Zeta Trade FX – What Makes it a Scam?

Zeta Trade FX

Online forex trading scams have become quite notorious because they have managed to steal millions of people’s hard-earned money. No one in their right mind would want to be scammed, but this does not mean that it will not happen to them. If you have decided to dive into the online trading space, you need to learn to be careful or else you could also become another victim. Everyone believes it cannot happen to them until it does and they have to pay a hefty price for it. How does this Zeta Trade FX review help?

The reason most people are sucked into a scam is because they do not do their due diligence when they are looking for an online broker. These fraudsters are masquerading as these brokerages and convince people into depositing money with them, eventually vanishing with the funds. They are able to succeed because they know just how to grab your attention and exactly what to say to get you to trust them. But, you have to bear in mind that you should not fall for their promises of high profits and a great platform and more.

Instead, you should be diligent and follow up on everything that a company is promising you to ensure they are not just words and it is actually capable of delivering everything. It is worth doing so because there is a substantial number of brokers that are really not what they pretend to be. Just because they have a good website and are making some tall promises does not make them genuine. When you do your diligence and check them properly, you will find that their story falls apart because they have all the signs of a scam.

This is what you will come to know in the case of Zeta Trade FX that has presented a good front, but cannot keep up with the lies it tells. It has all the signs of a scam and some of the prominent ones are highlighted below:

Lies about its license

The first lie that you will come across on the Zeta Trade FX is about its licensing and regulation. According to its website, the brokerage has a license to provide its services from the Financial Services Authority in Malta i.e. the MFSA. It is licensed as a company named P240 LTD, but all you have to do is Google the company’s name and you will find that it is a well-known scam.

It is known for running fraudulent brokerages and has actually been blacklisted by the MFSA before as well. This already proves that Zeta Trade FX is nothing more than a scam, but you can find more proof to back this up. Another claim that this brokerage makes is that it is also licensed in the United States. It has provided a license number for it, but the regulatory authority that it mentions is the Financial Conduct Authority (FCA).

This is just poor work done on the part of the scam because the FCA is the regulatory body of the UK and not the US. In order to operate in the US, Zeta Trade FX would require a license from the Commodity Futures Trading Commission (CFTC) and would also have to have membership of the National Futures Association (NFA). But, it cannot apparently keep track of the right regulatory bodies and this is just building the case against its legitimacy.

Lack of legal documentation

Another major indicator that you are dealing with a fraudulent company is the fact that Zeta Trade FX does not have any legal documentation on its website. When you are signing up with a brokerage, you will be asked to agree with their Terms and Conditions, or Client Agreement. These documents are aimed at dictating the policies and rules that will be implemented and also outline the costs and charges.

While you will be asked to agree with them at the time of signing up with Zeta Trade FX, you are not permitted to read them beforehand. This is something only a scammer would do because it is the perfect opportunity for them to exploit you later by implementing whatever policies they want. Since you have already agreed, you will not be able to take any action. This is why the lack of legal documentation is such an alarming sign.

Bonus availability

A very common tactic used by fraudulent brokerages to exploit their victims is to offer them trading bonuses that come with strings attached. It is because of malicious bonus policies that regulatory authorities in the UK, Europe, Australia and more had decided to ban these bonuses completely. Yet, you will find that Zeta Trade FX is offering a deposit bonus to its clients.

This is definitely worrying, but what makes it worse is that Zeta Trade FX does not have its legal documentation available. Therefore, you cannot know the bonus policy they have, which means that they can easily exploit you later. Typically, these policies usually involve achieving a certain turnover before you can make withdrawals and this turnover is so high that it cannot be achieved at all. Thus, the broker gets to keep your money, which is exactly what they want.

Only bitcoin payments

In more signs of a scam, you will find that Zeta Trade FX only supports bitcoin payments. They have provided an address on their website that you have to use for making your deposits in bitcoin. The problem with this payment method is that it comes without the option of filing for a chargeback. This means there will be absolutely no refunds if you think you have been scammed. In addition, crypto payments are also anonymous and this allows them to get away with your money easily.

Final Thoughts

Along with these scam indicators, you will find that Zeta Trade FX also demands a deposit before it lets you access its trading platform and has poor trading conditions, all showing that it is nothing more than a scam.