Free Trade CFD has been identified as a risky opportunity by Intelligence Commissioner users. It is similar to Prime Assets Pro. We’ve received over 3 complaints against Free Trade CFD.
Free Trade CFD describes itself as a “global forex trading specialist,” yet an inquiry shows irregularities. This review discusses why Free Trade CFDs may not be a reliable investing option and suggests other reputable brokers. The lack of regulatory information, the blacklist maintained by CONSOB, and the exclusivity of bitcoin payments all indicate concern. For a safe trading experience, always work with established, licensed brokers.
We suggest working with a trustworthy broker with specialized staff, latest tech and most importantly, customer-centric trading conditions. After reviewing 1000+ brokers, we rank the following company as the best:
Key Takeaways
Is Free Trade CFD Regulated? Do They Have a License?
Free Trade CFD advertises itself as a “global forex trading specialist,” yet a thorough investigation exposes various inconsistencies. In this review, we will explain why Free Trade CFD may not be the best option for your investments and recommend other reputable forex and CFD brokers.
When selecting a forex broker, it is vital to evaluate its regulatory status. Legitimate brokers are open about their regulatory oversight, disclosing details about their legal companies, contact information, and regulatory licensing. Unfortunately, Free Trade CFD’s website lacks this critical information. The Terms and Conditions refer to Cyprus as the appropriate jurisdiction, although no broker with this name or domain is registered with the Cyprus Securities and Exchange Commission. Additionally, Italy’s financial authority, CONSOB, has blacklisted Free Trade CFD, indicating potential dangers.
Investing through certified brokers in the EU provides substantial benefits. EU-regulated brokers must have a minimum net capital of EUR 730,000 to ensure financial stability and a long-term business strategy. Client monies are maintained in separate accounts to protect them in the event of the broker’s insolvency. Furthermore, brokers in the EU are members of the Investor Compensation Fund, which provides up to EUR 20,000 per person in the event of broker insolvency. These brokers also provide frequent reports on their clients’ transactions in order to improve investor protection and market transparency.
The lack of regulation or the presence of poor regulation is a huge red flag. It means Free Trade CFD might be a scam or most likely, an illegal operation.
Companies offering investment services or opportunities without having a license can vanish without leaving a trace. Furthermore, the lack of a regulatory license allows them to get away with it and face no legal consequences.
That’s why it’s vital for you to always check a company’s regulation status as well as its license information. The presence of a license allows consumers to reach out to an authority if something goes wrong.
In the case of Free Trade CFD, victims have nowhere to go due to the absence of a watchdog or license.
You should ask yourself the following questions when you come across a new investment firm or opportunity:
- Does the investment provider maintain transparency about its CEO?
- Do they have a license from a renowned regulatory authority?
- If the need arises, can I reach out to an authority to report this company as a scam?
Trading Conditions and Deposit/Withdrawal Methods at Free Trade CFD
Free Trade CFD claims to have a standard web trading platform. However, it is critical to understand that financial scammers frequently employ rigged platforms to create the appearance of trading activity, while monies are channeled directly into the scammers’ pockets. Reputable brokers provide a wide range of trading tools, including desktop, mobile, and web-based platforms such as MetaTrader 4 (MT4) and MetaTrader 5. These platforms are industry standards because to their broad feature set, which includes customized options, automated trading capabilities, and trade strategy backtesting.
Free Trade CFDs need a minimum deposit of EUR/USD 250, which is consistent with industry standards. However, many established and licensed brokers have lower entrance requirements, with some offering Micro and Cent accounts that are acceptable for beginning investors. Notably, Free Trade CFD only allows bitcoin deposits, which is a warning flag because cryptocurrencies allow scammers to remain anonymous, making it harder for victims to reclaim their monies.
While Free Trade CFD advertises a wide selection of trading instruments, including forex, indices, cryptocurrencies, and commodities, the website’s anonymity raises concerns about the validity of its offerings. In comparison, trustworthy brokers offer legitimate trading opportunities with transparency and regulatory oversight. The trading site displays a normal spread of 1.2 pips, but without the certainty of genuine trading activity, these figures are worthless.
Free Trade CFD provides large leverage ratios of up to 500:1, which is a frequent approach employed by unregulated brokers to entice traders. High leverage raises the danger of big losses, and regulators like as the European Securities and Markets Authority (ESMA) set strict limitations on leverage to safeguard retail traders. Furthermore, Free Trade CFD’s offer of bonuses is a red flag, as authorized brokers are not permitted to offer such incentives due to the potential to impose unfair trading conditions.
