Scam Brokers

InteractiveTrade – Can You Trust Them?

Chainbits Staff | Publish date: 06/23/2020 (Last updated: June 23, 2020 02:23 AM)

Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.

InteractiveTrade - DO NOT TRADE WITH THIS PROVIDER

2.5/10

$100

Minimum Deposit

updated 2020

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Interactive Trade states that it offers three different types of trading accounts – Silver, Gold and Platinum. It also offers Islamic options for these account types. However, the broker does not give any information on what their minimum deposit requirements are. We also do not know what the spreads offered by this broker are.

With regard to leverage, the only thing that the broker says is that leverage is only offered to their professional clients, and that the maximum leverage offered on currency pairs is 1:400.

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Plus500 Review - Regulated broker

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82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money

Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.

Website URL: www.interactivetrade.com

Founded: 2018

Regulations: Unregulated

Languages: English, German, Russian, Polish

Deposit Methods: Visa, MasterCard, Bank Wire, Other (Unspecified)

Minimum Deposit: Unknown

Free Demo Account: Yes

Number of Assets: N/A

Types of Assets: Shares, Commodities, Indices, Futures, Metals, Currency Pairs

Trading Accounts and Conditions

With regard to leverage, the only thing that the broker says is that leverage is only offered to their professional clients, and that the maximum leverage offered on currency pairs is 1:400.

Interactive Trade – Advantages

The only good thing we found about Interactive Trade is that this broker offers support for the MetaTrader 4 (MT4) platform. The MT4 platform is used by more than 80% of all traders across the world. It has a very simple interface, which means that even novice traders can easily use this platform. The software is also preferred by the more experienced traders because of its features for charting and market analysis, and automated trading.

Interactive Trade – Disadvantages

Here are the many disadvantages to trading with Interactive Trade:

Unregulated Broker

Interactive Trade states in its website that it is owned by a company called Dristor Solutions Ltd, which is based in St. Vincent and the Grenadines in the Caribbean, which means that it is an offshore company.

Being an offshore broker is not an issue if they have the requisite licenses to operate in the regions they target. Being registered in SVG is not enough to legitimize a broker, since the government does not offer regulatory oversight for forex and CFD brokers such as Interactive Trade.

And considering the fact that this broker has listed languages from Europe as well as Asia, you would expect to see some licensing information about their authorization to trade in these countries. However, there is no such information on their website.

This leads us to the conclusion that Interactive Trade is actually operating without due authorization.

We need to warn our readers that dealing with an unregulated broker is very dangerous. Such brokers are not governed by laws that protect you, which means that your funds are at risk.

Plus500

$100

Minimum Deposit

Start Trading

Read Review

82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money

Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.

AvaTrade

$100

Minimum Deposit

Start Trading

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The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.

Unable to Access MT4 Platform

While we were able to confirm that this broker offers the MT4 trading platform, we were unable to access it ourselves.

We were able to register easily and were taken to a dashboard, however, we were not able to access the platform itself. We were required to get our account authorized by the broker, so we submitted a request. While we did receive a confirmation email that included our user name and password, we were still unable to log into the trading platform.

Not being able to access you account once you sign up is not a good sign. And when you combine it with the fact that Interactive Trade is an unregulated broker, it raises a lot of suspicions of their legitimacy.

Minimum Deposit Information, Trading Conditions Missing

Interactive Trade only mentions types of accounts they offer. There is no information provided about the minimum deposit that this broker requires you to make. And they do not mention the spreads the offer. The broker states that the leverages they offer are restricted to only professional traders.

Experienced traders choose their brokers based on the trading conditions offered, so such a lack of information is another worrying sign.

Dashboard Offering Different Language Options

On their home page, the language selection shown is English, German, Russian and Polish. However, the client area shows a much larger selection of languages – the four mentioned, as well as Chinese, Arabic Italian and Vietnamese. This shows that the trading platform used by this broker is not theirs, but a third-party’s.

Fees and Charges Not Mentioned

Interactive Trade is vague about its commissions and fees too. There are no details given about the kind of fees they charge. The only thing that this broker states is that if you wish to know about the charges, you should ask for a written explanation from the broker. This is also not standard practice for legitimate brokers.

Confusing Withdrawal Conditions

Even the withdrawal conditions are confusing. One the one hand, the terms and conditions state that withdrawals will be processed in 30 days of you having opened an account with Interactive Trade.

However, in the Withdrawal Policy segment, the broker says that it will take only 3 days. And, this broker doesn’t seem to charge any withdrawal fees.

Confusing Deposit Methods

The broker states that you can make deposits using Visa or MasterCard and Bank Wire. However, when you check the Credit Card/Debit Card Transaction Confirmation Form, there are three options – Visa, MasterCard and Other. However, the broker has not specified Bank Wire transfers.

Conclusion

Interactive Trade is not a broker that you should trust. First, it is an offshore and unregulated broker. And then, there is its lack of transparency about almost everything that a trader needs to know about a brokerage’s operations. There is no information about their trading conditions, commissions and fees, or even the minimum deposit required. Furthermore, their website is full of inconsistencies, ranging from simple things like languages offered to the more serious issues like withdrawal and deposit information and policies.

We strongly recommend that if you are looking for a broker to trade with, then it should not be Interactive Trade. We advise you to look for a broker that is regulated as well as clear about all its services.