Espntrades Review, Before we dive in any further, we’d like to note that this broker’s website is down. Also, the website’s domain was registered 2 weeks ago.
Scams like Espntrades often change their businesses’ names after they get exposed. The address provided on the website is a US address, so we started from there.
Our Espntrades Review will uncover all details of this unsophisticated scam, so let’s move on.
|Address||52 Vanderbilt Ave, New York, NY 10007, US|
Espntrades Regulation and Financial Security
Based on the location provided on their website, Espntrades should be regulated by the NFA and CFTC. We checked both registers, and couldn’t find Espntrades in either.
CFTC and NFA are known for very stern requirements to ensure traders’ funds are protected. For example, the minimum capital should be at least $20,000,000.
This is done as insurance for clients’ investments in the case of brokerage bankruptcy. Additionally, the leverage offered by this scammer at 1:500 is a lot higher than 1:50, which is the leverage limit in the US.
Overview of Espntrades Trading Platform
Espntraders claims to offer the fastest trading experience and accurate quotes. Traders will supposedly get access to MetaTrader4. However, there’s no demo account available, and it’s necessary to register first.
Registration issues have occurred as the website is down, so we weren’t able to confirm whether MT4 is indeed provided.
MT4 and its’ successor, MT5, have been the industry standard for years thanks to their extensive variety of advanced features which can be accessed on most desktop and mobile devices.
Payment and Funding Method
The minimum deposit at Espntrades is $250, which is the average among unregulated brokerages. Available payment methods are crypto coins, Ethereum and Bitcoin.
Withdrawal conditions are inconvenient and unclear as well, as one has to wait for the package’s trading period to expire to request a withdrawal. Additionally, there’s a 5% withdrawal fee.
As the website is down, we weren’t able to confirm this information.
How Does Fraud Implement?
Forex scams have increased in popularity in recent years, and the market became flooded with them. Most of them advertise their services on social media, promising high profits with little to no effort.
Usually, a short contact form is submitted and one of the scam brokerage’s agents calls their unsuspecting victims and rushes them into making a deposit.
These agents are quite knowledgeable and can be pushy, pressuring people into depositing their money, leaving no space for backing out.
Complaints found online state that their withdrawal requests were ignored, withdrawal fees were incredibly high, and some said their accounts got deactivated.
Recommended Forex Brokers
We have provided a list of recommended legitimate forex brokers which are safe and a lot more affordable to start your trading experience.
Besides funds protection and transparent trading conditions, there’s a guarantee that your investments are kept in separate accounts.
Most importantly, regulated brokerage companies are constantly monitored by relevant financial institutions. Regulatory authorities are in charge of ensuring safe and fair trading conditions for all.
On the other hand, offshore regulators that fall under Tier 3 jurisdictions such as Vanuatu, Belize, and the Cayman Islands are not as strict as Tier 1 regulators, so we advise caution.
|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|
Espntrades is yet another fraudulent brokerage trying to make a profit by scamming people. The name of the brokerage has cleverly been chosen in an attempt to mess up search results.
Similarly, it’s never a good sign when a brokerage decides to stay anonymous. Forex scammers appearing and disappearing have become commonplace nowadays, which is why we have to be wary of whom we’ll trust for our investments.
The most important thing a trader should do before making a decision is to check the regulatory status of the broker. Besides the regulatory status, we advise checking reviews and looking for complaints online.
Most regulated brokerages offer a free trial that is risk-free, meaning a trader can test the trading conditions before deciding to make a deposit and start investing. In addition, the minimum deposit required by some regulated brokers can go as low as $5.
It is important to note that regulated brokers must disclose forex trading risks, as the risk of losing investments is high. Think twice before taking any risks while investing money.
FAQs About Espntrades Broker
Espntrades is not a good broker for anyone, regardless of their level, as it’s unreliable and unregulated.
What Funding Methods Does Espntrades Accept?
Espntrades accepts payments done with crypto, Bitcoin, and Ethereum, but we weren’t able to confirm that as the website is down.
Does Espntrades Charge Any Deposit or Withdrawal Fees?
Esptrades charges a withdrawal fee of 5% on the profit amount, but we couldn’t confirm as the website is down.