If you are looking to read Caspytrade reviews, you are in the right place. Is the Caspytrade.org platform a reliable broker? Read reviews to know about this forex broker whether to use or not.
This content promises to share helpful review to support clients/traders in making the right decision. Kindly read to the end and make your verdict.
Table of Contents
CaspyTrade otherwise known as Caspytrade.org is an offshore brokerage with a lot of promises for forex traders. The forex company presents it registered address in Saint Vincent and the Grenadines.
Further, the brokerage promises different instruments like forex, stocks, commodities, crypto, bonds and indices. Also, it presents a zero spread difference in Buy/Sell.
Things You Should Know about Caspytrade.org Regulation
First of, CaspyTrade openly presents its registered address in Saint Vincent and the Grenadines (SVG).
SVG is an offshore zone with no broker regulations in place. As soon as you open the website of the local Financial Services Authority you see a warning that the institution does not license forex and other types of brokers and does not supervise the activities of International Business Companies engaged in such activities.
More so, CaspyTrade does not provide proper legal documentation, it is unclear what traps the fraudsters may have set.
The broker does not offer money back guarantee which means trading on such platform is clearly a risk as your money cannot be refunded.
These are drawbacks for forex traders/ clients to avoid losing money with this scam broker. It is always advisable you check for regulated and licensed broker on financial authorities websites before depositing fund for trading.
CaspyTrade Minimum Deposit for Traders
The broker CaspyTrade doesn’t specify its minimum deposit. In comparison, licensed FX brokers clearly spell out their regulations and license credibility with no string of fraud, and clients can start trading as low as $100 with the assurance of their trading funds.
According to CaspyTrade funding methods, it does not provide any specific information about available payment methods and transaction fees. When we tried to fund our account there seemed to be two options – Visa/Mastercard and crypto payment.
Just so you know, offshore brokers are commonly known for accepting crypto currencies. For this purpose, payments made through this method are anonymous and can only be traced to a wallet address and not to a specific person. So beware!
CaspyTrade withdrawal says nothing on specific information regarding withdrawal fee and processing days on withdrawal request. The broker provides no clear description on trade requirements that must be met before a withdrawal.
Different Types of CaspyTrade Brokerage Accounts
Unfortunately, there is no information about account types. You will have the freedom to invest as much as you can. After you get that first hard sales call, be careful in handing your money over.
CaspyTrade Provides Which Trading Software?
CaspyTrade claims to offer its own platform that is “award-winning” and with “advanced analytics”. But, there is no download link or any way to preview the software, so we had to register in order to see it.
Why use forex brokers with advanced trader like MT4/MT5? You are certain to have the best features of real-time quotes, financial news and various FX and stock charts, as well as algorithmic trading sessions with the help of specially designed trading bots, called Expert Advisors.
CaspyTrade offers leverage as high as 1:100 on forex majors. Honestly, we say don’t consider doing that with an unregulated forex broker like this one because you stand the chance of losing your money.
CaspyTrade Licensing and Regulation
It is not far from believing that this broker is not a licensed brokerage firm. It is not under any financial regulation which means wiring your money for trading is risky. Its unlicensed and unregulated activities are truly a red flag and must be avoided.
COMPARE WITH A TRUSTED BROKER
Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices, and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK well as ASIC in Australia which makes client funds safe. They accept traders worldwide..visit their official website
CaspyTrade located at Caspytrade.org claims to appear like a genuine trading broker, however, you should not take the words they say. From all indications, we would advise traders to steer clear from unlicensed brokers as they likely a platform run by scammers. Thus, we urge our readers to rely on regulated brokers like this or any licensed entity.
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