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Isotrader (isotrader.cc) is without a doubt a %100 fraudulent brokerage firm. It is NOT a real broker! Stay away! Iso Trader scam works by getting you to believe you can become rich by trading with them.
Online trading exploded in popularity when it was first introduced and that has not changed over the years. As a matter of fact, it has drawn even more traffic in the last few years because of cryptocurrencies and the COVID-19 pandemic.
This has seen the demand for online brokers also rise because they are the ones who provide access to the financial markets. But, you have to keep in mind that with cybercriminals around, you have to be careful. Many of these brokers are scams hiding in plain sight, as you will discover in this Isotrader review.
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Millions of people have fallen into their traps without realizing their reality and regretted their decision later because it resulted in losses. Nonetheless, you need to remember that just because you don’t want to be scammed does not mean you will not be.
You have to actively take steps to ensure it will not happen to you, or else there is a good chance it will. What do you need to do? The key is to be cautious when you are looking for an online broker to open an account with.
It means that you do not just pick a brokerage out of a hat because it could be a scam. Instead, you need to check out the company properly before you decide to hand them your funds, or any of your personal data. Doing so may seem like a headache when you want to get started as quickly as possible, but it will save you from a lot of hassle down the road because it allows you to find the right brokerage for your needs.
No matter how appealing a broker may seem, you should always double check and the same goes for Isotrader, a brokerage claiming to be based in the United Kingdom with more than 1 million clients around the world.
You will find that Isotrader is offering access to forex pairs, stocks, indices, precious metals, energy and agricultural commodities, ETFs and cryptocurrencies. But, when you check it out closely, you will find that it has all the signs of a fraudulent broker. Some of these are listed here.
The regulatory status of an online broker is the biggest indicator of its authenticity and you will find that Isotrader fails to meet the definition of a regulated broker. As mentioned above, it claims to be based in the United Kingdom, which is one of the most strictly regulated regions in the world. No broker can operate from there without a license issued by the regulatory body named the Financial Conduct Authority (FCA).
The FCA is one of the top regulatory bodies in the world and also one of the most stringent. They do not grant a license that easily and brokers have to meet a number of requirements before they can get it. Therefore, you need to check the online database of the FCA to see if Isotrader is listed because it cannot be otherwise operate in the UK. However, your search will turn up empty because it does not have a license.
This means that Isotrader is an unregulated broker and has no credibility. Since it is lying, there is a good chance it is a scam because an authentic brokerage would never do so.
It is bad enough that Isotrader does not have a license, but it gets worse when you discover that a regulatory body has actually issued a warning about the broker. Indeed, it turns out that the regulatory body in Spain i.e. The National Securities Market Commission (CNMV) has issued a warning about Isotrader because it appears to be operating illegally in the country.
The CNMV dictates that Isotrader does not have a license to provide services in Spain, but it appears to be catering to clients, which means it is doing so illegally. This is a huge black mark against the broker because it indicates that it is up to no good.
Lack of trading platform
The most important offering of any online broker is their trading platform because this is the software to be used for executing your trades in the market. Thus, you need to know exactly what platform is offered, so you can execute your trades easily and profitably because it shapes your trading experience for the most part.
When you go through the Isotrader website, you will notice that it mentions the MT4 trading platform, which will definitely sound appealing.
After all, the MT4 is one of the top trading platforms in the market and is known for its powerful technology and advanced trading tools. Unfortunately, when you actually look through the Isotrader website to find the trading platform, your search will turn up empty.
There is no link available for downloading the MT4. As a matter of fact, there does not seem to be any functional trading platform available at all, which means you will not be able to do any trading at all.
How can you trade without a platform? Of course, you cannot do so, which means that Isotrader does not intend to facilitate trading and is just interested in getting your money and data.
Lies about payment methods
Another sign that you are dealing with a fraudulent broker will appear when you go through the payment methods supported by Isotrader. There is a long list of options given, which include VISA, MasterCard, PayPal, Neteller, bank wire transfers and a number of cryptocurrencies.
But, this appears to be a lie because when you try to make a deposit, the only method that actually seems to be functioning is that of cryptocurrencies.
If you try to use any other method, you are told to get in touch with the customer support at Isotrader and wait for their response. Crypto payments will always be favored because they are irreversible and anonymous, which benefits scammers.
These signs all point to the fact that Isotrader is nothing more than a fraudulent broker that you should avoid.