ZotaTrade Review: A FinaCom Licensed Broker but is it Really Worth Investors Time?
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ZotaTrade Review
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Regulation
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Fund Safety
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Customer Support
Summary
ZotaTrade is an offshore broker which is not licensed by reputable financial bodies. However, it is not that bad since the entity has been approved by FinaCom to conduct their business. We only recommend trading with companies regulated by known financial watchdogs like the FCA.
ZotaTrade is a company that claims it is a reliable investment platform. The broker is located at Marshall Island. The entity states that it has over 250 trading instruments in the market. Investors can also trade using their phone or computer.
The platform is accepting investors from all over the world. It also states that it has an MT5 and web-trade platform that you can use. Investors do not need to download anything from this entity.
ZotaTrade state that it is guided by creating an honest and transparent relationship. The goals of this broker are to provide the firm with the best trading technologies. They also brag about having several trading tools.
The support of this company is presented as professional. Their aim is to create a mutually beneficial relationship with their customers. The firm is trading CFD, stock, Forex, commodities, and currencies.
You might think that this is the next big thing in the market. Unfortunately, they are not and you should not give them the benefit of doubt. The firm is only looking after its selfish needs. Why not look for better investment ventures.
ZotaTrade.com Review
ZotaTrade state that it has over 80 experts handling the funds of investors. The platform state that the account manager has years of experience in the financial sector. The entity claims that its security is its top priority.
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However, you need to know that you are dealing with shady people. Offshore brokers do not care about the experience that their customers get. The entity has 6 investment accounts ready for its clients.
ZotaTrade promises investors that they can make profits from anywhere in the world. The firm requires their clients to open trade whenever they please. Their mobile app allows you to trade at any time. It is also compatible with various mobile devices.
The company lacks transparency and this is one of the reasons that we do not recommend them to the public. You need to deposit funds using for you to start earning big returns. The team brags about we are not certain that it is indeed qualified for the job.
Invest with legit forex trading companies that have a trading history. These brokers are reputable and their trading conditions put the need of their clients first. These are some of the top platforms that will help you earn reasonable passive income.
Trading Conditions
The entity has the mighty MT5 trading interface for its clients. The currency pair of EURUSD offers a spread of 1.7 pips. There are multiple trading opportunities in the market. You will even come across entities that have better trading conditions.
The leverage cap is way too high than what the financial bodies permits. Investors will enjoy a leverage cap of 1:400. If you are not used to trading in high leverage you might expose yourself to several risks.
The FCA recommends trading with a leverage of 1:30The US and Canadian financial watchdog recommend 1:50. There is a reason for this and you should ensure that you are trading with the best partner.
ZotaTrade considers an account dormant if there is no activity that has happened in the last 6 months. The company will mark the account as dormant but there are no fees mentioned. The entity offers a bonus of 30% on deposit.
For you to withdraw the amount that you initially deposited you must trade a volume of 40 times the bonus amount. This means that once you accept the lucrative offer of this entity you won’t be able to withdraw any amount.
Withdrawal and Deposits
The company claims that it is accepting funds via Visa, and MasterCard. The least amount that you can deposit at this entity is $500. The company is asking for a lot of money compared to brokers that accept $100 or even $1.
You can deposit money using Wire Transfer, or Credit and Debit cards. Deposit funds via the Credit card option. This is because you can issue a chargeback from up to 540 days. It is a mitigation that the entity has taken to combat fraudulent activities.
ZotaTrade fails to disclose the minimum amount that you can cash out from their entity. In fact, this venture does not provide any data regarding the withdrawal. The main reason that we invest is to earn passive income.
Therefore, once an investment venture fails to feature such essential information it raises questions. The company processes the withdrawal request within 3 to 7 days. The platform does not disclose if there are fees that apply.
Contact Details
ZotaTrade is a platform that is allegedly based at Marshall Island, Trust Company Complex, Ajetake Road, Ajeltake Island, Majuro Mh96960. The platform can be contacted via email or phone.
At this time of the writing, the broker does not have client feedback. Therefore, we cannot verify that the entity is responding to the query of investors on time. It is an offshore entity that will be hard to trace down.
In most cases, scammers are the ones that are based in such areas. Once you try cashing out your money they give all sorts of excuses. You need to know what you are getting yourself into. However, with this entity, they are a member of FinaCom. Their case might be different but time will tell.
ZotaTrade Regulatory Status
ZotaTrade is an offshore broker which is not licensed by reputable financial bodies. However, it is not that bad since the entity has been approved by FinaCom to conduct its business. We only recommend trading with companies regulated by known financial watchdogs like the FCA.
The corporate that is managing the operation of this broker is Zota Capital LTD. It is registered in the Marshall Islands. The Island does not have a strict body that governs the operation of this entity.
Nonetheless, ZotaTrade holds a license from FinaCom. The body brings along reliability and security. Investors stand a chance of being compensated $20,000 on the complaint. We still do not recommend the entity.
The Domain Insight
ZotaTrade is a platform that is registered privately. The company was registered in August 2020. Their domain name will expire in the same month the year 2020. The global Alexa ranking of this entity is that of 8,760,225. It remains unknown the area that the broker targets its clients from.
ZotaTrade Client Feedback
ZotaTrade is a platform that is not licensed. The broker is operating anonymously. Moreover, they do not have client feedback. The company is based in an offshore location. Therefore, entrusting your money with them will not bore any fruits.
We look forth to seeing how this broker will treat its clients. They plan to be in the market for a couple of years. We shall update you on any major happenings.
Final Verdict
Investors are wondering if it is possible to generate money using this company. The firm is an offshore broker. They only have a FinaCom license that does not mean much. Nonetheless, this broker is not properly licensed.
It is not a scam either. You can get more genuine returns with a reliable broker. Try some of these best forex trading companies that are licensed by the best regulatory bodies in the market. You will earn decent returns while you trade without fear.
The company is licensed by an NGO which is not enough reason to trust the entity. We would suggest that you stick to investment entities that are regulated by reputable bodies. The scam is not worth your trust.
