AnyTrades Review – 5 things you should know about Anytrades.com

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AnyTrades is an offshore Forex brokerage registered in Vanuatu. It provides a web-based trading terminal, not the MT4 trading platform and there is a wide range of trading products. We, however, see an unfavorable spread of 2.3 pips on EUR/USD and an exceedingly high required minimum deposit at $500.

AnyTrades regulation & safety of funds

Through the information presented on the website we understand that the company behind the brokerage is registered in Vanuatu with the name Anytrades Consulting Ltd and that it is regulated by the Vanuatu Financial Services Commission.  We remind readers that the VFSC does give financial dealer licenses to Forex brokerages, however, the regulatory oversight and financial mechanisms for compensation cannot compare with renowned European agencies such as FCA or CySEC. Nonetheless, a Vanuatu license is certainly better than nothing. The commission supports a website where you may download a pdf file with a list of all the licensees. The company does in fact have a financial dealer license from the Vanuatu authorities, however, such regulatory oversight cannot compare with top European watchdogs and we appeal to readers to have that in mind. We highlight the danger in doing business with a website without certain regulatory oversight since the people behind it do not answer to a credible authority and have no reason to uphold the client agreement. We also read on the website some dubious claims of “awards” won by the brokerage which further induces us to suspect that AnyTrades is a scammer. All in all, it’s safe to say that trading with the brokerage carries with it much unwanted risk.

Traders needn’t have to worry themselves with such risk if they choose to trade with a brokerage regulated and authorized by a prestigious regulatory agency. Such agencies are the FCA in the UK or CySec in Cyprus which have been leading names in Forex trading for some time now. Their regulatory framework is composed of a number of strict rules which prevent clients from falling victims to fraud. Such rules include the segregation of accounts which assures that commingling with the client’s money is not possible. Furthermore, a license by such a regulatory body entails participation in a financial mechanism by which clients may be compensated if they suffer losses due to fraud or bankruptcy. With the FCA the compensation is up to 85 000 pounds, where as with CySEC it is up to 20 000 euro per person.

AnyTrades trading software

The MetaTrader 4 trading platform is not supported which is something we always consider a disadvantage since the MT4 is among the foremost trading terminals in Forex trading at the moment, close to 80 percent of users prefer it. The platform provides an advanced charting package, lots of technical indicators, extensive back-testing environment and a variety of Expert Advisors (EAs). Through a demo account we could see a spread of 2.3 pips which is unfavorably high, however, the leverage is not disclosed – we remind readers that the safest leverage for trading is that which is in compliance with the regulatory levels for Europe which are at 1:30. On top of this, the required minimum deposit is exceedingly high at $500 and we believe no trader should risk such a high amount with a new broker. Furthermore, without credible regulatory oversight we have reason enough to be suspicious whether the website isn’t involved in foul play and we always recommend to readers not to risk it and steer clear from such offers.

AnyTrades deposit/withdrawal methods and fees

Potential clients of the brokerage may deposit or withdraw via the standard Visa and MasterCard, as well as bank wire and  e-wallets such as Skrill and Trustly. Popular and prefered by traders e-wallet Neteller is not supported.

Reading through the terms and conditions of the brokerage we did read that for the first two months a trader has to achieve a trading volume of 50 lots in order to be eligible for withdrawal. Such a provision further speaks of the ill-minded intentions of the brokerage. We did come upon other withdrawal fees either, however, dealing with unregulated brokerage we may never be sure whether they wont charge unexpected fees once the clients have deposited their funds.  There are also withdrawal conditions pertaining to accounts that have taken advantage of the bonus promotion. A trader has to achieve a certain trading volume  in order to be eligible for withdrawal otherwise he will suffer a fee of 10 percent. Legitimate brokerage which are regulated in Europe do not offer such promotions and even if they do, the information regarding potential withdrawal requirements is always presented straight-forward on the website, not hidden away in the terms and conditions.

Such website are also the reason we advise traders to always put up only the required minimum deposit, instead of risking a bigger amount with no certainty. Afterwards, they may also try to withdraw a small amount in order to check for any unexpected fees or delays. Such fees and delays are usually the signs of a scammer.

How does the scam work?

Even though the forex trading world is extremely large and encompasses millions of people around the globe, the most common scamming is pretty simple and straightforward and as such – it’s not particularly daring to avoid. Here is a quick overview of how it is done:

Through clicking an ad with promises for fast money, you will be redirected to a website such as Bitcoin Evolution or The bitcoin miner where registration will require you to give your address, email and phone number. After sharing your personal information, you will being receiving calls from brokers, compelling you to invest with them and win big. After a few minutes hearing their pitches, you decide to deposit some $200-250. And just like that – the scammers take a fat commission from this initial deposit.

After they are done with you, senior scammers begin working you into putting even more money. They say it’s the only way to profit from trading even more. After making the mistake of investing even further, you’ll begin wanting to get out of this and withdraw what you have left.

Unfortunately, the con-artists have no such thing in mind. They will now begin persuading you to wait it out and not withdraw right now. The angle here is pretty blunt – traders have a limited time period for filing achargeback with their bank and get their money back. The “recovery department” will simply want to mislead you into missing thе crucial period and, along the way, losing any chance you might have of getting the money back.

It is important here to take notice that both Visa and MasterCard are taking measures to combat unregulated forex brokerages by classifying all forex transactions as high risk. And they are correct in doing so. Furthermore, supporting their intention with clear actions – MasterCard has increased the previous time period of six months for filing a chargeback to a year and a half.

What to do when scammed?

As was mentioned above, scamming is quite the common in the trading world and, sadly, even you might suffer from it. In such an unfortunate case there still may be some available options for you.

You may contact your bank or credit card provider and file a chargeback. 

If, however, you have provided the broker with your credit card details, immediately cancel your credit card.

If you have given information regarding your online banking pass – you should switch it asap!

Beware of potential calls from self-described “recovery agencies”! They prey on scammed and vulnerable traders who are desperate to recover their losses. They will require an “up-front” payment to help you, but after paying them, no such help will be coming your way!

The post AnyTrades Review – 5 things you should know about Anytrades.com appeared first on TheForexReview.com.

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