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6iTrade Review – is it scam or safe?
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Trading Accounts and Conditions
|Trading account||Min. deposit||Max. leverage||Spread|
|6i Spread||N/A||1:300||from 1.3 pips|
|6i Commission||N/A||1:300||from 0.5 pips + $8 /lot|
6iTrade is a Vanuatu-based broker that offers two account types and access to the MetaTrader4 platform. In the present review we have listed both the advantages and the disadvantages of this forex and CFD provider, so that you can decide for yourselves whether it is safe to invest with it.
Licensed in Vanuatu
The company operating this broker, 6iGroup Ltd., is licensed by the Vanuatu Financial Services Commission (VFSC) as a dealer in securities. Although such a license does not mean a lot in the trading world, because of the lax regulations in offshore zones, it is still better than nothing.
The VFSC requires licensed entities to keep clients’ funds in segregated accounts, separate from the company’s money. Also, all regulated brokers should maintain a physical presence on the island, have a local director, and maintain a minimum capital requirement of $50 000.
High leverage, competitive spreads (as announced)
As announced on 6iTrade, clients of the broker are extended leverage up to 1:300, as well as spreads starting from 1.3 pips on EUR/USD, which also could be viewed as an advantage. Leverage levels that high will probably suit even the most aggressive traders, however, don’t forget that there is a price you have to pay – increased risk of losses.
As always, we consider the availability of the well-familiar MetaTrader4 (MT4) as an advantage. This reliable and user-friendly platform offers one of the best charting packages, in-depth market information, as well as automated trading via Expert Advisors, API connectivity, and more. It can be used as a web platform on any browser, as a desktop download, and as mobile apps.
Although the regulatory framework for financial services providers in Vanuatu is better than those in most offshore zones, it is still loose. The VFSC has very lax requirements to dealers in securities and practically does not exercise any oversight. This means that clients of 6iTrade and other offshore brokers have no guarantee that their money is safe, nor that they will receive any protection if something goes wrong.
Please, familiarize yourselves with all the risks associated with doing business with offshore brokers, and consider carefully whether to waste your time with money with 6iTrade or another offshore company.
Trading volume requirements set, extra fees
When we read the broker’s terms and conditions, we stumbled upon a couple of clauses, which are quite unfavorable to traders. For example, by signing up with 6iTrade, clients agree that the broker might charge them with an extra fixed administrative fee of 5% on each withdrawal, if an account holder has not achieved a certain trading volume.
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Also, deposits below $50 may be charged a fixed fee of 25% (max 12.5 USD) or equivalent, which in our view is excessive.
No demo accounts
Another worrisome sign regarding 6iTrade is that it does not offer free demo accounts. Considering that the broker’s trading conditions are not clearly presented on its website, potential clients are unaware of the trading costs, as well as other key aspects of its service.
Free testing service is highly praised in the trading world, as it shows that the brokerage is transparent with its trading conditions and pricing.
6iTrade is a Vanuatu-registered broker and although its trading conditions seem all right, we are sure that there are much better options on the forex market.
Investing in offshore brokers brings a high level of risk – there may be commingling, platform intervention, and every possible kind of investment scam. That is why we advise our readers to do business with reliable companies, such as the ones regulated by a reputable financial authority in Europe. One of the most popular ones is the Cyprus Securities and Exchange Commission (CySEC).
And finally, here are the highlights of the present review of 6iTrade:
|VSFC license||Registered offshore|
|Generous leverage, competitive spreads||Trading volume requirements set, extra fees|
|MT4 available||No demo accounts|
FXTM a regulated forex broker (regulated by CySEC, FCA and FSC), offering ECN trading on MT4 an MT5 platforms. Traders can start trading with as little as $10 and take advantage of tight fixed and variable spreads, flexible leverage and swap-free accounts.
XM is broker with great bonuses and promotions. Currently we are loving its $30 no deposit bonus and deposit bonus up to $5000. Add to this the fact that it’s EU-regulated and there’s nothing more you can ask for.
FXCM is one of the biggest forex brokers in the world, licensed and regulated on four continents. FXCM wins our admirations with its over 200,000 active live accounts and daily trading volumes of over $10 billion.
