Once Bitcoin and other crypto increased in popularity, many scheme firms decided to use people’s lack of knowledge and operate a crypto brand. These platforms promised a lot and gave nothing in return. One of them was ZeraTrade, an unlicensed fraudulent broker. While it vanished, scheme firms tend to return under a new domain. That’s why we want you to be able to recognize ZeraTrade and similar bogus firms. Read this review and gather facts.
| Broker status: | Unregulated Broker |
| Regulated by: | Unlicensed Scam Brokerage |
| Scammers Websites: | zeratrade.com |
| Blacklisted as a Scam by: | N/A |
| Owned by: | ZeraTrade Global Ltd |
| Headquarters Country: | Singapore (allegedly) |
| Foundation year: | N/A |
| Supported Platforms: | WebTrader |
| Minimum Deposit: | 0.005 BTC |
| Cryptocurrencies: | Available |
| Types of Assets: | Cryptocurrencies |
| Maximum Leverage: | 1:125 |
| Free Demo Account: | No |
| Accepts US clients: | Yes |
Is ZeraTrade a Broker With a Good Reputation?
ZeraTrade has a negative reputation, which led to the website vanishing. After the broker realized it could not get any new customers thanks to bad reviews, it simply shut down the domain.
According to information, the official owner of the scheme was ZeraTrade Global Ltd. As per the country of service, we have a mismatch of information between the Client Agreement and the Terms and Conditions. Based on the first one, the contract is entirely concluded under the laws of the Republic of Singapore. Yet, T&C implies that the governing law is the law of Estonia.
We found nothing after checking MAS, FI of Estonia, and other Tier1 regulators such as FCA, ASIC, and BaFin. It means that ZeraTrade operated unlicensed, which is why it was so easy to disappear with clients’ money.
How Unsafe Is An Unlicensed Broker?
As you can tell from the story above, unlicensed brokers can quickly vanish. No regulator will take the responsibility of reimbursing victims. That’s why you should invest only in licensed trading firms.
Also, we recommend you not to invest in the fraudulent brokersCXChainxbt,BrokerageaandSinaraCorp.
And So is ZeraTrade a Legitimate Broker Or a Scammer?
ZeraTrade was not a legitimate company. The broker listed headquarters in Singapore, yet working under the Estonian governing law.Besides, it operates unlicensed and ran with clients’ funds.
Traders’ Experience With ZeraTrade
As explained, ZeraTrade earned a bad reputation, which is why it vanished. Because, according to Reddit, the firm posted a phishing link to one of their posts about trading, luring customers to invest under false pretenses. Once uncovered, the broker disappeared, leaving numerous people without funds.
What Platforms Does ZeraTrade Offer? – Available Trade Software
ZeraTrade offered only a proprietary WebTrader. Also, as expected from a fraudulent broker, this one didn’t invest much money into trading software either. Likewise, the platform is quite rudimentary, without any special tools or features. Even if you wanted to analyze the market in detail, ZeraTrade didn’t give you the proper tools. That’s why we always advise a legitimate trading firm offering reputable software such as MT4 or MT5.
ZeraTrade Range of Trading Instruments & Markets
The firm focused on only one asset – cryptocurrencies. As mentioned, when Bitcoin gained popularity, many new brokers saw it as an opportunity to sell something popular yet not as transparent. Since crypto was quite a mystery and some people still have a hard time understanding the concept of virtual money, ZeraTrade, and similar bogus firms could tell you anything to convince you to invest. And so, sadly, it caused heavy losses for many people dealing with the brokerage.
ZeraTrade Trading Conditions
If you are looking for favorable trading conditions, the firm should not be on your list.
About Leverage And Spreads
The leverage is advertised as 1:125. This is an instant red flag since the dominant Tier1 regulators have set a strict limit to 1:2 for digital assets. Therefore, it means that ZeraTrade risks your money over 50 times more. However, as for the spread, it wasn’t disclosed, and without any access to the platform, we cannot comment on it.
ZeraTrade Deposit, Withdrawal Methods, And Fees
The company charged a 0.2% trading fee. Yet, they offered to cut this amount to half if you participate in the referral program. Of course, it’s just a part of the Ponzi scheme this company was running, ensuring more clients.
What Payment Methods Does The Broker Accept?
The only accepted payment method was cryptocurrencies. If you wanted to use any safer payment tool, such as a credit card or a PayPal, you could not invest with ZeraTrade.
Minimum Investment Amount
The initial deposit with the ZeraTrade broker was fixed at 0.005 BTC. However, with BTC price changes, this amount changes as well. At the time of writing this review, it equals $113. Yet, once BTC was on $65,000, the amount was significantly larger. So, never invest your funds in fraudulent firms that do not specify their deposits in fiat currencies.
Bonuses and Referral Program – A Fraudulent Method
As mentioned, ZeraTrade was running a scheme through bonuses and referral programs. Thus, customers that recommended a friend or a family member gained 40% of the amount of fees paid by the recommended person and a lower trading commission. Yet, if you asked to withdraw your funds, you were informed that you could not do it unless you paid out all the bonuses and other incentives received from the company. Another way to prevent you from getting your money back.
Customer Support – Communication Channels
Customer support was reaching customers in various ways, including:
- Phone calls
- Emails
- WhatsApp and Telegram messages
- Facebook and Instagram
- Dating apps
The safest way is to avoid anything related to ZeraTrade and keep your funds until you find a legal brokerage.
Also remember the names of theAreaTrading,GreenlineProandEmiDealstrading scams and avoid them at all costs! Moreover, always check the background of online trading companies before investing!
Scammed by ZeraTrade Broker? – Let Us Hear Your Story
If you were scammed by ZeraTrade, contact us right away. Since the firm is already gone, you must file a dispute for a chargeback as soon as possible.
But What Is A Chargeback?
This is a way for your bank to recover funds from the merchant. For more details, book a free consultation with our experts. Don’t waste more time. The sooner we start, the higher chances you have to recover what’s rightfully yours.