AccrueTrade Review: Accruetrade.com a Cheeky Scam
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AccrueTrade Review
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Fund Safety
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Customer Support
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Regulation
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Client Feedback
Summary
AccrueTrade fails to be a credible forex trading broker because of the numerous red flags. The company is unlicensed and presents false or unverifiable data on the website. It would be best to invest in legit forex trading brokers to avoid losing your funds.
Forex trading is undeniably the state-of-art investment option. It has gained popularity, and many investors are opting for this lucrative but high-volatile venture. Brokers have pounced on these opportunities and are coming up with all sorts of trading sites with a promise of being a gateway to wealth. AccrueTrade is a forex broker that claims to be a legit platform
While some of these brokers are legit forex trading companies, complying with set laws and regulations, scam brokers have not been left behind. The scam forex brokers create platforms that look legitimate and viable trading sites. However, for a discerning eye, one can be able to notice odd traits and red flags. These hard-to-miss features should alert you that a broker is not who they say they are.
This review will give a detailed analysis of things you should concentrate on in your evaluation to spot scam forex brokers like accrutrade.com.
Accruetrade.com review
Accruetrade purports to be an online broker that allows its clients to access stocks, currencies, commodities, and indices. According to the platform, it offers over 100 trading instruments.
The company has established itself in South America, Asia-Pacific, and new markets in Africa. It allegedly has over 250,000 satisfied clients and about 5000 partners who are profiting.
The company claims it was founded in 2012 in Saint Vincent and the Grenadines, and that it is a member of The Financial Commission.
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According to this site, the broker partners with education centres, trading robot vendors, forex strategy advisors, and traffic directing affiliates.
Clients can refer others to this site and earn a commission based on CPA or revenue share schemes.
The broker advertises 4 methods through which investors can make money; PAMM money managers where an investor allows the broker to allocate funds on their behalf and earn a commission of up to 40 % on profits made, PAMM investors where the trader invests in a pro account of money managers and allow money managers make a profit for them through investment, copy trade where investors invite others to their trading signals for a commission on each trade copied by the invitees and copy trade investor where a trader copies the trades of leading experts across the globe and let the experts earn money for them.
While this investment may seem convenient for a beginner, it does not make sense to risk your funds by allowing an ‘expert’ to design the allocation of your funds or tying your trades to the expertise of a leading expert.
Founders and Team
Information regarding the pioneers of this company is not available on this site. We can only assume that this was a deliberate omission or, that the company is inexistent.
Information on founders is important as it allows investors to trace the broker’s growth steps and know where to seek clarification when the need arises. When a broker is hesitant to reveal this information, it can be concluded that they are not upfront with clients.
This broker is anonymizing crucial details, and it expects you to entrust your wealth to them.
Contact details
The location address of accruetrade.com is given as First Floor, First Saint Vincent Bank Ltd. The building, James Street, Kingstown, St. Vincent and the Grenadines. This is a red flag. This country has a reputation for allowing unregulated and unscrupulous dealings due to a lack of financial oversight body.
Accruetrade’s email address is support@accruetrade.com. No telephone number is available on the platform.
Domain Insight
Accruetrade.com domain expires on May 2021. According to Who.is, it was registered in May 2020. Why did a platform that brags about so many achievements wait for eight years to register? Something is suspicious here, and you should not invest with such a site that is not straightforward.
The company has a different trade name ServiceComSvg Ltd which is different from their domain name.
Trading Platforms
The platform claims that they use WebTrader and Meta 4 trading software. The Meta4 software is available for providing a counter-intuitive interface for clients trading.
AccrueTrade Deposits and Withdrawals
The deposit methods acceptable are e-wallets, credit cards, bank transfers, prepaid cards, and wire transfers. The minimum deposit amounts are $ 500 for a novice, $2000 for a pro account, and $ 5000 for a premium account. The platform claims to give a 40% discount on deposits.
The minimum withdrawable amount is not available on the website. The withdrawal fees for credit cards is 1%, 3% for e-wallets and $25 for wire transaction.
For a novice, the maximum withdrawal transactions are 4 per month, 12 withdrawals per month for a pro account, and unlimited withdrawals for a premium account.
Spread and leverage ratio
The leverage ratio in this platform is 1:1000. This ratio is ridiculously high and is a trap for traders. The higher the ratio, the higher the potential for a significant loss. The acceptable leverage ratio is 1:100 and accruetrade.com has gone overboard.
The spreads for both a Novice and premium account start from 1 pip while a pro starts from 0 pip.
AccrueTrade Regulation Status
Any regulatory body does not regulate Accruetrade.
The company claims to be a member of The Financial Commission, which is a blatant lie as no such name is appearing in this register.
There are no financial regulators in St. Vincent and the Grenadines where the company claims to originate.
Trading Conditions
The platform alleges that it does not allow requotes. A requote happens when the broker a client is dealing with cannot execute a trade at the price the client requested. In this case, brokers cause a delay in execution, returning the request with a quote different from the initial one. In most cases, this quote is not favourable to the trader.
When there are no requotes, brokers fill orders at the best market rates available. While this may seem alluring to an investor, remember this broker is notorious for falsifying information and as such, thing could also be another lie.
The broker states that it forbids New Zealand nationals from subscribing to its platform.
The broker claims that in case of a dispute, the client is covered by The Financial commission for an amount summing to €20,000. This is only a trap to ensnare you to this platform, remember this broker is not even a member of The Financial Commission.
Is accruetrade.com licensed?
The broker has given 24275 IBC 2017 as their registration in St. Vincent and the Grenadines. When we did our research, we found that this country does not license nor regulate any forex brokers. It is striking the way this broker is using deception to feign credibility and legitimacy.
Clients Feedback
The testimonials featured on this site are all positive. However, when it comes to investment, it is not prudent to make this decision based on mere reviews.
The fact that the company pays a commission to clients who bring referrals makes us skeptical of these reviews.
Final verdict
Accruetrade.com fails to meet the thresholds for a legit forex broker. The company gives a layout of seemingly friendly terms to capture the attention of the investor.
Most claims made on the broker’s platform are false, which disqualifies it as a trustworthy forex site. The broker is an offshore company with no regulations which makes investors’ funds prone to risk. Accruetrade is also not clear on its trading name and this is confusing to customers.
As much as forex trading may seem to be a promising investment venture, desist from joining sites that are not transparent about their operations. If you are exposed to risks even while in a legit forex broker, imagine how it will be with a scam broker!