FxPro is a broker we are particularly keen on: it’s regulated in the UK, offers Metatrader 4 (MT4) and cTrader – where the spreads start at 0 pips, Level II Pricing and Full Market Depth. And the best part? With FxPro you get negative balance protection.
FBS is a broker with cool marketing and promotions. It runs an loyalty program, offers a $100 no-deposit bonus for all new clients outside EU willing to try out its services, and an FBS MasterCard is also available for faster deposits and withdrawals.
FxChoice is a IFSC regulated forex broker, serving clients from all over the world. It offers premium trading conditions, including high leverage, low spreads and no hedging, scalping and FIFO restrictions.
HotForex is a EU Regulated broker, offering wide variety of trading accounts, including Auto, Social and Zero spread accounts. The minimum intial deposit for a Micro account is only $50 and is combined with 1000:1 leverage – one of the highest in the industry.
6iTrade Review: Is 6iTrade a Scam or Legit Broker?
After doing some research, we found out that a lot of traders are reporting 6i Trade and writting bad reviews about it.
It’s always important to know what other traders are thinking about a broker before using it and we can say that they are not saying good things about 6i Trade.
What do regulators say about 6i Trade ?
This is the most important thing you need to know about a broker before using it. Is 6i Trade regulated ? Is it an offshore company ?
Most brokers are unregulated or regulated by an offshore regulation authority which won’t help you in case of problem. Keep in mind that if a broker steal your funds, you won’t be able to complaint about it unless they are licensed by a serious regulator such as the CySEC (Cyprus Securities and Exchange Commission).
An unregulated broker is clearly not authorized to operate in any regulated country and you should definitely not put any money into it.
6i Trade is an offshore broker owned by 6iGroup Ltd and located at Govant Building, Port Vila, PO BOX 1276, Vanuatu.
They can be contacted by email to [email protected]
You should definitely avoid any unregulated or offshore broker and 6i Trade is one of them.
Have you been Scammed by 6i Trade ?
Have you been victim of this company ? Did you lose money with them ? Everyone does mistakes. Don’t worry, you are not alone, and we are here to help you.
Our team of experts is available 24/7 in order to help you recovering your hard-earned money.
Chargeback is the solution
As we said before, the good news is that there is a solution and it’s called a Chargeback.
Not a lot of people know that, but there is a high probability of getting your money back when you build a Chargeback case as long as it is built correctly from the beginning to the end.
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6iTrade review – 5 things you should know about 6itrade.com
Beware! 6iTrade is an offshore broker! Your investment may be at risk.
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
6iTrade is an offshore Forex brokerage registered in Vanuatu. It provides the MT4 trading platform and a generous leverage of up to 1:300. The spread is just below the industry average of a pip and a half and quite favorable in our view.
6iTrade regulation & safety of funds
On the brokers website we read that the broker brand is owned and operated by a Vanuatu-based company with the same name as the brand – Tradeprofx Holdings Limited. We even read it is “regulated” by the Vanuatu Financial Services commission. Here is a screenshot:
We remind readers that the VFSC does give financial dealer licenses to Forex brokerages, however, the regulatory oversight and financial mechanisms for compensation cannot compare with renowned European agencies such as FCA or CySEC. Nonetheless, a Vanuatu license is certainly better than nothing. The commission supports a website where you may download a pdf file with a list of all the licensees. Here is a screenshot:
The company does in fact have a financial dealer license from the Vanuatu authorities but we fear that due to the lack of credible regulation potential clients of the brokerage may be open to substantial risk.
Traders needn’t have to worry themselves with such risk if they choose to trade with a brokerage regulated and authorized by a prestigious regulatory agency. Such agencies are the FCA in the UK or CySec in Cyprus which have been leading names in Forex trading for some time now. Their regulatory framework is composed of a number of strict rules which prevent clients from falling victims to fraud. Such rules include the segregation of accounts which assures that commingling with the client’s money is not possible. Furthermore, a license by such a regulatory body entails participation in a financial mechanism by which clients may be compensated if they suffer losses due to fraud or bankruptcy. With the FCA the compensation is up to 85 000 pounds, where as with CySEC it is up to 20 000 euro per person.
