BrighterTrade – Scam Broker or Safe Platform? Our Review Uncovers BIG Concerns!
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.
Summary: Once again, another unlicensed broker. We would NEVER recommend trading with an unlicensed broker no matter how great the platform may seem as ultimately it is just like dancing with the devil. These platforms could disappear with your cash at any moment & therefore it’s way too risky to get involved. If you have already lost money to BrighterTrade then continue reading to see how you can get it back.
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:
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
Remember, this is not a license for a broker and as of late, BritherTrade is yet to get regulated. Some of our followers were confused about their legal status so we think that it is much clear now.
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.
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.
Our guide has been very effective and since it’s launch in 2018 it has helped thousands of people to successfully reclaim their funds so if you have also been scammed by a binary broker then we know it will be able to help you too. Plus on top of that it can even help you get money back from other types of scams as well.
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.
As a result we have decided to name this opportunity our number 1 recommendation for building a business & earning money from home & you can get access to it for free by clicking the link below now:
I'm Lisa & I'm one of the researchers/writers on the Stopping Scammers team. I fell victim to a big scam myself in 2015 & now I help out here to try & protect others from falling for scams & losing money like I did back then. You can report a scam here.