ED Trader Review: Read and Avoid Losing Your Money to a Scam
This is going to be one of the easiest reviews we have ever done. ED Trader is a scam broker, which you can tell fairly easily from their website.
This ED Trader review will tell you everything you need to know to avoid getting scammed and to stay safe from other fraudsters.
|Broker name||Reliable Broker Must Have|
|Legal name:||ED-Trader LLC||Transparently displayed in the disclaimer or legal documents|
|Regulation:||Unregulated||Within your legal jurisdiction – local regulator|
|Registered in:||UK, Canada||Your country or the country whose license applies in your legal jurisdiction|
|Established:||2023||The older the domain – the higher the possibility the company is trustworthy|
|Website:||https://www.ed-trader.com/||Domain should be from local or international zones, no .xyz, etc.|
|Financial Authorities Warnings:||No||None|
|Contacts:||Email: [email protected]
Phone: +441143080047; +14388038699
|Phone, email, social media, web form|
|Is withdrawal possible:||Highly unlikely||Yes|
|Fees:||$50 per wire transfer
$25 per credit card transfer
$10 transaction fee
10% dormant fee
|Transparent fees – list of spread and commissions|
|If Active on Social Media:||Often present on social media|
|Investor Protection:||No||Compensation fund|
The most alarming thing about any broker is a lack of regulation. You cannot trust brokers that have no license, because they can steal your money and be held accountable for it. And we are here to tell you ED Trader is one of those brokers.
They claim to have UK and Canadian offices, which is great news for traders, or is it? In theory it should be, since these two areas have exceptional regulators that work in traders’ best interests. However, a broker has to be registered with them, and unfortunately, ED Trader is not.
After an easy register check, we found no traces of ED-Trader LLC, so we can confidently say they are scammers and you should not entertain investing with them for one second!
ED Trader Profile
The reason we said you could see ED Trader is a scam is its trading environment. Firstly, they use a web-based trader, which is never good. These platforms can be easily manipulated by their owners, tricking traders into thinking they are making profits, while in reality, their money has long been stolen by the broker.
Additionally, ED Trader’s account situation gives them away, specifically their minimum deposit. There are six accounts you can open, including:
- Bronze – $5000
- Silver – $10000
- Gold – $25000
- Platinum – $100000
- Diamond – $250000
- VIP – invitation only
As you can see, the minimum deposit is $5000, which is very high and usually a sign of a scam. Fraudsters usually require you to pay a lot of money in your first investment since they want to get as much money as they can from as few transactions as possible. This is because there is a chance you figure their scam quickly and decide to stop investing, which leaves them without money.
The leverage is also high at 1:300, way above the limit set by the FCA. There is no demo account and clients can trade the most common instruments, including crypto, Forex pairs, stocks, commodities, and indices.
|Account types:||Bronze – $5000
Silver – $10000
Gold – $25000
Platinum – $100000
Diamond – $250000
VIP – invitation only
|Financial Instruments On Offer:||Commodities (gold, oil, coffee, etc.)
Crypto (Bitcoin, Ethereum, XRP, etc.)
Forex (USD/EUR, GBP/CAD, etc.)
Indices (S&P 500, Nasdaq 100, UK 100, etc.)
Stocks (Apple, Google, Microsoft, etc.)
|Education or Extra tools:||No|
Is This Broker Safe?
EDTrader is a broker similar to Flowxseat, in that they both operate without a license. Therefore, they are not safe, and you should not go near them.
An unregulated broker exposes you to many dangers. Most importantly, you can never be sure your money is safe. They have no one to watch over them, which means they can steal your money and disappear, and you cannot call anyone for help, because no one can come to your rescue.
The fact is you cannot trust brokers without a license, so there is no point in engaging with them in the first place. What you should do instead is contact us for free consultations. We can discuss your needs and recommend reliable brokers that can make your Forex dreams a reality.
Trader Reviews – Sharing Experiences
Unsurprisingly, we found very few user reviews about EDTrader. They are not registered on Trustpilot, which is never a good sign. The reviews we found were on Scamdoc and they were both extremely negative.
The first one said:
“BEWARE! The people behind this website MAX FOSTER & JOHN CAMPBELL are the most despicable Fraudsters, Thieves & Liars and will not stop at anything to rob you. They know the crypto market EXTREMELY WELL and are very adept with the software they use, even convincing you that you are actually trading. DO NOT LET THEM TAKE CONTROL OF YOUR COMPUTER WITH 3RD PARTY SOFTWARE (ANYDESK, etc.).”
How Does the ED Trader Platform Reach Clients and Who Are They?
As you could see from the user reviews, ED Trader is extremely dangerous. The two reviewers gave some crucial information. Firstly, they confirmed our suspicion that the broker can manipulate the trading platform. You saw a prime example of how the tampering works in real life and why it is risky to trade on web-based software.
Secondly, and far more importantly, the clients revealed ED Trader uses AnyDesk, which you can also see on their website. This is beyond alarming because AnyDesk, TeamViewer, and ScreenLeap are all Remote Desktop Access apps. Once you give these scammers your details, they can infiltrate your PC and steal all your data. So whenever you see a broker advising you to install any of these, you can know they are 100% scammers.
Because of a limited client base, we were not able to confirm which region ED Trader mostly targets, so beware of any contact with them, wherever you are!
Deposits and Withdrawal Methods
ED Trader accepts very few payment methods. At the bottom of their website, you can see stickers for various methods, but their deposit and withdrawal policy says otherwise. There, we found that you can only make a deposit via bank/wire or credit card transfer. It does not say if there are additional charges for deposits but there is a whole list of withdrawal fees.
- $50 per wire transfer
- $25 per credit card transfer
- $10 transaction fee
- 10% dormant fee (after six months of inactivity)
We were not surprised to see this, as scammers usually charge exorbitant withdrawal fees. This is yet another proof ED Trader is a fraudulent broker and a reason you should avoid them.
Reasons To Avoid This Company
We know you can see all the reasons yourself, but we are going to reiterate them nonetheless. As we advised you with Cloxyields, doing business with unregulated brokers is a big no-no. You cannot trust them with your money and it is generally a bad idea.
Additionally, there are multiple red flags regarding ED Trader. Everything from their high minimum deposit, easily manipulated trading platform, and the use of Remote Desktop Access apps is a strong argument against doing business with this scammer..
Our Safe Trading Experts’ Opinion of ED Trader
Having read our ED Trader review, we hope you know it is best not to engage with this broker as they have no license, which makes them extremely dangerous.
On the other hand, we know many reliable brokers that can make trading feel like a walk in the park. Contact us today for our free consultations, where we can help you choose the right broker for you.
Is ED Trader Regulated?
No, ED Trader does not have a license, and you should not engage with them.
How do I get into forex trading?
Firstly, you should become knowledgeable about the market. Learn what you can trade, how trading works, and how to do it safely. After that, you should find a reliable broker to partner with, and this is where we come in. Contact us, and we will provide you with a free consultation where we work together to find you the perfect broker for your needs.
How can you help me find a good broker?
The most important service we do for you is personalizing our recommendations. When you come to us, we consider everything – your needs, skill, budget, etc. and then form a list of what we think are the best brokers for you. And the best thing of all is that our consultations are completely free.