Massive Traders has been identified as a risky opportunity by Intelligence Commissioner users. It is similar to Dokeela. We’ve received over 4 complaints against Massive Traders.
It is important to confirm a forex broker’s regulatory status before choosing one. Despite Massive Traders’ promises to be trustworthy, a deeper look reveals serious faults. Red flags are raised by its lack of transparency, appropriate regulatory licensing, and contact details. To ensure safety and responsibility, prospective investors should steer clear of unlicensed brokers such as Massive Traders and choose ones with transparent, verifiable credentials.
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 Massive Traders Regulated? Do They Have a License?
When selecting a forex broker, it is critical to check their validity and regulatory status. Massive Traders promotes itself as a trustworthy broker, but a deeper study exposes key flaws that prospective investors should be aware of.
The first step in analyzing a forex broker is to identify its legal entity, location, and regulatory oversight. Massive Traders, according to its webpage, is administered by Massive Traders Limited. However, the website does not include a contact address or regulatory license information.
The website is mostly in Russian, although the Terms and Conditions are in English. The document does not identify a legal organization or define the applicable jurisdiction. After creating an account and accessing the dashboard, a link to a licence from the UK’s Financial Conduct Authority (FCA) in the name of Massive Traders Ltd appears. However, this organization is listed as a Payment Services Directive (PSD) agency rather than a licensed FX and CFD broker.
Verification of Legitimacy: No proof connects this PSD agent to the Massive Traders website. This disparity is a typical approach used by scammers to falsely represent themselves as legitimate businesses. Furthermore, a search of the Bank of Russia database yielded a warning about Massive Traders, indicating that company is not a regulated financial services firm.
The lack of regulation or the presence of poor regulation is a huge red flag. It means Massive Traders 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 Massive Traders, 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 Massive Traders
To avoid scams, make sure the broker gives all legally essential information, which is verified. The FCA requires reputable brokers in financial hubs such as the UK to follow tough financial stability and transparency rules. These brokers provide negative balance protection and participate in guarantee funds that cover up to £85,000 of a client’s investment if the broker falls insolvent. Additionally, they are obligated to maintain customer funds separate from business cash
Massive Traders offers a basic web trading platform with limited customization and capability. This platform has been discovered with several fraudulent brokers, indicating that it is rigged to trick customers into thinking their investments are legitimate and profitable.
Industry Standard Platforms: Legitimate brokers provide a variety of trading software alternatives, such as MetaTrader 4 (MT4) and MetaTrader 5, which are well-known for their extensive features, customization possibilities, and support for automated trading and strategy backtesting.
Massive Traders needs a minimum deposit of $250, which is consistent with industry standards. However, many reputable brokers have micro and cent accounts with substantially lower entry limits, making them ideal for beginning investors. For the same deposit amount, traders could select a reputable and licensed forex broker.
The website does not provide full information on payment methods and withdrawal criteria. The deposit menu includes alternatives such as cryptocurrency, credit/debit cards, and peer-to-peer, however none of them work automatically, necessitating contact with website support following the deposit request.
Risk of bitcoin Transactions: Scammers may promote traditional payment methods but direct victims to bitcoin transactions for anonymity and avoid chargebacks. Legitimate brokers, on the other hand, provide a variety of transparent payment options, including bank transfers and e-wallets such as PayPal, Skrill, and Neteller.
Massive Traders’ platform supports instruments from all major asset classes, including cryptocurrency. This inclusion implies noncompliance with FCA regulations, which ban brokers from selling bitcoin trading to retail customers in the UK.
Massive Traders has a spread of approximately 9 pips, which is significantly higher than industry standards. Even a 2-pip spread can be detrimental to traders.
Massive Traders provides a high leverage of 1:100, which is not permitted for UK-licensed brokers. High leverage can result in big profits, but it also raises the danger of unexpected and severe losses. Leading regulators, notably the FCA, set a leverage limit of 1:30 for major currency pairs and lower levels for volatile assets.
Massive Traders’ withdrawal circumstances are unclear. Scams typically impose hidden fees and conditions that lock investors’ assets, frequently in exchange for bonuses.
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.
Massive Traders 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.
Massive Traders 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 Massive Traders 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 Massive Traders 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 Massive Traders, chances are, you wouldn’t find many legitimate reviews.
Another prominent way brokers like Massive Traders enhance their credibility is by burying negative reviews and complaints under a lot of fake reviews.
This way, when you’ll look up “Massive Traders reviews”, you might not find many complaints. Or, you might find them buried within numerous reviews praising Massive Traders.
You should always look out for consumer complaints. In the case of Massive Traders, 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 Massive Traders? You can share your complaint in the comment section or submit an anonymous tip.
Is Massive Traders Legit Or a Scam?
Massive Traders 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 Massive Traders 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 Massive Traders?
When selecting a forex broker, it is critical to check their regulatory status and ensure transparency in their activities. To protect your interests, avoid brokers with questionable methods and instead choose ones who are regulated by reliable organizations.
All the evidence suggests that Massive Traders 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
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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. 
