Advan Trade is an illicit broker faking legitimacy. The broker claims to have a global presence in South America, S. E Asia, Africa, and Europe. Despite its misleading hype, the broker screams rogue- just by a glance at its website. Besides being an impostor, the broker lacks the key element we are looking for; solid regulation.

 

Most investors, and rightly so, swear by forex investment. Indeed, you may be aware of reputable public figures who owe their wealth to this venture. While we are not dismissing such sentiments, there is a side inadequately addressed; scammers.

What most people don’t tell you is that the shady entities are all over, angling for your funds. To think that you could pool up your hard-earned money only to lose it to someone who didn’t break a sweat for it should be enough inspiration for caution. 

Being diligent will help you identify legal forex brokers who can help with boosting your investment. If you are a beginner stuck on how to go about that, we got you. Also, if you are contemplating partnering with this broker, this review couldn’t be timelier. Find out more here.

Advantrade.net Review

Despite this broker being downright controversial, it doesn’t shy away from making promises and issuing guarantees. For instance, it assures investors of a secure, hi-tech, and innovative trading platform when all it offers is a lackluster interface. The broker also brags about having over 10 years of experience in this market. This is a flat lie, as the broker registered its domain with the whois on 15 June 2021. This is proof that the broker can lie about everything.

Investors can allegedly access over 100 trading instruments, including forex, metals, energy, cryptos, indices, and commodities. The broker reports the platform’s benefits as a powerful trading platform, unique trading experience, 128-bit SSL encrypted accounts, and tier-one technical teams and financial professionals. Also, the broker purports to have core features such as a diversified investment portfolio and elite technical and research specialists. But you can agree that without regulation, all these perks are pointless.

Deposit & Withdrawal Policy

Information on accepted deposit methods is unavailable. Be that as it may, we should mention that brokers accepting both conventional (wire transfers, credit or debit cards) and digital methods (e-wallets) are preferable. Conventional methods are transparent, which gives leeway for tracking and taking legal action. Credit card deposits are even better as they qualify for a refund, albeit after 540 days.

However, the suitability of e-wallets depends on individual providers. As for crypto payments, they aren’t ideal and should only be used as a last resort and only with an ethical broker. This is because you can neither trace the recipient nor revoke the transaction. It is also worth noting that the industry-accepted minimum deposit is $250. Any broker asking for more than that for a micro account should raise eyebrows. However, a broker accepting lower rates should not be an okay to invest with them, at least not until you ascertain regulation.

 For withdrawals, reputable brokers abide by AML policies, requiring investors to withdraw using the same medium they used to deposit. If you find a broker accepting methods different from those used for deposits, there is a high likelihood it is fraud.

Advan Trade Regulation Status

Advan Trade asserts ties to ET FinTech Pty Ltd and Topical Wealth International Ltd (Top Wealth), two businesses with separate licenses and rules. The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) reportedly monitors Topical Wealth International Ltd. (Top Wealth), with an MSB license and another license from the Seychelles Financial Services Authority (Seychelles FSA). Likewise, the Australian Securities & Investments Commission oversees ET FinTech Pty Ltd(ASIC).

For reference, FINTRAC is not an organization that regulates firms offering forex services or issues licenses for forex trading. On the contrary, IIROC is the body mandated with that. Also, we found a match of Top Wealth in Seychelles FSA. But according to the information displayed on the Seychelles FSA, Top Wealth’s permitted domain is “https://www.topicalwealth.com,” not the one documented with Seychelles FSA. This discovery negates any claims of affiliation between Advan Trade and Top Wealth. Likewise, we also discover ET FinTech Pty Ltd as a match in ASIC. However, ASIC does not list any “Advantrade”-named agents for this company.

Since this broker doesn’t fall under any apparent regulation, it is an investment risk by default. Partnering with the broker denies you several benefits and privileges. 

First, you are ineligible for compensation if the broker vanishes or becomes insolvent. Secondly, you do not access the zero balance protection, nor are your funds segregated. Lastly and most devastating, you cannot take any legal action against this broker if things go awry. Get the drift?

Trading Conditions

The broker has not availed of any legal paperwork regarding its services. This is typical of scam brokers as they are dodgy on material information. Under no circumstance should you enter into any arrangement with this broker due to information asymmetry. Also, note that some scammers are more subtle and provide all required paperwork but with a different goal. To make you assume they are safe and stop prying further.  

Advan Trade claims to offer spreads as low as zero. That would be great, except the broker does not tell you that such a spread comes with a commission. With no legal documents, it’s hard to tell the commission terms.

The broker allows leverage of up to 1:400, which rules out any possibility of ASIC regulation. The forex regulator(ASIC), alongside others like FCA and CySEC, cap leverage at 1:30. The same goes for Canada regulation claims, as IIROC, the forex governing body, restricts leverage to 1:50. While some may view the cappings as a setback, it is there for your safety. It shields you from heavy losses resulting from market volatility.

We also noted that the broker offers a $100 credit bonus for initial deposits and referrals. Investors can withdraw those bonuses after attaining a trading turnover of 20 percent of the credit bonus. Also, referrers get a rebate of $3, $4, and $5 per lot if referees open silver, gold, or platinum accounts, respectively. However, it might interest you to know that awarding bonuses and promos is a practice most regulators forbid. This is because these incentives have strings attached. In most cases, investors must meet unrealistic trading goals or risk losing deposits.

Advan Trade Trading Platform

Advan Trade allegedly proffers a trusted one-stop trading platform and even mentions the industry-standard MT4. Unfortunately, we couldn’t access any trading software because the submission of personal information to a deceptive broker is a line we were not willing to cross. Not that the broker’s trading platform would’ve changed our mind, but confirming would be harmless.

Nonetheless, Advan Trade provides a peek at its trading platform on its website. However, the platform is quite bland. A reliable trading platform is the least a broker should offer when trading online. To this effect, most reputable brokers provide the widely acclaimed trading software yardstick, the MetaTrader.

The MT4 and MT5 have state-of-the-art technology, guaranteeing a competitive trading experience for users. Besides the ability to custom scripts and trading strategies, investors can automate their trades using the software. Furthermore, investors can place multiple trades concurrently and back-test or forward-test strategies. What more would you want?

Testimonials

Customer reviews provide a unique window to view brokers or any other entity. However, remember that these reviews are prone to bias and subjectivity. The reviews published on the broker’s website are positive. Nonetheless, we are skeptical of their credibility, primarily because the alleged customers could be motivated by anything, including the referral bonus.

Meanwhile, a damning customer review is not something we take lightly. Reviews on the WikiFX reveal unimpressed customers who are as cynical about the broker’s credibility as we are. Negative reviews should be a warning that the entity under scrutiny may be up to no good. Take heed.

Verdict

It is a fact that you can get reasonable returns from forex investment. It is also a fact that you can fall prey to forex scammers and lose your entire investment. This juxtaposition draws to attention the need for vigilance in this venture. Advan Trade serves as a perfect example of how scam brokers manifest. From impersonating decent brokers to lacking regulation, this broker is a recipe for danger.

Legal forex brokers are probably better than what we give them credit for. They have a fair trading environment and mutually beneficial trading conditions. Likewise, these brokers are cognisant of the need for legal redress or mediation and have a provision for that. Notably, the brokers help you invest and secure your investment.   

 

 

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