News Traders is the kind of brokerage that everyone needs to avoid. Though they have been around for a short time, they have earned a bad reputation and people have reportedly lost thousands of dollars to them.
We did a thorough investigation and found heaps and heaps of concerning things about the platform. From the way they operate to the way the policies are structured, almost everything showcases the conflict of interests pretty well.
You don’t have to be a genius to figure out that you should stay away from them. If you are interested in learning about the way this broker functions and the kind of hassles present, then the following content is something that will be helpful to you.
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Founders and Licenses
Finding information about this firm wasn’t easy. We encountered a lot of dead ends when we were trying to narrow in on the actual owners. News Traders is owned and operated by News Traders LTD(located in Saint Vincent and the Grenadines).
As you might already know, the regulatory status is weak and brokerages that are situated in this region for the most part are shady entities. This platform does not feature segregated accounts, insurance is not offered.
Conflict of interest is too much and the kind of control they have over everything is more than unfair. As the goals of the owners and the investors aren’t aligned, it is better to avoid them at any cost.
Weak regulatory status and vague policies are the kind of things that are unjustifiable in the field of finance. If you ever spot any entity that features the traits mentioned above, then it is wise to move away from them.
News Traders Trading Platform
News Traders supports MT4 trading platform. The interface is nice and most retail investors will like the way things work with it. Customisation is unparalleled and charting tools and indicators present will be more than adequate. Note that we do not know whether they allow all kinds of trading strategies.
Also, talk to the support team before employing any EA. As they do not provide a demo account, we do not have a clue about the trading costs present. In case you are wondering, know that they are a market maker which means they have the conflict of interest to a huge extent.
There are 4 account types present, but the starting capital is significantly large compared to top brokers in the sector. All in all, apart from the interface, there isn’t anything about them that can be considered as reliable and unique.
Terms and Conditions
Offshore brokers like this one enforce a lot of policies, but the catch is that they will always maintain an edge. For starters, this platform charges enormous dormant fees. If users do not place any trade for over 45 days, then he or she has to pay around $100 monthly which is ridiculous.
Withdrawal policies are also not completely transparent and funnily enough, other parameters aren’t even revealed. If this firm ever bites the dust, then there is no clear protocol.
Go through the small print to be on the safer side and never take anything for granted with them. Offshore entities can twist their policies a lot and they can do so without even giving prior notice. So, you need to be alert with them or else you will end up with a hole in your pocket.
News Traders payment Methods
The minimum capital required to open an account is around $250, but it might change depending upon the account type one might select. Payment methods supported by them are VISA, Master Card, wire transfer and skrill.
Processing time is not mentioned and withdrawals might take upto 6 to 7 days. The exact reason behind withdrawal delay is not covered by them.
Nonetheless, do not give them the benefit of the doubt or else you might have to suffer financial damage. Lastly, the inactivity fee is present and it is capped at $100 monthly.
Feedback
It does not matter which forum or social media platform you might visit, we are pretty sure that you will witness a lot of negative comments. Users are frustrated with them and many aren’t even able to get their capital amount back. We are aware of the fact that the available number of comments isn’t big enough.
However, given the number of allegations and complaints against them, we cannot skip it for any reason. If you like to see the plight of the clients, then all you have to do is a simple search on Google. As the consensus is clear, use your own judgment and regardless of what they say, never let them sweet talk you into anything.
Is News Traders Scam or Legit?
News Traders appears to be an elaborate scam. There are many aspects of the business wherein they are taking advantage of clients in an unethical manner. Policies are all vague and trading costs are high as well. Lastly, even the feedback about them is concerning.
Avoid interacting with them for your own good. If you are struggling to get your money back from this broker or any other online scam, then get in touch with us via the form below.
Our recovery experts will guide you through the process for free and we won’t rest until the culprits pay up for their mistakes. The best part is, our staff have decades of experience which means there is literally nothing that can throw us off the tracks.
Bottom Line
Forex markets are enormous and daily trading volume amounts to trillions. Sadly, sketchy firms have always plagued this sector and are causing harm to investors for a long period of time. However, as long as you are careful, you don’t have to worry about anything. As far as this firm goes, our suggestion is to avoid them.
Have you lost money to the News-Traders.com Scam? If yes, leave a comment below and we will get in touch with you.