Altcoin-trade – Why is it a Bad Deal?

Altcoin-trade

Trading online can be extremely profitable, especially considering how convenient it is, but it also requires you to trust a broker to provide you with the services you need and safeguard your funds and information. This can be a bit daunting, given that the internet is flooded with scammers and criminals that are looking for opportunities to pocket other people’s money. You do not want your money to be stolen and neither do you want to have a bad trading experience. Going through this Altcoin-trade review can be helpful in this situation.

Why? This is because you need to understand that not every broker is going to be a good deal. It does not matter what they claim; you have to be the one to do the research and then make a decision. After all, every company is going to tout its services to be the best and make all sorts of promises to make you believe it as well. But, this does not automatically make everything they say true. When it comes to the internet, anyone can claim anything and get away with it.

If you rely on their claims alone, there is a good chance that you will end up with a fraudulent brokerage that walks away with your money. Do you really want that to happen? If you don’t, then you need to be proactive and do your research to ensure that the brokerage is truly a good deal and not just leading you on. This means not just taking their word for whatever services they are promising and always double-checking to find the best deal possible. It can help you avoid scammers and also find the right brokerage for enjoying a successful trading career.

Where does Altcoin-trade come in? It is one of the brokers you will come across when you are shopping for one and it promises to assist you in building your financial future. That sounds like quite a promise, so you are bound to be intrigued. They also have other impressive claims of generous leverage, a user-friendly platform, deep liquidity and lightning fast execution. All of it sounds fantastic and a really solid deal, but when you do some research, you will know that it is far from reality.

You will discover that Altcoin-trade is actually a very bad deal because it really does not have anything to offer and is out to scam you. How can you figure this out? You just need to check out the following holes in its story:

An anonymous broker

As mentioned earlier, when you sign up with a broker, you entrust them to safeguard your funds and your information as well. Would you give that responsibility to anyone? Of course you wouldn’t do that. It is a given that you would want to get to know the company first in order to determine if it can be trusted or not. The easiest way to determine the credibility of an online brokerage is to check for their license and regulation and you will be disappointed when you do that with Altcoin-trade because the website has no mention of it at all.

There is no talk of a license on the Altcoin-trade and you cannot check for it yourself because the brokerage has conveniently not mentioned where it is based. This tells you that you are dealing with an anonymous brokerage that has not shared any information about itself. You can scour through their entire website and also check the contact section, but you will find no such useful information. There is no address or corporate background, not even a phone number, or even an email.

But, even if Altcoin-trade had provided an address and email, it still would not have made a difference because it does not have a license and this automatically makes it an unsafe broker for everyone.

No trading platform

The most crucial feature that you are provided by an online broker is the trading platform you use for executing your trades. This is the software that helps you connect to markets in real-time and open and close trading positions. Therefore, you want it to be a good one that can help you trade smoothly and profitably in the long run. Even though Altcoin-trade promises to offer a user-friendly trading platform, it is just a lie.

When you register with Altcoin-trade and check out its trading platform, you are presented with a funny looking dashboard that does not do anything. It just shows a bunch of charts and nothing more and you cannot use it for actually doing any trading because it is not functional at all. This means that Altcoin-trade is not offering the primary tool that an online broker is required for.

High leverage

Since you also need to know the trading conditions the broker offers, you have to check their leverage ratios. You want some flexibility during the trading process, but this does not mean that leverage levels of 1:100 that Altcoin-trade offers are suitable for retail traders. As a matter of fact, they are considered too high for retail traders and most regulatory authorities have restricted the amount of leverage that can be offered. It is obvious that Altcoin-trade goes beyond that limit because it is only interested in luring people to its platform.

No chargebacks

One of the biggest downsides of opting for Altcoin-trade as your brokerage would be the fact that you will not be able to file for a chargeback after you have made a deposit with the broker. This is because it only offers you crypto payments, such as Bitcoin, Ethereum, Litecoin and Tether. This means that you cannot get a refund because crypto transactions tend to be final. Moreover, they are also anonymous and this allows scammers to steal your funds easily and walk away without worrying about the money being traced.

Final thoughts

All of these problems that you come across at Altcoin-trade make it evident that it is undoubtedly a bad deal and you need to continue your search for a good one.