Free Trade CFD does not provide clear information regarding withdrawal terms, which is common in scams that use hidden fees and other measures to prevent clients from obtaining their assets. In contrast, legitimate brokers do not impose unusual withdrawal requirements.
However, it’s worth noting that many forex scams disable their payment channels before shutting down their operations.
They might give you multiple reasons including:
- A technical error
- A glitch in their system
- Banking issues
- A “hacking attack”
And many others.
But in 9/10 cases, shady forex brokers stop making payments and keep the money to themselves. Hence, the payment methods we discussed here might not work.
To avoid such scenarios, it’s best to work with a reliable and trusted broker.
Free Trade CFD Customer Service: Do They Handle Complaints Well?
When it comes to forex brokers, you should only measure the quality of their customer service if they respond to your complaint.
In the beginning, shady brokers tend to remain very accessible.
This means their representatives will keep calling you until you invest with them. Furthermore, they will act friendly and make it seem as if you’re one of their most valuable consumers.
However, they do all this just to win your trust.
Shady brokers understand that to convince someone to give them a large sum, they will need to seem like a friend.
Nevertheless, when you have invested a considerable amount of money and need to get it back, their customer support will become inaccessible.
All of a sudden, their numbers would either stop responding or become unavailable.
Still, they might remain accessible to convince you to invest further. Also, they might begin by making a few excuses regarding your payment.
However, in the end, customer support won’t resolve your issues and become increasingly unavailable.
If you have information on a scam or criminal operation, you can get access to 40+ investigative journalists & news outlets for free. Send us a detailed report here and if you qualify, we will forward your case ahead.
Free Trade CFD Reviews: What Do Others Say?
It’s worth noting that many scammers tend to purchase fake reviews. Buying fake reviews has become extremely easy and it’s a multi-million dollar industry.
Even if Free Trade CFD might not be a scam, brokers like them rely on fake reviews to increase their credibility.
TIME Magazine investigated the fake review industry and estimated it to be worth more than $150 million. Certainly, there are a ton of scammers who want to seem legitimate and a bunch of fake reviews is the most effective way to do so.
That’s why you shouldn’t trust the online Free Trade CFD reviews easily.
It’s easy to identify fake reviews as well. You should look out for 5-star reviews posted by temporary accounts (profiles that only posted 1 or 2 reviews on the platform). Also, you should see if the positive reviews share any detailed information about their experience with the firm or not.
In the case of Free Trade CFD, chances are, you wouldn’t find many legitimate reviews.
Another prominent way brokers like Free Trade CFD enhance their credibility is by burying negative reviews and complaints under a lot of fake reviews.
This way, when you’ll look up “Free Trade CFD reviews”, you might not find many complaints. Or, you might find them buried within numerous reviews praising Free Trade CFD.
You should always look out for consumer complaints. In the case of Free Trade CFD, the most common complaints I found were about:
- Poor customer support
- Delays in payments
- High fees
- Lack of transparency regarding their leadership team
- Aggressive sales staff
Do you have a similar complaint about Free Trade CFD? You can share your complaint in the comment section or submit an anonymous tip.
Is Free Trade CFD Legit Or a Scam?
Free Trade CFD is an unregulated entity. Although they might fall under the jurisdiction of a watchdog, they don’t have the license to offer financial services to consumers.
The lack of a license means they are not answerable to any regulatory authority. As a result, the people behind Free Trade CFD can run away with your money without any prior notice. It would help if you were extremely cautious when dealing with an unregulated service provider.
The absence of a watchdog also means you cannot report to them to anyone.
Also, due to the absence of specific regulations, there is no provision protecting you from the insolvency of this entity. If they go bankrupt, you won’t be able to do anything about it.
Can You Trust Free Trade CFD?
While Free Trade CFD appears appealing, multiple red flags indicate caution. The lack of regulatory information, CONSOB’s blacklist, the exclusive usage of bitcoin payments, and the high leverage ratios are all major problems. To ensure a safe and secure trading experience, choose established and licensed brokers who provide transparency, safety, and actual trading opportunities. Always invest through a qualified intermediary to protect your investments.
All the evidence suggests that Free Trade CFD might be a scam. You shouldn’t risk your funds with a broker you don’t fully trust.
That’s why we recommend working with a trusted broker. That way, you can avoid any hiccups and be certain of
Frequently Asked Questions
Is Free Trade CFD a scam?
What is the best alternative to Free Trade CFD?
Where is Free Trade CFD Located?
Are there any Free Trade CFD complaints?
How Forex Scams Work
Intelligence Commissioner investigates & reviews online money-making opportunities. We strive to provide critically helpful information to our readers and assist them in identifying scams. 
