Who Is AllTrade Markets?
AllTrade Markets was an online brokerage platform that listed its offices as being located in Lithuania; the company’s website is now shut down. It offered members a wide range of assets to trade in and favorable leverage ratios; members could choose to trade in currency pairs, indices, commodities, precious metals, stocks, bonds, and crypto, among others.
AllTrade Markets offered six different types of accounts, with a minimum deposit of $500 required to begin trading with a ‘Basic’ account. A ‘High Net Worth’ account would necessitate a deposit of $50,000.
In the AllTrade Markets’ review below, we investigate whether this broker was legit or if an AllTrade Markets scam has resulted in a large-scale loss of investors’ funds.
Is AllTrades Markets a Licensed Broker?
The answer to the question ‘is AllTrade Markets regulated?’ is yes - and no. The website, when active, provided some basic details to the effect that it was regulated in Lithuania, where it was registered. However, it was not licensed to provide financial services in other countries, such as the UK, for example. It is also important to note that the stringency of regulation varies from country to country: what might be an allowable practice in one territory might not be deemed so in another. Further, AllTrade Market’s terms and conditions refer to another company - ExMarkets Group Ltd - which was registered in the Grenadines, where regulation is known to be particularly unrigorous. All in all, this lack of clarity and seemingly deliberate obfuscation of facts is suggestive of an organization not acting in a transparent manner and is a clear red flag that illegitimate operations were afoot.
It is vital that all traders check that any broker they are considering placing funds with has all the necessary licenses in place and is fully regulated by a reputable financial body. This will not only help to safeguard your funds but also allow for redress in the event that a broker gets into difficulties or acts outside of the law.
Is AllTrade Markets a Scam or Legit?
As well as the fact that the platform’s website has been shut down and the questions over its status in terms of licensing and regulations, there are other indicators that an AllTrade Markets scam was being perpetrated. For example, the organization was blacklisted by the Financial Markets Authority (FMA) in New Zealand following concerns that it was linked to a secondary scam that Zuercher Capital had perpetrated:
REASON FOR WARNING:
We have received a complaint from a New Zealand resident after they were contacted by a fake financial markets regulator.
It could be involved with a scam, imitating legitimate financial markets regulators to acquire additional client funds by those who have lost funds to Zuercher Capital.
Alltrademarkets is not registered on the Financial Service Provider Registry of New Zealand, therefore, is not permitted to offer financial services to New Zealand residents.” From the fma.gov.nz site.
Biggest Complaints Against AllTrade Markets
As well as the warnings highlighted above, complaints were being made to various authorities claiming that AllTrade Markets was operating a fraudulent platform during the period of its activity.
There have also been AllTrade Markets complaints from traders who allege that representatives told them of the company that they would not be able to withdraw their funds until they made a further large investment of cash. This is typical behavior of a Ponzi scheme, in which the only money coming into the company isn’t through trading - which simply acts as a front for the operation - but through new investment.
Can I Get My AllTrade Markets Money Back?
It is possible to get an AllTrade Markets refund; however, it may be challenging to do so. To go about getting your AllTrade Markets money back, you can choose to either pursue the matter yourself or to instruct a professional chargeback company to fight the case on your behalf. In the vast majority of cases, the latter option is most likely to be successful, as a chargeback company team has the experience and industry knowledge to be able to pursue all the channels necessary to recover your lost funds.
What Is the Chargeback Process?
Once you’ve identified the reputable chargeback company you would like to work with - paying close attention to reviews from previous clients and their success rates - then get in touch; most companies have a simple contact form available on their website.
You will be contacted by a representative who will discuss the case fully with you to ascertain if it has a high chance of success. If this is deemed to be so, then the case will be taken on and the team will begin assembling documents and evidence. At this point, you will probably be asked for proof relating to the scammed funds, including the dates on which the relevant transactions occurred.
Once this stage is completed, the chargeback company will act on your behalf to track down your funds and confront all the entities - both individual figures and organizations - that played any part in the scam and the movement of your money. In the likely event that an AllTrade Markets refund is secured, this will be deposited directly into your bank account. The entire process can take around six months, depending on the complexity of the case.
If you have been the victim of an AllTrade Markets scam, then it is recommended that you make contact with a professional chargeback company at your very earliest convenience to take the first step in reclaiming your lost funds.