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PayTrade Review - Is it scam or safe?

PayTrade Review - is paytrade.io scam or good forex broker?

RATING: 1 / 0 REVIEWS PayTrade
PayTrade is not regulated. We cannot guarantee your money is safe.

 PayTrade presents it self as a UK regulated forex and CFD broker. Our research, however shows that this is a scam website using details of a legit broker to trick investors and steal their money. An there is a fresh warning against PayTrade, issued by the British Financial Conduct Authority (FCA), so if you are thinking to deposit your funds with them, better read this review first.

 

Trading account  Min. deposit Max. leverage Spread
Discovery Account 500 EUR n/a n/a
Silver Account 10 000 EUR n/a n/a
Gold Account 50 000 EUR n/a n/a
VIP Account 150 000 EUR n/a n/a

 

PayTrade Advantages:

 

We usually start our reviews with any possible advantages about the broker we investigate. With PayTrade, however, there are simply non. 

 

PayTrade Disadvantages: 

 

Clone website, with a fresh warning from the FCA

 

PayTrade claims to be owned and operated by JPN FINANCIAL CONSULTING LIMITED, which is licensed and authorized by the Financial Conduct Authority (FCA) in the UK. JPN FINANCIAL CONSULTING LIMITED is a legit company, which really holds a FCA license. PayTrade however has nothing to do with JPN FINANCIAL CONSULTING LIMITED, so FCA has issued a warning against the scam website. 

 

 

We call scam websites like PayTrade clone websites, because they use contact and corporate details of legit businesses to deliberately trick investors.

 

In this case PayTrade uses the name and the FCA license of  JPN FINANCIAL CONSULTING LIMITED.

 

Our advises is to always double check the authenticity of a broker, by searching through the registers of the regulatory authority it is registered with.

 

Also you should chose only among brokers, regulated by well known and well respected institutions such as the FCA in the UK, the Cyprus Securities and Exchange Commission (CySEC), or the Australian Securities and Investments Commission (ASIC).

 

What is more, with a FCA regulated broker you will even enjoy the additional protection of a client compensation fund, which will basically cover your funds with an insurance policy of up to 85 000 GBP. Here you may check our list of brokers, regulated by the FCA in the UK:

 

>>FCA Regulated Forex Brokers<<

 

Trading bonuses use as a pretext to cancel withdraw requests

 

Scam brokers like PayTrade always offer trading bonuses – a controversial practice banned throughout Europe and on many other regulated markets as well. The main problem with all trading bonuses is that they are always linked to some additional withdraw conditions as for example a minimum trade volume requirement.

 

And scammers use those additional conditions as a pretext to cancel any withdraw requests. With PayTrade for example you will be required to trade at least 100 000 USD for every 5 USD you have received as a bonus. And besides, PayTrade reserves the right to change the bonus conditions on their sole discretion and without notice

 

Unusual fees

 

Also, if PayTrade decides that you have not traded enough they will charge you an additional 5%  administrative fee. And they also charge transaction fees and a commission for depositing and withdrawing of funds without bothering to specify what those fees will be.

 

 

Finally, PayTrade says they may introduce additional fees and charges and may change the existing charges at any time.

 

 

Falsely claims to have received international awards

 

As you see PayTrade claims to have been awarded various awards. Non of this is true.

 

 

MetaTrader4 not supported

 

Although PayTrade says to be offering the MetaTader4 that also turned out not to be true. Otherwise the MetatRader4 is one of the most widely used trading platforms, preferred by professional and beginner traders alike. 

 

MT4 features numerous market indicators and trading robots with the help of which one can easily run automated trading sessions. Also, the platform is equipped with excellent charting tools, so here you may also check our list of brokers, which do support the platform:

 

>>MT4 Brokers<<

 

High minimum deposit requirement

 

The minimum deposit requirement with PayTrade is 500 EUR and that is at least twice higher than the deposit requirement most brokers have. Moreover with some well known brokers like FBS and IG you will be able to start trading with just 5 USD or even less.

 

No demo account

 

As we already noted PayTrade is a scam website and to discuss trading conditions is simply not relevant. In any case bear in mind that spreads are considered attractive with a standard account only if they start below 1,5 pips. Here you may also check our list of brokers offering tighter spreads:

 

>> Lowest spread forex brokers<<

 

Conclusion:

 

PayTrade is a scam website using corporate details of a legit broker in a deliberate attempt to defraud investors. Also, there is a fresh warning against PayTrade issued by he FCA in the UK so our best advise is to stay away from such websites and trade only with legit brokers, regulated by well known financial authorities, such as the FCA in the UK, CySEC in Cyprus or ASIC in Australia.

Latest news about PayTrade
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Traders` reviews for PayTrade

Spread

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Requotes

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Price feed

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