually banned these bonuses, as they usually come with strings attached. The fact that these bonuses are being offered at T4Trade should tell you that something is fishy and it is likely that it will also have strings attached, which you will learn about later. There are different kinds of bonuses they are offering and this should be considered a red flag.
A look at the trading conditions of the broker is also a must and doing so in the case of T4Trade can be very alarming. Why? This is because when you check their leverage ratios, you will find that they can go as high as 1:1000. Some people may find this very lucrative and attractive because it gives you greater flexibility during trading. However, you have to remember that leverage is nothing more than a double-edged sword.
Sure, you can make more profits, but it can also compound your losses. Therefore, most renowned regulators have imposed a cap on leverage that can be offered to retail traders and it is usually around 1:30. This also includes Cyprus, where T4Trade claims to be based. It provides proof that the brokerage is lying about being based in Cyprus and does not have your best interests at heart.
Lots of fees
Checking the fees you will be charged is also necessary, but you will find that T4Trade does not mention any deposit or withdrawal fees in its Client Service Agreement. However, you will find other fees and charges that are quite high. They have a 3% administration fee that does not make sense and they also have an account inactivity fee that appears to be too high.
It is not difficult to figure out the reality of T4Trade once you discover these flaws because it is clearly not a genuine platform.