Cleaves Securities – Is It Safe or a Scam?

Website URL: https://cleavesecurities.com/

Founded: 2017

Regulations: Not Regulated

Languages: Italian

Deposit Methods: Bank Wire, MasterCard, Visa

Minimum Deposit: Unknown

Free Demo Account: No

Number of Assets: N/A

Types of Assets: Forex

Trading Accounts and Conditions

Cleaves Securities claims that it is a Forex broker based out of Norway and that it is regulated and operates legally. The broker also claims to offer the latest MetaTrader 5 trading platform.

However, when you actually go through the broker’s website carefully, you realize that there are no trading conditions mentioned anywhere. We also don’t know what types of accounts are offered for trading.

Cleaves Securities – Advantages

We ensure that we write fair reviews about all the brokers we focus on. To this end, we mention both the advantages as well as the disadvantage of trading with a particular broker.

Unfortunately, despite going through Cleaves Securities’ website in detail, we did not find a single reason why any trader should do business with this broker. Read on to find out why.

Cleaves Securities – Disadvantages

There are so many serious concerns we have with Cleaves Securities that we can tell you right at the outset that this is one broker that you should never do business with. Here are our reasons why:

• Unclear Corporate Information

There is no clear information given on Cleaves Securities’ website about its corporate background. We don’t know the name of the company that runs this brokerage, and neither do we have any registered address.

All we know about this broker is that it claims to have 40 years’ of experience in the industry, and is registered to offer financial services in both Norway and Italy.

A broker that prefers to remain anonymous is usually a scammer and should be avoided at all costs.

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• Lies About Regulation Status

As we mentioned at the beginning of our review, Cleaves Securities claims to be regulated and that it operates legally. However, considering the fact that there is not corporate information about the company behind this broker, and the fact that it has not presented any registration or license number, we can safely assume that Cleaves Securities is not a regulated broker – and that it has lied about its regulation status.

• Clone Firm

With so many legal issues cropping up with this broker, we decided to investigate further. This is what our investigation revealed.

Cleaves Securities SA, which is a reputed privately-owned financial services and ship broking group, uses the address cleaves.no. Cleaves Securities, the Forex broker that we reviewing (which calls itself Cleaves Securities AS), uses the web address cleavesecurities.com. These two company are in no way related.

The thing is, Cleaves Securities SA is actually regulated – by Norway’s Financial Supervisory Authority. So, what the broker we are reviewing has done is falsely represent itself as the regulated company.

Thus, our broker is what you would call a clone firm, a tactic frequently used by scammers.

• Blacklisted by CONSOB

Since the broker’s website is only available in Italian, it is obvious that Cleaves Securities was targeting traders in Italy. So, it is not surprising that the Italian financial watchdog, the CONSOB, has blacklisted this broker for operating in their country without authorization.

The regulator also warned the Italian public that this broker is suspected to have been involved in scam operations.

• No Trading Conditions

Another big red flag is that this broker has not published its trading conditions, factors that are critical to a successful trade execution. We don’t know what levels of leverage this broker offers, and we don’t know the spreads. We also don’t know the amount of the required initial deposit, or even what fees are being charged for transfers, trades and so on.

A broker that is not transparent about its trading conditions is out to scam people of their money.

• MetaTrader 4 Not Offered

Cleaves Securities does not offer its clients the use of the MetaTrader 4 (MT4) trading platform to carry out trades. We always consider this lack to be a huge negative.

This is because the MT4 platform is current the best in the world. It is easy to use – even novices can use this platform with ease. It offers additional features such as market indicators, automated trading bots, charting options, and so on.

What the broker does offer is a web-based trading interface. Unfortunately, we were unable to access the platform, so we don’t know how it performs – if it actually does, that is.

• No Demo Account

Most legitimate brokers believe in complete transparency with their clients. And so, they provide their clients with a demo account – a platform where prospective customers can test the trading conditions and see how the interface functions.

Not offering a demo account is usually what scammers usually do. Considering how many red flags have cropped up with this broker, it is not surprise that Cleaves Securities offers no demo account.

So, if you invest with this broker, you will have no idea about the cost of trading – until you start trading for yourself.

• No Information About Payment Methods and Fees

Despite going through Cleaves Securities’ website with a fine-toothed comb, we were unable to find out anything about its payment methods and fees. There is no mention whatsoever of withdrawal fees, commissions on trade, and other fees.

Conclusion

This is a very dangerous broker to do business with. All the clues point to the fact that Cleaves Securities is without doubt a scammer that is out to swindle unsuspecting traders of their hard-earned money.

We would recommend that you avoid this broker completely and opt for a strongly regulated broker that works within the bounds of the law, is transparent and customer centric.

Cleaves Securities

2.3

User Experience

2.9/10

Payment Options

2.2/10

Security

1.9/10

Support

2.3/10

Reputation

2.1/10

Pros

• None

Cons

• No Corporate Information
• Not Regulated/ Lies About Regulation Status
• Clone Firm
• Blacklisted by CONSOB
• MT4 Trading Platform Missing