North Trader Regulation Status
Despite North Trader’s claims of legitimacy, there is a lack of evidence regarding the firm’s regulation and a valid license, contradicting the information presented on its website. Notably, the entity is not registered in the UK.
On November 28 of this year, the French Financial Markets Authority (AMF) issued a warning against North Trader, stressing that the broker is not authorized to provide services to local traders. Given France’s EU membership, the AMF enforces the common regulations of the European Securities and Markets Authority (ESMA), indicating non-compliance by the broker.
For those seeking a reliable trading platform, it is advisable to choose a licensed provider operating under the supervision of reputable financial market authorities such as the FCA (UK), CFTC & NFA (US), CySEC (Cyprus), FINMA (Switzerland), MAS (Singapore), ASIC (Australia), IIROC (Canada), etc.
Significance of Financial Market Regulations
Obtaining a regulatory license in esteemed financial jurisdictions like the European Economic Area (EEA) requires brokerage firms to meet specific standards. This includes a minimum operating capital of 730,000 EUR. Clients should be entitled to negative balance protection, have funds held in segregated accounts in top-tier banks (e.g., KfW, Credit Agricole), adhere to a safe leverage cap (1:30) for retail clients, and benefit from a reliable compensation scheme contract worth up to 20,000 EUR.
Trader Feedback – Sharing Experiences
As of the current date, there are 37 reviews for North Trader on trustpilot.com, yielding an average score of 3.7/5 (average). However, numerous complaints within these reviews draw attention to concerning issues.
One recent complaint strongly asserted, “This platform is a scam. I’ve had a terrible experience with them. They promise payments, but when you try to withdraw, it’s impossible.” Similar negative experiences were noted in our analysis of Profiton.
Withdrawal difficulties appear to be a common thread, underscoring the importance of reading trader reviews to understand the methods employed by this platform in deceiving potential victims. Additionally, webparanoid.com can be consulted to check for suspicious website activity.
North Trader’s Targets
As per godaddy.com/whois, the north-trader.com domain was established on April 5, 2020. Since then, this financial imposter has primarily targeted traders from the United States, Brazil, Belarus, and Kazakhstan. Notably, the US, with its stringent financial regulations, is one of the targeted countries.
Given North Trader’s lack of any license, financial losses incurred on this platform may not be recoverable through the financial ombudsman or compensation scheme contract. It is crucial to emphasize that the French AMF has blacklisted this broker.
Available Trading Platform
North Trader claims to provide a straightforward web platform supporting various trading assets. Unfortunately, the absence of a risk-free demo account option hindered our ability to explore the platform. Browser-based trading terminals are often ineffective, offering limited features beyond basic charts and indicators.
For a genuine trading experience, it is recommended to choose a licensed provider supporting well-known third-party software like MetaTrader 4, MetaTrader 5, or cTrader. These platforms offer advanced features such as automated trading, live market reports, and user-friendly interfaces.
Trading Conditions – Leverage, Spreads, Commissions
North Trader imposes a maximum leverage of 1:20, which is surprisingly within legal limits for retail clients in Europe (1:30) and North America (1:50). Concerningly, the broker did not disclose information regarding trading costs, including spreads and commissions, raising transparency concerns akin to RiveGarde.
The absence of a demo account is noted as a strategic move, potentially pressuring inexperienced traders to invest real money immediately, a risky proposition for beginners.
Deposit and Withdrawal Process
North Trader lists credit/debit cards and wire transfers as the available payment methods for funding accounts and withdrawing profits. While the minimum deposit requirement is stated as 100 USD, details about the minimum withdrawal and associated fees remain undisclosed.
In case of withdrawal issues, seeking help from North Trader may prove futile. For those looking to recover funds, initiating a chargeback is suggested. For MasterCard or VISA credit/debit card deposits, a chargeback can be requested within 540 days. Wire transfer recalls are also an option, but success depends on the transaction’s status.
Comments