By impersonating a forex broker, the S2Trade scam attracted a large number of investors. But, while it may be difficult to believe, the market appears to be immersed in doubt about S2Trade’s legitimacy. Let’s put it out there.
What entails the S2Trade?
Know who you’re giving your money to and where you can locate them before you hand it over. S2Trade’s reach extends beyond the borders of the country. They proclaim to have extended their services across Europe and Asia on their website. Anyone from anywhere in the world can open an account with them.
S SquareTrade is another name for S2Trade. The company is owned and operated by GoldTech Media Services OÜ. It also functions as an Estonian-based forex broker. Forex, indexes, commodities, and equities are among the assets offered by S2Trade.
It also offers services for three different account kinds. USD, GBP, and EUR are the most commonly used currencies.
Is it a scam?
S2Trade is a completely unregulated broker with no limits. S2Trade does not have a license from any of the world’s financial regulators. Working with an unlicensed broker is a terrible choice because you’ll have no one to turn to if you run into problems. You’ll always be concerned about its security.
The S2Trade’s absence of registration and control is the first red flag that it is a scam. The S2Trade fraud does not provide any information on the senior management. Furthermore, there are no records of the company’s registration regulated by any genuine and government-approved financial institution. As a result, it is preferable to declare that the S2Trade scam is real and to avoid dealing with such brokers.
How does the S2Trade scam work?
When we take a closer look at the corporation, we can see that GoldTech Media Services OÜ is the company that runs Glenmore Investments and S2Trade. It’s a different Forex broker that offers identical services, however, their website is a wreck. It appears to have been thrown together in a hurry by an inexperienced designer. Running two separate brokers that provide comparable services suggests something fishy is going on at work.
The company’s location is also a red flag. Although GoldTech Media Services OÜ is established in Estonia, its registered phone number is in the United Kingdom. The number belonged to a firm called We Love Communications Limited, according to an inquiry.
The S2Trade incentive does not look to be too bad; customers earn a 25% bonus on their initial investment. You can also withdraw your bonus if you meet the minimum trading volume requirements. It’s difficult to meet the minimal criteria, but it’s better than the bonus offered by other brokers, which cannot be withdrawn.
It is evident that the company now raises enough red flags to be labeled a scam.
What Are the Signs of an S2Trade Scam?
- Some common red flags that trigger suspicions can help you spot fraud.
- If S2Trade bans your account or you are unable to log back in, it is a scam. It is indeed plausible that your account has been temporarily suspended. Your broker can withdraw funds from your account.
- It is a scam if the website has been taken down out of the blue. Once they have the money or data they seek, a fraudster will stop receiving your calls. So, if S2Trade withdrew your money without your authorization, that’s a big red flag.
- If they are seeking additional money for your account after you have lost a significant amount of money, it is a scam.
No matter how profitable the scheme appears, it is recommended to conduct a thorough background check before investing in any financial services organization. This is because the person on the other end of the line may try to speed you through the process by selling you a fake once-in-a-lifetime opportunity. They should be regulated by a regulatory authority if they claim to be a finance firm.
There were no positive evaluations for the S2Trade, and even past investors had nothing but negative things to say about it. They lacked an official certificate from the regulatory authorities. The company’s address and phone numbers could not be found. As a result, S2Trade is clearly a scam.