Sbtradetek Review: Sbtradetek.com is Shady
Sbtradetek positions itself as an award-winning crypto broker providing services tailored for investors. This is not surprising, as that is what any other broker would say. However, the website, which should serve as the broker’s face, reveals the opposite. Not only are crucial details missing, but the falsifications are too much.
Thousands of people lose money monthly in the financial markets, not usually due to poor trading or investing choices. These losses are due to fraud prevalent in the over-the-counter sector. Creepy forex brokers, hiding behind the stated brands of forex companies, have perfected their art of duping innocent investors. They will use glossy advertising and all conceivable marketing antics and offers to entice you to invest with them.
To scammers’ chagrin, we have a way of uncovering them, and you will be surprised that it is not as nerve-racking as you imagined. There are telltale signs that a broker is out to fleece you. The most obvious sign is a lack of regulation. Other signs might be somewhat subtle, such as absurd trading conditions and sub-standard trading software.
If you are considering venturing into the crypto or forex market, now or in future, you have come to the right place. We will give you tips on identifying worthwhile crypto brokers. Also, if you were contemplating giving this broker a shot, this review will spare your money and nerves!
Sbtradetek.com Review
Sbtradetek claims it was incepted in 2015 and explored the Russian market in 2017. Nothing could be further from the truth! The whois database reveals that the broker registered its domain on 11 November 2022, indicating that this is just another freshly baked subpar scam. The revelation also casts doubt on its claims of having over 2M clients. The broker alleges specialties in cryptos, virtual reality, blockchain technology, 3D concepts, robotics and AI, startups, and e-commerce. Investors can purportedly access over 250 trading assets, including stocks, forex, indices, and commodities.
According to this broker, its competitive edge comprises fast executions and transparent payments. For the record, there is nothing transparent about crypto payment. Traders also enjoy competitive spreads, high yields, secure accounts, and advanced analysis tools.
Regarding its trading platform, the broker promises classic trading strategies, including HFT and algorithmic trading. But going by the software we found, this claim is inaccurate, which is laughable, coming from an entity reportedly using cutting-edge technology for financial excellence.
Background & Contact Details
Sbtradetek claims to be under the tutelage of David Gorman, a “famous businessman in narrow circles.” However, there is no evidence to prove that, and we thus dismissed the claim. No further executive information is available, so you can’t track down the broker for accountability. Worse still, there are no links to social network groups.
The broker claims to be based in Monaco, with a corporate address to convince you. However, the telephone contact is not mapped to Monaco but to France. You do not expect to find such contradictions in a decent broker. Another downside is that you won’t reach the broker’s customer support. How would you get assistance for time-sensitive needs such as delayed login or password reset? That the broker imagines we will buy into these lies is insulting your intelligence as an investor.
Deposit & Withdraw Policy
Building trust, reducing fraud, and boosting customer satisfaction in the digital landscape depends on transparency in digital transactions. This is crucial in the digital age since it’s easy to get away with anonymity and no scrutiny. One way to ensure transparency is through straightforward payment channels. Conventional payment channels like credit cards
guarantee transparency and convenience as you know the recipient’s identity and can reverse transactions.
Sbtradetek mentions credit cards and UnionPay in its Terms of Use. But its deposit menu indicates the broker accepts only Bitcoin and USDT Tether. We have a bad feeling about this. See, crypto transactions are flops when it comes to convenience. The recipient’s identity is concealed, thwarting any legal pursuits for fraud. Again, you cannot reverse crypto transactions, as the cryptography is sophisticated and final. Lastly, crypto wallets are vulnerable to hacking, implying you face loss at all times.
Legitimate brokers offer practical payment alternatives, allowing you to fund your investments in any way that works best for you. Whether using wire transfers, credit cards, or e-wallet services like PayPal, Skrill, or Neteller
Sbtradetek Investment Plan
The broker offers three investment plans. The first plan targets newbie traders and has a minimum deposit requirement of $1000 per month. Beginner traders do not access crypto instruments and are ineligible for deposit insurance. The other account is the optimal plan tailored for experienced traders. The plan has a funding threshold of $ 25000 per month. Optimal members get deposit insurance and can trade cryptos and metals. Lastly, the professional account targets experts and has a monthly deposit threshold of $ 50000. Professional traders allegedly access deposit protection and insurance.
We have two issues with the above investment plan. First, the minimum deposit is prohibitively high, considering that it is for amateur traders. If you are new in this market, you shouldn’t risk such a high amount, even with a legit broker. Secondly, the broker asks for monthly deposits, something unheard of. Almost every broker asks for a one-off deposit, with subsequent replenishments. The broker can’t even pretend not to be after your money.
We also noticed that Sbtradetek offers a parallel investment model spanning one to 90 days. Investors can choose one, 14, 30, 60, or 90 days period. In return, they earn 1 percent daily for investment. The minimum deposit here is $250. Interestingly, the broker doesn’t explain how you earn this money. Also, never trust a broker who makes guarantees of fixed earnings. This is not how the market plays out; it is too volatile and unpredictable for any assurances.
Regulation Status of Sbtradetek
Sbtradetek claims to adhere to the Republic of Vanuatu laws. The broker even posts a certificate that it allegedly obtained for its operations. Why would a broker in Monaco be subject to another country’s laws? Upon checking, we found that Credit Financiers, the bearer of the license, is a legit broker based in the UK. There is nothing to show that the two entities are even remotely related. This broker cannot even get its lies straight! Avoid it at all costs.
Investing with unregulated brokers is perilous. You are not covered for losses arising from the broker’s bankruptcy. Also, the broker doesn’t segregate your funds or offer zero balance protection. There are a thousand ways to lose money with rogue brokers. Lastly, you have no legal recourse for disputes, which pretty much puts you in a vulnerable situation.
Sbtradetek Trading Conditions
Sbtradetek has attached some lousy legal paperwork, but it was pointless. The documents are generic and don’t address any material information like applicable fees and spread. The closest they come to that is mentioning that withdrawals might incur charges, as will dormant accounts(inactive for three months).
The broker advertises a leverage of 1:100. This level is above the acceptable range for most forex regulators. The FCA, CySEC, and ASIC cap leverage at 1:30. The CFTC and IIROC cap it at 1:50, while Japan and Hong Kong impose a 1:20 limit. The capping cushions investors against unnecessary and excessive losses in volatile episodes.
The broker also mentions a bonus of 1.5 to 5 percent. This is yet another clue of a scammer ready to strike. Anytime a broker gives you incentives, you can bet it will collect it, one way or the other. Most scam brokers reward bonuses only to attach extortionate clauses that will keep you from withdrawing any money. The broker did not disappoint; as expected, its bonus terms are vague.
Trading platform
The broker offers a web-based trading platform. This is disappointing as the bland platform is basic and cannot offer you a competitive trading experience. Also, rigging the trading software to dupe investors about earnings would not be a stretch for this broker.
For the ultimate experience, invest with authorized brokers offering the MetaTrader platform. The MT4 and MT5 are robust and adaptable trading platforms that provide various features and tools to aid traders in making wise decisions and successfully executing deals. It also allows multi-asset trading, customization and automated trading.
Verdict
Scam brokers are on the loose, necessitating high alertness. You will recognize them quickly, as they typically guarantee significant returns or make irrational promises only to fall short of keeping them. Additionally, they could engage in unethical behavior, including altering the trading platform, obstructing withdrawals, withholding cash, or giving false or misleading information. In a nutshell, Sbtradetek’s profile is that of a fraudster.
The type of broker you pair with determines your return prospects. Once you choose a worthwhile crypto broker, you are halfway there. To reiterate, invest wisely.
