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BrighterTrade Review - Is it scam or safe?

BrighterTrade review - is brightertrade.com scam or safe forex broker?

RATING: 1.2 / 17 REVIEWS BrighterTrade
BrighterTrade is an offshore broker. Your money is not safe.

RECOMMENDED FOREX BROKERS


BrighterTrade is a newly founded international brokerage that offers a wide variety of trading options. It was established in April 2018 by the Estonian company Ingoten OU with headquarters at Harju maakond, Tallinn, Kesklinnalinnaosa, Roosikrantsitn, Estonia and has not yet been regulated by any official regulatory agency. 

 

Advantages

 

Many financial instruments 

 

The brokerage offers an array of choices for trading which is always a welcoming sign. Traders can choose to participate in a wide range of financial markets such as CFDs on silver and gold, CFDs on stocks of companies such as Adidas, BMW, Barclays, as well as indices (JSE40, DAX30), cryptocurrencies like Bitcoin and Etherum and, of course, it also offers currency pairs. Diversification is always a plus since it attracts many different traders and also does not limit the range for clients, interested in trying out new financial instruments. 

 

Disadvantages

 

No regulation

 

There is no explicitly stated regulation on the website of the brokerage, only the registration code and license number of the company behind it are given – 14397082 and FVR000058 respectively. Although the brokerage is fairly new and may have plans to apply for regulation with reputable authorities in the near future, we must advise potential clients to approach it with caution. The lack of regulation opens up many risks such as no assurance whether the accounts of the clients and those of the brokerage are segregated – this could lead to fraud. Furthermore, no regulation means there isn’t a mechanism by which, in case of a market crash or brokers bankruptcy, the clients could be compensated. Such features are provided by FCA-regulated brokers who participate in the Financial Services Compensation Scheme (FSCS) which offers a safety net of up to 50 000 pounds per person and we recommend potential traders to always minimize risks by doing business solely with such brokers. 

 

>>List of FCA-regulated brokers<< 

 

No MT4/MT5 

 

The brokerage uses a web-based platform known as Tradersoft which is fairly accessible and readable for newbies and seasoned traders alike. It can be opened by nearly every web browser and works on mobile devices as well as computers. It offers a complete charting package, many analysis tools, indicators, real market prices and other standard features.

 

BrighterTrade platform. Click to enlarge

 

However, not having the MT4 should always be counted as a disadvantage. It is arguably the best platform available today and preferred by more than 80 per cent of traders precisely because of its special features. For instance, the Tradersoft platform lacks the MQL programming language which enables you to design and backtest your own auto-trading bots or run ready-made ones. This, among other things, is why we prefer the MT4 and see it as a negative trait for a brokerage not to have it. Here is a list of brokers offering MT4 and and its ancestor MT5:

 

 

>>Lists of MT4 / MT5 brokers <<

 

High spreads

 

BrighterTrade does not state the spreads on their website, nor the leverage. This is always a negative since information is probably the most valuable commodity in the trading world and an informed trader is a more confident potential client of a brokerage. Through the platform we could see that the spread for EUR/USD is 3.0 pips which is much higher than the 1.5 margin that we like. For comparison – IG offer a 0.6 spread on standard accounts. 

 

A higher spread lowers the possibility of profit from a trade and we always recommend traders take up business with brokers offering lower spreads. Furthermore, having in mind the lack of regulation, it is not worth risking with a broker who doesn’t even provide favorable spreads. Here is a list of forex brokers with much more favorable conditions (always have in mind whether the brokers are regulated when looking at their spread)

 

>>List оf low spread forex brokers<<

 

Relatively high minimum deposit

 

Traders with BrighterTrade can choose from three types of accounts: basic, standard and pro. The minimum deposit for the most basic one is $250 which is much higher than the usual figures offered by other brokers ($50-100). A low minimum deposit is a great advantage for traders since they are not obliged to risk a big sum of money and on the other side – a high minimum deposit would drive away inexperienced beginners unwilling to risk money they do not have. Although there are many top-notch brokers with very high minimum deposits and in it of itself a high minimum deposit is not such a big negative, having in mind the lack of regulation and the lack of info on leverage, we advise traders not to risk such a sum. Again, for comparison – FCA-regulated IG do not even have a minimum deposit.

