Casdaqtrading.com Review: this is the name of a Forex broker that claims to be located in USA and Hong Kong. Is Casdaq Trading a scam Forex broker?
While going through the website, the broker claims to be based in the US and Hong Kong. As we are well aware, all Forex brokers based in USA are to hold licenses from the SEC and NFA. This is mandatory for any legal broker there. We find that the company that owns the broker, CASDAQ TRADING USA, is registered with the Securities and Exchange Commission nor the National Futures Association.
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It is largely discouraging that we start out with exposing the deliberate misinformation on the website. They publish vacancy list for traders seeking to work with them. A demo account is also offered along with a FAQs section.
They claim that with them traders get to make profits. It is common for Forex brokers to start out with claims of making clients richer. This is because everyone seeking out easier ways to trade effectively does so to make more profit.
However, traders need to be careful about believing everything they encounter in the business sphere. Some are geared to just deceive and steal their funds. Considering what is offered and proofs are effective means of discovering fraud as well as reading our reviews and comparing the offers to those of other legit brokers at the bottom of this article.
Casdaq Trading Offers Managed Accounts
On the page they also tout their team of experienced traders who are on hand to educate clients. They call themselves “game changers”. They offer managed accounts to traders which is a red flag. Brokers who manage accounts make their money when traders lose. So, in effect they will ensure clients lose money so they can profit, they are also called Market Makers.
Trading Platform of Casdaq Trading
The Trading platform used by the broker is not on a MetaTrader but some web-based platform. we find it discouraging because most of the web-based platforms do not support auto-trading robots.
Legit brokers are known to offer at least the popular MetaTrader 4 or 5 trading platform.
These platforms are very good signs as they have become some of the most widely used by experienced traders. They are found to be compatible with various devices’ operating system. All can be used on desktops, Linus, windows, iOS and Android.
Tools that comes with these trading platforms are also found to be useful for traders. It has proven to be user friendly as well and helps traders in analyzing the market easily.
Trading instruments offered to traders are: not listed but it mentions Forex and CFDS. We know that legit brokers offer currency pairs, indices, CFDs on many commodities and cryptocurrencies. It is important to let traders know the options open to them.
Maximum leverages offered is not also stated. It is a vital detail because while some may seem generous, it can pose danger as well. High leverages can lead to huge loss of funds as well. Spreads are also not stated.
Spreads of 1.5 pips or below are what is obtainable in the forex industry and traders are asked to look out for this. Leverages of between 1:30, 1:50 and 1:25 are also common among regulated brokers.
Deposit and Withdrawal methods on Casdaq Trading
The means of making payments and withdrawals are not stated also. We find that of e-Wallets are likely to be missing, which is discouraging.
This is because standard and legit brokers make deposit and withdrawals available via Visa, MasterCard and Wire Transfer. Many offer e-wallets like: Skrill, Neteller, UnionPay, FasaPay, and so on.
Minimum deposit required is $500 which is not within the obtainable average of $100 – $250 among brokers. Withdrawals are said to not be allowed until after some specified months and conditions. This is a shady thing to find and discouraging.
This information is important so that clients can invest any little amount they can spare. In order to be able to first watch the working of the brokerage. If then they are satisfied with what they see, they can determine when to withdraw their money.
Is Casdaq Trading Licensed?
No. Casdaq Trading is not a licensed Forex broker. We find that it mentions a US location but holds not license from the SEC and NFA. Trading with unregulated brokers is dangerous and should be avoided.
Regulated Forex brokers in Europe, America, Africa, Australia, and Asia are under many strict rules. The regulatory bodies like the FCA, FSCA, CySEC, AISC, NFA and many others have regulations protecting Forex traders from unfair brokers. This is why they come top as recommended Forex brokers.
Casdaq Trading Is a Clone Firm
On the page we find that the broker claims to offer certain trading materials of XTF. This is an illegal use of the information of a legit firm. Many scam brokerages do exactly this same thing, stealing details and parading them as theirs.
To get in touch with the broker or a customer care agent call: +1 347 201 6158 (USA) or +852 5808 2318. Their email address is: firstname.lastname@example.org
It is discouraging to find that Casdaq Trading uses information of another firm illegally. We find that it lacks proper licensing and registration which is necessary for Forex trading. Many trading information that traders normally seek are also missing. It requires a trading deposit that is higher than the average among Forex brokers.
COMPARE WITH A TRUSTED BROKER
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
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