ExpertCoinTrade – Is It a Scam?

Website URL: http://expertcointrade.com/

Founded: 2011

Regulations: Unregulated

Languages: English

Deposit Methods: N/A

Minimum Deposit: $300

Free Demo Account: None

Number of Assets: N/A

Types of Assets: Treasuries, Agency bonds, Currencies, Commodities, Interest rates, Volatilities

Trading Accounts and Conditions 

There are four types of accounts that investors can open, however, the trading conditions such as leverage and pips aren’t stipulated.

• Start Up – The minimum deposit is $300.
• Professional – The minimum deposit is $550.
• Advanced – The minimum deposit is $1,000.
• Premium – The minimum deposit is $5,000.

ExpertCoinTrade  – Advantages

We found so many red flags with this firm. Hence, we can confidently say there are no advantages for you if you choose to trade with it.

ExpertCoinTrade  – Disadvantages 

• An Unregulated Broker

Its website displays a registered physical address at Birmingham, UK. However, this doesn’t prove its legitimacy as a firm. In addition, its Terms and Conditions page only has three paragraphs that mainly focus on activity restrictions and accounts. Furthermore, it doesn’t include clauses and legal documents that legit brokers provide.

FCA is the only authorized regulatory agency in the UK, and with all the red flags we discovered from this firm, there’s no way the FCA would regulate it. Hence, it’s safe to say that ExpertCoinTrade is an unregulated broker and all your investments are at risk with it.

All the regulated brokers across the globe have undergone a careful and intricate process in order to get their license. The best regulatory agencies in the world include the FCA in the UK, CFTC in the US, and CySECin the EU. All of which have their own standards and requirements for every firm who wants to be regulated by them. It doesn’t stop there; these regulatory bodies monitor the firm regularly and call out firms who have suspicious transactions. This is to protect the assets of all investors.

Moreover, if you choose to trade with a regulated broker, you are also protected by the government to receive insurance money in case the firm could no longer operate due to bankruptcy. Depending on where your firm is regulated, you will receive financial compensation as much as 85,000 pounds.

Plus500

$100

Minimum Deposit

Start Trading

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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.

 

AvaTrade

$100

Minimum Deposit

Start Trading

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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.

• Trading Conditions are NOT Stated

Knowing the trading conditions of a broker is important because it gives you an idea of how much risk you are taking for every trade. However, these conditions are not stated on the firm’s website.

Regulated brokers are always clear with how much leverage and margin loan they provide their investors. The acceptable leverage recommended by regulatory bodies rests at 1:200 and anything more than 1:300 is considered as illegal and gambling. This is because the higher the leverage, the higher the loss. Leaving this important detail unannounced clearly shows that this firm doesn’t care about its investors and only cares about the money they are willing to invest.

• No Trading Software 

The firm has no free trading software on its website. However, it’s difficult to conclude if there is no trading software at all, unless we open an account and invest money. But what’s interesting is that it advertises giving interest rates to investors depending on the package they choose. Here’s an example of the interest rates they give per package.

• Start Up – There’s a 10% daily interest for a minimum of $300 deposit and the payout is paid weekly.
• Professional – There’s a 13% daily interest for a minimum of $550 deposit and the payout is also given on a weekly basis.
• Advanced – There’s a 16% daily interest rate for a minimum of $1,000 and the payout is given daily.
• Premium– There’s a 25% daily interest rate for a minimum of $5,000 and you’ll receive your payout every day.

As a rule of thumb, anything that’s too good to be true is a big scam! Even the biggest companies in the world won’t give a 25% interest rate to their investors, so how would an unregulated broker such as ExpertCoinTrade be able to fulfill this condition? This is clear proof that this firm is nothing but a scammer that advertises false promises in order to attract investors.

• No Indication of Withdrawal or Deposit Methods and Fees 

The deposit and withdrawal methods and fees aren’t stipulated on the website. This is a major red flag to reaffirm the firm’s illegitimacy. The only thing you can see on its website is the part wherein you can choose your package, in which the most affordable one is priced at $300. After this, there’s no clear explanation on what will happen next. It seems like most of the features of its service are only accessible to clients who are registered and have deposited money.

Any firm that lacks legal provisions on its website can’t be trusted. But if you still take a risk and invest your money, it will be difficult to file charges if things go haywire. The firm can just take down its website for no good reason and there’s no way you can trace where your money went or even file a complaint about it.

Conclusion  

With the impressions we stated above, it’s clear that ExpertCoinTrade is a scammer that is only after your money. It’s an unregulated broker that doesn’t have a trading platform and also doesn’t have a clear way of making payments and withdrawals. There are no advantages that you can get from trading with this firm and all you can expect is for your time and money to go down the drain. Hence, we highly discourage you to trade with this firm.

Whether you’re a novice or a pro in trading, we advise that you only trade with a firm that’s regulated by the official regulatory bodies of the following countries: USA, UK, EU, and Australia. These countries have their own authorized regulatory agencies to carefully scrutinize every firm that wants to operate in their territory. The requirements to get a license from them are long and arduous and only those who want to do serious business will have the guts to go through such a process.

ExpertCoinTrade

2.5

User Experience

3.3/10

Payment Options

2.3/10

Security

2.1/10

Support

2.4/10

Reputation

2.5/10

Pros

• None

Cons

• An Unregulated Broker
• Trading Conditions are NOT Stated
• No Trading Software
• No Indication of Withdrawal or Deposit Methods and Fees