Paytrade.io Review Paytrade Broker is a Scam That Will Leave You In Tears.

Best Binary Options Brokers 2020:
  • Binarium
    Binarium

    The Best Binary Options Broker 2020!
    Perfect For Beginners!
    Free Trading Education, Free Demo Account!
    Get Your Sing-Up Bonus Now!

  • Binomo
    Binomo

    Good Broker. Only For Experienced Traders!

Checking your browser before accessing scamrecovery.net.

This process is automatic. Your browser will redirect to your requested content shortly.

Paytrade.io Review: Paytrade Broker is a Scam That Will Leave You In Tears.

Your access to this service has been temporarily limited. Please try again in a few minutes. (HTTP response code 503)

Reason: Access from your area has been temporarily limited for security reasons.

If you are a WordPress user with administrative privileges on this site please enter your email in the box below and click “Send”. You will then receive an email that helps you regain access.

Click here to learn more: Documentation

Generated by Wordfence at Thu, 9 Apr 2020 17:26:20 GMT.
Your computer’s time: .

PayTrade Review – 5 things you should know about Paytrade.io

Beware! PayTrade is an offshore broker! Your investment may be at risk.

Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.

PayTrade is a CFD brokerage based presumably in the UK. It provides a web-based trading platform and requires a minimum deposit of $500 which is twice the industry average and certainly not in favor for traders. Further trading conditions, however, remain undisclosed.

PayTrade regulation & safety of funds

The brokerage claims to be owned and operated by an UK-based company JPN FINANCIAL CONSULTING LIMITED which itself is regulated and licensed by the Financial Conduct Authority in the UK. However, as it turns out – our brokerage is actually a clone firm which has copied the firm details of JPN Financial Consulting Limited. While researching it we came upon an official warning issued by the British regulatory agency.

It reads that PayTrade is a clone firm and is not authorized to provide such financial services to traders in the UK and further warns readers that it is suspected of being involved in scam operations. An official warning by an European regulator is perhaps the most clear-cut sign of trouble in Forex trading.

Putting aside the warning we also weren’t able to get a look at the web-based trading platform that the brokerage is offering. The lack of a demo account is something we always consider a dire disadvantage because traders have no way of getting acquainted with the trading conditions of the broker which are the most crucial aspect in trading. Furthermore, we always view the lack of the MetaTrader 4 trading platform as a disadvantage as well since it is the foremost trading terminal at the moment and is the preferred choice for more than eighty percent of traders.

Best Binary Options Brokers 2020:
  • Binarium
    Binarium

    The Best Binary Options Broker 2020!
    Perfect For Beginners!
    Free Trading Education, Free Demo Account!
    Get Your Sing-Up Bonus Now!

  • Binomo
    Binomo

    Good Broker. Only For Experienced Traders!

All in all – PayTrade does not come off as an attractive option for traders and we also suspect that clients of the brokerage will be exposed to substantial risk.

Traders needn’t have to worry themselves with such risk if they choose to trade with a brokerage regulated and authorized by a prestigious regulatory agency. Such agencies are the FCA in the UK or CySec in Cyprus which have been leading names in Forex trading for some time now. Their regulatory framework is composed of a number of strict rules which prevent clients from falling victims to fraud. Such rules include the segregation of accounts which assures that commingling with the client’s money is not possible. Furthermore, a license by such a regulatory body entails participation in a financial mechanism by which clients may be compensated if they suffer losses due to fraud or bankruptcy. With the FCA the compensation is up to 85 000 pounds, where as with CySEC it is up to 20 000 euro per person.

PayTrade deposit/withdrawal methods and fees

We find no information regarding the available payment methods, however, usually in Forex trading brokerages support the standard Visa and MasterCard, as well as bank wire.

Going through the terms and conditions of the brokerage we did come upon provisions worth noting. We discern that accounts which have had a “low trading activity” will be subject to a 5 percent administrative fee. The manner in which the trading activity will be measured is not specified which is quite nerve-wracking and further speaks about the ill-minded intentions of the brokerage. Furthermore, the brokerage offers traders bonus promotions which are always tied with hefty requirements for withdrawal eligibility. With the case of PayTrade a trader will have to achieve a trading volume of at least 100 000 USD for every 5 USD of a bonus promotion which is purposefully excessive in order to have a legitimate pretext for wresting the client’s funds.

We did not find any stated withdrawal fees either, however, dealing with unregulated brokerage we may never be sure whether they wont charge unexpected fees once the clients have deposited their funds. This is why we advise traders to always put up only the required minimum deposit, instead of risking a bigger amount with no certainty. Afterwards, they may also try to withdraw a small amount in order to check for any unexpected fees or delays. Such fees and delays are usually the signs of a scammer.

How does the scam work?

Even though the forex trading world is extremely large and encompasses millions of people around the globe, the most common scamming is pretty simple and straightforward and as such – it’s not particularly daring to avoid. Here is a quick overview of how it is done:

Through clicking an ad with promises for fast money, you will be redirected to a website such as Bitcoin Evolution or Cashless PayGroup where registration will require you to give your address, email and phone number. After sharing your personal information, you will being receiving calls from brokers, compelling you to invest with them and win big. After a few minutes hearing their pitches, you decide to deposit some $200-250. And just like that – the scammers take a fat commission from this initial deposit.

After they are done with you, senior scammers begin working you into putting even more money. They say it’s the only way to profit from trading even more. After making the mistake of investing even further, you’ll begin wanting to get out of this and withdraw what you have left.

Unfortunately, the con-artists have no such thing in mind. They will now begin persuading you to wait it out and not withdraw right now. The angle here is pretty blunt – traders have a limited time period for filing a chargeback with their bank and get their money back. The “recovery department” will simply want to mislead you into missing thе crucial period and, along the way, losing any chance you might have of getting the money back.

It is important here to take notice that both Visa and MasterCard are taking measures to combat unregulated forex brokerages by classifying all forex transactions as high risk. And with the case Btcoinpro – they are correct in doing so. Furthermore, supporting their intention with clear actions – MasterCard has increased the previous time period of six months for filing a chargeback to a year and a half.

What to do when scammed?

As was mentioned above, scamming is quite the common in the trading world and, sadly, even you might suffer from it. In such an unfortunate case there still may be some available options for you.

You may contact your bank or credit card provider and file a chargeback.

If, however, you have provided the broker with your credit card details, immediately cancel your credit card.

If you have given information regarding your online banking pass – you should switch it asap!

Beware of potential calls from self-described “recovery agencies”! They prey on scammed and vulnerable traders who are desperate to recover their losses. They will require an “up-front” payment to help you, but after paying them, no such help will be coming your way!

Best Binary Options Brokers 2020:
  • Binarium
    Binarium

    The Best Binary Options Broker 2020!
    Perfect For Beginners!
    Free Trading Education, Free Demo Account!
    Get Your Sing-Up Bonus Now!

  • Binomo
    Binomo

    Good Broker. Only For Experienced Traders!

Like this post? Please share to your friends:
Binary Options Guide For Beginners
Leave a Reply

;-) :| :x :twisted: :smile: :shock: :sad: :roll: :razz: :oops: :o :mrgreen: :lol: :idea: :grin: :evil: :cry: :cool: :arrow: :???: :?: :!: