EasyTrade – Can You Trust Them?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
EasyTrade - DO NOT TRADE WITH THIS PROVIDER
2.4/10
$100
Minimum Depositupdated 2022
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://tradingroomstar.com
Founded: 2022
Regulations: None
Languages: Italian
Deposit Methods: Cryptocurrencies
Minimum Deposit: Unknown
Free Demo Account: No
Number of Assets: 1,200+
Types of Assets: Forex, Commodities, CFDs, Shares, Cryptocurrencies
Trading Accounts and Conditions
EasyTrade has not provided any details about their trading conditions or account types. And since there was no way to access the broker’s trading software, we could not verify these details for ourselves.
EasyTrade – Advantages
There are no advantages in dealing with this broker. EasyTrade is a serial scammer; read on to find out more.
EasyTrade – Disadvantages
Here are all the reasons why we have tagged EasyTrade a serial scammer:
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Issues with Identity
The first thing we need to highlight is EasyTrade’s identity. The broker’s website domain name is www.tradingroomstar.com. However, we have found two brokers – EasyTrade55 and EasyTrade – with the same domain. After doing a little research, we realized that this broker is just a face-lifted version of a proven scammer called EasyTrade55.
Thus, we can say that we are actually dealing with a serial scammer. Once one scam is exposed, the entity behind this brokerage simply shifted to a new scam.
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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Lack of Regulation
In their Terms and Conditions, EasyTrade claims to be owned by EasyTrade55, a Cyprus-based firm. However, the broker provides us with a German address on their home page. What this means is that if this broker were actually regulated, they would need to have a license from at least one regulator – either the German BaFin (Federal Financial Supervisory Authority) or the Cypriot CySEC (Cyprus Securities and Exchange Commission). Since both theses countries are members of the European Union, a license from any other of them would have been fine.
We checked both regulators’ online registers to see if EasyTrade was registered with either of them. We found that this broker was not listed with these two regulators. But we also found out that the BaFin has issued a warning against this broker. The regulator states that this broker is not authorized to offer their services in Germany and that EasyTrade cannot be found at the address that they have provided on their website.
This is clear proof that this broker is a scammer and that if you invest with them, you will lose all your funds.
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Lies About Trading Software
EasyTrade claims to offer the MetaTrader 4 trading software. If this were actually the case, then it would have been a huge advantage for this broker. This trading platform is one of the best in the world, only recently having been dethroned from its decades-long number position down to number two by its upgrade version – the MetaTrader 5 software.
Unfortunately, when you click on the links that this broker has provided to access the MT4 platform, you are taken to a non-functional EasyTrade55.com domain.
Thus, the result is that this broker doesn’t have any kind of a functional trading software at all!
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No Trading Conditions
While EasyTrade claims to offer their clients more than 1,200 trading instruments, the broker has omitted to mention what their trading conditions and account types are.
A legitimate broker advertises their trading conditions and account types very clearly, detailing every condition – minimum deposit requirement, commissions, fees, spreads, leverages and so on.
With EasyTrade, you don’t get any of these details, so anyone who invests with them will be investing blindly. This is typical of scam brokers.
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Lies About Payment Options
When you visit EasyTrade’s website, you see an impressive list of payment options advertised – MasterCard, American Express, Visa, Discover, Western, Union, and PayPal. However, when you actually check the section where you can deposit money, the only way that you can carry out transactions is via cryptocurrencies. The broker gives step-by-step instructions on how to deposit using cryptos.
This is typical tactic favored by scammers. Crypto transactions are completely anonymous and irreversible. Which means that once you have transferred your funds using cryptos, there is no way that you can ask for your money back. It is gone. It’s that simple.
If you are using a broker for the first time, we strongly recommend that you use a credit card as your payment option. With credit cards, if you have been scammed, you can file for a chargeback with your bank. Even if it takes some time, there is a chance that you will get your money back. With other payment options, this possibility does not exist.
Therefore, if you are not trading with a trusted broker, stick to credit cards.
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Bonuses Offered
In their Terms and Conditions, EasyTrade states that they offer bonuses. However, they do not bother clarifying the terms around using those bonuses.
We need to point out that such bonuses have been banned in the EU and many other jurisdictions since they usually come with very unfair withdrawal terms. And considering the fact that this broker has already been revealed as a scammer, we can expect the same unfair terms from them too.
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Unfair Fees
Another red flag we saw in EasyTrade’s Terms and Conditions was their fees for inactivity. The broker states that if your account has not carried out any trades, then you will be charged a 7% fee if you withdraw your funds! Over and above that, there is also a $50 inactivity fee in addition to that 7% withdrawal fee!
Such high fees are unheard of, and if this broker were legitimate, we would actually advise against traders signing up with them because of these terms. However, since this broker is a scammer, it is not surprising that they are trying to squeeze as much money out of their clients as possible.
Conclusion
EasyTrade is a serial scammer that needs to be avoided by all traders. This is not a broker you can trust.
EasyTrade
Pros
- None
Cons
- Issues with Identity
- Lack of Regulation
- Lies About Trading Software
- No Trading Conditions
- Lies About Payment Options
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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