Scam Brokers

Trust Digital Trades – Can You Trust Them?

Chainbits Staff | Publish date: 08/10/2022 (Last updated: May 03, 2023 07:53 AM)

Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.

Trust Digital Trades - DO NOT TRADE WITH THIS PROVIDER

2.2/10

$100

Minimum Deposit

updated 2022

Try other platforms

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

Plus500 Review - Regulated broker

Plus500CY Ltdauthorized & regulated by CySEC

try this broker

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://trustdigitaltrades.com

Founded: 2022

Regulations: None

Languages: English

Deposit Methods: PerfectMoney, Crypto Wallet

Minimum Deposit: $10

Free Demo Account: No

Number of Assets: Unknown

Types of Assets: Forex, Cryptocurrency

Trading Accounts and Conditions

Trust Digital Trades does not have any trading accounts. They instead offer their clients investment plans. Here is what they have on offer:

Bronze: The investment range is from $100 to $999.
Silver: The investment range is from $1,000 to $1,999.
Gold: The investment range is from $2,000 to $2,999.
Platinum: The investment range is from $3,000 to $4,999.
Diamond: The investment range is from $5,000 to $9,999.
Frontier: The investment range is from $10,000 to $20,000.

For each of these plans, you are promised a return of 0.43% every day for 600 days for the first 4 investment plans, and a return of 0.50% for the last two (premium) plans.

There are no trading conditions given. Therefore, we cannot tell you what the spreads, leverages, order execution methods and so on are.

Trust Digital Trades – Advantages

There are no advantages to trading with Trust Digital Trades.

Trust Digital Trades – Disadvantages

Listed below are the many disadvantages that tell us that we are dealing with a scammer:

Anonymous Unregulated Broker

The first and most important indicator of a scam is a broker’s legal status. To operate legally, a broker needs to be regulated by an appropriate financial body.

To be regulated, a broker needs to provide complete corporate information – the name of the company that owns and operates their website, their contact details, and their licensing and regulation details.

With Trust Digital Trades, there is no information whatsoever. We do not know which company runs this website, there is no contact information, and nothing is mentioned about their regulation status.

With no information provided, we can say for certain that we are dealing with an unregulated and anonymous broker. Which means that this is a scam operation.

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.

Incomplete Legal Documents

Another sign of this broker’s scam is their paltry and incomplete legal documents. Legal documents are a necessary part of a broker’s offering. This is the contract between you and them. So, it needs to be extremely detailed – it should tell you exactly what a broker is offering – their services, their trading conditions, their policies, as well as the cost of using their services.

Without these documents in place, if you sign up with a broker, then you are basically handing over not just your money, but also any information you may have shared with them (banking details, your identity) to be used as they wish. Not only can you get scammed, but you are also in danger of having your identity stolen.

Since this broker does not have proper legal documents, it clearly indicates a scam. This is the reason why we urge all traders to carefully read all legal documents before you sign up with them.

No Trading Software or Conditions

There are two things an online broker offers to their clients – a good trading platform and advantageous trading conditions.

Trust Digital Trades has neither. Despite going through their website in detail, we could not find any link or reference to a trading software. Brokers usually boldly advertise the trading platform they are offering, since this is their main product offering. Without a trading platform, a broker is basically useless – and a scam!

And trading conditions tell a trader if it is advantageous for them to use a broker’s platform in the first place.

Since this broker doesn’t have either, we can clearly see that we are dealing with a scammer here.

Promises of Sure Returns

If any broker promises your sure returns, then you are dealing with a scammer.

The forex and cryptocurrency markets are so volatile that most trades usually end in losses. In fact, authorities across the world have mandated that brokers regulated by them need to publish data showing how many of their clients have lost money while trading. This data shows a very high percentage of trades go south; between 75% and 85% of all trades are losses, not wins.

Therefore, if a broker promises sure returns – and that too for 600 straight days – you know you are dealing with a scammer.

Issues with Payment Details

Another big red flag is the paucity of information about their payment details. While this broker claims that the minimum deposit requirement is $100, when we checked their withdrawals section, we found out that you can invest with Trust Digital Trades with just $10.

Added to that, this broker offers only two types of payment methods – PerfectMoney and Cryptocurrencies. We were not able to connect to the PerfectMoney option, so we can conclude that the broker will only allow you to make deposits using crypto wallets.

This is a typical tactic used by scammers, since cryptocurrency transactions are all anonymous and permanent. This way, if you make a deposit, you still will not know who is taking your money, and neither will you be able to get your money back once you realize that you have been scammed.

This is why we recommend to traders that if you are dealing with a broker for the first then, then it would be wise to carry out your first few transactions using your credit card. There is a facility to file for a chargeback in case you have been scammed. Therefore, at least you stand a chance to get your money back when you use your credit card.

Conclusion

Trust Digital Trades is the complete opposite of their name – you cannot trust this broker at all; they are a scam! It would be best to find another broker – one that is appropriately regulated, transparent about their corporate information and one that actually has a working trading platform and decent trading conditions!