Save Broker Review: Key Features, Flaws, and Costs Revealed
This investment company is allegedly operated by Save Broker Ltd. As it seems, they are registered in Belgium. Also, the presentation reveals this company has been active since 2021.
But that’s just a few of the irregularities we came across. Luckily, our Save Broker review can help inexperienced traders determine whether they should trust this firm.
|Active Forex and CFD trading scam
|Save Broker Ltd
|Financial Authorities Warnings
|No official warning
|e-mail, phone, web contact form
|If a withdrawal is possible
|Non-transparent; commissions from $3
|If Active on Social Media:
|Negative balance protection
|Brazil, France, Canada, Portugal
|No regulations; Unclear trading conditions; Insanely high leverage;
Regulation, Registration, and Security
To be registered in Belgium, the company can never have the format of the LTD. To be precise, the form of limited companies are mostly present in the UK, Ireland, and Canada. In any case, if we look at the FSMA register, we should see this company’s license number and all the legal information.
However, that’s not the case. Not only that, but they don’t have any other regulations. Primarily, we mean Tier 1 like FCA, ASIC, or BaFin. Consequently, none of the offers from this company can be trusted. Above all, the company claims to be active since 2021. However, whatsmydns.net shows us their domain was registered in September 2022.
Protection Measures Available
One of the big things in the trading world is the negative balance protection. Overall, it keeps traders from getting into debt with a broker. We have seen cases where traders would commit suicide just because of the enormous debt they would get into.
Even though this company claims to offer it, that’s not 100% sure. After all, without regulations, they can say anything they want. But if they will comply with it, we are about to see.
Trading Platform Available
The big issue with the Save Broker trading accounts is that all of those include some sort of proprietary app. Whether for desktop or mobile devices. Thus, none of the accounts include a download option for these.
Guided by experience, you can always expect a web trader in such situations. Unfortunately, the company doesn’t offer a demo account to test the platform. Therefore, we suggest you stick to Tier 1 licensed brokerages to avoid uncomfortable situations. For some general platform-choosing advice, read our Fibotraders review.
Tradeable Instruments Your Last Concern
In general, traders are always looking to diversify their investments. That’s why a wide range of assets is always preferable. But not with scam brokers. Most of the time, you will see a bunch of assets available. However, the data presented to traders is mostly fictive. This is especially expected because the Save Broker trading platform is web-based.
What Are The Account Types Available?
Important to realize is that the account types mainly differ in two conditions. One is the minimum deposit requirement, and the other one is spread. Everything else is practically the same. In any case, traders can choose:
- Standard – $100
- Premium – $500
- ECN Pro – $1.000
- VIP – $20.000
Trading Fees, Commissions, and Leverage
One of the clear signs that Save Broker regulation is missing is the company’s leverage. All European brokerages should offer leverage up to 1:30. But this company goes way above it up to 1:500.
Floating spreads from 2 pips for standard accounts are way above the industry average. On top of that, there’s a commission included between $3 and $6, depending on the account type.
Deposit and Withdrawal Options
Almost all of the funding methods are processed instantly. Yet, the withdrawal processing time is not revealed. Fairly, that’s an expected move from an unregulated and scam broker. In any case, Save Broker withdrawal can be requested through:
- Credit/Debit cards
- Local bank transfer
Thus, with unknown fees, traders can expect a wide range of manipulations. On top of that, the FAQ section reveals traders will most likely have verification issues, which is another trick to delay a withdrawal. At least before they find another way to make you lose everything. To avoid such a trick, read our tips from the AltimaTrade review.
Customer Support Availability
One of the worst things traders can experience with a broker is poor customer support. In general, this company has quite transparent contact options, such as e-mail, web contact form, and, most importantly, a phone line.
Thus, that doesn’t mean anything if the company is not regulated. We have seen numerous brokerages offering the same support options. Yet, the response depends solely on the client’s request. After all, all the phone lines could be provided by the VOIP Service.
Advantages Of Regulated Brokers and Trusted Tools
The main reason to stay away from unregulated companies is the missing protection. For instance, you have FCA brokerages that have a compensation scheme of up to 85.000 GBP. Not to mention guaranteed stop loss and negative balance protection.
If you add advanced AI features like AI Analysis Tool, the possibilities are numerous. Stop wasting your time with swindlers. Even though trading with regulated companies requires more time and knowledge, it’s worth it in the end.
How Can I Make Money While Trading Online?
In general, trading with unregulated brokerages was never an option. In the first place, such companies often manipulate traders. In addition to that, agents are using various methods to extort more money from customers. Ultimately, they stop responding to clients, and lastly, they vanish.
To avoid such situations and start making money, it’s better to stick with regulated companies. Even though trading with them requires a certain level of knowledge. But with our AI Analysis Tool, there’s nothing to worry about.
Once you see how this tool can help you analyze the market and predict the price movements, everything becomes easier. No worries, we don’t require you to pay anything to get information about it. Get in touch with our team and see
how this tool can improve your results starting today!
What is a Save Broker?
Save Broker is a company allegedly incorporated in Belgium but without any transparent registration or regulatory information available.
Is Save Broker Regulated?
No. The company doesn’t have an FSMA license or any other regulation from European regulators.
Can I Trust Unlicensed Brokerages?
Definitely not. Primarily because of all the manipulation happening. That’s why we suggest you use licensed firms and trusted tools like AI Analysis Tool. Contact us for more details.