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The online trading world is a lucrative one. There is a lot of money to be made in the financial markets and fortunes are made and lost within minutes. The stock and forex markets are notorious for offering people such opportunities due to their high volatility and now the cryptocurrency market and others have also joined the mix. Suffice it to say, there are a plethora of opportunities for people to tap into and all they have to do is find a broker to begin. But, since scammers are also plaguing the world of online trading, due diligence is required. That’s where Etradepips review is required.
When you are looking for a broker, you will discover that the financial markets appear to be overflowing with them. One after the other, every platform is talking about their excellent services and the perks they are offering to their clients. Their goal is to draw as many people as possible, so they are likely to make some tall claims. Legitimate companies obviously fulfill most of their promises, but the same cannot be said for the scam ones out there. There is no shortage of con artists in the online trading arena because there is a lot of money involved.
So, they are just waiting for an opportunity to swindle traders and setting up a fake brokerage is one of their favorite tactics. No one wants to fall prey to such a broker and in order to accomplish this goal, you have to evaluate your options carefully before choosing one. These scammers deliberately add such features and offerings that can lure people onto their platform, but it is your job to be on your guard and not fall for their claims. You need to do the same in the case of Etradepips. They have advertised their copy trading services and offer trading in forex currency pairs, along with numerous CFDs.
According to Etradepips, it is one of the fastest growing trading companies in the world, but is it true? Only an Etradepips review can tell you. Here, you will find plenty of reasons why you shouldn’t choose this broker for your trading needs because it is not legitimate and is really a scam. What are they? Read on and you will find out:
It is not regulated
A legitimate broker is one that has a forex trading license, offers a professional trading platform and transparent services and Etradepips will click none of the boxes. As per their claim, they are operating from the United Kingdom, but you will not find any regulatory information on their website and this should immediately send up a red flag. For a broker to be able to operate in the UK, they have to be regulated and licensed by the Financial Conduct Authority (FCA). They have some strict rules that brokers have to comply with, which offers traders reassurance that they are in safe hands.
Yet, you will find that even though it claims to be based in the UK, Etradepips is not listed in the FCA register. This means that it is operating without any lawful permission, making it illegal. You do not want to choose such a brokerage because they can leave you high and dry.
Its legal documents have a strange clause
Of course, it is a given that before signing up with a broker, you will have to agree to their Terms & Conditions. This is expected everywhere, no matter what services you are using and this is no different in the case of Etradepips. However, a clear indication of a scam is that these cybercriminals usually add some shady clauses in their Client Agreement that exploits their clients in one way or another. You will find the same when you go through the legal documents provided by Etradepips.
According to this broker, they will deduct withholding taxes on transactions or tax filings as per the law. The only problem is that there is no such law that permits brokers to deduct taxes from their clients. The income traders earn from forex trading is taxable, but it depends on the country of residence and brokers have absolutely no power in this aspect. Hence, this is clearly just a tactic for Etradepips to deduct their clients’ money in the name of taxes.
It doesn’t mention any trading conditions
Another major problem with Etradepips is that there is absolutely no mention of their trading conditions. You can scour through their entire website and will find zero information about the fee they will charge, their spreads, or even the leverage they will offer to their clients. This lack of transparency is also a warning sign because a legitimate broker would always be upfront about the potential costs their clients would have to pay. Only a scam will conceal this information because they have something to hide.
It doesn’t offer the MT4 or MT5
Any trader worth their salt is aware that the MT4 or the MT5 are the top trading platforms that exist in the market. They are regarded as the industry standard and there is no better option out there. Subsequently, all legitimate brokers have opted to offer their clients one of these platforms for their trading needs. If Etradepips was a legitimate company, it would follow the same route, but since it isn’t, you won’t be surprised to find that they have a web-based platform. There is not much information available about this platform either and you are expected to sign up with the broker to find more.
It doesn’t disclose its payment methods
As if there weren’t already enough warning signs, there is one more that you have to contend with where Etradepips is concerned. They have not mentioned what payment methods they support on their platform, so you have no idea how you will be able to make your deposits and withdrawals.
Taking into account all the warning signs that you can find about Etradepips, it is recommended that you avoid this broker because it is a scam and not a legitimate option.