6iTrade Review: Is 6iTrade a Scam or Legit Broker?

6itrade.com Review: On the 6iTrade website, www.6itrade.com, the brokerage claims to be owned fully by the 6iGroup Ltd. It is a trademark registered to that company as well. Further, its registered address is Govant Building, Port Vila, PO Box 1276, Vanuatu. This is an Offshore location and it is vital to note this. The Vanuatu Financial Services Commission grants financial dealer licenses to Forex brokers truly, but it does not hold them as responsible for client compensation as the popular European agencies do.

The trading products available to clients who trust 6iTrade brokerage includes CFD on precious metals, indices and cryptocurrencies. Included in the terms and conditions of the brokerage are fees charge on withdrawals. First, withdrawal made from accounts which have not reached a trading volume of $500,000 will be charged 5%. Also, accounts that have not been active for 3 months would be subject to a monthly fee charge of $20.

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Trading Platform

6iTrade brokerage operates on the MetaTrader 4 platform that is a very popular forex trading terminal. This platform used by the 6iTrade trading software is easy to use by beginner traders. The pairs it operates on includes EURUSD, USDJPY, GBPUSD, USDCHF, XAUUSD and BTCUSD.

Deposit and Withdrawal Methods

The brokerage promises that clients can make fast and secure payments and withdrawals by using: MasterCard, Visa, Neteller, SKrill, UnionPay and bank wire transfer. Although, no minimum is set on deposits, it is revealed that deposits that are lower than $50 will attract a charge of 25%.

Is it Licensed?

On the website, it is seen that 6iGroup Ltd is registered and licensed to operate by the Vanuatu Financial Services Commission (VFSC).

Support

There is no means of contacting the operators on the page and it seems only registered clients are reached first.

Conclusion

The first thing that throws serious traders off is the offshore location of this brokerage. However, if it is worth anything, the license from the Commission seems legit. Another disquieting point are the charges placed on withdrawals as was mentioned earlier. Then there is the fact that investors cannot reach the pioneers behind this brokerage first before registering.

 

COMPARE WITH A TRUSTED BROKER

Fortrade

Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK well as ASIC in Australia which makes client funds safe. They accept traders worldwide..visit their official website

DID YOU KNOW!! Most Autotrading softwares or robots claiming to turn you into a millionaire overnight are SCAMS. If you are in need of a legitimate software or robot that can help you trade profitably, see our recommendation HERE

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