 

Conclusion

 

Overall, the Estonian brokerage is pretty standard and does not offer anything out of ordinary. Among the outlined disadvantages, we must emphasize on the lack of regulation from a reputable authority. Regulation is pretty much the cornerstone of the trading world and we advise clients to be always on the look out for missing regulation as is the case. Safety of the funds is paramount and in cases such as this one, you have only the word of the broker to go on and that is simply not enough. The trading world offers much better (and safer!) options and we have linked to them throughout this review. 

 

Latest news about BrighterTrade
Broker Country Regulation Platform Min Deposit Review
US CFTC, NFA MT4, Web,
in-house
$50 Review Website
US NFA, CFTC MT4 $250 Review Website
Cyprus, UK, Mauritius CySec, FCA, FSC MT4, MT5, Web $10 Review Website
Australia ASIC MT4, MT5,
IRESSTrader
$100 Review Website
Cyprus, Australia CySec, ASIC MT4, MT5 $5 Review Website
UK, Australia, South Africa FCA, ASIC, FSCA MT4, Trading
Station,
NinjaTrader
$50 Review Website
UK, Cyprus, UAE, South Africa FCA, CySEC, DFSA, FSB MT4, MT5, FxPro
Markets,
cTrader
$100 Review Website
Cyprus CySEC MT4, MT5, Web $1 Review Website
Belize IFSC MT4, MT5 $100 Review Website
Cyprus, UK, South Africa, UAE CySec, FCA, FSCA, DFSA MT4, MT5, Web $5 Review Website
Cyprus, UK CySEC, FCA MT4, MT5 $1 Review Website
UK FCA MT5 $5 Review Website
UK FCA MT4, Web, MT4
for Mac
$100 Review Website
Australia, UK ASIC, FCA MT4, MT5,
cTrader
$200 Review Website
UK, Cyprus, Dubai FCA, CySEC, DFSA MT4, MT5, Web,
PrimeTrader
$100 Review Website

Traders` reviews for BrighterTrade

Spread

Pros

Cons

 

 

Slippage

Pros

Cons

 

 

Requotes

Pros

Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

It's a scam no option to withdraw funds

This company cannot be contacted by phone, nor by chat or messages.
I have deposited funds and now I am not able to withdraw those funds!

Don't get involved with this company or any other trading companies that call and call to get funds out of you!

Monica Colmsjo 04/29/2019

Scammed by Brightertrade

Yes we have been scammed big time from this outfit.
Chargeback did not work to recover our loss. Don't know what to do now as we don't have money to get help. Can anyone help please as I am very desperate,

Sue Nicholl 03/07/2019

Scammed out of Australian $700

As a very recent Widower,I thought I would try to boost my Pension.
I was looking at an advert Brighter trade ran,about Bit Coins,and was interested.Unfortunately,I was connected to Shaun Weismann,who assured me,they would always look after me.They lost the $700 quick smart,but Shaun kept asking me to increase the amount to a $1000,or more.I had alerted my Banks to refuse me any extensions on my cards.

These people are ruthless,and heartless,and looking at all their surnames,it goes with their records of being one of the most hated people on the planet.I certainly do!!I have now blocked about 13 phone numbers.I have had really abusive calls from some "Managers" and I have had the pleasure of roundly abusing them back.My money has gone,but these people need to be strung up,and soon!!

Brian Vendt 02/26/2019

BrighterTrade is a very devious company

I invested £1000 on the 17thoctober 2018 on the same day they took another £5000 when I questioned this they said my money was safe andI could withdraw anytime they deposited £100 into my bank to let everyone see how easy it was to get money back, they then took another £4900 out but after a lot of hassle and phone calls they deposited this money back, I kept telling them I wanted to close the account, then in December they closed it and paid into my bank account £3800 £2000 short of the £5800 which was in the account.I am 84 stressed out of my mind and they are adamant they owe me nothing they are a very devious company.

