When you decide whether to start a trading account or not, the first thing you should have in your mind is this – could this broker scam you? That is the best way to protect yourself from scams. And to understand this, you need to know who the broker is. Is it regulated? For all this and much more, read our updated 12Trader.com review.
| Regulated by: | None |
| Headquarters Country: | Saint Vincent and the Grenadines |
| Foundation year: | 2013 |
| Supported Platforms: | SIRIX |
| Minimum Deposit: | $500 |
| Types of Assets: | FX, stocks, commodities, indicies, crypto |
| Maximum Leverage: | 7:40 |
| Demo Account: | Yes |
Regulation and Security
The 12Trader broker regulation is a bit suspicious. The broker claims to be regulated by FSASVG. However, we couldn’t find its license anywhere.
The broker is owned by the company Safe Side Trading Ltd. The company claims to be based in London, UK. However, in order to have a headquarters in the UK, the company has to have FCA regulation. We couldn’t find the 12Trader or the Safe Side Trading Ltd anywhere in the FCA register.
When it comes to the security of the funds, there is no security when there is no regulation. Therefore, we can conclude that this broker is not safe to trade with.
Warnings From Financial Regulators
When It comes to warnings, we found several about the parent company of 12Trader.
The UK FCA warned about Safe Side Trading Ltd, stating that it is a clone firm of an FCA registered company. Also, they reported that the company owns another scam brand, CMS Trader.
The same warning against Safe Side Trading Ltd came from New Zealand FMA.
Both of these regulatory bodies warned their citizens not to get involved with this scam company and any of its brands.
Even the reputable website for trading education, Babypips, did a review about this scam broker.
In which countries does this broker work?
The broker is operating with no regulation and no restrictions. By the warnings, we can conclude that this broker’s scam’s favourite areas are the UK and New Zealand. However, residents of other countries such as Australia, Belgium, Canada, Germany, France, Italy are not immune as well.
We strongly advise you not to accept any offers coming from this scam broker and its employees.
How Online Trading Scams Work?
Online trading scams are more and more popular with the expansion of Covid-19. Many people are getting retrenched and losing their source of income. On the other hand, Bitcoin reached an all-time high recently. All this gives people more reason to start investing. But not every investment is a good investment. In order to be in a good place, you need a regulated broker. As you’ve seen so far, 12Trader is definitely not one of those. According to many reviews by the clients of this broker, we are able to tell that people are being convinced to invest as much as possible and didn’t get anything in return. The scam starts with a phone call from a fake broker with no license. And it ends with a money loss.
Scammed by 12Trader?
If you were scammed by a 12Trader broker, first thing to know is that you are not the only one. Many people fell for its scam, unfortunately. But there is a solution. And that solution is a chargeback.
But what is a chargeback? It’s a way of returning funds to your card in case of online scams. You need to file a dispute and ask for your money back. Do not let this scam broker get away. Contact us for help immediately!
Is 12Trader a good broker?
No. The broker is operating from an offshore country with no regulation.
Is 12Trader a Scam?
The 12Trader broker is operating without a license and has many warnings against it. Therefore, we can conclude that it is a scam broker.
Is 12Trader regulated?
No. The broker is operating from an offshore country with no regulation.
Where is 12Trader broker based?
12Trader broker is based in Saint Vincent and the Grenadines.
