44Trades Review – Does 44trades.com Scam Its Clients Out of Their Money?
At first glance one could be forgiven for thinking that the 44Trades broker is legitimate. The website is professionally done, it looks clean and informative. However, it does not take more than a scratch on the surface to see the ugly truth, which happens to be that 44Trades is just another offshore broker that has been blacklisted by the Spanish financial authorities.
On top of this 44Trades makes a fuss about how the number 44 is related to financial success in some numerological mystical ways.
It is clear that if your broker is also offering astrology advice their legitimacy really should be questioned. All in all, the broker is a scam based in the Marshall Islands and does everything that can be done to avoid providing their clients with adequate and safe trading conditions.
|Broker status:||Unregulated Broker|
|Regulated by:||Unlicensed Scam Brokerage|
|Blacklisted as a Scam by:||CNMV, CONSOB|
|Owned by:||44 Holdings Group Ltd|
|Headquarters Country:||The Marshall Islands|
|Minimum Deposit:||250 $|
|Cryptocurrencies:||Yes- bitcoin,litecoin,binance coin|
|Types of Assets:||Forex, Crypto, Commodities, Stocks and Indices|
|Free Demo Account:||Not available|
|Accepts US clients:||No|
How Safe Is the 44Trades Platform?
The 44Trades broker is an unsafe way for you to invest in forex, commodities, crypto or stocks. Mostly this is largely due to the fact that the broker is not regulated, and based offshore in the Marshall Islands. This is enough of a warning sign that investors should look elsewhere if they are keen on ever withdrawing their profits. This is made even more clear by the convoluted withdrawal policy provided by this so-called broker.
Reasons Not to Trust an Unlicensed Broker?
The primary reason one should not trust an unregulated broker such as 44Trades is the fact that the rules put in place by regulators do not apply to unregulated offshore brokers. This means that the investor takes on a much higher risk than making poor trades. Meaning that the broker is free to do as they please as soon as you deposit your funds, such as making it nearly impossible for you to withdraw your money. This is just one of the dirty tricks used by offshore brokers.
Additionally investors should always check that the broker that they are using is regulated by one of the following:
- Other Tier1 regulators
None of which approve of this broker.
So, Is 44Trades a Legit Broker or a Scam?
44Trades is an unregulated offshore broker based in the Marshall Islands. The firm has been blacklisted in Spain and Italy for fraudulent activities. The consumer index is low, indicating low trust score.
Public Warning Issued by Spanish Regulator CNMV
The Spanish regulator CNMV has issued an official warning by black listing this broker. It goes without saying that using a black listed broker is a bad idea as your money is clearly not safe with them.
The same warning was republished by the Italian CONSOB.
What Do Traders Think Of 44Trades?
44Trades reviews consistently mention that the platform that the broker uses offers insufficient tools for traders to make educated decisions about their trades. This has proven to be a trademark of scam brokers. Another complaint that comes up regularly is the issues users have had with withdrawing their profits from this broker. Considering just these two factors investors should avoid the 44Trades broker at all costs.
What Platforms Does 44Trades Offer? – Available Trade Software
This broker provides its clients with a web trader filled with all the wrong tools for the job. It is worth mentioning that not using Metatrader 4/5 is a good indication that the broker is not doing what is necessary to facilitate a functional trading environment for its users. This is also a key point of contention in the 44 Trades reviews.
44Trades Accounts Overview
We scoured the broker’s website and found nothing mentioning different account types. This is a rarity when it comes to scam brokers, usually, clients are able to see accounts ranging from “Beginner” (up to 5000 USD) to “VIP” (regularly exceeding 500 000 USD).
44Trades Broker – Countries Of Service
44Trades is scamming people in the following countries:
- The Dominican Republic
- The UK
44Trades Range of Trading Instruments & Markets
This broker lets its clients trade the following assets:
- Binance coin
What Trading Terms Trader 44Trades?
44Trades offers their traders a minimum investment of 250 $ with a maximum leverage of 1:100. All this with no free demo account so that traders can get an idea of how the platform that they will be investing their money through works. The closest thing to a demo account this broker provides is a preview of their trading platform and tools provided.
44Trades Fees, Payment, and Withdrawal Methods
Like all illegitimate brokers, this offshore broker has a hefty 20% withdrawal fee. This means that even if traders are able to make a profit and go through the grueling withdrawal process they still lose 20% of their profits. These issues are compounded by the fact that 44Trades does everything that they can to make withdrawing your money impossible.
Scammed by 44Trades Broker? – Let Us Hear Your Story
If you have been scammed by the 44Trades broker it is crucial that you contact us as soon as possible so that we can begin the chargeback procedure. This could be the difference between recouping your lost money or losing it for good.
But What Is A Chargeback?
A chargeback is a procedure that we can complete in cooperation with your bank if you have made your deposits via credit card. Be aware that lots of offshore brokers will do anything they can to force you to use another method to deposit your money.
What Is 44Trades?
The 44Trades broker is an offshore broker based in the Marshall Islands.
Is 44Trades a Scam Broker?
44Trades is definitely a scam broker, this should be immediately clear due to their headquarters location and CNMV warning.
Is 44Trades Available in the United States or UK?
This broker is not available in the United states but is available in the UK.
Does 44Trades Offer a Demo Account?
No, however, they do offer a preview of their trading platform.