Looking to read Zytrade review, you are in the right place. Read this honest review to know about this Zytrade.com forex broker and why you should beware.
This content promises to share helpful review to support clients/traders in making the right decision. Kindly read to the end and make your verdict.
About Zytrade
Zytrade FX is an offshore brokerage operated by Zytrade LLC with a lot of promises for forex traders. The company openly presents its address in Vienna, Austria.
In addition, the brokerage promises different instruments like forex, stocks, commodities, crypto, bonds and indices. Also, it presents a zero spread difference in Buy/Sell.
Deposit and Withdrawal
Withdrawal process:
Zytrade withdrawal leaves us with no specific information on withdrawal fee nor processing days on withdrawal request. The broker provides no clear description on trade requirements that must be met before a withdrawal.
Zytrade Minimum Deposit:
Zytrade deposit does not specify minimum deposit anywhere on the website. In comparison, a licensed FX broker clearly spells out its regulation and license credibility with no string of fraud, and clients can start trading as low as $100 with the assurance of their trading funds.
No data is found on the website regarding the payment methods the broker accepts. This is another typical sign for fraud, as such firms usually hide something fishy.
Just so you are aware, offshore brokers are commonly known for accepting crypto currencies. For this purpose, payments made through this method are anonymous and can only be traced to a wallet address and not to a specific person. So beware!
Zytrade Platform:
Zytrade claims to offer a variety of trading platforms like for example Sierra Chart, Multicharts, GainTrader and more. However, that cannot be compared to the advanced trading platforms of MT4/MT5. Many scammers have trading software to fool their victims that their money is being invested.
Why use forex brokers with advanced trader like MT4/MT5? You are certain to have the best features of real-time quotes, financial news and various FX and stock charts, as well as algorithmic trading sessions with the help of specially designed trading bots, called Expert Advisors.
Nothing is said about Zytrade leverage. Honestly, we say don’t consider doing that with an unregulated forex broker like this one because you stand the chance of losing your money.
Won’t you rather trade with a licensed and legit broker? Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices, and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK, ASIC in Australia, NBRB in Belarus, CySEC in Cyprus as well as IIROC in Canada which makes client funds safe. They accept traders worldwide…visit their official website
What We Discovered about Zytrade.com Regulation
First of, Zytrade claims its registered address to be in the US. It also provides an email and phone number. Last but not least this broker claims to be a member of the National Futures Association (NFA) of the US.
We searched the registers of NFA and there really seems to be a company with the name of Zytrade with the same address and phone number. However, as there is no domain name we can’t be 100% sure that it is the same firm we are reviewing here. Sometimes scammers use other brokers’ legal details just to look reputable.
More so, this broker does not offer money back guarantee which means trading on such platform is clearly a risk as your money cannot be refunded.
These are drawbacks for forex traders/ clients to avoid losing money with this scam broker. It is always advisable you check for regulated and licensed broker on financial authorities websites before depositing fund for trading.
Zytrade Licensing and Regulation
It is not far from believing that this broker is not a licensed brokerage firm. It is not under any financial regulation which means wiring your money for trading is risky. Its unlicensed and unregulated activities are truly a red flag and must be avoided.
COMPARE WITH A TRUSTED BROKER
Fortrade
Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices, and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK well as ASIC in Australia which makes client funds safe. They accept traders worldwide..visit their official website
Bottom Line:
Zytrade FX, like Protosscapgroup appears like a untrustworthy trading broker, however, we encourage you to be careful and to turn to brokers with proven reputation instead. To this end, we urge our readers to rely on regulated brokers like this or any licensed entity.
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