Margaret Mercer 01/08/2019

Brighter Trade frauds!!!

my money was stolen by Brighter Trade Marc Greyson, he installed a remote control software in my computer. Because I was so distraught lost half off my hair I could not eat could not sleep and could not go outside to do shopping and did not use my computer, and now I am again targeted by BRIGHTER TRADE SAME STORY. I WANT MY SAVINGS BACK HOW DO I DO THAT???

Louise AWJ Resink-van de Ven 11/06/2018

BrighterTrade - unscrupulous conmen

Nobody should use Brightertrade, they are a very unsrupulouse trading company, & I lost my entire life savings, through being an absolute idiot in trusting in the promises & lies by a Mr David Goldman.All they want is for you to invest more and more money. Iwas passed to 4 different (so called accounts managers). All a bunch of con-men.Like a gullible trusting idiot that i am,they have left me completely devastated in my retirement, having worked hard for 50 years, & now have nothing. I have been completely scammed out of over$30,000.

I would willingly "Swing" for these con-men. David Goldman(the worst), John Senn,Sean Waisman,James Fisher & Edward van Leeuwin,an absolute bastard. They have completely destroyed me & all my faith in human nature.

Mr Stephen Sewell 10/31/2018

scammed for 17000 euro

I have bin scammed for 17000 euro. I can not believe how stupid i have bin. I dont sleep anymore and my trust in menkind is gone

Maya 10/27/2018

Scam - with the help of my credit card I got the refund

Utterly stupid transacting on this site but it is an utter scam
That said after ignoring around 4o calls, getting multiple emails asking for personal information (credit card, passport etc)and emailing them to say I wanted my money back and was contacting anti fraud, with the help of my credit card I got the refund.

If you pad by credit card try and dispute it as they can get it back if Brightertrade haven't vested your money - which they shouldn't as you won't have authorised

Mark Read 10/16/2018

Pension lost

Good day I am an honest person that wanted to have a little extra income while retired to enjoy my grand children and living a bit, but after my experiences with Daniel Cohen my portfolio manager I dont think its my reality any more.. I lost my pension there and the only thing I earned while working with them is a a big hole in my bank account, each call he asked for more and more money! each called he pressured me to deposit more and more from my savings, after he was done with my savings he pressured me to borrow money from close people, I dont know what to do any more I am not young! I dont have the power to fight any more like I had before...

Every time I write them the person call Daniel Cohen he must act like a dumb person and say always the same thing that the request to the finance department was sent, this is going on for weeks, is there anything I can do to get my investment back ??

Graham Bunford 10/14/2018

BrighterTrade - Money lost

Wish I found and read all this reviews before I invested €500,00 with this people. That money is lost, this is a BIG SCAM! To be able to get some money back from them you have to verify your account, and to do so they ask for following (this is a copy of an email from them):

“We would like to verify your account! Please see below list of documents required for verification:
Color Copy of Passport / National ID Card / Driving License (front and back)
Color copy of a Bank Statement / Utility Bill issued in the last 6 months, showing your full name, residential address and issue date
Color copy of the Credit / Debit Card used for the deposit, showing the name, expiration date, first six (BIC) and last four digits (front), and the signature (back). For your privacy, please ensure that the CVV code is concealed.”

It would not even cross my mind to give them or anybody else this kind of information. That would probably be the most stupid thing anyone could do!

So I consider this a “lesson learned” -that money is lost forever. If you as me has waisted money with this site, delete all information possible on their site and Skrill.com including the credit card used for this!

To avoid that they call you, just block their phone numbers - the will try to call you from different numbers - they want our money badly!

I still can’t believe I could be this stupid!

Steve Hansen 09/26/2018

From A Fool

Can not recommend this company to anyone to invest in, I initially invested £250, but short time later I received a call from an agent from Brightertrade encouraging me to increase to £800, I was dubious about this but they talked and talked and talked, in so many calls from him to me, the person to avoid is David Goldman, as he is the mouth piece who persuaded me to deposit more money and like a fool I did, the initial trade made a good profit and they then credited my account with £100 to prove how quickly they could do it.

