PlutoTrades Review: Be Careful With This Scam Broker
PlutoTrades is a completely anonymous broker that tries to lure new customers with cheap scam tricks. The information with which this broker presents itself is modest.
On the plutotrades.com website, only the phone number, email address, and the company’s supposed headquarters at 2213 Grove Street Riverhead, NY 11901 are given. Information about the regulation of PlutoTrades is not very clearly presented.
The site itself is arranged modestly with little information and data that experienced traders would definitely look for. What PlutoTrades does not lack is praise in its own honor.
They talk about themselves as a leading broker in over 100 countries. They point out that they have been in the broker market for more than five years and they have a log of supposedly satisfied users.
This is often exactly what the sites of fraudulent brokers look like because their goal is to attract as many people as possible to leave their money. That’s why the minimum deposit at PlutoTrades is 500 dollars.
|Headquarters||2213 Grove Street Riverhead, NY 11901|
Regulation and Security of PlutoTrades
PlutoTrades cites New York as its company headquarters, no less and no more. It is common knowledge that any broker must pass the CFTC and NFA to be considered worthy.
The fact is that there are only a few brokers that operate legally in the US, and those are huge companies, we can safely say that one of those is definitely not PlutoTrades. This means that the address referred to by PlutoTrades on its website is fake.
Also, in the company’s legal documents, each user should check with local licensors whether PlutoTrades is regulated or not.
This is a crazy request. It is likely that novice traders will not even find this requirement or will blindly trust the site. This information indicates that PlutoTrades is an unregulated company.
Trading Platform at PlutoTrades
The only information on the PlutoTrades website regarding the trading platform is that it is an online platform. There is no software to download. The platform is not presented anywhere, so we cannot even say with certainty that PlutoTrades owns a trading platform.
Since it is a scam, users would probably get a bunch of charts or some modest platform with few options such as one-click buying and selling.
PlutoTrades doesn’t even offer a Demo Account so we didn’t get to see what the platform looks like. This is one more reason not to do business with PlutoTrades. Serious software brokers offer MetaTrader4 or MetaTrader5.
From trading instruments, PlutoTrades offers its users trading in Forex, CFD Stocks, Cryptocurrencies, and Binary Options. Regardless of the fact that the offer seems colorful, there are many other regulated brokers that offer many more choices to their users.
There are also many other trading options that PlutoTrades does not deal with. It may seem tempting to some beginners to engage in this kind of trade, but the minimum deposits of PlutoTrades are too high, and thus the risk of loss increases. Although we should not forget that with fraudulent brokers there is simply no profit, not even a refund.
PlutoTrades Deposit and Withdrawal Method
We do not have personal experience in investing and withdrawing funds with PlutoTrades so we took some of the information from their site, which does not mean that the site should be fully trusted.
The minimum deposit is $500, while with many regulated brokers it is only $10. This is a scam alert, as most scammers set high minimum deposits in order to get as much money as possible out of a single transaction.
Regarding the method of payment, PlutoTrades says that they accept credit and debit cards, but also bank transfers. When it comes to fees, they are vaguely defined, and probably concern payments AND payments.
This is the only information PlutoTrades has provided on their webpage. This information should be straightforward and transparent on the site. That is why we urge you not to invest with PlutoTrades.
How The Scam Was Carried Out
Fraud is carried out in several clearly defined steps. The first thing that a fraudulent broker will do is to try in every way to reach as many new clients as possible in the shortest period of time.
Once new users deposit money, given that the minimum deposit is huge, the scammer has succeeded. They don’t care what you do next. For them, the ideal is to invest even more. But even if you don’t do that, they will certainly benefit.
When you try to get your money back, they will probably tell you that they lost it, because you didn’t read the terms and conditions carefully. They may even cut off contact.
The only way to get your money back is through the bank. If you paid the money via VISA or MasterCard, you have a chance to make a refund within 540 days.
Best Performing Forex Brokers
To help you avoid putting yourself in a situation of being scammed and so that you don’t rummage through various brokers in fear, we have selected regulated and well-rated brokers for you. With these brokers, you will be able to do business without any trepidation.
The choice comes down to your personal preference. It is important not to become another victim of fraud. These are the brokers that will meet your expectations.
|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|
We will repeat it again: PlutoTrades is a scam broker. The unregulated company has no information about its license, headquarters, or trading platform. They don’t offer clear information about the depositing and withdrawal process but they clearly request a huge deposit.
Scam brokers like these should not be given a chance, because it is too expensive. This type of trading is stressful enough that you don’t need an unsafe and unverified broker to trade through. We hope our PlutoTrades Review helps you avoid investment scams like this one.
FAQs About PlutoTrades Broker
Is PlutoTrades Legitimate Broker?
PlutoTrades is not a legitimate broker.
What is the Minimum Deposit for PlutoTrades?
The minimum deposit with PlutoTrades is $500.
How Long Does it Take to Withdraw from PlutoTrades?
PlutoTrades does not provide such information on the site.