6iTrade trading software
As was stated above, the brokerage the MetaTrader 4 platform which is among the foremost trading terminals in Forex trading at the moment, close to 80 percent of users prefer it. The platform provides an advanced charting package, lots of technical indicators, extensive back-testing environment and a variety of Expert Advisors (EAs). Beginner traders will find the trading platform easy to use as well, due to its user-friendly lay out.We were able to register for a demo account and get a look at it. As was mentioned above – the selection of trading products available for clients is quite impressive and includes CFDs on precious metals, indices, as well as crypto currencies which we highly value as an advantage for potential clients of the broker. The industry average in Forex trading is a pip and a half which, however, puts the spread offered by 6iTrade within what we would call favorable
We further read that there is no required minimum deposit which is usually something we consider a big advantage, however, going through the terms and conditions we discovered there is a certain caveat which deeply troubles us. Here is a screenshot:
Even though the brokerage purports not to require a minimum deposit we read that all deposits below $50 will be charged a fixed fee of 25 percent which is quite a sleeky way of making money and leads us to question the intentions of 6iTrade.
6iTrade deposit/withdrawal methods and fees
Potential clients of the brokerage may deposit or withdraw via credit cards and wire transfer, as well as Skrill, Neteller and UnionPay.
Going through the terms and conditions of the brokerage we did find information regarding fees that is noteworthy. Here is a screenshot:
We read first that accounts which have not achieved a $500 000 trading volume will be charged a 5 percent fee upon withdrawal which is quite excessive and is simply a withdrawal fee since such a trading activity is quite hard to accomplish. Usually such trading volume requirements are only for accounts that have taken advantage of some bonus promotion but 6iTrade requires it of all accounts which isn’t something you would encounter with a legitimate brokerage.
The brokerage charges a monthly fee of $20 for accounts that have been inactive for more than 3 months which isn’t very excessive. Brokerages usually charge such a dormant fee, however, it is always prudent to highlight.
Many scammers choose not to disclose such information to would-be clients. Without proper information on the website we cannot be certain whether clients won’t be charged with any unexpected withdrawal or deposit fees once they invest. This is why we advise traders to always put up only the required minimum deposit, instead of risking a bigger amount with no certainty. Afterwards, they may also try to withdraw a small amount in order to check for any unexpected fees or delays. Such fees and delays are usually the signs of a scammer.
How does the scam work?
Even though the forex trading world is extremely large and encompasses millions of people around the globe, the most common scamming is pretty simple and straightforward and as such – it’s not particularly daring to avoid. Here is a quick overview of how it is done:
Through clicking an ad with promises for fast money, you will be redirected to a website such as DaxRobot or CryptoContracts where registration will require you to give your address, email and phone number. After sharing your personal information, you will being receiving calls from brokers, compelling you to invest with them and win big. After a few minutes hearing their pitches, you decide to deposit some $200-250. And just like that – the scammers take a fat commission from this initial deposit.
After they are done with you, senior scammers begin working you into putting even more money. They say it’s the only way to profit from trading even more. After making the mistake of investing even further, you’ll begin wanting to get out of this and withdraw what you have left.
Unfortunately, the con-artists have no such thing in mind. They will now begin persuading you to wait it out and not withdraw right now. The angle here is pretty blunt – traders have a limited time period for filing a chargeback with their bank and get their money back. The “recovery department” will simply want to mislead you into missing thе crucial period and, along the way, losing any chance you might have of getting the money back.
It is important here to take notice that both Visa and MasterCard are taking measures to combat unregulated forex brokerages by classifying all forex transactions as high risk. And they are correct in doing so. Furthermore, supporting their intention with clear actions – MasterCard has increased the previous time period of six months for filing a chargeback to a year and a half .
What to do when scammed?
As was mentioned above, scamming is quite the common in the trading world and, sadly, even you might suffer from it. In such an unfortunate case there still may be some available options for you.
You may contact your bank or credit card provider and file a chargeback.
If, however, you have provided the broker with your credit card details, immediately cancel your credit card .
If you have given information regarding your online banking pass – you should switch it asap!
Beware of potential calls from self-described “recovery agencies”! They prey on scammed and vulnerable traders who are desperate to recover their losses. They will require an “up-front” payment to help you, but after paying them, no such help will be coming your way!
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