AltimaTrade is an unregulated broker banned in several EU countries. As such, it’s not worth a comment. However, here’s a detailed review describing how customers are defrauded. Better yet, we found all the relevant details you can use against the firm and request your money back.
| Broker status: | Offshore Broker |
| Regulated by: | Unlicensed Scam Brokerage |
| Scammers Websites: | altimatrade.pro |
| Blacklisted as a Scam by: | CNMV, CONSOB, FSMA |
| Owned by: | Shenanigans Consulting LTD |
| Headquarters Country: | Saint Vincent and the Grenadines |
| Foundation year: | 2021 |
| Supported Platforms: | WebTrader |
| Minimum Deposit: | $250 |
| Cryptocurrencies: | No |
| Types of Assets: | Forex, commodities, indices, shares |
| Maximum Leverage: | 1:100 |
| Free Demo Account: | No |
| Accepts US clients: | No |
Is AltimaTrade a Broker With a Good Reputation?
AltimaTrade is a brand of Shenanigans Consulting LTD, registered in 2021 in Saint Vincent and the Grenadines. Since this offshore island has no financial regulator, it has become a famous hub where fraudulent brokers register their shell firms and operate without supervision. According to the FSA directive, they should opt for a license in the country of service. However, we found warnings, not regulations, once we checked the FCA, ASIC, BaFin, CONSOB, and other Tier1 registers.
How Unsafe Is An Unlicensed Broker?
Unlicensed brokers are usually fraudulent. Without any generalization, our reviews have shown that firms that don’t want to belong under regulatory supervision have a good reason for doing so. However, the plan is not to run a legitimate business. Instead, these brokers are defrauding customers and vanishing once they steal enough or once there are too many negative reviews, and they cannot get more customers.
What is more, we strongly advise you not to invest inAbsolute Markets,NovaTechFx,andCapital Forex Livefraudulent brokers.
So Is AltimaTrade a Decent Broker or a Scam?
AltimaTrade is not a legitimate broker. The firm is registered in Saint Vincent and the Grenadines and has no license. The company has been blacklisted in Spain, Italy, and Belgium.
Warning from Spanish Financial Authority CNMV for AltimaTrade
The Spanish regulator is the one that issued an official AltimaTrade warning. According to CNMV, AltimaTrade broker runs an unauthorized scam, providing Forex services and financial advising without supervision.
This warning was later republished in Italy and Belgium. Both CONSOB and FSMA state the same.
Traders’ Experience With AltimaTrade
Instead of us talking for investors, we will show you one of the AltimaTrade reviews.
“Everything was fine until then as I wanted to withdraw money then my consultant disappeared no one contacted me there is no altimatrade.pro contact where I can go for withdrawal ….. I was tricked”
– Trustpilot Customer
AltimaTrade Platform – Trading Software
AltimaTrade advertises its WebTrader as “a high-quality, advanced, and reliable solution for trading on global financial markets.” However, we never saw a web-based software that was reliable. Due to its presence on the cloud, this platform is way less secure than MetaTrader, for example. Also, it has fewer features, such as fewer charts and indicators and no social trading. So, If you want to start investing, find a legitimate broker offering MT4 or MT5.
All About AltimaTrade Accounts
The company offers 4 account types, including:
- Mini – $250
- Standart – $1,000
- Classic – $5,000
- Pro – $10,000
The main difference is in the size of orders, the number of trading instruments, and trading tools.
Minimum Investment Amount
As you can tell from the Account Types section, the minimum deposit with AltimaTrade broker is $250. Although they call it a Mini account, most regulated firms allow you to start with as low as $10 on Micro and Mini accounts. Thus, there’s no reason to risk so much with an unregulated scheme firm. However, find a legit broker and save yourself the money and time you’d spend chasing a fraudster.
AltimaTrade Broker – Countries Of Service
As per our research, the AltimaTrade trading scam mainly functions in:
- Germany
- UK
- Canada
- Spain
- South Africa
The broker has been active since October 2021 and already has numerous victims. Don’t become one.
Also remember the names of theHotTrades,Intel TradingandMargextrading scams and avoid them at all costs! Moreover, always check the background of online trading companies before investing!
Customer Support – Communication Channels
AltimaTrade and similar bogus firms rely on their customer support to bring in clients. In fact, these people contact existing and potential customers, persuading them to invest or upgrade their accounts. Also, according to reviews, support uses phones and emails as the main communication channels. Additionally, Those who have never registered can be approached using fake social media accounts on Instagram and Facebook. Thus, if you see comments or messages from someone allegedly making thousands of dollars with AltimaTrade, know that you’re being lured into fraud.
AnyDesk and TeamViewer – Access To Your Bank Account
You will find links to download AnyDesk and TeamViewer on the broker’s main page. Both of these are remote desktop access apps. Basically, customer support can use them to access and control your desktop or a mobile device and, through it, your online banking or a crypto wallet. And you can already imagine what will happen when a fraudulent team has access to all your money.
AltimaTrade Range of Trading Instruments & Markets
Clients can trade in four markets, including:
- Forex – EUR/USD, CAD/JPY, USD/CAD
- Commodities – gold, silver, corn
- Indices – Dow Jones, S&P500, DAX30
- Shares – Amazon, Apple, Tesla
The firm doesn’t offer crypto trading.
AltimaTrade Trading Conditions
Unregulated brokers like AltimaTrade determine their own trading conditions.
About Leverage And Spreads
Against all regulatory standards, the leverage goes up to 1:100. In the EU and UK, the limit is 1:30 for the Forex market. At the same time, US and Australian license providers allow up to 1:50. Also, AltimaTrade goes double that, putting your funds at risk. Besides, spread is not disclosed, leaving you to guess the costs of trading.
AltimaTrade Deposit, Withdrawal Methods, And Fees
There are many issues with AltimaTrade withdrawals and fees.
What Payment Methods Does The Broker Accept?
The company accepts:
- Debit/credit cards
- Wire transfers
However, there are some hefty fees. You’ll have to pay 50 units for bank withdrawals and 25 units for cards. In addition, there is an AltimaTrade bonus made to prevent customers from getting their money back.
AltimaTrade Bonuses – Withdrawal Requirements
The company has a clause stating, “In order to withdraw funds from an account that has been credited with a trading bonus, the trader will be required to execute a minimum trading volume of (bonus amount + Deposit) x 25.” Furthermore, the company can change these terms without prior notice at any time. It means that for a bonus of $100, you will have to repay $8,750, counting that you deposited only a minimum amount.
Scammed by AltimaTrade Broker? – Let Us Hear Your Story
If you or someone close to you falls victim to the AltimaTrade scam, let us know. Our chargeback specialists will be happy to assist and help you get a refund.
But What Is A Chargeback?
This is a way for your bank to reverse the fraudulent credit card transaction. Contact us via online chat to book a free consultation, and let’s find the best solution for recovery before AltimaTrade vanishes. Act now. It’s urgent.