44Trades is a broker that features a new caliber of trading in the financial markets. 44Trades is owned and operated by 44 holdings group LTD with address at Trust Company Complex, Ajeltake Road, Ajeltake Island MH96960.
It claims an award winning education, hand picked team of experts and over 1000+ trading assets.
There are a handful of deposit methods available in fiat and cryptocurrencies. Minimum deposit to open a new account is $250.
Trading conditions seem attractive with spreads starting at 0.3pips on their web based trading platform.
44Trades Review – A Blacklisted Broker!
After a little research, we found out that 44Trades has appeared in the warning list of the Spanish financial regulator (CNMV) as an illegal financial firm. 44Trades is an unregulated broker located offshore in the Marshall Island.
Marshall Island is a scam haven for many unregulated Forex brokers like 44Trades. This is because the government authorities in the area do not pay attention to Forex trading activities.
Similarly to many scam Forex brokers, 44Trades operates from a notorious offshore location. That in itself is already a warning that you should avoid it.
- Registered offshore
- Fake claims
- Fake awards
- Fake bonus
- Miniature trading platform
Should you trust 44Trades?
- 44Trades is unregulated as they should be regulated if they want to target customers on regulated markets like the European Union, including the UK.
- Unlicensed brokers like 44Trades do not have to report to a governing body. This means that if they scam you in any way, whether it be “glitches” or “malfunctions” causing server slippage in their system, or you go to make a withdrawal and they don’t process it (steal your money), you are out of luck. Beyond posting a bad review online, there is little you can do because these brokers have no legal authority to answer to.
- Bear in mind that unregulated brokers in general are completely uncountable for the way they handle your money, which makes any dealings with such entities extremely risky. Basically that is how people usually get scammed.
Is 44Trades Safe?
44Trades is considered not safe, as it is not regulated and licensed by top-tier financial authorities, like the CySEC in Europe, UK FCA, the Australian ASIC, FSC in South Africa and the US CFTC.
The easiest way to check if a broker is licensed is by looking it up in the registry of the respective financial regulator – be it the Financial Conduct Authority (FCA), the Australian Securities and Investments Commission (ASIC), the Cyprus Securities and Exchange Commission, the Financial Sector Conduct Authority (FSCA). All of them keep such registers and they are publicly available.
44Trades is an unauthorized and illegal broker. Deposits with this broker are not protected, the company can’t legally offer its services in almost any country. It is a total scam.
How 44Trades Works
You will notice how the scam broker works immediately you make a deposit to
their platform. Scammers will take deposits from you but never let you withdraw anything.
They will use many tactics to make you deposit more. When you ask for a withdrawal, scam brokers will present silly legal document and conditions that is out of the question as far as legit brokers are concerned. But it will just be a lie to get more money from you.
They will request that you send them more money while declining all your efforts to withdraw your deposits.
At this point, most people will realize that they have fallen victim to a classical Forex trading scam.
44Trades is an unregulated broker operating from an offshore scam haven. The broker and their parent company have been flagged by the Spanish regulator for illegally soliciting clients in the area. You should stay away from them because the risk of losing your money is very high.