Canz-Trades – Are They A Scam?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
Canz-Trades - DO NOT TRADE WITH THIS PROVIDER
2.4/10
$100
Minimum Depositupdated 2021
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://canztrades.com
Founded:2021
Regulations: Unregulated
Languages: English, All Google Translate Languages
Deposit Methods:Wire Transfers, Bitcoin, Ethereum, Litecoin
Minimum Deposit:$1,000
Free Demo Account:No
Number of Assets:N/A
Types of Assets:Cryptocurrencies, Forex, Commodities, Stocks, Indices
Trading Accounts and Conditions
Canz-Trades offers its clients plans, which are listed below:
- Beginner: $50 – $9,999 is the deposit range for this plan. You are promised a 4% – 5% weekly profit as well as a 3% referral bonus.
- Regular: $10,000 – $89,999 is the deposit range for this plan. You are promised a 5% – 7.5% weekly profit as well as a 4% referral bonus.
- Classic: $90,000 – $399,999 is the deposit range for this plan. You are promised an 8% – 10% weekly profits as well as a 5% referral bonus.
- Exclusive: The deposit amount for this plan starts at $400,000. You are promised an 11% – 12.5% weekly profit as well as an 8% referral bonus.
This broker has not provided any details about its trading conditions – or, for that matter – the kind of trading platform it uses. Because of the lack of a trading platform, we were not able to verify the trading conditions for ourselves. Therefore, we have no informationto give our readers with regard to leverages, spreads, and other trading costs.
Canz-Trades– Advantages
This broker is a scammer and there are no advantages to trading with Canztrades.
Canz-Trades – Disadvantages
Here are all the reasons why trading with Canz-Trades would be a bad investment.
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Unregistered Clone Firm
Canz-Trades claims to be based out of Auckland in New Zealand. He company has provided a license number on its website (2512695) which is claims is authorized by the country’s financial regulator, the FMA (Financial Markets Authority).
However, when we checked the veracity of this claim, we found out that this broker is usinginformation that belongs to a company by the name of Canz Trade & Investment Ltd. The license number that this broker has used on its website – and even its name –belongs to a properly incorporated company that is actually regulated by the FMA. What this means is that Canz-Trades is a clone firm – a company that uses another’s credentials and passes them off as its own to create a sense of legitimacy in a bid to scam unwary traders.
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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Blacklisted by FMA
We are not only ones to have noticed that Canz-Trades is a clone firm. New Zealand’s FMA has issued a public warning against this broker, letting traders know that this entity is a scammer.
This kind of fraud is sadly very common, and many traders fall victim to these scams. This is the reason why we strongly recommend to all traders that they carry out a fact check before they invest their money with any brokerage. It doesn’t take long to visit the online register of the relevant financial regulator and find out if the broker you are interested in dealing with is listed there. If it is not, it is best to avoid contracting with that brokerage.
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No Trading Software
The most important product that a broker offers is its trading software. Therefore, you would think that a scammer would ensure that it had the right kind of software – or at least some kind of trading platform – in place to attract more customers.
With Canz-Trades, we could not find any trading software whatsoever! The only thing you can do with this broker is deposit your money – there is no option to trade! This is a sure scam!
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Unrealistic Returns Promised
Despite the fact that this so-called broker does not have any trading platform, it promises its clients some pretty heft returns. It would be wise to remember that the forex market is a speculative market, which means that no broker can guarantee returns. In fact, regulated brokers are required to publish how many of their clients have suffered losses while trading with them. On average, most brokers show that 75% to 85% of their clients suffer losses while trading.
Therefore, if you see a broker promising your profits, consider a scam.
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No Trading Conditions Mentioned
As we mentioned earlier, there are not trading conditions mentioned anywhere on this broker’s website. We do not know what the leverage ratios are, or even what the spreads are. However, this does become a moot point, considering that there is not actually trading platform available.
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Massive Minimum Deposit Requirement
Canz-Trades demands a minimum deposit of $1,000 despite the fact that its website states that the minimum deposit you can make is $50. A $1000 deposit as ten times higher than the industry average of $100. Even if this broker had been a legitimate entity, we would not have recommended it to our readers because of the extremely high minimum deposit requirement.
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Limited Payment Options
Yet another issue we have with this broker is that it offers very limited payment options. On its website, it claims to offer a range of payment options such as Skrill, bank wire, PayPal, and cryptocurrencies.
However, when you actually check their payment portal, there is only the option of wire transfers and cryptocurrencies such as Bitcoin, Ethereum and Litecoin. All of these methods of payment are permanent and non-refundable. Therefore, if you make a deposit with this broker and then want to get your money back, you will find that there is no way to do so.
Conclusion
Canz-Trades is a scammer and if you make the mistake of investing with this broker, you will lose all your funds. It would be a better idea to find a regulated broker to deal with – one that is not going to steal your money from you.
Canz-Trades
Pros
- None
Cons
- Unregistered Clone Firm
- Blacklisted by FMA
- No Trading Software
- Unrealistic Returns Promised
- No Trading Conditions Mentioned
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.
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