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News-Traders Review - is it scam or safe?

News-Traders review - Is news-traders.com scam or good forex broker?

RATING: 1 / 3 REVIEWS ForexBrokerz News-Traders
News-Traders is an offshore broker. Your money is not safe.

RECOMMENDED FOREX BROKERS


News-Traders is an offshore forex and CFD broker based in St Vincent and the Grenadines, offering four account types with a choice between MetaTrader4 and a web based trading platform.

 

Account type Min. deposit Max. leverage Spreads
Classic Account $250 n/a n/a
VIP Account $10 000 n/a 3 pips, fixed
Gold Account $25 000 n/a 3 pips, fixed
Platinum Account $50 000 n/a 3 pips, fixed

 

Unfortunately the broker is not regulated, so if you are thinking about trading with them be sure to read this review first.

 

News-Traders Advantages:

 

MetaTrader4 available

 

We try to list any positive features about our brokers in the beginning of our reviews and here with News-Traders that might be the fact that they offer MetaTrader4. They do that through a third party - Trading Technologies Ltd., which is not a standard practice, and yet we will credit them for it.

 

MetaTrader4 is a highly reliable trading platform, featuring lots of in build market indicators and even trading robots with the help of which one can easily run automated trading sessions. The platform also comes with a user friendly set of advanced charting tools, so here you may also check our list of brokers supporting MT4:

 

>>MT4 Brokers<<

 

Acceptable minimum deposit requirement

 

You can star trading at News-Traders with 250 USD and that is fine as well. Most brokers require the same amount, while some big names like FBS and IG will let you start trading with just 5 USD or even less.

 

News-Traders Disadvantages:

 

Unregulated, offshore broker

 

This is a major issue. We understand that News-Traders is owned and operated by News Traders Limited, an offshore company, based on St Vincent and the Grenadines, which is not licensed and authorized to offer any financial services on regulated markets like the EU, including the UK for example. 

 

Trading with unregulated brokers has always been extremely risky as they are completely unaccountable for the way they handle your money and more often than not are simply involved in scam.

 

That is why our general advise has always been to trade only with properly regulated brokers, licensed by official institutions like the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission (ASIC), or the Cyprus Securities and Exchange Commission (CySEC). 

 

And because with a FCA broker your funds will even be protected by a client compensation fund, covering the first 85 000 GBP in your trading account, here you may also check our list of brokers regulated in the UK:

 

>>FCA Regulated Forex Brokers<< 

 

Market Maker offering managed accounts

 

As most other brokers News-Traders is a market maker, which means that they make money whenever traders lose. And there is nothing bad with this, except when a market maker offers its clients to manage their accounts. In this case we have a conflict of interest. And that is exactly the case with News-Traders – they offer their clients some unproven auto- trading software, which comes with a minimum trade volume requirement and a promise of fast and easy returns.

 

Unusual fees and withdraw processing time

 

Another issue with  News-Traders is their 100 USD monthly inactivity fee, which they charge after just 45 days without trading. Bear in mind that legit broker may charge such a fee only if you have not logged into your trading account for over a year.

 

Also, News-Traders says it will take them 5 to 7 business days to process your withdraw request, while with most legit brokers that period is never longer than 24 hours.

 

No demo account directly available

 

Unfortunately we were not immediately able to open a demo account and that is why we can not commend on the News-Traders spreads. Just bear in mind that spreads are considered acceptable only if they start below 1,5 pips. Here you may check our list of brokers, offering tighter spreads:

 

>> Lowest spread forex brokers<<

 

Skrill not accepted as payment method

 

Although News-Traders displays the logos of various payment methods on their homepage, including VISA, MasterCard and Skrill, when we proceeded with our registration it turned out they accept payments only with an obscure e-wallet - Vogue Pay and crypto coins. 

 

The absence of Skrill is notable, because of the new anti- scam policy adopted by the money transfer company. According it Skrill partners only with properly regulated brokers, and as we already established News-Traders is not a licensed broker. Here you may check as well our list of brokers accepting payments with Skrill:

 

>>Brokers accepting Skrill<<

 

Conclusion:

 

News-Traders is low credibility, offshore broker, which we can not recommend for obvious reasons – it is not regulated and it offers managed accounts, while acting as a market maker. In fact this sounds to us as a clear recipe for a scam. Once again, be sure to trade only with properly regulated brokers like the ones authorized by the FCA in the UK, CySEC in Cyprus and ASIC in Australia.

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Traders` reviews for News-Traders

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Price feed

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Platform

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Deposit/Withdraw

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Customer service

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Warning! Scam! Do not use News-traders.com - they are a scam!

WARNING! NEWS-TRADERS ARE A SCAM! They use false names to give reviews (like the one here) and are known to international police and other authorities. The website has no address and all numbers are SKYPE and all FAKE. They will steal your money and have been stealing money for a long time from other people. DO NOT USE THEM! Their website is full of spelling mistakes and all the people use fake names. Any good reviews here are also fake. SCAM! SCAM! SCAM! Please contact me if you want to verify. I am based in Switzerland.

Kirk Schmidt 12/02/2019

Scam! Do not ever use News-traders.com

They are a scam! Do not use News-Traders.com, I lost more than $50,000 with them. The website is fake, the people are fake, the numbers are fake and the trades are all fake. They are wanted by international police as when I went to report this, they said they were already looking for them due to the number of complaints they have received. Do NOT use news-traders.com -if you check the website you will see all the spelling mistakes, bad English used and fake/Skype numbers with no address - they are THIEVES!

Martin Schlussman 11/16/2019
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