AllTraders Pips – Can They Be Trusted?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
AllTraders Pips - DO NOT TRADE WITH THIS PROVIDER
2.3/10
$100
Minimum Depositupdated 2023
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://alltraderspips.com
Founded: 2021
Regulations: Unlicensed
Languages: English, All Google Translate Languages
Deposit Methods: Cryptocurrencies (BTC, LTC, ETH), Payeer, Perfect Money
Minimum Deposit: Unspecified
Free Demo Account: Not Available
Number of Assets: 500+
Types of Assets: Forex, Cryptocurrencies
Trading Accounts and Conditions
AllTraders Pips does not specify if they have different types of trading accounts. All we are told is that we can register for and open an account with them. The broker also does not tell us what the minimum deposit requirement is. Or what the spreads, fees, commissions, order execution methods, etc. are. We are told that the leverage ratio is up to 1:1000.
AllTraders Pips – Advantages
There are no advantages to trading with AllTraders Pips.
AllTraders Pips – Disadvantages
Listed here are all the disadvantages that tell us that AllTraders Pips is a scammer and not to be trusted:
-
Unregulated Broker
The first sign that we are dealing with a scammer is that broker’s lack of regulation. And here is how we know that AllTraders Pips is unregulated.
Legitimate brokers provide all information related to their corporate identity as well as their regulation status. This includes their company name, where they are located, their contact information, their registration or license number, and the name of the financial regulator that has authorized them.
With AllTraders Pips, we do not have any company name. We are given two addresses, one in the UK and the other in the US. There is no contact number, only a generic email address. And there is no information about their registration and license. This kind of incomplete information is a clear sign that the broker is a scammer.
To be sure, we checked the online registers of the Financial Conduct Authority, the National Futures Association and the Commodity Futures Trading Commission. The first is the financial regulator of the UK, while the latter two are the bodies that govern the forex markets of the US. We found out that AllTraders Pips is not listed with any one of these authorities. This proves that this broker is operating without a license and is unregulated.
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.
-
Blacklisted by FCA
While researching this broker’s regulation status, we found out that the Financial Conduct Authority has issued a public warning against AllTraders Pips.
According to the warning, this broker is operating in the UK without proper authorization. The authority goes on to state that dealing with this broker would be dangerous as they are not operating legally and that they are in all probability a scam operation.
When a reputed financial regulator such as the FCA issues a warning against a broker, it is not wise to ignore that warning.
-
Issues with Registration
Another red flag is the issues we face while registering for an account with AllTraders Pips.
As part of our review process, we register for an account with the broker. This helps us assess their registration process. We also get to see their live trading platform as well as their real trading conditions.
So, when we tried to register for an account with AllTraders Pips, we were asked to submit documents containing our personal and banking information. Such sensitive information is not required by any broker, and therefore it is a red flag that things are not right with this broker.
We obviously did not continue with the registration process.
-
Unknown Trading Platform
Since we were unable to create an account with AllTraders Pips, we do not know what kind of trading platform this broker has.
Furthermore, the only thing that this broker states about their trading platform is that they have an advanced trading platform. The broker does not specify which trading platform they have and this is a huge cause for concern.
Legitimate brokers know that their trading platform is one of the two offerings for which traders will do business with them. Therefore, they advertise their trading platform prominently on their websites. Such brokers also provide their customers with a demo version of their platform where they can test that platform as well as the broker’s trading conditions.
The fact that this broker does not mention which trading platform they have, or even offer a demo platform clearly indicates that AllTraders Pips cannot be trusted.
-
Issues with Trading Conditions
The second offering that goes hand-in-hand with a broker’s trading platform is their trading conditions. These conditions are what tell a trader how much the cost of trading with that particular broker would be. It also tells a trader how much risk they can take or even the types of order execution methods are offered.
Since these conditions are so critical, legitimate brokers advertise theirs prominently and in great detail on their websites. And scammers do the exact opposite! And this tells us a lot about AllTraders Pips.
This broker does not give us any details about their trading conditions. We only know that they offer a maximum leverage of 1:1000. First, such a high leverage is extremely risky and dangerous. And second, it is illegal in most jurisdictions, include the UK and the US – the two countries that this broker seems to be targeting.
Beyond this one snippet of information, we do not know anything else about AllTraders Pips’ trading conditions. A clear sign that this broker is a scammer.
-
Issues with Payments
We also have issues with the fact that this broker offers only two forms of payments – cryptos and two e-wallets. Since we could not check their payment area, we do not know if this broker does in fact offer all the payment options they claim to. This lack of clarity is yet another red flag.
Conclusion
AllTraders Pips is an unregulated and blacklisted broker, which means that they are scammers and therefore not to be trusted.
AllTraders Pips
Pros
- None
Cons
- Unregulated Broker
- Blacklisted by FCA
- Issues with Registration
- Unknown Trading Platform
- 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.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.