MainTrade Review – Facts About MainTrade.Co
This broker lies about pretty much every single important thing you could need to know about a broker before signing up and making a deposit and this Main Trade review explains exactly how.
For starters one of the issues that are obvious with this broker is the fact that we have no idea where they are headquartered. This is due to the fact that their website lists a London address but the fact that they offer a leverage of 1:500 we can conclude that this is not true. The FCA (local regulatory authority for the UK) does not allow a leverage higher than 1:30.
Furthermore they require a $250 deposit which is pretty high considering the fact that there are plenty of legitimate brokers which do not have such steep requirements in terms of their minimum deposits.
|2nd Jubilee Place,
London E14 5NY,
|Bonus on deposit 30-100%
MainTrade Regulation and Fund Security
It should be obvious just from looking at the table above that there is something seriously wrong with this broker. We say this because of their claim of being based in london but clearly violating multiple FCA regulations.
The FCA is a top tier regulator that regulates all of the forex brokerages in the UK making sure that their business practices are not predatory towards their clients. The fact that this broker states that they are based in the UK under FCA jurisdiction is something that we can (and have) easily check by looking them up on the FCA website.
Not surprisingly there is no brokerage licensed by this regulator in the UK. this is not a shock though as they do not meet FCA standards in any capacity.
MainTrade Trading Software
There are scam brokers that at least provide their clients with a good trading platform while they scam them, this is not the case with Main Trade as they provide the very bare minimum in the shape of a web trader.
This is in stark contrast to legitimate brokers that provide their users with industry standard trading platforms such as MetaTrader 5. With a platform like that users get the chance to make use of the dozens of tools that are made available to them in order to make the best decisions in regards to their trades. Thats not where the benefits of industry favorite MetaTrader 5 end, users also have a stunning degree of freedom when it comes to customizing their trading experience with this platform.
When choosing a broker pay close attention to the platform that they provide for their users as this gives a very good idea of how they treat their users when other things are concerned.
Available Account Types at MainTrade
Like pretty much all other scam brokers Main Trade offers its clients four possible trading accounts to choose from and they are as follows:
- Standard: 30% bonus
- Silver: 30% bonus
- Gold: 100% bonus
- VIP: no bonus
As you can see the account types are named after precious metals/ random words so there really isn’t a thought out naming system. This is well reflected in what the accounts offer. There are minimal differences between what the accounts offer which are mainly in regards to the spread ranging from from 1.5 pips to 0 pips. And the leverage offered is also in a range from 1:200 to 1:500.
The brokerage makes a mention of a 30% bonus or a 100% bonus but fails to explain what exactly that means as well as why there is no bonus for their VIP account.
Deposit and Withdrawal Process
Depositing your money with a legitimate broker usually comes in the form of being given the option to use one of a number of legitimate payment methods like Credit Card, Wire transfer or e-wallet. When it comes to this scam broker though users are given a choice between one of 3 shady crypto payment methods.
When a broker gives you the option of paying only in crypto just turn the other way and continue searching for one with legitimate payment methods as this 100% means that they are trying to scam you. This is because payments made with crypto currency are 100% untraceable and anonymous. Therefore there is no way that you can get your money back once it has been deposited.
In terms of a withdrawal process this broker completely fails to even bring this part up and we are certain that is because they do not plan on making a withdrawal possible. We are certain of this because of the payment method that this investment fraud makes their clients use.
How the Fraud Was Perpetrated
Investment fraudsters in off-shore nations like Saint Vincent and the Grenadines operate according to a comparatively straightforward plan. They typically use social media marketing campaigns to find their victims by promising get rich fast programs in exchange for contact information.
When the “broker” obtains the victim’s contact details, they keep spamming them up until the victim deposits money. Since cryptocurrency is completely anonymous, untraceable, immune to chargebacks, and 100% anonymous, the broker will often only allow crypto deposits.
There are many ways that scam brokerages try to hold onto your money and one of them is by falsely showing massive profits on your trading account. They then request that you pay %20 of those profits as a fee in order to be able to withdraw the money.
Overall this Main Trade is just a great example of a scam broker in the worst kind of way as they hit every mark of an investment scam that we can think of.
Firstly they lie to their clients by saying that they are based in London, going as far as giving an address from London on their site as their own. This is something we are certain is not true because brokers based in the UK have to abide by FCA regulations which this broker does not in the slightest.
Secondly this shady broker only accepts payments via even shadier third party means of depositing crypto currency. This tells us that this brokerage plans on taking your money and giving you no way of even trying to refund it as it has chosen a payment method which is 100% anonymous.
To conclude when looking for a broker make sure that they are registered with their local authority as this could be the difference between making money and having your money stolen.