ForexTD – Can They Be Trusted?

Website URL: https://forextd.com

Founded: 2021

Regulations: Not licensed

Languages: English

Deposit methods: Unknown

Minimum deposit: $ 250

Free demo account: No

Number of assets: N / A

Types of assets: Bonds, commodities, stocks, cryptocurrencies

Trading accounts and terms

Here is the list of trading accounts offered by ForexTD:

• Bronze-Lite: The minimum deposit is $ 250. Traders are promised an ROI (return on investment) of> 30%.
• Silver-Lite: The minimum deposit is $ 500. Dealers are promised an ROI of> 40%.
• Gold-Lite: The minimum deposit is $ 750. Dealers are promised an ROI of> 50%.
• Bronze: The minimum deposit is $ 1,000. Traders are promised an ROI of> 70%.
• Silver: The minimum deposit is $ 2,500. Dealers are promised an ROI of> 95%.
• Gold: The minimum deposit is $ 5,000. Dealers are promised an ROI of> 120%.
• Diamond: The minimum deposit is $ 10,000. Dealers are promised an ROI of> 200%.
• Platinum: The minimum deposit is $ 25,000. Dealers are promised an ROI of> 290%.

No information is provided on the broker’s trading conditions. ForexTD didn’t mention the spreads or leverage for each of the account types. And since we couldn’t access the broker’s trading platform, we couldn’t check these details ourselves.

ForexTD advantages

ForexTD has no perks – it’s a scam.

ForexTD – Cons

Here’s why you need to stay away from this broker:

ForexTD claims that it is a trading name that is authorized and regulated by the CySEC – the Cyprus Securities and Exchange Commission. In addition, this broker has not provided any information that could corroborate this claim.

To be on the safe side, we also checked the CySEC’s online registry to see if ForexTD is registered with this regulator as it is claimed. We were not surprised to learn that there is no broker with this name that is regulated by the Cypriot tax authorities.

We don’t know which company owns this trade name. There is also a contact number. The e-mail address given is very general. There is one address: Floor 4, Jeti Drive.

$ 100

Minimum deposit

Plus500 is a FTSE 250 listed broker providing online CFD trading services for over 2,000 stocks and multiple asset classes.

$ 100

Minimum deposit

The company was founded as a collaborative effort by finance professionals and web commerce experts to perfect the online retailer experience.

• Links to other scam brokers

The interesting thing is that if you google the address provided by this broker, there are two other brokers – Binomo Trading and 247 Exness – sharing the exact same address. This leads us to suspect that it is an anonymous serial scammer.

• Offer account manager

ForexTD offers account administrators – the broker clearly states that you can leave your money and trading accounts in the hands of their account administrators who will trade on your behalf.

This is a blatant conflict of interest. Brokers (including this one) are market makers – they make money when you lose money and vice versa. So, with an account manager from this broker managing your account, it is in their best interest to make sure you keep losing money! So if a broker offers to take over the trade for you, then be careful! Not only is it against the law, but you would entrust your money to someone who will benefit from your losses.

ForexTD offers massive profits to its customers. In fact, this broker guarantees you profits! This is something that no broker can commit to. The forex and crypto market is so volatile that most people have lost money investing. In fact, due to this high level of volatility, the financial authorities insist that the brokers they regulate publish the percentage of their clients who have suffered losses from investing in the forex / crypto market. A massive 75% to 85% of investors lose money, so no broker can promise that you will make money – let alone with such massive ROIs!

ForexTD didn’t bother to mention what trading terms it offers. These details are not mentioned in the Account Types section or anywhere else on their website.

We couldn’t even find any trading software on this broker’s website. Instead, we are given a series of investment plans under the guise of trading accounts. Although this broker claims to be a forex and cryptocurrency trader, there is no way that traders can actually execute trades. The only thing you can do is deposit the money and they will take care of the investment for you. This is a classic scam!

Remember that reputable brokers offer trading platforms such as MetaTrader 4 and MetaTrader 5; Platforms that offer traders of all skill levels the best trading options on the market.

• Deposit / Withdrawal Issues

This broker didn’t even provide the payment options. So we don’t know how to fund your account. Withdrawals take up to 5 days to process and fees are included. However, there is again a lack of information on the types of fees that are charged.

Finally, there is no legal document evidence anywhere on this broker’s website. It is important to understand that no broker is licensed unless they have detailed legal terms and conditions. This is because these documents clearly define the terms of service that a broker is offering – terms that will help traders decide whether it would be beneficial for them to do business with that broker.

A lack of legal documentation means that a trader does not know what fees or charges to pay in order to use a broker’s services. In addition, they do not know the trading conditions, the guidelines for using the facilities of this broker, etc. This means that a trader cannot make an informed decision about doing business with a broker – and that is illegal.

Conclusion

ForexTD appears to be a serial scammer so it is best to stay away from this broker completely.

ForexTD

disadvantage

• Unregulated broker
• Links to other scam brokers
• Offer account manager
• Promised profits
• No trading conditions

source https://thedailytradingnews.com/forextd-can-they-be-trusted/