ExperTrades – Is this a Scam?

Website URL: https://expertrades.com/

Founded: 2020

Regulations: Unregulated

Languages: English

Deposit Methods: Ethereum, Bitcoin

Minimum Deposit: $100

Free Demo Account: Available

Number of Assets: N/A

Types of Assets: Binary Option, Forex, CFD, Bitcoin

Trading Accounts and Conditions

ExperTrades claims to be an award-winning financial services broker that offers its clients premium forex, binary options, CFD and Bitcoin trading. The broker states that it can get you as much as 95% in payouts and offers you 4 different types of accounts with which to trade:

• Silver Account: The minimum deposit requirement for this type of an account is $100. You are supposed to get a 20% daily ROI (Return on Investment).
• Gold Account: The minimum deposit requirement for the Gold Account is $500. You are promised a daily ROI of 40%.
• Platinum Account: To start trading on the Platinum Account, you need to make an initial minimum deposit of $2,500. You get a 60% ROI when you trade on this account.
• Exclusive Account: To trade on the Exclusive Account, you need to first make a deposit of $10,000. The daily ROI for this account is 80%

There is no information about other trading conditions on any of these account types. We do not know what the leverage is or what the spreads are.

ExperTrades – Advantages

After having gone through ExperTrades’ details, we can safely tell our readers that there are absolutely no advantages to trading with this broker. It is best to avoid contracting with this entity completely. Read on to find out why.

ExperTrades – Disadvantages

Here is the list of disadvantages of trading with ExperTrades:

• Anonymous Website:

There is no corporate information given by ExperTrades. We do not know who the parent company of this broker is, where it is based or what its reputation is. The only information we are able to gather from this broker’s website is an address in the United States – and that’s it.

This kind of anonymity bodes ill for traders, as it means that they do not know who is handling their money. Therefore, in the event of a scam, they will not know whom to complain against.

Plus500

$100

Minimum Deposit

Start Trading

Read Review

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

Read Review

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.

• Lack of Regulation

Considering the fact that this broker presented us with a US address, we did our due diligence to check for its regulatory status in the United States. Brokerages in the US are regulated by the NFA (National Futures Association), which has among the most stringent regulations in the world.

When we checked the online registry of the NFA, we were not surprised to find that ExperTrades’ name was not listed anywhere.

Furthermore, this broker claimed (in its Terms and Conditions page) that it was actually regulated by the Vanuatu Financial Services Commission (FSC). Since we do not know the name of this broker’s parent company, and neither do we know its registration, the only link we could check was the broker’s name – ExperTrades. And, unsurprisingly, we did not find this broker’s name listed anywhere on the FSC’s online registry.

All of this leads us to the conclusion that this broker is operating outside the bounds of the law, and is therefore an unregulated entity. What this means for you is that your funds are not safe with ExperTrades.

• Unrealistic Promises of High Returns

ExperTrades promises its customers unrealistically high returns. It promises that Silver account holders will get guaranteed 20% returns every day. And Gold account holders will get 40% returns daily. Platinum account holders are promised returns of 60% every day and Exclusive account holders are supposed to get as much as 80% in daily returns.

This is direct contrast to what legitimate brokers publish to their customers. All regulated brokers are required by law to let their customers know that they can lose as much as 70% to 85% of their investment in trading.

• Market Maker Offering to Manage Accounts

To the untrained and novice trader, the offer made by ExperTrades actually sounds good. All you need to do is register yourself, choose the type of account on which you wish to trade, and then let the broker’s professional account managers do the investing and money management for you.

And while you sit back and relax, you can watch your money grow exponentially!

The stark reality of the situation is that ExperTrades is a market maker. This means that this broker (like all other brokers) only makes money when you lose! So, when they offer to manage your money and your account, it is actually a serious conflict of interest – something a legitimate broker would never allow.

• No Real Trading Platform

We were able to register for an account with ExperTrades, but when we were taken to their trading platform, we found out that the broker does not actually support a real trading platform!

All we got to see was a weird looking dashboard whose charts had been imported directly from an independent financial markets data provider, TradingView.

There is no way in which you would be able to execute trades, since there is no facility to do so on this broker’s so-called trading platform.

• Limited and Suspicious Payment Methods

The only ways in which you can transfer money into your ExperTrades account is via a bank transfer, or through two cryptocurrencies – Bitcoin and Ethereum.

Transfers via BTC and ETH are highly suspicious since all transactions done in cryptocurrencies are irrevocable. So, once you have made the transfers, there is absolutely no way in which you can get your money back!

Conclusion 

Everything about ExperTrades points to the fact that this is a scam operation and that if you invest your money with this broker, that’s the last you will ever see of it.

We recommend that you look for a legitimate, transparent and regulated broker with which to contract, so that all you need to focus on is trading!

ExperTrades

2.5

User Experience

3.2/10

Payment Options

2.3/10

Security

2.2/10

Support

2.5/10

Reputation

2.2/10

Pros

• None

Cons

• Anonymous Website
• Lack of Regulation
• Unrealistic Promises of High Returns
• Market Maker Offering to Manage Accounts
• Limited and Suspicious Payment Methods