place A Trade Review – Reasons Why Placeatrade.com Is A Fraud
Place a Trade, as a part of Focus Markets LLC based in St. Vincent and Grenadines, is just another investment scheme. Since this offshore country doesn’t provide licenses for FX and CFD trading, they recommend brokers look for licenses from other regulators.
Unfortunately, we were able to find only warnings from such. As a result, this brokerage company already has signs of a bogus scam. Let’s check the facts in our Place a Trade review before concluding anything.
|Broker status:||Unregulated Broker|
|Regulated by:||No regulation|
|Blacklisted as a Scam by:||CNMV, Finanstilsynet, FSMA|
|Owned by:||Focus Markets LLC|
|Headquarters Country:||St. Vincent and Grenadines|
|Supported Platforms:||Web trader / MT4 / MT5|
|Cryptocurrencies:||YES – BTC, BCH, XRP|
|Types of Assets:||Forex, Indices, Shares, Commodities, Cryptos|
|Free Demo Account:||Yes|
|Accepts US clients:||Yes|
Is Place a Trade a Scam Or a Trustworthy Broker?
Any reputable broker puts the license in the first place. This broker doesn’t have any kind of regulation. That means that their basic trading conditions are fictive.
That’s why we are always looking for Tier 1 regulated companies, licensed by FCA, ASIC or BaFin. In their register, there was no sight of Place a Trade broker. Therefore, start looking for another broker and keep your money safe!
We already know that offshore broker always hides something. Place a Trade is hiding everything. From office addresses, contact information, licenses and ownership.
Reasons for Using a Regulated Broker for Trading
A regulated broker provides security. In case anything goes wrong, you have an institution responsible for such actions that are doing an investigation. In the worst case, you get compensated.
Moreover, trading conditions are clear and they provide you with a reliable and advanced education.
Warnings From Financial Regulators
As an achievement, this broker only earned warnings from financial regulators. The most important one is from CNMV, Spain’s regulatory body.
So, in 2 years of existence, they are already on the radar. Even from Place a Trade reviews you could get the same conclusion.
Place a Trade Available Online Trading Platform & Tools
Even though a broker offers very trusted and stable trading platforms, it’s dangerous because the brand itself is fraudulent. It doesn’t matter if you have the best software in the world and you are making millions if you are not able to withdraw it. That’s the whole disadvantage of non-regulated companies.
So, this broker offers MT4/MT5 and SmartTrader – web trader.
MT4/MT5 are leaders in the trading industry in terms of features. They provide a vast of the advanced chart and indicator options, support EAs, social and copy trading and many more. Moreover, they are available for any device. That way you are not limited in any way.
The SmartTrader is a web-based trading platform that mostly leads clients to automated trading. It is quite well designed with advanced features. But, as we mentioned, when a broker is fraudulent it all doesn’t matter. Besides that, web-based platforms can often be manipulated. Therefore, be extremely careful.
What Financial Instruments Does Place a Trade Include?
If we exclude that they are scamming traders, we can say that the financial assets they provide are satisfying. They offer:
|Forex||EUR/NOK, USD/SEK, AUD/CAD|
|Commodities||oil, platinum, natural gas|
|Indices||DAX30, CAC40, Nikkei225|
|Shares||Amazon, Alphabet, Pfizer|
|Cryptocurrencies||Focus Markets LLC|
|Headquarters Country:||BTC, ETH, ADA|
With unclear trading conditions and non-regulated broker, CFD trading is very dangerous. You better look for a licensed company that provides all these same assets. Most of them do!
Place a Trade Service Countries
If you check any Place a Trade review you will find that they are scamming traders from:
Customers are already not satisfied with their services. Warnings from regulators are already issued. As a result, it’s just a matter of time before they will vanish completely.
Place a Trade Types of Accounts – An Overview
Account types are quite unusual for this broker. They offer only:
Both accounts start with a 100$ minimum deposit. However, they differ in trading conditions. By that, we only mean spreads and commissions. That’s where they can pitch you for more money of course.
Place a Trade Free Demo Account
Trading with virtual funds was never a problem. This broker provides that option as well. With a demo, everything is bright and shiny. But the nightmare starts when you deposit your first 100$.
Place a Trade Partnership
The point of this partnership is a classic Ponzi scheme. The more clients you bring, the more profits you can get. So, you get paid to bring more people to be scammed.
For instance, it’s not logical that a broker advertises that program. If you are making money and you can withdraw it, you will recommend the company anyway.
Place a Trade Deposit and Withdrawal Policies
Finally, we are at the interesting part. You were waiting for this one. As per the company website, they have multiple depositing options available. From cards, wire transfers, PoLi, Neteller and Skrill.
Deposits are never the issue. However, this broker doesn’t define a withdrawal policy. So you don’t know what to expect and how long you are going to wait. A huge downside of non-regulated companies. They do what they want.
So, if you request a withdrawal, they usually make up a reason why not to approve it. The more persistent you are, the less response you get. Until the point where your account is frozen for an unknown reason and you are unable get in touch with them again.
Place a Trade Terms and Conditions
We already mentioned the most important part – withdrawals. Moreover, they don’t mention leverage on the assets and this is very important.
To sum it up, everything stated on Place a Trade broker website is fictive. It might or might not be true. But we wouldn’t dare to test it.
Scammed by a Place a Trade Broker? – We Want To Hear Your Story.
Many people got scammed by brokers like this. If that was you, share your story first. The second step is starting money recovery. Our experts can guide you through it. Don’t let the time for that to expire. Contact us now!
What Is the Chargeback Procedure?
Any card transaction is very easily traceable. Therefore, it’s reversible. To file a chargeback, get in touch with our recovery team. They will assist you in your first steps.
What Is Place a Trade?
A broker that operates without a license from a haven for scammers, that’s exactly who Place a Trade is.
Is Place a Trade a Scam Broker?
Yes. Nobody trades without a license if they don’t intend to scam people. Moreover, Place a Trade reviews and warnings from regulators are confirmed.
Is Place a Trade Available in the United States or the UK?
Unfortunately, there is no reliable information but from the reviews, it looks like they trade with US clients but not the UK.
Does Place a Trade Offer a Demo Account?
To sum it up, yes. Seems like the only good thing about this broker. Option to test their platform without losing money.