SuperEther – Are They a Scam?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
SuperEther - DO NOT TRADE WITH THIS PROVIDER
2.5/10
$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://superether.io
Founded: 2019
Regulations: Not Regulated
Languages: English, Arabic, Simplified Chinese, Dutch, French, German, Greek, Italian, Portuguese, Russian, Spanish
Deposit Methods: Credit Cards, Wire Transfer, Bitcoin
Minimum Deposit: $250
Free Demo Account: N/A
Number of Assets: N/A
Types of Assets: Foreign Currencies, Commodities, Shares, Cryptocurrencies, Indices
Trading Accounts and Conditions
SuperEther offers their clients investment levels:
- Mega: The minimum investment level is $250. The minimum spread is 2.4 pips and the maximum leverage is 1:500.
- Giga: The minimum investment level is $2,000. The minimum spread is 1.4 pips and the maximum leverage is 1:400.
- Tera: The minimum investment level is $15,000. The minimum spread is 0.4 pips and the maximum leverage is 1:200.
- Peta: The minimum investment level is $50,000. The minimum spread is 0.4 pips and the maximum leverage is 1:100.
Other fees and commissions, lot sizes, etc., are not specified.
SuperEther – Advantages
We have found too many issues with SuperEther and no advantages. This is not a broker you should trust.
SuperEther – Disadvantages
Given below is the list of issues we have found with SuperEther which clearly tell us that we are dealing with a scam operation:
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Issues with Regulation Status
The first, and most important sign of a scam is the broker’s regulation status. A regulated broker ensures that all details related to the legality of their operation – corporate details as well as regulation and licensing details – are clearly spelled out for all to see on their website.
With this broker, on the other hand, there is no clear information about the company that runs this website. There is no corporate information on either the broker’s legal documents or home page. We were only able to glean a few bits of corporate information from their Contact Us submenu. There, we saw the name of a company – Ethereum Ltd – and a physical address in the UK.
Now, if a broker is based in the UK, they will need to be registered with and regulated by the country’s financial body – the Financial Conduct Authority (FCA).
It’s a simple matter to check the online register of the FCA to see if this broker is, in fact, regulated by the authority or not. So, we checked. And we found out that not only is this broker not regulated by the FCA, but that the FCA has actually issued a public warning against this broker. According to the warning, SuperEther is operating without authorization in the UK, i.e., illegally. The warning also goes on to state that this broker is not authorized to operate in any EU state either.
All of this clearly tells us that we are dealing with a scam operator that is offering their forex services without a legal license.
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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Issues with Legal Documents
Unlike many other scam brokers, SuperEther at least has some legal documents available. However, when we checked them, we realized that they were the exact same documents used by other brokers that we have already exposed as scams. You will see the very same legal documents used for the following scammers: www.24trades.io, www.gapstock.com, www.imapcrypto.com, and www.infinoxfin.com.
There are two red things that are revealed from this finding. First, that we may possibly be dealing with a serial scam operation. And second, if you go through the terms and conditions, you will find that many of the clauses are extremely unfair predatory – designed to extract the last penny from the scammers’ victims.
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Web-Based Trading Platform
Once again, we need to point out that regulated brokers will ensure that they offer their clients only the best possible trading platform, since this is the main product of their service offering. That is why, with most legitimate brokers, you will find that you are offered either the MetaTrader 4 or MetaTrader 5 platforms.
However, scammers such as SuperEther only present the bare minimum, such as this web-based trading platform we found on their website. This software is basic, with only some rudimentary functionalities that make it work. Basically, the most you can do with this so-called trading software is buy and sell a limited number of assets. In essence, this software does just enough to fool novice traders.
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Issues with Terms of Trade
There are a number of issues we have found with the terms of trade that this broker offers. First, the minimum deposit of $250 is on the higher side. There are a range of legitimate brokers who will let you open a trading account for as little as $5 to $10.
Next, a minimum spread of 2.4 pips is much too high, making it unprofitable to trade with this broker. The market average of spreads ranges from 0.5 pips to 1.5 pips.
Even the leverage this broker offers is much too high, besides being illegal. Due to the serious danger of losses posed by high leverage ratios, authorities in many parts of the world, including the UK, have limited the amount of leverage that brokers can offer their clients. Thus, if you are a broker operating legally in the UK, you cannot offer a maximum leverage of more than 1:30.
And then, lets talk about the asset offerings. SuperEther offers their clients trading in cryptocurrencies. The FCA has prohibited trading in cryptocurrencies, therefore, the fact that this broker offers this asset class clearly shows us their scam.
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Limited Payment Options
There are only 3 payment options available to you if you decide to trade with SuperEther – credit cards, wire transfers and Bitcoin. We were, however, unable to confirm these options since we were not willing to submit our documents for verification during registration.
However, we would like to point out that legitimate brokers ensure that they offer a wide range of secure payment options.
Conclusion
After going through SuperEther’s website in detail, we can say with completely confidence that this broker is a scammer. It would not be advisable to invest with this broker.
SuperEther
Pros
- None
Cons
- Issues with Regulation Status
- Issues with Legal Documents
- Web-Based Trading Platform
- Issues with Terms of Trade
- Limited 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.
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more