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Table of Contents
Optimal FX Trades Review (optimalfxtrades.com)
Conclusion
The deeper look into Optimal FX Trades shows that it is nowhere close to an authentic brokerage, despite all its claims.
Broker Rating
0.1
Optimal FX Trades (optimalfxtrades.com) is without a doubt a %100 fraudulent brokerage firm. It is NOT a real broker! Stay away! OptimalFXTrades scam works by getting you to believe you can become rich by trading with them.
OptimalFXTrades.com Review
Who has not heard about online trading scams? With hundreds of thousands of people losing their money to one scam brokerage, or the other, most people are aware of it. When you decide to foray into this space, you need to proceed with a great deal of care, or else you could be next. Sure, it is hard to imagine it, but it has happened to the best of people. How? This is because it is tough to identify the fraudulent platforms from the authentic ones, since they do not have any obvious signs. But, there are always ways to determine this, some of which you will find in this OptimalFXTrades review.
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Regardless of what claims and promises the broker makes, you should focus on finding out everything yourself. This means not believing everything you read and following up to ensure it is exactly as presented. If there are any shortcomings, or things do not match up, then you should back off immediately. Using this tactic in the case of Optimal FX Trades can save you from a lot of hassle and problems down the road. The package is undoubtedly attractive, as has advertised a UK office, good bonuses and a professional platform.
But, when you dig deep, you will find that everything you are told about Optimal FX Trades is false because the brokerage is not authentic. How? Let’s find out.
Absence of licensing and regulation
If you want to confirm the authenticity of an online broker, you should not have to look beyond its licensing and regulation. Only legitimate companies will have a license to provide their services and this is obtained from the regulatory bodies of the country the broker is based in. It is very easy to confirm the licensing and regulatory status and it indicates that the company you are dealing with can offer you protections because it is compliant with laws and rules and its activities are also monitored, which offers security.
The same thing needs to be done in the case of Optimal FX Trades that claims to be based in the United Kingdom. This implies that it has a license from the Financial Conduct Authority (FCA), which is the regulatory authority of the country. Unfortunately, its online register does not have a brokerage by the name of Optimal FX Trades, which shows that the company is lying about its office. It is clearly not based in the UK because it cannot operate in the country without a license.
Even if it is operating from there, it means it is offering services illegally. Moreover, when you go through the Terms and Conditions on the Optimal FX Trades website, you will find that it complies with the laws of Saint Vincent and the Grenadines. This is an offshore jurisdiction where the forex industry is unregulated, as mentioned by the financial authorities. Therefore, it has become a popular scam haven because there are no rules to be followed. Hence, it means that Optimal FX Trades is also just another scam company, since it has not bothered to obtain a license in a regulated jurisdiction.
Bad bonus policy
To begin with, the availability of bonuses on the OptimalFXTrades website is already a major problem because authentic brokers do not usually offer them anymore. Due to their exploitative nature, many regulatory bodies have banned them altogether and this applies to the UK as well, where Optimal FX Trades is supposedly based. Despite that, it is offering trading bonuses to its clients and this shows that it is not following the rules.
Furthermore, its intentions become quite clear when you check out its bonus policy, which is downright malicious. It is meant to exploit traders because the policy at Optimal FX Trades states that accounts credited with a bonus have to achieve a minimum turnover requirement before withdrawals are permitted.
No authentic brokerage would ever stop its customers from withdrawing their funds in this way. In addition, a look at the turnover requirement shows that it cannot be achieved, which means that it is just an excuse of blocking withdrawals.
Lack of professional trading platform
Your trading performance depends a great deal on the trading platform you are provided to use and this is another area where the authenticity of Optimal FX Trades is put in question. Any broker worth its salt would do its level best to provide its clients with a sophisticated and powerful trading platform that they can use to make the most of their trading journey.
But, you will not find any such platform given at Optimal FX Trades at all. The platform they do offer is so rudimentary and oversimplified that it cannot be suitable for most traders. It barely does the bare minimum and is severely lacking in terms of trading tools and functionalities.
High deposit and no chargebacks
If these issues were not enough, you will find more when you check the minimum deposit that Optimal FX Trades is asking for. The brokerage wants you to deposit a minimum of $5,000 to open an account with it and this is just too high. Nowadays, platforms are opening accounts for as little as $10 to keep up with the competition.
It gets worse when you look at the payment methods at Optimal FX Trades and find that it only accepts crypto deposits. This means that you will not be able to file for any chargebacks for your funds and the payments will be anonymous.
The Final Verdict
The deeper look into Optimal FX Trades shows that it is nowhere close to an authentic brokerage, despite all its claims.
