Alltrade Markets is owned by the Global Market Index Limited. It is supposed to be headquartered in London. The company is located at Architectktu G 56-101, Vilnius, Lithuania.
This Lithuania address of the company is found to be associated with another company with the name of Alfa Consulting UAB. There are thus two distinct addresses, London and Lithuania. It looks out to be the case of a “clone firm”. Alltrade Markets is using the address of an already registered company.
For the headquarters, the company has stated that it is owned by the Global Market Index Limited. The website of the fakery claimed GMI Limited mentioned in its disclaimer that the company is operating through the trade name of GMIUK, not with Alltrade Markets. It can be verified at www.gmimarkets.com/main.html
The Terms and conditions policy at the company’s website states that it is governed by Lithuanian Laws. But the address of the company is fake. Also, the terms and conditions are the copy-paste of other brokers.
Not Regulated by Bank of Lithuania
Let us believe that the company is registered in Lithuania itself. The financial regulatory body of Lithuania is the Bank of Lithuania. It is the central body of the Republic of Lithuania. It is the supervisory authority for the credit union, banks, insurance undertakings, management companies, payment institutions, consumer credit providers, etc. Alltrade Markets is not registered under the authority for providing its services. It can be checked at www.lb.lt/en/sfi-financial-market-participants?query=%22Alltrade+Markets%22&ff=1
Not Regulated by the UK FCA
The Financial Conduct Authority (FCA) of the UK is one of the most reputed regulation authorities. It supervises the working of the financial institutions over the United Kingdom region. Alltrade Markets has falsely stated that it is a registered company in London. There are no details of the company in the regulated markets register of the FCA. The same can be cross-checked at register.fca.org.uk/shpo_nosearchresultpage?mainsearchString=alltrade+markets&search=Alltrade+Markets
Warning by CONSOB
The Commissione Nazionale per le Societa e la is the securities exchange body of Italy. It is the regulation governing body of the Borsa Italiana. The Italian Companies and Exchange Commission has already issued a warning against the Alltrade Markets for its illegal operations in the region. The CONSOB has issued a red flag to the traders not to deal with the company for any type of transaction. It can be cross-examined at the following link. www.consob.it/web/consob-and-its-activities/warnings?viewId=ultime_com_tutela
Warning by FMA
The Financial Market Authority (FMA) is the financial regulation organization of New Zealand. It is a government organization. It is overall responsible for the exchanges and regulation of the markets. The FMA has released a warning against the trading practices of the company. It can be verified at www.fma.govt.nz/news-and-resources/warnings-and-alerts/alltrademarkets/
Alltrade Markets is an offshore broker which is not regulated under any of the reputed financial institution’s regulatory body. In addition to this, the company has mentioned two addresses, one of Lithuania and the second one of London. Both details are not correct as this fraud company is not registered with any of the regulating body of the areas. A red flag by the reputed regulating authorities confirms the “clone-firm” issue of the company. It is not recommended to trade with the Alltrade Markets due to its non-disclosure of origin, no details of the owners of the company are available. Any dealings with the company only lead to more risk. The traders are left to gripe as there is no regulatory authority to which the company is accountable. Thus, the least can be expected about the professional practices and the safety of the funds while dealing with a broker like Alltrade Markets.
Trading Accounts and Services
Alltrade Markets deals in forex and CFDs. There is no option for opening a demo account with the company. The absence of a demo account does not allow traders to take a chance of losing the funds. The various types of trading accounts provided by the company are:
- Basic Account: It requires an initial minimum investment of $500. The trading conditions like the spread and the leverage is not mentioned in the details. The minimum deposit required is 10 times higher than any regulated broker.
- Progressive Account: A whopping rise of $2,000 in initial minimum investment leads you to the progressive account of the company. An account manager is assigned to the trader but there is no idea about the experience and trading skills of the account manager.
- Institutional Account: It requires a minimum initial investment of $ 5,000. There is no difference in the services as compared to the progressive account.
- Managed Account: It invites a gigantic minimum initial investment of $10,000. The company tries to convince the amount by saying that automated strategies are provided in the account. It must be noted here that every trading platform, be it a MT4 or MT5, already provides automated signals called robots which you can customize according to your skills as a trader.
- High Net worth Account: It must not be called a minimum initial investment, but going by the words of the company, you need to deposit $50,000 for opening a high net worth account with them. The company has again failed to provide details about the services rendered to the so-called VIP account.
Alltrade Markets does not support the reliable Meta Trader platform. MT4 and MT5 are the leading names in the trading platforms. Developed by the US-based technical giant, MetaQuotes Software Corporation Limited, it gives the best trading experience to the traders irrelevant of their experience. The algorithmic trading, high-level technical analysis, and customized robots make it the choice of hundreds of traders around the globe. Its successor MT5 is best when used for assets or other trading.
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The company claims to have an online trading platform. It is not available to download on desktop or mobile applications. My Alltrade Markets review has found that the company has not provided any link to its trading platform and there is no availability of demo accounts also. It is thus doubtful, if there exists any such platform or not. There is an absence of the name of the trading platform also.
Methods for Funds Transfer
There is no information provided by the company over the means of funds transfer. There is no information about the minimum withdrawal limits, but the charges of $30 are mentioned as withdrawal fees.
The dormant fee of the company is $100 which is very high as compared to the standard $5 charged by other companies. The means of transfer of funds, the fees associated, the currencies accepted are the strong foundation of any trading.
In the absence of these details, it is not reliable and creditable to trade with Alltrade Markets. There is no facility of funds transfer using genuine channels like the Skrill, which do not work with the bogus brokers and have a strong anti-scam policy against the offshore brokers.
Website Analysis and Social media
The website of the company is www.alltrademarkets.com/.
The company claims to be in operations for a long time, as it has last updated its terms and conditions in the year 2015. But the domain altrademarkets.com was registered in the year 2019.
The company does not have any active social media accounts. The brokers can utilize the power of the online presence in strengthening their trader base but have not done a bit to understand social media. A closed eye to the website and social media accounts raises eyebrows about the level of professionalism of the company.
No Technical support
Alltrade Markets has not mentioned any details about the live chat, phone numbers for the technical support extended to the traders. Not to forget, that the company has its own trading platform. Any problem in the trading platform thus leaves the trader at the mercy of God. The trader has no way to reach the company and by the time he does so, he will have missed a lot of profitable trades.
Alltrade Markets has achieved a 0.5 rating in the 5 point rating scale. There is no confirmation about the ownership, location, trading platforms of the company. After being banned by the reputed authorities around the globe, it is highly risky to trade with Alltrade Markets.
its all a scam, i traded with different brokers, most of them disappear when I make withdrawal request, some of them will try to convince you not to withdraw and instead invest more while others will actually allow you withdraw a little amount so they can build your trust and after that they begin to make large requests. i lost a lot to these fraudulent brokers, i was depressed for months