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Here comes another promising broker operating from Estonia. BrighterTrade serve with CFD trading and is a new platform introduced just months ago in April 2018…
A few followers are extremely interested in the legitimacy of BrighterTrade because they are confused about the difference between registration and regulation. Well, we’ll definitely cover this aspect in this review along with various other important things such as the background of the operating company, the ease of use, the services, complaints, public warnings, and withdrawal policies.
BrighterTrade scam alerts aren’t yet visible because the platform is new and the regulatory authorities haven’t yet detected it on their radars. The clients are apparently happy with the services they receive from this broker. But it is just the beginning and we know that most of the brokers do their best during the first year. Is this broker really appreciable? Is there a reason for considering this platform? This third-party review will uncover the truth.
Don’t have time to read our full in-depth BrighterTrade review? Not a problem – to make things easier for you we’ve put together some quick navigation links below which you can use to jump straight to the specific information that you came here looking for:
- BrighterTrade Background
- Is BrighterTrade Regulated?
- BrighterTrade Complaints
- BrighterTrade Withdrawal
- Is BrighterTrade a Scam?
- Our Verdict on BrighterTrade
- Scammed By BrighterTrade? Get Your Money Back
- A Better Way For Making Money Online Legitimately
Ingoten OU owns and operates BrighterTrade from Harju Maookond, Tallinn, Kesklinna Linnaosa, Rooskirantsi, Estonia.
The platform was launched in April 2018 as a Forex CFD broker.
- Phone. +44 144 683 2070 (UK)
- Email. email@example.com
- Chat: from 07:00 to 16:00 (Monday to Friday) firstname.lastname@example.org
- Phone: from 08:00 – 14:00 (Monday to Friday) +49 302 555 5708
BrighterTrade is based on TraderSoft, a relatively less known platform as compared to SpotOption and MT4. TraderSoft facilitates users with Digital Currencies and CFDs.
The leverage for Bitcoin CFD trading is 1:10 with $130 spreads. $250 is the minimum deposit for the based account. BrighterTrade doesn’t entertain any mobile apps or MT5.
Is BrighterTrade Regulated?
The website doesn’t talk anything about the licensing or any attempt for getting regulated. It does mention Ingoten OU as the owner and the operator of the platform. We are sure that the management will have to consider this aspect because gone are the days when scam artists managed to hide from the regulatory authorities. These days, CySEC and other prominent regulatory authorities are extremely active and they don’t spare a chance of issuing a public against any malicious activity. Even the regulated brokers are warned against for minor violations. This is a good sign because the regulatory authorities are more inclined towards ensuring the best practices.
BrighterTrade is NOT regulated. Ingoten OU is registered in Estonia as a Virtual Currency Exchange. Well, this is interesting.
- Registration Code. 14397082
- License # FVR000058
Forex trading involves high risk and this is why you can’t expose your money by relying on an unregulated broker. Though things aren’t really clear at the moment we don’t have to give any margin in this regard. The broker is new but it doesn’t mean that the management has to wait for acquiring a license. Open often rely on assumptions but we strictly recommend you to avoid being generous in this regard.
The demonstration video is no different to an advertisement talking about the possibility of earning huge profits from Bitcoin trading. The reality is the opposite. We have found that BrighterTrade has hired the services of some get-rich-quick schemes that are collecting their visitor’s information and then redirecting the visitors to BrighterTrade website. This practice is immoral. They have no right to collect the visitor’s information without letting them know. It leads to cold calling which irritates the traders. We think that the regulatory authorities will soon detect the issue and warn the general public against these activities.
Some traders have complained that the broker’s team doesn’t allow you to close your trading account. If you want to do so, you are redirected to other account managers who try their best to convince about further trading opportunities. Their technique is simple, they trick you into a further six-month wait in an anticipation of a profit beyond proportions. If you still don’t show any interest, they use Method-B, that is pressurizing by reminding you that you don’t stand a chance of claiming your money back. In short, there is no way of getting your money back. Whatever you have in your account belongs to the broker so stop thinking about recovering your loss.
BrighterTrade entertains Credit/Debit Cards (Visa, Mastro, MasterCard), and wire transfer. $100 is the minimum withdrawal allowed by the broker and it charges a withdrawal fee i.e. 10% of the withdrawal amount. These terms are surprising for the new brokers. In previous years, such terms were accepted and they were conventions. Today, there is no concept of a withdrawal fee depending on the withdrawal amount.
Is BrighterTrade a Scam?
We are not convinced by this online platform. We still need to wait because the serious BrighterTrade scam complaints are still not frequent. But we can read between the lines that this broker has no intentions of getting regulated. The management hasn’t applied for the license. The company is still trying to trick people with the Currency Exchange license that does NOT ensure the security of the trader’s money.
Our Verdict on BrighterTrade
We DO NOT recommend BrighterTrade because it is not regulated and the company doesn’t seem interested in acquiring a license. The withdrawal policy is doesn’t favour the traders. The complaints about the account managers are serious. The broker has hired services from the get-rich-quick schemes and is collecting information about traders from unauthorized sources. These things are suggestive of the malicious intentions of this team operating this platform.
Scammed By BrighterTrade? Get Your Money Back
We’ve seen several reports on sites like TrustPilot from people who claim to have been scammed by BrighterTrade & if you feel that you too have fallen victim to the BrighterTrade scam then you can rest assured that you’ve landed in the right place.
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A Better Way For Making Money Online Legitimately
It’s true that you can make money with trading but similarly you can also lose money & sadly more people lose money than make it so overall we don’t recommend trading… However there are other MUCH better (in our opinion) ways to make money online.
We’ve come across a lot of scams for sure over the years however we’ve also come across a lot of great legitimate opportunities too & there has been 1 in particular which has stood out from all of the rest.
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