Though initially they fooled me, after some more intense research I discovered that Trade12 is nothing more than another scam broker. These days it seems they have littered the internet just about as much as the binary options scam systems have, and there is no sign of stopping anytime soon. As long as there are more binary options scams being released, new brokers will keep popping up, and vice-versa. It’s a horrible cycle that can only be stopped if people get informed and stop handing over their hard-earned cash without proper research first.
Minimum Deposit: $250
Trading Instruments: Forex, CFDs, Indices, Metals
US Traders: No
Web Based Trading: Yes
So, why is the Trade12 Scam Broker luring so many people? Well, from the looks of it on the website, you are led to believe that Mike Tyson is the face of this scam. Any time you have a star, even if they aren’t exactly well loved, backing anything, it seems more trustworthy. Now, in this case, I don’t see how Mike Tysons rep could get any worse, so it’s a bad sign as it is. With him all publicity is good publicity, so even if he really does back this horrible scam broker, it won’t hurt him.
First, who are Trade12? As per their website, they are an international brokerage brand that is owned by Exo Capital Markets Ltd, who are incorporated in the Marshall Islands under the Registration Number 68798. The listed address is Tomimae 5, Tallinn 10145, Estonia. With that said, I tried to find some information on Exo Capital Markets Ltd., as the listed owner of Trade12. From the looks of it, in March of 2016, Italy’s financial markets regulator Consob issued yet another warning against Trade12. This warning is for Italy exclusively, as neither Exo Capital Markets Ltd. or Global Fin Services Ltd. are authorized to offer investment services in Italy. I did manage to track down the official website of Exo Capital Markets Ltd., among numerous others that were started but not complete with the same company name, but found little information that I can really work with. It is very limited and offers nothing more than, than what you can generally find online. All in all, scam artist hiding behind company names.
In their History Page, Trade12 claim that they have served traders for over a decade. Of course, this is a complete lie, or at least, avoiding the truth. Though I was unable to find information as to when Exo Capital Markets Ltd. was registered as a company, I know for a fact that Trade12 did not exist until 2015. The fact that they feel the need to lie about this is more than enough to show that they are not ready to be honest with you. Their sole goal is to get you to invest, because they know very well that once your money is with them, its theirs.
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Available Accounts with Trade12
There are 4 different accounts available if you sign up with this scam broker. They range from the minimum of $250 investment to over $50,000. Taking a look at the benefits based on your investment amount, you don’t really get much for putting more money into it.
The Trade12 Trading Platform
This broker uses the MT4 Trading Platform. This is an online platform so no need to download, though I have had some issues with it in the past, though some do prefer it. Unfortunately, even if the platform does have numerous features and offers a user-friendly interface, it doesn’t make up for the fact that if you do make a profit, you still won’t be able to withdraw your money.
Deposits and Withdrawals
Here is where we come to a halt. The biggest issue with scam brokers out there these days is that even if they use a quality platform and seem very attractive and trustworthy at first glance, you never really face issues until you want to withdraw your money. First things first. With a broker like this, once you do invest your money with them
Before investing with any broker, it’s very important to read their terms and conditions. Here you will find everything you need as far as the numerous loopholes they leave themselves so they can get away with robbing you. Also, this will help you know the process and can make more accurate requests so as to prevent unnecessary delays which they always seem to use to their advantage.
Firstly, if you invest money via a card (which most people do) you can withdraw only the same amount that you have invested. All amounts above this must be transferred via bank transfer. Thus, when you ask for your withdrawal make it clear and provide the necessary information in advance so they have no argument in regards to delays or impossible withdrawals. If your account goes “way below the minimum of $100” (very technically and legally put) they can terminate your account. They also reserve the right to terminate your account if they feel you are not earning the profits honestly, or well, as its put in such general language, they can terminate it basically for any given reason they make up.
What Traders are Saying about Trade12 Scam Broker?
Here it’s when it gets interesting. There are many complaints about this scam broker that have been going on for quite some time. Unfortunately, as they are not regulated, there really isn’t anyone they can complain to except for share their frustration online and perhaps, warn others. There have been a number of successful traders that have made profits with this broker, technically, if they know what they are doing, they can make a profit with any broker. The problem is that it all goes in either of the following ways. Either when they request a withdrawal one of the many loopholes in the Terms are used to prevent them from getting their money. If they get too aggressive in trying to get their money back, they account gets terminated without any further communication and that’s that. The other alternative is one of their “expert” brokers contacts them and aggressively haggles them to “make more money” by trusting them to do several trades for them as they have some “inside information” and when you finally agree they invest all of your profits and lose them overnight. Either way, in the end you’ll be lucky if you can at least get a small part of your investment back. The fact is, there is zero chance of you really seeing any actual profits from this scam broker. I have read pages upon pages of discussions in the closed forums, in comments sections, and the Forex Peace Army website that I am 100% convinced that Trade12 is a scam broker.