Summitrade Review: Regulators Warn Against Summitrade.co Scam

Before we start with our elaborate Summitrade review, we want to warn you against investing. This company has received regulatory warnings and is not trustworthy.

In fact, there is very little accurate information on the website. Let’s start digging and uncover this trading plot together.

Summitrade Legal Information – Is This Broker Legit or a Scam?

Summitrade broker presents itself as a brand of Summit Trade Co., on the market since 2019. However, they don’t indicate where such a firm might be located or what kind of financial license it holds.

After combing through their confusing legal documents, we discovered that the company “shall be governed by the law of Marshall Islands.” Hence, we assume this is where they decided to establish the business. This offshore country has an independent regulatory organization, GLOFSA, which took it upon itself to register and regulate Forex and CFD trading businesses. However, upon checking their database, we found no traces of Summitrade.

This was when we decided to look closer to home through Tier 1 registers. We found a warning against the brokerage issued in Estonia in April 2020. According to it, the broker and its respective owner, Summit Investment Group OU, cannot provide trading services.

Just a few months later, in June of the same year, the Belgian FSMA issued a similar notice against the company. As you can tell, the alleged owner has since changed, but the scamming pattern hasn’t.

Who Are the Victims of Summitrade Scam?

Summitrade website was indeed registered in 2019. According to their traffic analysis, the brokerage mainly operates in the following countries:

–        Germany,

–        Sweden,

–        Czech Republic,

–        Netherlands.

They advertise their phony offer on social media, promising new investors a 10% to 25% welcome bonus. Once the unsuspecting victims submit their applications, broker sales agents will relentlessly call and convince them to deposit the money.

All About the Trading Features

While we’re quite sure that it doesn’t matter at this point, we checked the company’s trading features. We went through their platform, account types, and trading costs. And all of it together disappoints.

Summitrade Trading Platform

Summitrade login is done through a WebTrader. It’s the same one we’ve seen a thousand times before with scam brokers like Finhubvest. While claiming to offer reputable platforms, such as MT4 and MT5, these brokers deliver the simplest, most basic solution.

Summitrade WebTrader has no special features; even the basic ones are questionable. There are several indicators and chart types, and customers can set Stop Loss and Take Profit. All in all, nothing worth mentioning.

Account Types on Offer

You can choose from one of the four account types:

–        Basic – 250 EUR

–        Silver – 5,000 EUR

–        Gold – 25,000 EUR

–        VIP – 250,000 EUR

Accounts differ in welcome bonuses, leverage, withdrawal time, and some educational materials. The company claims to offer a practice account starting with the Silver one, but it’s not a free Demo if you have to pay 5,000 EUR first.

Trading Assets Choice

You can trade on the standard range of five major markets:

–        Currency pairs – EUR/USD, GBP/AUD, SEK/NOK

–        Commodities – gold, silver, crude oil

–        Indices – AU200, BE20, CAC40

–        Shares – Amazon, Tesla, Netflix

–        Cryptocurrencies – BTC, BCH, XRP

However, this is what you’d get with any regulated broker while also having a chance to test the system risk-free.

Leverage, Fees, and Trading Commissions

According to our platform overview, the EUR/USD spread starts at 1 pip. It’s not a bad start, but it means nothing, considering that the company has no license to offer trading in the first place.

Other fees and commissions are not mentioned. However, we assume that you will have to pay swaps for overnight trades and possibly other trading costs that are hidden on purpose.

Summitrade Support – How to Contact the Company?

The only way to contact Summitrade is through a website form. There’s no phone number, email, or social media account. This tells us that the broker doesn’t want to be contacted and chooses which client to call back based on their inquiry.

According to reviews, customers who ask questions about their withdrawals, or report any problems, are simply ignored. This is another strategy the company employs to prevent clients from getting a payout.

How to Withdraw My Money?

The company specifies that you need to verify your account before requesting a withdrawal. Then, you can use one of the following payment options:

–        Debit/credit card,

–        Wire transfer,

–        Cryptocurrencies.

Allegedly, the time to process Summitrade withdrawal requests depends on the account type and ranges from 1 to 6 business days. However, many reviews point out issues, and customers are waiting for months without knowing why.

What to Do If I Was Scammed By Summitrade?

If Summitrade or any similar bogus broker scammed you, you need to contact the local authorities and your bank right away. Furthermore, you should get in touch with our chargeback experts and CipherTrace crypto analysts.

We can assist you in recovering your funds through legal means by collecting sufficient evidence for the dispute. Book a free, non-obligatory consultation today, and let’s start working on the case before it’s too late.

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