Cashdecision – Can They Be Trusted?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
Cashdecision - DO NOT TRADE WITH THIS PROVIDER
2.4/10
$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://cashdecision.com
Founded: 2014 – 2022
Regulations: Not Regulated
Languages: English, Simplified Chinese, Filipino, French, German, Greek, Italian, Portuguese, Russian
Deposit Methods: BTC, USDT, ETH
Minimum Deposit: £500
Free Demo Account: Unavailable
Number of Assets: 40,000+
Types of Assets: Currencies, Cryptocurrencies, Stock Indices, Stocks, Commodities, Energies
Trading Accounts and Conditions
Cashdecision offers their clients packages, not trading accounts. Here is what they offer:
- Starter Account: The minimum investment requirement is £500. The minimum expected profit from this investment is £3,500 and the maximum is £5,000.
- Classic Account: The minimum investment requirement is £5,000. The minimum expected profit from this investment is £45,000 and the maximum is £50,000.
- Platinum Account: The minimum investment requirement is £10,000. The minimum expected profit from this investment is £99,000. There is no maximum expected profit.
The broker promises a 95% success rate. However, there is no mention of trading conditions such as leverage ratios, spreads, order execution methods, commissions, fees, etc.
Cashdecision – Advantages
There are no advantages to trading with Cashdecision.
Cashdecision – Disadvantages
Listed below are all the disadvantages that tell us that we are dealing with a scammer:
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Lies About Regulation Status
The first thing that we noticed about Cashdecision was the lies that they have told about their regulation status. On their homepage, this broker claims to be globally licensed. However, the broker does not specify which authorities have authorized them.
This broker states that they are based in the UK as well as the US. And then provides us with a UK-based telephone number. However, once again, there is no information about their parent company, or even the details of their registration or licenses.
Based on the fact that this broker has provided us with an address in the UK and the US, we decided to check the online registers of the authorities regulating forex brokers in these two countries, namely, the Financial Conduct Authority in the UK and the National Futures Association and Commodities Futures Trading Commission in the US.
We found out that Cashdecision has lied about their presence in these two countries; this broker is not regulated by any one of these authorities.
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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Possible Clone Firm
On their About Us page, Cashdecision mentions another name – IFM, a forex broker that is supposedly registered with the ASIC in Australia. We checked. IFM is indeed a legitimate investment management company in Australia, but it has nothing to do with Cashdecision.
When a broker shows another legitimate broker’s information as their own, then that broker is termed a clone firm – a scammer that is trying to pass of as legitimate in order to scam as many people as possible.
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Blacklisted by FCA
The Financial Conduct Authority has also noticed Cashdecision’s perfidy. The reputed authority has blacklisted this broker and has issued a public warning against them.
The warning states that this broker is operating without authorization in the UK and that they are most probably scammers, and that dealing with them would be extremely risky.
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No Legal Documents
Another red flag that tells us that Cashdecisions is a scammer is the complete lack of legal documents on their website. When you click on their legal documents’ link, you are simply taken back to the top of the About Us page. And if you click on the registration page, there is no link that allows you to check their legal documents.
The lack of legal documents is a clear sign of a scam. These documents are critical as they spell out the details of the contract between you and the broker. If these documents are missing and you sign up with a broker, that broker can basically scam you for whatever you have and there is no authority that will be able to help or protect you against their scam.
This is why it is so important to check the legal documents of a broker before you sign up with them.
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Poor Trading Platform
The trading platform that this broker advertises is supposed to be one of the best in the market, but Cashdecisions fails to mention which one it is. When we checked for ourselves, we found out that it was a simple, web-based software that barely functioned at all. Such a poor-quality trading platform once again tells us that we are dealing with a scammer.
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Issues with Trading Conditions
The trading platform and the associated trading conditions are a broker’s offering to their clients. We have already established that the trading platform offered by Cashdecisions is sub-par. As for the trading conditions – there are none. We only are told that the minimum deposit is £500, which is quite expensive, especially when the industry average ranges from $100 to $250.
The lack of trading conditions is another indication that we are dealing with a scammer.
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Promises of Profits
Cashdecisions promises their clients profits and that is a biggest indicator that we are dealing with a scammer. There is no broker that can make a promise like this. The forex market is notoriously unstable, and most brokers publish (it is a legal requirement) the percentage of their clients that have faced losses. This figure ranges from 75% to as much as 85%. So, there is no way that a broker can guarantee that you will make a profit trading with them. This is a clear indication of their scam.
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Issues with Payments
The only way that you can make payments with this broker is with cryptocurrencies. This is another red flag that tells us that you cannot trust this broker. Crypto transactions are permanent and anonymous, so once your money is gone, there is no way to get it back or even trace it. So, if a broker only offers this single payment method, you know that they are not safe.
Conclusion
Cashdecisions is a scammer and cannot be trusted at all.
Cashdecision
Pros
- None
Cons
- Lies About Regulation Status
- Possible Clone Firm
- Blacklisted by FCA
- No Legal Documents
- Poor 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.
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