AltimaTrade Broker Review – Is This Unlicensed Forex Broker a Scam?

Is AltimaTrade an Regulated Forex Provider

Shenanigans Consulting LTD, Saint Vincent and the Grenadines, owns the AltimaTrade Forex trademark. You may not be aware that this offshore island does not have a financial regulator responsible for Forex and binary options companies. This is why many schemes set up their headquarters here. This website was registered on October 20, 2021. It has been subject to numerous regulatory warnings.

What is wrong with FX Trading License?

FSA guidelines state that AltimaTrade regulations should be issued from any country. We checked the FCA and ASIC registers, but nothing. This means that you are dealing with a fraudster and could easily be conned.

Fake Achievements and Awards – Sign of Fraud

Another sign that you are dealing with fraud is this: AltimaTrade, a broker that has been around for seven months, claims it has done something no other regulated companies can’t. The website states that the firm has more than 600,000 clients and has more than 19 million open transactions. It also claims to have over $43,000,000 in accounts. It is difficult to reach these high numbers. The firm either robs clients’ funds or provides false information.

Warnings Against AltimaTrade Fraud

Financial regulators were the final word on AltimaTrade’s trading fraud. Official warnings were issued by the Spanish CNMV and many others.

Official Warnings issued by CNMV – Evidence of Fraud

stated AltimeTrades offers unregulated financial services including Forex trading and financial advice.

Later, the Norwegian Finanstilsynet and Slovenian FSMA republished the warning.

AltimaTrade.pro Scam Active

AltimaTrade brokers operate primarily in:

• Germany
• Canada
• Spain
• Latvia
• Armenia
• Bulgaria

The company was officially registered in October 2021 and the broker began actively engaging in scams that year in December.

AltimaTrade Support Team: First Step of the Scam

AltimaTrade’s support team will reach out to you usually within minutes after you have registered. Without going into too much detail, the person on the other end will briefly explain how broker works. You’ll then be forced to invest immediately under various excuses.

After you have invested the minimum deposit at AltimaTrade, you will be transferred to an account manger who is supposed to help you learn more about trading and the market. Even if they have some experience, they will insist on speaking with you to discuss different financial plans. Account managers are there to help you withdraw as little money as possible. There will always be opportunities that you can’t miss, issues with withdraws, money or platform, and many other problems. You may find your trading account frozen. The same account manager might not respond to your calls.

Review of AltimaTrade WebTrader Platform

AltimaTrade is a WebTrader that’s available on desktop and mobile devices. It is a reliable, high-quality and advanced trading platform. We cannot access the platform through any other means and there is no Demo account.

WebTrader cannot be compared with reputable software like MT4 and MT5.

What about the Mobile Trading App?

Clients searching for AltimaTrade login via their mobile devices allegedly found a mobile application, but no link to download it. We are unsure if this information is true or if the client needs to deposit money in order to gain access to the app.

What products does a broker offer?

The broker will trade on the following markets

• Currency pairs – EUR/USD, USD/JPY, GBP/USD
• Indices – DAX30, S&P500, NIKKEI225
• Commodities Gold, Oil, Natural Gas
• Shares Apple, Amazon, Google

Overview of Trading Accounts: What Are They?

You have the option to choose from 4 AltimaTrade account types.

• Mini – $250
• Standart $1.000
• Classic – $5,000
• Advanced – $10,000

There are many options for accounts. You can choose from different levels of support, access to more trading instruments, or the maximum number of orders.

AltimaTrade allows me to trade for free

AltimaTrade Demo accounts are not available. You will need to deposit money first, then test the system at your risk.

Protection of Negative Balance

Negative balance protection is offered by the broker for all types of accounts. This basically means that you can’t lose more than what you have invested and you won’t be able to fall in debt to the broker.

AltimaTrade Withdrawal Procedures – Unfair Upfront Charges

AltimaTrades accepts a variety of payment methods including:

• Credit cards and debit/credit cards
• Wire transfers

In addition to the 50 unit wire transfer fees and 25 unit card withdrawal fees, the firm also charges an upfront fee. Before you can withdraw funds, you will be asked to pay the bank transfer fees and taxes. This, along with the AltimaTrade Bonus, is a trick to stop you from getting your money back.

What is a chargeback?

Chargebacks are a way for your bank to reclaim funds from the merchant. We recommend that you contact us immediately to initiate the process. In a free consultation, we will discuss how to get your money back immediately!

AltimaTrade: Video

Below you will find a short video about AltimaTrade. Watch it so you don’t miss anything important. In a few minutes you’ll learn the whole truth about AltimaTrade!