More the fool me then invested a substantial amount more, they advised me trades which they said were going to come up trumps, one did the others lost me all the investments.
After making the trades they do not call or advise you what to do, only call when want to to deposit more after the loses

I believe they give you one trade that profits but the others will lose out big time and this is their game and instruct you not to close out the trades and never set STOP LOSS or TAKE PROFIT limits, thus conning you out of all the money that was invested, this is their game to relieve you of your money.

THIS COMPANY IS A TOTAL SCAM DO NOT INVEST WITH THEM

Embarrassed & Foolish, Dave

David Graham 09/24/2018

A total scam

Keep your money far away from this scammer. Also the same group behind scam companies like Greenfield capital and Plusoption. Make a report to ActionFraud https://www.fca.org.uk/consumers/report-scam-unauthorised-firm and also a report to BCR!

Harry 09/15/2018

BrighterTrade Scam

Will not recommend this company as I had some bad dealings with them, every thing with my account went well up-to the point that I placed a withdrawal request the thins suddenly change no action at first from the account manager and then late on Friday 10 August my account manager Eduawardo Bello phone me and said that in-order to have the money released I have to do some investments guided by him self as all the markets is closing down he has let no margins in the account and all my money lost in a matter of min nets surly if this is not a scam I do not know what is a scam I have screen shots of the request done days before and not action and of all changes made as back-up to my statement if needed. people watched out and be worn of the name Eduawardo Bello attach see his E-mail address Eduawardo Bello

Lammie Naude 08/15/2018

Brightertrade is a big scam

I have been scammed by this dreadful Brightertrade criminals who has constantly refused to give back my balance after requesting to withdraw my balance they shut me off completely

Ndudi Abu 08/07/2018

Brightertrade = Brighter Scam

As someone who just lost £2000.00, I can confirm that Brightertrade is a scam. I told the Broker Leonardo Blum that I cannot trade yet because this is my first time, I don't know anything about trading and I need to have a dummy account first and learn. He dismissed all my concerns and asked me to deposit £250, saying that he will help me to make more money. The guy is a scammer and a con-man. He kept on putting pressure on me to invest more money. I told him I don't have any more money and that I am just a teacher with lots of debts to pay off.

He asked me to borrow more money from relatives, friends etc. He promised that we shall make more money and pay off all the debts within one month.
I took additional £1750 from my wife and my in-laws, making a total of £2000.

We started trading with him on the other end. He asked me to do something and I did it. On the long run, at one point I became uncomfortable and I asked him that I want to withdraw my money. He never gave me authorization to withdraw my money. I asked him again and again to withdraw my money and pay my debtors off, but he refused.

At one point we made some profit and I had £4000 in my account. I told him we should pay off my debtors first, but he refused and asked me to buy and sell some options and we lost all the money.

I was angry and it was then that I started reading online forums about trading. I now learned that Brightertrade is a scam, and that they are based in Estonia etc..

My marriage is now on the rocks and my wife's relatives are no longer talking to me. I really don't know what to do and I would like to get my £2000 back from Brightertrade. Kindly help me if you know something. Thanks!

Vince 08/07/2018

Brighter Trade is a scam!! A true scam

I was mislead by the Charles Moreno, working at Brigther trade to invest, and if I am not happy; I could withdraw my money at any time. First they took 100GB from my fund for just nothing; not explaining what that was for. I felt like this is fishy. I asked for refund for now two weeks, they are still processing my refund. the trader who used to call me practically everyday is nowhere to be found. I send emails and they bounced back. Customer service does not reply to email. Telephone number does not go through. A scam that is allwoed to run openly in the UK.

Placide Tahou 08/02/2018

Brighter Trade scam alert!

Brighter Trade is a SCAM! They refuse to return my initial deposit. They claim they don't have a way to return funds to clients. They are a SCAM ! Plain an simple. They will try to up-sell you to a USD25,000 package. Try to get you to grant them remote access to your computer. They will request multiple kinds of Identity documents from you. BEWARE.

THEY ARE AN UNREGULATED EASTERN EUROPEAN SCAM BROKER INTENT ON STEALING YOU MONEY AND IDENTITY.

Christopher Carroll 07/28/2018
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