Broker Website – magnatestrade.com
Address – Amsterdam, Netherlands & Estonia
Regulated By – None
Broker Warned By – Commissione Nazionale per le Società e la Borsa (CONSOB)
Fraudsters have various techniques to get their hands on victims’ money and a few strategies are turning out to be progressively common in forex scam 2022 and in other scams. You can take a look at this BrC review to get an idea of tactics used by scam brokers to lure victims to steal their funds.
Magnates Trade is an offshore broker which is not regulated by any reputed regulation authority in its region. The broker may operate in many countries without the regulation required by the reputed regulation authority in its country like CySec, ASIC, FCA, CNMV, etc. But regulation can’t be the only reason for calling this broker as a scam. Many Complaints and negative Magnates Trade reviews and other possible scam features can also be the reason. Your funds may not be safe if you are trading with this broker.
Possible scam activities of scam broker Magnates Trade
In this segment, we will take a look at how individuals get misled by broker scams. It’s not all that hard but expects you to relinquish your feelings and sensibly inspect things, as a significant number of the tricksters utilize enthusiastic dread strategies to get your cash. When you comprehend this, you can rapidly set aside your time and cash with these scam brokers. Here are some of the possible reasons why we have flagged this broker as a scam broker in this Magnates Trade review.
- The broker may have made a number of false claims through its website.
- The rules and regulations, Bonus and Withdrawal policies are not legitimate and they are made for defrauding traders.
- The broker makes continuous calls to the traders and urges them to invest higher and higher amounts.
- The broker promises returns that are too good to be true.
- The risk warnings may not be disclosed on their webpage or that would be hidden.
- The broker may be located in countries or small islands where there is no proper regulation and registering a company is very easy. Usually, these countries are havens for scam brokers.
- This broker provides you good chances of making profits and when you decide to withdraw your money, they will state their illegitimate rules of withdrawals, and ultimately you are not able to make a withdrawal.
- The broker remains operational for some time and suddenly you are not able to contact the broker or the website seems down. The broker also changes the name and website URL without any notice to existing traders.
Negative Magnates Trade Reviews and Complaints
Magnates Trade has got many negative reviews and traders who traded with this broker have raised many complaints against it. ReportScam has investigated a lot about this broker and based on the negative reviews, complaints, and other scam features, we have listed this broker in the list of scam brokers 2022.
Is Magnates Trade a scam or a legit broker?
ReportScam does not recommend traders to trade with this broker and your funds may not be safe with this broker and Magnates Trade review is negative. Instead, look for regulated and reputed brokers who can really help in growing your investments.
If you get scammed by any scam broker, you can file a complaint here. ReportScam Community can help you in fund recovery.
To read more about Scam Brokers and their Review, Visit Scam Brokers 2022 Page.