The Active Traders Review: Signs That Bittradehouse.Com Is Fraud
The Active Traders review is dedicated to exposing yet another scam broker. During the investigation of this fraudulent firm, we didn’t manage to find a single good thing about them. They are unlicensed, blacklisted, and have a suspicious trading platform.
However, not all brokers are like that. Some businesses operate by the book and that will handle your money responsibly. You can find several names at the end of this article.
License and Safety of Funds at The Active Traders
Тheactivetraders.com says to be based in the UK while at the same time being guided by the laws of Dominica. A broker based in the United Kingdom has to be licensed by one of the strictest financial authorities in the world – the FCA.
The funny thing is that this trading provider claims to be regulated by the Companies House. The FCA is the only entity that issues licenses, and not the Companies House. The FCA cannot oversee The Active Traders either – the broker has leverage much higher than the 1:30 allowed by the UK regulatory regime.
Researching through this regulator’s database we didn’t find their name. On the other hand, the Dominican laws don’t regulate forex brokers. If a broker is based in this country, this means that they are unsupervised.
The biggest issue with this broker is the CONSOB’s warning. They blacklisted Тheactivetraders.com, calling them to be a scam. You should take EU-based regulators with high authority very seriously. If CONSOB believes a broker to be a scam, they most probably are.
Coming across scam brokers like this one, makes one appreciate even more trustworthy trading providers. If you are interested in trading, you should keep reading this article till the end.
The Active Traders Trade Trading Platform
The Active Traders offers a trading platform that is nowhere near industry-standard platforms. They are unlicensed, blacklisted by a respected regulator, and their platform is decent, at best.
Of course, if you choose one of the legitimate brokers, like the ones we’ve listed at the end of this article, you will find real trading platforms – MetaTrader 4 and MetaTrader 5.
MetaTrader 4 is supported in 38 languages and available on a wide range of operating systems including Windows, Mac, iOS, and Android, and as a stand-alone web trader that can be accessed from any web browser.
MetaTrader 5 is an institutional, multi-asset, multi-functional trading platform. Though it hasn’t gained as much popularity as MetaTrader 4, MetaTrader 5 enables stock and commodities trading, unlike MetaTrader 4, which is forex market-centric.
Available in web, online, and mobile versions, it also offers additional services such as built-in trading robots, a freelance database of strategy developers, copy trading, and a virtual hosting service. The platform interface has been translated into 31 languages and is free through your broker.
What Trading Instrument is Available at The Active Traders?
If you choose the Active Trades you will be able to trade with the following instruments:
As you can tell, trading with cryptocurrencies is not an option with this trading company, which is a huge minus. Cryptocurrencies are a big deal in the financial market.
The Active Traders Deposit and Withdrawal
Тheactivetraders.com only accepts Bitcoin deposits. There is nothing wrong with cryptocurrency payments. However, when scammers urge you to deposit in crypto and provide no alternative whatsoever, it’s highly suspicious.
The reason why crypto is a preferred payment method for such companies is that all crypto transactions are both anonymous and irreversible. This destroys all of your chances of getting a chargeback once you discover you have been scammed. You can use these payments only when you are paying a reliable source.
The minimum deposit is $300 which is absurd. You can open a micro account for $10 at a legitimate broker, and there is no reason to risk that kind of money with this unlicensed trading provider.
How Does This Scam Operate?
One of the most usual online trading scams is to initially display profitable trades that give the investor a false sense of confidence, and get them hooked on the idea of “easy money”. Once this confidence is established, the investor will be sold the idea of investing more money to earn greater returns.
After you leave them your data, that’s when calls start., They use small talk and try to convince you that they understand your problems, and want to help you. It’s a classic scam technique.
Additionally, fake brokers also encourage investors to get their friends and family onboard the platform too. Once the brokerage believes that they have extracted all available funds from an investor, they will then proceed to suspend the account.
In case you got scammed by this one or any other financial fraudster, you shouldn’t blame yourself. These are experienced thieves and everyone could end up as a victim.
The Active Traders Summary
The Active Traders claims to be based in the UK while at the same time governing the jurisdiction of Dominican laws. A broker based in the United Kingdom has to be licensed by one of the strictest financial authorities in the world – the FCA which isn’t the case with Active Traders.
Also, the Italian regulator called CONSOB blacklisted them, which is the strongest sign they are a scam. Their trading platform also indicates they are not legit. Skip them at all costs.
FAQs About The Active Traders Broker
Is It Safe to Use The Active Traders?
It’s not safe to cooperate with businesses like the Active Traders. All they say is a lie.
Is My Money Safe With The Active Traders?
They are an unlicensed entity that got blacklisted by the Italian CONSOB. You can’t trust them to handle your money.
Do The Active Traders Offer a Demo Account?
The Active Traders doesn’t offer demo accounts. You need to deposit $300 to start trading.