FavorTrades Review – Another Trading Scam From Saint Vincent and the Grenadines
Ever since the FSA, the official financial authority body of Saint Vincent and the Grenadines, declared itself unauthorized for Forex and binary options firms, many brands have opened their offices on this Caribbean island. Probably they’re counting on a lack of regulatory supervision and hope they won’t be penalized for illicit activities. Read our FavorTrades review and check out all about this particular firm.
|Broker status:||Offshore Broker|
|Regulated by:||Unlicensed Scam Brokerage|
|Blacklisted as a Scam by:||AMF Quebec|
|Owned by:||Alcon Pro LLC|
|Headquarters Country:||Saint Vincent and the Grenadines|
|Types of Assets:||FX, commodities, indices, shares, cryptocurrencies|
|Free Demo Account:||No|
|Accepts US clients:||No|
What About FavorTrades Regulation?
FavorTrades is a brand owned by Alcon Pro LLC, established in August 2021 in Saint Vincent and the Grenadines. As explained, the firm chose this particular country due to the lack of regulatory supervision. Many new brokers have done the same thing, including CMCbits, ConcordInvest, Istrade, etc.
Why Must a Broker Have a License?
A broker must have a license to give a money-back guarantee. Tier1 regulators such as FCA, ASIC, and BaFin, oblige Forex firms to form significant compensation funds to reimburse potential scam victims. Brokers like FavorTrades, with no regulation, don’t follow any rules, and you cannot be certain where your funds are kept or if you will ever be able to reach them again.
FavorTrades Warnings From Financial Regulators
A Warning From The Latvian Regulatory Authority – FKTK
The Financial and Capital Market Commission of Latvia issued a warning against services provided by Alcon Pro LLC via the website favortrades.com. According to FKTK, this service provider does not have the right to provide investment services and ancillary investment services in Latvia.
Traders Reviews of FavorTrades Scam
While FavorTrades’ reviews might not look as bad, it’s because most of them are written by the broker. However, digging a bit, we managed to find some honest things written by people with older accounts and more than one review.
“Hello everyone, I’m writing this review because i want everyone to be aware, to this favortrades platform, a get a bad experience in this platform I believe they are totally scum, I got scum to their broker. Before I trust him he’s doing everything to me he told me to help me he open me a any desk app that he can control my cp and iam stupid why I listen to him, when I told him to try to widhraw a money it doest work he told me to wait till tomorrow on that day I’m trying to check my portfolio I can’t open it he set up a pascode that he didn’t let me know, I message him that day suddenly he reset my pasword and I got a chance to see my account, my money to their account is gone, I message him many times I never got a response to him, so guys I want you to be aware on this platform they are totally a scummer.” – Trustpilot Customer
Supported Trading Platforms – Available Trading Software
FavorTrades offers a proprietary WebTrader to its clients. The software supports one-click trading, has a customizable interface, and gives a preview of all the available trading assets. However, it cannot come near MT4 and MT5 and their number of charts, indicators, and special tools such as EAs.
The broker has a mobile app for Android and iOS devices, but the platform is based on WebTrader, containing all the same tools.
All About FavorTrades Accounts
FavorTrades has 5 account types, including:
The main difference is in the leverage, news alerts, live sessions with the account manager, etc. Yet, the minimum deposit is not disclosed, leaving it to the broker’s employees to judge how much you can afford to lose.
Countries Where FavorTrades Scam Is Active
Our research has shown that the main targets of the FavorTrades scam are:
While the disclaimer says the firm doesn’t accept US clients, it turns out the firm also provides its services in this country.
FavorTrades Range of Trading Instruments & Markets
Clients of FavorTrades can trade with the following trading instruments:
Also, remember the names of the trading frauds Gordonzak, Fin Venture and Bullquote trading scams and avoid them at all costs! Furthermore, before investing, always check the background of internet trading organizations!
FavorTrades Unregulated Leverage
FavorTrades offers leverage from 1:100 to 1:500 for the Forex market, with the lowest leverage being 1:10 for the crypto market. However, regulators have set a limit to 1:30 or 1:50 for the Forex market and 1:2 for the crypto market.
FavorTrades – Scam Bonus Policy
FavorTrades has a malicious Bonus Policy preventing you from withdrawing funds. The company states, “if you received a bonus of $1,000 on a $1,000 deposit, you must trade a total of 250 standard lots to redeem the bonus amount.” It implies that you need to reach $25 million to repay a $1,000 bonus.
FavorTrades Deposit and Withdrawal Methods
FavorTrades accepts the following payment methods:
- Maestro, MasterCard, Visa
- Wire transfer
- China UnionPay
Since the minimum deposit and withdrawal amount are not specified, we cannot discuss them further.
Scammed by FavorTrades Broker? – Let Us Hear Your Story
If you were scammed by FavorTrades, it’s time to report the issue and file a dispute for a chargeback. Instead of letting scheme brokers run away with your hard-earned money, let’s recover it.
But What Is A Chargeback?
A chargeback is a way for your bank to recover the funds from the merchant. Contact us via online chat to book a free consultation with our experts and let’s get your funds back ASAP!
What Is FavorTrades?
FavorTrades is an online Forex and CFD trading provider without a license based offshore.
Is FavorTrades a Scam Broker?
The company has been blacklisted in Canada and Latvia for conducting scams.
Is FavorTrades Available in the United States or the UK?
FavorTrades is available in the UK, and it seems to provide services in the US, despite the disclaimer claiming not to do so.