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CO-MO-Trade claims to have a license from ASIC. When we checked the financial body’s database, we could not find any record of the broker. The firm is thus lying about its licensure. After our investigation, we further realized that this broker was an imposter
CO-MO-Trade is a scam broker claiming to put the world in your hands and allow you to conveniently trade stocks, options, and digital currencies. It may seem legit because of the cleverly-designed website interface. However, much of what the broker claims are lying. To be safe in the financial market, only trade with honest and trustworthy forex brokers.
In the forex market, retail traders need brokers. A broker is a company that provides financial services to clients who want to trade currencies, commodities, and other financial instruments in the forex market. They facilitate the trading of these instruments by acting as go-betweens between buyers and sellers in exchange for a commission.
A forex broker’s primary responsibility is to give clients access to the forex market. Other roles include offering trading platforms, execution services, and a variety of trading tools and resources. Brokers also provide their clients with various account types with varying minimum deposit requirements and leverage ratios. This helps to accommodate various trading styles and levels of experience.
In addition to facilitating trades, brokers offer their clients support and educational tools to help them advance their trading expertise. Webinars, trading manuals, and other educational resources are some of the tools they provide.
Brokers also help retail traders to enter the market through margin trading. This refers to using borrowed funds from a broker to trade. When a trader enters a margin trade, they must put up a small percentage of the trade’s total value as collateral. This is the margin requirement.
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Many scam brokers take advantage of the desperation of many traders and offer them unrealistic promises of making money.
From their website, we found a few things about the company. One is that they claim to be a global firm with networks worldwide. They operate in over ten countries and have more than 150,000 investors.
They offer the chance to trade currency pairs, metals, energies, indices, and cryptocurrencies. Traders can choose from one of their four available accounts. The accounts differ in terms of minimum deposit and spread. Traders also get assistant investment services and updates.
They say their mission is to empower investors to become global traders while protecting their wealth. They purport to provide the best conditions for the investors they connect with trading on global markets. In addition, they claim to create technological solutions and conduct business as a model for other brokerage firms.
The company claims to have earned some accolades. These include the Most Transparent Broker in 2022 and the Best in Customer Service in Australia. There was no way we could verify the authenticity of these awards since the broker is vague on who awarded them in the first place.
CO-MO-Trade’s Founders and Team
You would think that a company that has won an award for being the most transparent company in 2022 would be open about its founders. Contrary to expectations, the broker is cagey about its founding fathers. We could not get their origin story or even when it was established.
From whois.com, we established that CO-MO-Trade created its website domain on 2022-11-19. They updated it on 2022-12-13, and it will expire on 2023-11-19. For a company that has been in operation for such a short time, it seems odd that they have acquired over 150,000 customers in over ten countries. This broker is dubious.
Many fraudulent forex brokers hide their company’s origin story to avoid getting caught. Potential victims of fraud or the law enforcers might try to track them down, and hence they hide much information about themselves. Also, the founder might not even exist, and the scammer might be trying to protect their anonymity by not disclosing it. Investors should do their due diligence on any company or people they are considering doing business with.
The broker has provided email addresses and phone numbers. They also gave physical addresses to Sydney, New South Wales, Melbourne, Australia, and Ontario, Canada. This is also suspicious because they have a website that was less than one hundred days old when writing this review.
We cannot, therefore, assume that these contact details are reliable. The scam has only put them there to give the false impression of transparency and mask their true identities. Fortunately, you will not be among their victims after you read this review.
Regulation Status of CO-MO-Trade
Forex scammers understand what most traders look for. They check things like leverage, spread, and commission. This is because many want to make money. However, they ignore the most critical aspect of a broker, which is regulation.
Regulation of the forex market helps guarantee that all participants are treated fairly and that all transactions are recorded and reported accurately. Regulation is often carried out by government bodies, such as the Financial Conduct Authority (FCA) in the UK, the National Futures Association (NFA) in the US, and the Australian Securities and Investments Commission (ASIC). These organizations issue licenses to forex brokers and enforce regulations to ensure they operate lawfully.
CO-MO-Trade claims to have a license from ASIC. When we checked the financial body’s database, we could not find any record of the broker. The firm is thus lying about its licensure.
After our investigation, we further realized that this broker was an imposter. It has stolen the details of another Australian forex broker whose website is Como-trade.com. They have just changed the logo design and paraphrased some information on their website. If you’re not keen, you can easily confuse the two brokers.
The broker does not have any legal documents. No link led us to anything that could show the broker’s legitimacy. If the broker were half what it claims to be, it would have even provided a record of all its customers’ financial transactions.
CO-MO-Trade Trading Conditions
A good broker should have reasonable spreads, minimum deposit, and commission charges. This broker allows traders to start with as low as $100. This is not bad, although some brokers even allow as low as $5.
The broker has not provided details about the trader’s leverage and spread. However, from their WebTrader platform, we established that they have spreads from 0.3 and a leverage of 1:100. These are not bad conditions. However, given that the broker is a scam, we advise you to seek alternatives.
Deposit and Withdrawal
Co-Mo Trade claims to accept payments via VISA, MasterCard, Cryptocurrencies, Neteller, and Skrill. In reality, however, the broker only transacts via bank transfers. They know that this will make them appear legit. However, this lame attempt will not work because we have already exposed them.
It is also wrong for a broker to give customers a variety of transaction methods only to limit them to one. Such an inconstant broker is unreliable. The scam broker has also not mentioned anything about withdrawal charges.
After our investigation, we conclude that CO-MO-Trade is a dubious broker, and you should stay away from them. Unregulated brokerages’ fraudulent practices have victimized many investors. That’s why you must pick a reliable forex broker who will support you every step of the way.
Check a broker’s background thoroughly before trusting them with your hard-earned money. Even though forex trading does not guarantee profits, at least make sure you do not lose your money to shrewd scammers.