S2Trade scam got a lot of investors by playing a forex broker. However, while it is still hard to believe, the market seems to face a lot of confusion regarding S2Trade’s authenticity. To disclose the facts, Financial Fund Recovery has assigned an entire team of detectives to investigate the broker.
So let’s get right into it!
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What is S2Trade?
Before handing your money to someone, know who they are and where you can find them. S2Trade extends beyond the country. On their site, they claim to have spread their services across Europe and Asia. One can open an account with them from anywhere in the world.
S2Trade is also known as S SquareTrade. GoldTech Media Services OÜ owns and operates the business. In addition, it acts as a forex broker based in Estonia. The brokerage services were initiated in May 2017. S2trade has assets such as forex, indices, commodities, and shares.
Further, it provides services across three distinct account types. Dealings are generally done through USD, GBP, and EUR.
Let’s look at s2trade scam or not,
Is S2Trade Legit or a Scam?
Yes, Definitely! While everything about S2trade seems genuine, the fact that it’s a scam remains unchanged. Especially after a massive batch of traders dealing with losses due to their deceptive moves. S2Trade was good at covering up and getting rid of reviews. But, not anymore!
S2Trade is an unregulated broker; they have no restrictions whatsoever. S2Trade has no license from any financial regulator in the world. Working with a broker with no license is a bad idea; you are left with no one to run to if you collide with hurdles. You will always be uncertain of its safety.
The lack of licensing and regulation is your first red flag of the S2Trade being a scam.
S2Trade scam does not describe any details related to the senior management. Moreover, there are no records available regarding the registration regulation of the company by any legitimate and government authorized financial institution. Therefore, it would be better to say that the s2trade scam is legit and stay away from such brokers.
S2Trade offers many currency pairs for forex trading and, on top of that, offers CFDs trading for commodities, metals, and indices. The offerings here are not too bad.
S2Trade Trading conditions
The minimum balance you need to open an account with S2Trade is $500 for a standard account. Although the minimum balance is not unreasonable, some brokers also allow a $100 minimum balance. But looking at their regulation, it is not understandable that they require this high of an amount.
They have several account types; the basic ones have reasonable spreads on the major forex pairs. With exotic pairs, the spreads become very wide, making the trading costly. When it comes to ECN accounts, they charge a commission, but the spreads remain relatively wide.
There are numerous brokers out there that will offer you better trading conditions as compared to S2Trade.
The aspect of trading with S2Trade jeopardizes your funds due to the absence of any information in the public interest. Furthermore, trading with an offshore broker has its own risks; take strict precautions before entering any trade activities.
S2Trade complaints have surged into our scam database. If you are searching for reputable online trading brokers, then we recommend you stay away from S2Trade. Although there are many broker scams, you should use caution and go only for regulated entities.
When you trust a broker with your money, you are also giving your data. Predatory scam brokers are after your money, yes, but also your data. Therefore, you must be careful and avoid any trading broker that raises severe warnings. The abundance of complaints points to the high potential of it being a scam.
S2Trade to Withdraw Money
These brokers make depositing as easy as possible but come to withdraw, creating all kinds of problems.
If you are looking to select a broker, cut off S2Trade from the list and select only regulated and adequately licensed brokers.
How S2Trade Scams Work?
When we look at the company deeply, it throws light on the fact that GoldTech Media Services OÜ runs Glenmore Investments along with S2Trade. It is another Forex broker that provides similar services, but their website is quite junky. It appears to be made in a hurry and by an inexperienced designer. Running two separate brokers offering similar services points to something shady at work.
Another red flag is the company’s location. GoldTech Media Services OÜ is located in Estonia, but its official phone number is based in the UK. Upon investigation, it was revealed that the number belonged to a company called We Love Communications Limited.
The S2Trade bonus does not appear so bad; clients receive a 25% bonus on their deposit. You also get to withdraw your bonus if you achieve the minimum required trading volume. Fulfilling the minimum requirement is difficult, but it’s also better than the bonus offered by other brokers, which cannot be withdrawn at all.
It is pretty clear now that the company raises enough red flags to be declared a scam.
Why Is S2Trade A Scam?
As a broker operating across various investment sectors and countries, complying with the set rules become crucial.
Regulatory authorities require the brokers to follow their laid regulations. When a business fails to do so, its reliability becomes doubtful. Besides, there’s no proof that your funds will remain secure with them. Hence, we at Financial Fund Recovery suggest not to trade with S2Trade.
Lures Investors With Lies
If you notice ads or videos by S2Trade, they generally focus on keywords such as “get rich quick” or “make money with S2Trade”. But, in reality, the investor attains no money and ultimately realizes it’s a scam. The company claims to offer support 24/7 but doesn’t lend the same. Further, withdrawals never work, even if your account displays profits.
How Do You Spot an S2Trade Scam?
You can identify a scam through some common red flags that raise doubts.
It’s a scam if S2Trade blocks your account or you cannot log back into your account. It can also be that they froze your account. The broker can also take money out from your account.
If the website has been taken down out of the blue, it is a scam. A scammer will also stop taking your calls once they get the money or data they want. So if S2Trade took your money out without your permission, it is a quite definite red flag.
It is a scam if they are requesting more money for your account after losing a considerable sum of money.
What to do if you have Lost Money in S2Trade Scam?
Whether it’s an S2Trade scam or any other forex scam, keep in mind that your money rightfully belongs to you and is recoverable. Financial Fund Recovery puts in all the efforts so our clients can get their money back and feel safer within the investment sector. So if you have lost your money or already signed a contract with S2Trade scam, just reach out to us, and we are here to take care of the rest.