Altracoin – Is It a Scam?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
Altracoin - DO NOT TRADE WITH THIS PROVIDER
2.4/10
$100
Minimum Depositupdated 2020
Altracoin offers its customers four different types of trading accounts. They are:
- 124% Account: The minimum deposit range for this account is from $4 to $10,000.
- 145% Account: The deposit range for this account type is $25 to $10,000.
- 180% Account: The deposit range of this account is from $50 to $10,000.
- 220% Account: The deposit range for this account is from $100 to $10,000.
There is no mention anywhere on Altracoin’s website about its trading conditions, so we don’t know what the leverage ratios, the spreads, or other trading costs are.
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://altracoin.co/
Founded: 2020
Regulations: Not Regulated
Languages: English, Russian
Deposit Methods: Visa, MasterCard, Bank Transfer
Minimum Deposit: $4
Free Demo Account: None Available
Number of Assets: N/A
Types of Assets: Bitcoin trading
Trading Accounts and Conditions
Altracoin offers its customers four different types of trading accounts. They are:
- 124% Account: The minimum deposit range for this account is from $4 to $10,000.
- 145% Account: The deposit range for this account type is $25 to $10,000.
- 180% Account: The deposit range of this account is from $50 to $10,000.
- 220% Account: The deposit range for this account is from $100 to $10,000.
There is no mention anywhere on Altracoin’s website about its trading conditions, so we don’t know what the leverage ratios, the spreads, or other trading costs are.
Altracoin – Advantages
There are so many things that are seriously wrong with this broker, that we cannot say that there are any advantages to trading with them.
Altracoin – Disadvantages
Here are the reasons why it is not a good idea to trade with this broker in any way.
-
Anonymous Brokerage
The first sign that this broker is not to be trusted and that it is a scam is the fact that Altracoin is completely anonymous. There is no corporate information given on its website. We don’t know the name of the company behind this broker and we do not have any contact information either.
The only thing this broker mentions is that it is based in the United Kingdom and that it is regulated in that country.
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.
-
False Claims of Regulation
Despite the fact that Altracoin has not provided any registration number, they claim to be regulated by the UK’s financial regulator, the FCA (Financial
Conduct Authority).
The broker also provides us with a certificate of incorporation of a company by the name of Altracoin Ltd from the UK House of Companies. The broker also has provided a registration number. However, when we checked the House of Companies’ registry, we found that all of this information was a lie. There is no such company by the name of Altracoin Ltd that is incorporate with the agency, and that registration number does not exist.
Since the broker also claimed to be licensed by the FCA, we decided to verify this claim too. And we were not surprised to learn that this too is a lie.
Basically, Altracoin is an anonymous and unregulated broker that is trying to hoodwink its customers with lies about its regulatory and corporate standing.
-
Altracoin Offers Managed Accounts
Altracoin also offers to manage its clients’ accounts. If you allow them to do so, they promise that they will get you daily profits of 124% and 145% (hence the account names!).
While this sounds tempting, it is just another lie to attract more customers to invest their money with them.
Altracoin is a market maker, just like the majority of brokers in the industry. A market maker profits when its customers lose money on the market. Which means that if you allow them to control your trading account, then chances are your losses will mount.
This is called a conflict of interest for a reason – the broker’s interests are in conflict with yours.
-
Not Allowed to Withdraw Your Deposit
If you read through the FAQ (Frequently Asked Questions) section of this broker’s website, you will find a very strange response from the broker with regard to withdrawing deposits.
Altracoin clearly states that you will not be allowed to withdraw your deposit – ever.
This is not something a legitimate broker would ever do. You should have the right to withdraw your funds any time you wish.
-
No Terms and Conditions
When you register for a new account with a broker, you are asked to read and agree to the Terms and Conditions (also called Client Agreement) before the final step. Without first agreeing to those terms and conditions, you will not be able to open an account with any broker.
This is a legal document that defines the relationship between the broker and the trader.
With Altracoin, the notice about agreeing to the terms and conditions is there on the registration page. However, when you click on the link, there is no document available. So, if you click on the agree button, you will have to do so without knowing what conditions you have agreed to.
This means that Altracoin can take advantage of you and do what it wants with your funds, and you will have no way to challenge them since you have already agreed to whatever terms they have set.
-
No Real Trading Platform
Brokers that are legitimately offering their financial services offer their customers top of the line trading platforms such as the MetaTrader 4 or the newer MetaTrader 5 software.
Altracoin, on the other hand, doesn’t seem to have any real trading platform at all. Since this broker does not have a demo account, we opened a live account to check out the kind of trading platform offered as well as the trading conditions.
However, what we got was a simple dashboard instead. The only thing you will be able to do on this so-called platform is make deposits – which you will never get back!
-
Only Mode of Payment is Bitcoin
The only way you can make payments with Altracoin is through Bitcoin. This is another huge red flag, since Bitcoin payments are virtually anonymous and irreversible. Once you have made your payments, you will never be able to get your money back.
Conclusion
Altracoin is a scammer and we would advise all traders to avoid trading with this broker.
Altracoin
Pros
- None
Cons
- Anonymous Brokerage
- False Claims of Regulation
- Not Allowed to Withdraw Your Deposit
- No Terms and Conditions
- No Real Trading Platform
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.