This detailed AltimaTrade review will give you the main reasons to avoid the firm. It’s an unregulated offshore broker with unfavorable trading conditions.
Keep reading and gather all the information before giving your money away. One of the crucial stages of joining the trading industry is choosing the best broker that would suit your preferences as a trader.
Since the Forex market is full of fraudulent websites, you want to make sure that your funds are safe.
|Address||Suite 305, Griffith Corporate Centre, Kingstown P.O. Box 1510 St. Vincent and the Grenadines & 85 Great Portland Street, London England, W1W 7LT|
|[email protected] [email protected]|
|Warning||CNMV, FSMA, A-TVP, Finanstilsynet|
Warning from CNMV – Listed as a Fraud in Spain
Now that we have gone through the basic details about AltimaTrade, let us dig deeper into their illegal operation as an unscrupulous broker.
Legally speaking, in order for a broker to operate, it must be regulated by financial authorities that permit them to work and serve as a trading intermediary. However, the problem begins when the broker appears legit at first but is really a sham.
With all of these being said, AltimaTrade has been flagged as a fraudulent brokerage by Comisión Nacional del Mercado de Valores, a regulatory authority body in Spain.
The same warning was later republished in Slovenia, Belgium, and Norway.
Review of AltimaTrade’s Trading Platform
As expected from a bogus offshore firm, AltimaTrade didn’t bother much about the trading platform. Customers are given access to a basic WebTrader, accessible from both desktop and mobile devices.
Upon registering an account, we were allowed to review the platform. It lacks advanced features, such as EAs and social trading, Stops Loss, and Take Profit.
These could usually be found with MetaTrader, a platform provided by the majority of legitimate brokers who care about their investors and want to ensure the best possible trading environment.
Red Flag For Applications: AnyDesk and Teamviewer
On the main page of the broker’s website, you will find links to download AnyDesk and TeamViewer. These two software are used for remote desktop access.
Once you install them and provide access to the broker’s account managers, they fully control your PC or mobile phone, including your apps, such as online banking and crypto wallet.
Once someone gets ahold of your funds, there’s no need to tell you what will happen. This is a fraudulent tactic of offshore brokers, and you should recognize it immediately.
AltimaTrade Deposit and Withdrawal Methods
Traders that have experienced the worst with AltimaTrade have shared in their reviews what they have gone through and how they got scammed.
According to them, the company will let you deposit funds using:
- Wire Transfer
- Debit/Credit Cards
The minimum deposit is $250, while the minimum withdrawal amount is not specified. However, the company charges some hefty withdrawal fees of 50 units for wire transfer withdrawals and 25 units for credit cards.
Here’s an Example of How the Scam Works
If you’ve ever signed up for online trading with an unregulated firm, you will recognize yourself in the following story.
Upon leaving your personal details on a Google, Facebook, or Instagram ad, you will receive many phone calls from different country codes. In addition, the broker will send numerous emails with various financial offers. All to trick you into investing.
When you’re on board, and they hold your initial deposit, an account manager will start pressuring you to upgrade to a higher account, promising more perks and more profits. As long as you go with the story, you will get the best possible support.
Yet, once you submit your withdrawal request, this same account manager will try to dissuade you, come up with various excuses to delay the withdrawal, and in the end, stop responding to your calls. And this is when you know that you have been scammed.
Highly Recommended Forex Brokers
Instead of dealing with shady firms, you should look for a reputable brokerage, preferably licensed by Tier1 authorities such as FCA, BaFin, or ASIC.
This is the best insurance for your funds. These firms have compensation funds for customer reimbursement in case of any issues.
To further help you with trading, listed below are the most trusted trading platforms in 2022.
|FXTM Broker||Mauritius, UK, Cyprus||4.5||$10||Forextime.Com|
|OctaFX Broker||St. Vincent and the Grenadines, Cyprus||4.4||$100||OctaFX.Com|
|FP Markets Broker||Australia, SVG, Cyprus||4.7||$100||FPMarkets.Com|
|XM Broker||Cyprus, Australia, Belize||4.7||$5||XM.Com|
|HFM HF Markets Broker||South Africa, Cyprus, SVG, UAE, UK, Kenya||4.3||$5||HFM.Com|
|FBS Broker||Cyprus, Australia, Belize, South Africa||4.85||$1||FBS.Com|
To summarize, AltimaTrade is not a genuine broker. The owner is Shenanigans Consulting Ltd, a company based in Saint Vincent and the Grenadines, away from any regulatory oversight.
Furthermore, the brokerage has been blacklisted and marked a scam in several countries, including Spain, Belgium, Slovenia, and Norway.
The trading conditions are far from ideal, with the leverage going up to 1:100 against regulatory rules and the initial deposit of $250. As you can tell from the list above, any of the legit brokers will allow you to start with a significantly lower amount.
Finally, there’s no Demo account, meaning that this firm first asks for money and then lets you check whether or not it’s a suitable platform for you.
If you have been defrauded by any bogus brokerage, do not hesitate to report a scam. That’s the only way to stop those people and recover your funds.
FAQs About AltimaTrade Broker
What Is The AltimaTrade Minimum Deposit Amount?
AltimaTrade requires a minimum deposit of $250, while legit firms will let you start with as low as $1.
What Are The Trading Instruments Available at AltimaTrade?
AltimaTrade enables investing in currency pairs, commodities, indices, and cryptocurrencies, while share trading is not supported.
What Account Types Does AltimaTrade Offer?
There are four different account types – Mini, Standart, Classic, and Advanced, each requiring higher deposits.