IDealTrade Review: The Reality Behind This Scam Broker
IDealTrade Review, Guessing the real location and background of this shady firm is a shot in the dark. One fake Austrian address is found on the site but it reveals nothing of value. The only way to communicate with the broker is by email which no one replies.
IDealTrade has no valid regulation, which is the most crucial part of every conduct of this kind. However, that didn’t stop them from setting up a scheme to defraud all unsuspecting clients that have chosen to believe their fabrications.
Our IDealTrade review reveals what hides behind the offer and how victims are manipulated into investing.
Additionally, we strongly advise you to avoid the fraudulent brokers FxmyTrades and Eurinvesting.
|Address||Hornweg 1, 6370 Kitzbühel, Austria|
IDealTrade Regulation and Security of Funds
The Austrian address was our starting clue in the investigation of IDealTrade’s licenses. After thoroughly checking the database of brokers with permits that FMA supervises, we found no companies under this name.
As Austria is one of the EU members, strict regulatory rules apply. FMA requires the brokers to provide a hefty initial investment for their business, enable segregated bank accounts for clients’ funds and show unquestionable transparency.
Furthermore, the leverage in the EEA zone can’t go over 1:30, while IDealTrade offers it at 1:100. As another means of reducing the trading risks, EU brokers have to install negative balance protection, yet IDealTrade doesn’t provide it.
The list of the reasons why IDealTrade can’t have an EU license goes on. ESMA is an independent EEA regulator with MiFID directive that accentuates the increased transparency, AML methods and customer security. IDealTrade doesn’t respect that either.
Just so we’d be sure there was no mistake, we started checking other registers of brokers with certificates. These were all acclaimed financial entities, like FCA, BaFin, CySEC, FINMA, ASIC, IIROC and NFA. The broker appears nowhere, except on KNF’s warning list.This broker does nothing but bring harm to honest retail traders, so stay away from them!
IDealTrade Supported Trading Platform
IDealTrade is proud to present an award-winning online trading platform for all trailblazers looking for ultimate trading experience. If it can be called that even. Considering the extreme lack of all the advanced features, speed, flexibility and reliability of MT4 and MT5.
In some sense, the IDealTrade terminal could be used as a beginner’s platform to practice the basics. But not for long. Serious investing and price speculating demands of traders more complex tools and analyses. This platform surely doesn’t have what it takes to compete with the industry leaders like MetaQuotes trading software.
IDealTrade Account Types Available
The offer of trading accounts at IDealTrade is indeed jaw-dropping, as they describe it. But only in the sense of pricing, as nothing else about them is any impressive. The mediocre set of features supposedly offered doesn’t include any of the actually relevant options like with heavily regulated brokers. Spreads on some account types start from 15 pips, which is just absurd. However, the prices are the most irrational part:
- Minimal – $5 000
- Standard – $10 000
- Moderate – $20 000
- Bronze – $50 000
- Silver – $100 000
- Gold – $250 000
- VIP – $500 000
|Broker||IDealTrade||FXTM||OctaFX||FPMarkets||XM Broker||HFM||FBS Broker|
|Minimum Deposit||$5 000||$10||$100||$100||$5||$5||$100|
Deposit and Withdrawal Options
IDealTrade makes depositing as fast as possible – the scammer is impatient to get their hands on your capital. For that purpose, they’ve enabled the following ways of account funding:
- Credit and Debit cards
- Bitcoin Wallet
- Other crypto payment services (Coinbase, bitcoin.se, bitonic)
We’d never recommend our audience to use crypto depositing for one major reason. These transactions are instant and irreversible. The broker gets away with your money and keeps their complete anonymity to shade from the legal consequences.
The minimum amount to deposit and buy the cheapest account type is $5 000. IDealTrade further denies involvement in any incurring fees and supposedly doesn’t charge commissions for executing trades. We believe none of these claims. Keep reading this review for a detailed explanation on how IDealTrade blocks all your withdrawals.
How the Fraud Is Implemented
Investing and trading are certainly made easier with a number of attractive reward features, including welcome bonuses, contests and awards to new or existing customers. However, not when the broker misuses them to guide customers into bankruptcy.
IDealTrade will not even ask if you accept the bonus they offer, they will just slap it on you and you will be bound by the vicious conditions it pulls. As the User Compliance doc explains, to withdraw funds, the trader will be required to execute a minimum trading volume of (bonus amount + Deposit) x25.
This way, IDealTrade puts its paw on your entire investment and keeps it forever. Nothing can restore it after they’re done with you. Especially not the recovery agents, which are just an extension of the same scam!
Recommended Forex Brokers
Imagine paying $5000 for an account with IDealTrade, just to be robbed in the end. And that’s just one of the major reasons why you should never choose this broker.
Instead of suffering immense losses with a fraudster, choose a broker that will equip you with quality tools and service. Thanks to the advanced trading software, benefiting features and affordable pricing, the brokers from our table of suggestions are incomparably better. All in all, a great trading experience is what you’re in for a winning combination.
|FXTM Broker||Cyprus, UK, Mauritius||4.5||$10||Forextime.Com|
|OctaFX Broker||Cyprus, SVG||4.4||$100||OctaFX.Com|
|FP Markets Broker||Australia, Cyprus||4.7||$100||FpMarkets.Com|
|XM Broker||Cyprus, Belize, Australia||4.7||$5||XM.Com|
|HFM HF Markets Broker||Cyprus, UK, South Africa, UAE, Kenya||4.3||$5||HFM.Com|
|FBS Broker||Cyprus, Belize, Marshall Islands||4.85||$100||FBS.Com|
Blacklisted for valid reasons, this dubious brokerage is not worthy of being anyone’s first choice. But because novice traders may easily fall into an investment trap, we’ve done our best to suggest some far better options instead.
Especially well-designed for beginners, our brokers of choice can help you start off with an advantage over others. Consider that before rushing into risky investments. And always double-check the broker you’re interested in. If they do not appear in search bases and there are even warnings against them – stay away!
FAQs About IDealTrade Broker
Is IDealTrade a Regulated Broker?
No, this Forex broker doesn’t own a valid license that confirms their legitimacy - they’re fully anonymous and untransparent.
What Is the Minimum Deposit at IDealTrade?
The minimum amount you’re expected to give to IDealTrade is $5 000.
What Account Types are Available at IDealTrade?
There are many account types with prices that range from $5 000 up to $500 000 (Minimal, Standard, Moderate, Bronze, Silver, Gold, VIP).