Synquote – Are They Trustworthy?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
Synquote - DO NOT TRADE WITH THIS PROVIDER
2.5/10
$100
Minimum Depositupdated 2023
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://synquote.com
Founded: 2022
Regulations: Not Regulated
Languages: English, Chinese
Deposit Methods: Unspecified
Minimum Deposit: Unspecified
Free Demo Account: No
Number of Assets: Unspecified
Types of Assets: Cryptocurrencies, Energies, Metals, Indices, Currencies
Trading Accounts and Conditions
Synquote has no trading accounts to offer to their clients, and they also do not present any trading conditions.
Synquote – Advantages
There are no advantages to trading with Synquote.
Synquote – Disadvantages
There are so many red flags that tell us that Synoquote is a scammer that we can only highlight the main issues:
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Lack of Regulation
The first big sign of Synquote’s scam is the fact that this broker is completely unregulated.
On their website, this broker claims to be an international forex broker that has offices in Seychelles, Malaysia and the UK. The broker also claims that they are headquartered in the UK.
The next claim that Synquote makes is that they are licensed by the National Futures Association of the US. The broker has an uploaded cope of this so-called license.
First, the claims about being based in the UK. To operate in that country, a broker must be regulated by the Financial Conduct Authority. The FCA has an online register where you can check for all brokers that are authorized by them. We checked the regulator’s register. We not surprised to find that Synquote is not listed anywhere on the FCA’s registers. Which means that this broker’s claims of being headquartered in the UK are all lies.
As for the so-called license from the NFA, it is a fake. That license is a WikiFX Center screenshot – not a real license issued by the regulatory authority.
There are two things we need to point out here. An NFA license means nothing when the broker is targeting customers in the UK and Asia. Brokers need to be licensed by the authority of the jurisdiction that they are targeting to be able operate there. Added to this, the NFA does not offer a license, it offers memberships. The actual license is offered by the CFTC – the Commodity Futures Trading Commission. In the US, a broker need both – a membership with the NFA and a license from the CFTC. Synquote obviously has none of these documents in place.
Everything we have investigated about Synquotes’ regulation status tells us that we are dealing with an unregulated broker. And considering the fact that this broker has not given any kind of physical address and contact number, we can safely assume that we are dealing with an anonymous scammer here.
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
Synquote has legal documents – sort of. What we mean by this is that when you click on the Terms of Service link, you are taken to another page that shows the terms of service. However, there is no way that you can actually scroll down and read the complete terms of service. It’s just a picture of some part of the legal document.
Legally operating brokers ensure that their legal documents are easily accessible for all visitors to their website. These documents are also extremely detailed, covering every aspect of their services, policies, costs, fees, conditions and so on.
The fact that Synquote has only a partial legal document in place shows us that we are dealing with a scammer.
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Lies About Trading Platform
Synquote claims that they offer their clients the MetaTrader 5 trading software to their clients. This, of course, is another lie.
First, we could not find any download link to the software anywhere on their website. Regulated brokers advertise their trading platform on their website. They offer customers a demo account so that they can test their platform and trading conditions for themselves – even before they signup for an account with them. So, the lack of any download link is a red flag.
Furthermore, we decided to register for an account so that we could check if we could access Synquote’s trading platform that way. However, we could not even complete the registration process. We were told that we needed an invitation code before we would be allowed to register for an account with this broker. This is a tactic used by many scammers to stay under the radar – they target specific, novice traders who would not know better about how a real forex broker would operate. This way, they can keep their scam going longer.
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No Trading Conditions
Another clear indication of Synquote’s scam is their lack of trading conditions. Trading conditions, along with the trading platform, are the key offerings from any brokerage. Therefore, legitimate brokers publicize their trading conditions on their website – clearly and in detail. This allows traders to decide whether they find the conditions favorable for trade or not.
With scammers – like Synquote – there are no trading conditions mentioned at all! The complete lack of transparency tells us that we are dealing with a scammer.
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No Payment Information
Another sign of this broker’s scam is the fact that there is absolutely no information about how we can make deposits – there are no payment methods mentioned anywhere on their website.
Furthermore, there is no payment policy mentioned for deposits and withdrawals. All of this lack of information tells us that we are dealing with a scammer.
Regulated brokers make sure that they offer their clients a range of payment methods – credit and debit cards, bank and wire transfers, e-wallets such as PayPal, Neteller, Skrill, and so on. There are also many excellent brokers that offer cryptocurrencies as a payment option. With cryptocurrencies, however, we would recommend that traders not use this option unless they trust the broker they are doing business with. This is because this is a favored payment option with many scammers since crypto transactions are all anonymous and irreversible.
Conclusion
Synquote is a scammer and is not trustworthy. It would not be advisable to trade with this broker.
Synquote
Pros
- None
Cons
- Lack of Regulation
- Issues with Legal Documents
- Lies About Trading Platform
- No Trading Conditions
- No Payment Information
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.
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