PETRADES – Are They Secure?

Website URL:  https://petrades.com

Founded:  2013

Regulations: Unregulated

Languages:  English

Deposit Methods:  Visa cards, Master cards, China union pay, e-wallets, and through the payment systems such as SEPA and Web Money

Minimum Deposit:   $1050

Free Demo Account: Yes

Number of Assets: 12000+ assets

Types of Assets: Forex, Stocks, Indices, ETFs, Soft commodities, Energies, Metals, and Cryptocurrencies

Trading Accounts and Conditions:  

Petrades offers its customers four types of accounts:

•         Basic Account: The minimum deposit amount is $1050.
•         Gold Account: The minimum deposit amount is $5050.
•         Platinum Account: The minimum deposit amount is $10,000.
•         VIP Account: The minimum deposit amount is $50,000

However, Petrades doesn’t mention spreads and leverage levels for each of these accounts. In addition to this, it is offering Prime, ECN, and R Trader accounts which are said to be on promotion where the customer can start trading with funds as low as $500 or even $100.

PETRADES – Advantages

Petrades doesn’t offer any advantages to its clients for investing money with them.

PETRADES – Disadvantages

• An Unregulated Enterprise

Petrades claims to be operated and owned by Petrades Ltd, which is said to be operating under the umbrella of the International Financial Services Commission (IFSC) in Belize and its headquarter is said to be based in Amsterdam. However, in reality, when the registered broker’s list of IFSC in Belize was checked, there was no trace of this broker.

Apart from this, Belize is an offshore zone and you can’t compare an offshore license with those that are issued by the most renowned regulators like FCA in the UK, ASIC in Australia, and CySEC in Cyprus. This is because the offshore regulators don’t have the capacity to regulate internationally operating forex brokers. They can’t provide customer protection and safety of funds.

In addition to this, Petrades has mentioned on its website that it is a member of the Financial Commission. So, it doesn’t matter if the Petrades is part of the Financial Commission or not because the Financial Commission (FC) itself is not a regulatory authority. They are independently operating self-regulatory organizations.

Since there was no further information about the regulation of Petrades, it means Petrades is an unregulated, anonymous scammer, which only tries to trick the clients by claiming that it is a regulated and authentic forex broker. If you choose to trade with this broker, all your investments and funds are at risk.

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• Fake Version of Trading Software

Petrades offers its clients six types of most renowned and powerful trading platforms present in the market like cTrader, Metatrader5, Metatrader4, mobile trader, R trader, and PE trader which are proprietary web-based trading platforms. But the reality is just the opposite of it. It is even difficult to say if Petrades actually offers a trading platform or not because when you register an account, you will be directed toward a weird dashboard that contains charts that are actually taken from a trading view which is actually an independent live market data provider. They are just shown to confuse users.

In addition to this, Petrades has given on their website some links to download the Metatrader4 and Metatrader5 directly from the website of the Meta Quotes, but instead of giving the authentic functional platform, clients are offered a trial, unbranded version of the Metatrader5 platform.

• Lies About Deposit Methods and Using Unsecure Deposit Methods

Petrades claims to accept deposit payments through Visa cards, Master cards, China union pay, e-wallets, and through the payment systems such as SEPA and Web Money. However, these claims are untrue. It clearly lies about its deposit payment methods because the only working payment option is using the bitcoin method which is the most favorite and unsecure method used by scammers.

Bitcoin payments are by default anonymous, and irreversible unlike other credit/debit cards where you can file a refund in case something goes wrong. This is why mostly all scammers use crypto coins or bitcoin payment methods. So, it is recommended that you use credit/debit card payment methods whenever you are dealing with online forex brokers.

• Wrong and attractive information about the company is communicated

Petrades shows itself as an award-winning forex broker that is serving more than 800,000 customers from 169 countries all over the world. It offers a variety of tradable assets to invest in, the most powerful trading platforms, and attractive spreads and leverage levels. It also mentioned that it’s regulated by the Financial Commission which is not a regulatory authority and owns a 5000,000 EUR compensation fund. However, the reality is the opposite of it. What it does is just entice the customers by using attractive profiles and exaggerated information to trap them.

• Missing Important Information 

Although Petrades has mentioned a piece of vast information in different sections on its website, the most suspicious thing about Petrades is that the entire legal document section is missing there. There are no legal documents on its website. So, how does a forex broker operate without such important legal provisions? This not only puts customer’s funds at risk but also their personal information.

• Promising Attractive Returns to Trap Customers

Petrades promises its customers the assured returns between two to five-time the initial deposit amount. If this was true then Petrades would have become insolvent in just one day. As everyone knows, the forex markets are the most volatile markets with high risk, so how can a broker promise such high guaranteed returns as those of between 200% to 500%. This sounds so unrealistic. These promises are not more than a scam. You will never get your money back.

• Misleading/Confusing Information 

If you open an account with Petrades, you will find the user area where the minimum deposit amount is $1, but can only be processed by using the bitcoin method. Whereas, according to the packages Petrades is offering to the customers, the minimum amount is $1050. This is clear proof that this broker is a scammer because there is a big contradiction between everything it says and everything it does.

In addition to this, it also mentions in its disclaimer section that it doesn’t offer trading services to the customers who are based in the UK, Canada, USA, Australia, Japan, European Union, and countries of European economic area. However, when researched, clients from the UK were easily able to open an account with Petrades which means they do target these forex markets.

Conclusion

Petrades is an unregulated, non-legit, anonymous broker because it is operating via an anonymous website and it falsely claims to be regulated by IFSC. Whereas, there are no traces of Petrades found in the official database of the IFSC.

Therefore, it is recommended not to trade with scammers like Petrades. Instead, choose a regulated authentic broker who is operating under the most renowned and secure regulators like FCA and CYSEC.

PETRADES

2.4

User Experience

3.3/10

Payment Options

2.2/10

Security

2.3/10

Support

2.1/10

Reputation

2.2/10

Pros

• None

Cons

• An unregulated enterprise
• The fake version of trading software
• Lies about payment methods and using unsecure payment methods
• Wrong and attractive information about the company
• Missing important information