InSure Trade – Can You Trust Them?

Website URL: https://insure-trade.io

Founded: 2020

Regulations: Unregulated

Languages: English, Russian, German, Spanish

Deposit Methods: MasterCard, Visa, Crypto Coins (Ethereum, Bitcoin, etc.)

Minimum Deposit: $250

Free Demo Account: No

Number of Assets: N/A

Types of Assets: Foreign Currencies, Metals, Indices, Commodities, Crypto Coins, Stocks

Trading Accounts and Conditions

InSure Trade offers you the following account types for trading:

• Easy Start: Minimum deposit requirements for this type of account are $250.
• Standard: To start this type of account, you need to deposit between $1,000 and $5,000.
• Trader: To use the Trader account, you need to deposit at least $10,000.
• Pro Trader: For this account type, the minimum deposit is $25,000.
• Premium: To use this account type, the deposit range is $50,000 to $100,000.
• VIP: To use this account type, the minimum deposit is $250,000.

The broker states that it provides a leverage ratio of 1:100 and while it did not offer any demo account, we were able to access its MT4 platform and check that the spreads for the EURUSD currency pair stood at 3 pips.

InSure Trade – Advantages

You will not find any advantages to trading with InSure Trade.

InSure Trade – Disadvantages

Here are all the disadvantages we have found in InSure Trade:

• Unregulated Broker

InSure Trade claims that is based in St. Vincent and the Grenadines. Besides this information, there is nothing mentioned about the company that operates it under. All we have a few phone numbers – one of which has a Spanish country code, another that belongs to Austria and a third that has a Russian code prefixed. There is mention of a company called Mitz Holdings Ltd, but this name appears only on the trading platforms – nowhere else.

Thus, this broker is operating more or less anonymously.

We came across something called the Environment section on this broker’s website, and there, InSure Trade has claimed to be regulated by multiple regulatory authorities:

• The NFA (National Futures Association) in the US
• The FSA in the UK
• CySEC (Cyprus Securities and Exchange Commission) in Cyprus
• The FSC (Financial Services Commission) in Mauritious
• The FFMS (Federal Financial Markets Service) in Russia.

First of all, there is no agency called the FSA in the UK. The financial markets there are controlled by the FCA – the Financial Conduct Authority. Secondly, the FFMS in Russia was dissolved years ago, and the entire financial services market is now controlled by the Central Bank of Russia.

And finally, it is very rare for a broker to be regulated by so many different regulators simply because of the cost involved. And it is almost impossible to get a license to operate a brokerage in the US – it is prohibitively expensive, and the licensing requirements are too stringent for most brokers.

All of this information we have collected clearly shows us that we are dealing with an anonymous and unregulated broker.

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• Blacklisted by Spanish, Belgian and Italian Regulators

While we were carrying out our investigation about the broker’s regulation status, we found out that not one but three regulators in the EU have blacklisted InSure Trade.

If you look at the recent warning on the Spanish CNMV’s website, you can see that it is clearly stated that this broker is operating without authorization. And the company name mentioned in Mitz Holdings Ltd. This company name appears only on the MT4 trading platform that the broker offers. So, while there is a link between Mitz Holdings Ltd and InSure Trade, we cannot be sure that this is the company that actually owns this brokerage.

• MetaTrader 4 Platform Under Another Company Name

InSure Trade offers its clients the use of the MetaTrader 4 platform. We checked and verified that this broker does indeed offer both the downloadable PC version and the web version of this software.

The MT4 platform is the best trading platform in the world, used by more than 80% of the traders across the globe. This is because this platform’s user-friendly interface makes it easy for both novices and pros to use the software. Furthermore, the number of features available to make trading easier is excellent. Traders get to choose and customize charting and market analysis tools, trading bots, calendars and so much more.

Now, the reason why we have put this down as a disadvantage is that the downloadable platform is licensed not to InSure Trade, but to a company called Mitz Holdings Ltd. The web-based platform is registered to InSure Trade, but all the servers are once again under Mitz Holdings’ name.

The only other place where Mitz Holdings appears is in the regulators’ blacklist. However, since we cannot verify the company name anywhere else, we cannot say for certain that Mitz Holdings is the parent company of InSure Trade, and there are many scam brokers use a third-party company’s license to showcase a trading platform as their own.

• High Spreads

While this may not be serious legal issue, it is still a disadvantage. While the broker did not bother mentioning what the spreads it was offering were, we checked its online platform for that information. We found that the EURUSD pair’s spread stood at 3 pips.

A spread of 3 pips makes the cost of a trade too much. The market average of spread ranges from 0.5 pips to 1.5 pips. So, even if this broker had been legally operating, we would still not recommend InSure Trade to anyone based on the cost of trading.

• Unfair Bonus Conditions

Once again, we find another scam broker that offers bonuses to its customers and then imposes extremely unfair conditions when it comes time to withdraw funds. After you have accepted a bonus from this broker, then you will only be allowed to withdraw your funds if you trade 30x times the bonus plus deposit amount.

Conclusion 

InSure Trade is not a broker that can be trusted. We would recommend that all traders avoid this broker completely.

InSure Trade

2.6

User Experience

3.5/10

Payment Options

2.4/10

Security

2.5/10

Support

2.2/10

Reputation

2.6/10

Pros

• None

Cons

• Unregulated Broker
• Blacklisted by Spanish, Belgian and Italian Regulators
• MetaTrader 4 Platform Under Another Company Name
• High Spreads
• Unfair Bonus Conditions