86fxtrade – Are They a Scam?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
86fxtrade - DO NOT TRADE WITH THIS PROVIDER
2.6/10
$100
Minimum Depositupdated 2022
The details for opening trading accounts are not indicated on the broker’s website. In order to register with this broker, you only need to go to their sign-up page where you’ll be asked to enter your name, email address, phone number, and password. You’ll also be asked to accept their Terms and Conditions and confirm that you’re over 18 years of age. After this, the trading platform will be made available for you and you can start trading using their demo account.
Try these regulated brokers if you want to start trading cryptocurrencies
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: https://86fxtrade.com
Founded: 2021
Regulations: None
Languages: English
Deposit Methods: Bitcoin, Ethereum
Minimum Deposit: $300
Free Demo Account: No
Number of Assets: 70+
Types of Assets: Forex, Cryptocurrencies, Stocks, Others
Trading Accounts and Conditions
86fxtrade offers their clients the following account types:
Weekly
- Basic: Deposit amounts start from $300. There is a 10% Deposit Bonus. Spreads are at 1.9.
- Starter: Deposit amounts start from $1,000. There is a 15% Deposit Bonus. Spreads are at 1.5.
- Deluxe: Deposit amounts start from $2,000. There is a 25% Deposit Bonus. Spreads are at 1.2.
- Executive: Deposit amounts start from $3,000. There is a 35% Deposit Bonus. Spreads are at 1.2.
- Gold: Deposit amounts start from $4,000. There is a 50% Deposit Bonus. Spreads are at 1.2.
Monthly
- Premium: Deposit amounts start from $5,000. There is a 75% Deposit Bonus. Spreads are at 1.9.
- VIP: Deposit amounts start from $75,000. There is a 95% Deposit Bonus. Spreads are at 1.5.
- VIP Luxury: Deposit amounts start from $150,000. There is a 145% Deposit Bonus. Spreads are at 1.2.
- Gold Platinum: Deposit amounts start from $500,000. There is a 150% Deposit Bonus. Spreads are at 1.2.
- VIP Gold Platinum: Deposit amounts start from $750,000. There is a 185% Deposit Bonus. Spreads are at 1.2.
- Gold Luxury Platinum: Deposit amounts start from $1,000,000. There is a 250% Deposit Bonus. Spreads are at 1.2.
The broker also states that they offer leverages of up to 1:100 for professional traders. There is no mention of other trading conditions such as commissions, fees etc.
86fxtrade – Advantages
We could not find any advantages in trading with 86fxtrade.
86fxtrade – Disadvantages
Listed below are all the reasons why we have classified 86fxtrade as a scam:
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Lies About Regulation
86fxtrade makes huge claims about their regulation status; they say that they are regulated by the MFSA (Malta Financial Services Authority). The broker also flaunts the logos of many other financial regulators on their website: MIFID compliant (Markets in Financial Instruments Directive), FCA (Financial Conduct Authority, UK), BaFin (Federal Financial Supervisory Authority, Germany), AMF (Autorité des Marchés Financiers, France), and CONSOB (Commissione Nazionale per le Società e la Borsa, Italy).
The broker also claims to be regulated by the US Financial Services Authority.
All of these claims are false. We checked the MFSA’s online database to see if this broker was registered with them. We found out that not only was 86fxtrade not registered with this regulator, but that the broker had actually been blacklisted by the authority for operating in their jurisdiction without a license!
Furthermore, there is no listing of this broker anywhere on any of the other regulators that this broker has so shamelessly listed on their website.
And to operate in the United States, brokers need to be regulated by the CFTC (Commodity Futures Trading Commission) and not the US Financial Services Authority. In fact, the USFSA does not even exist! Added to being regulated by the CFTC, a broker also needs to be a member of the NFA (National Futures Association) to operate legally in the US.
Thus, everything that this broker has claimed about their regulated status is a lie. Which means that we are dealing with a scammer.
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.
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.
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Links to Scam Company
This broker is owned by P240 Ltd. This is something we gleaned from their website, since the broker does not explicitly state this fact. There are just references to this company in their content.
P240 Ltd is a company that has been exposed as a scam in the past. In fact, this company has been blacklisted by many of the authorities that this broker has listed on their website.
Thus, we are sure that 86fxtrade is just another new website created by this scammer to fool more novice traders into parting with their hard-earned money.
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Lies About Trading Software
86fxtrade claims to offer their clients the use of the world’s best trading platform, the MetaTrader 5 software. Had this been true, it would have been a big plus for them however, it is a lie. This broker has a shabby WebTrader in its place, one that is extremely poorly designed and does absolutely nothing for the trader. The only thing you can do is click on the buy and sell buttons!
Another sign of this broker’s scam.
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Issues with Account Types
This broker offers a large number of account types, one set that can be used weekly and another monthly. However, we do not understand what this weekly and monthly division is. The kinds of accounts this broker offers do not make sense at all.
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Issues with Trading Conditions
We also have issues with trading conditions that this broker offers. The minimum deposit amount of $300 is just too high. The industry average ranges from $100 to $250 and there are a large number of really good brokers who offer accounts for less than $10.
The leverage of 1:100 is too high, especially considering the fact that the MFSA has limited leverage ratios to 1:30 (most of the strongly regulated jurisdictions have now placed strict limits to the leverage ratios).
Spreads are on the higher side at 1.9 pips. Industry standard range from 0.5 pips to 1.5 pips. And since this broker has not mentioned commissions and fees, we don’t really know the actually cost of trading.
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Lies About Funding Methods
This broker claims to offer multiple funding methods – Neteller, MasterCard, Skrill, Visa, Verified by Visa, PCI, Fast Bank Transfer and Bitcoin. However, when we checked, we found out that the only two ways to make deposits was via Bitcoin and Ethereum. Crypto transactions are final and anonymous, which means that once your money is gone, there is no way to trace it or get it back. Which is why scammers offer this as the only funding method.
Conclusion
86fxtrade is a total scam and best avoided.
86fxtrade
Pros
- None
Cons
- Lies About Regulation
- Links to Scam Company
- Lies About Trading Software
- Issues with Account Types
- Issues with Trading Conditions
Do not trade with unregulated brokers that will steal your funds - try these regulated brokers:
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.
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.
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more