FOREX

Reliable Trade Review: Is Reliable-trade.com A Safe Broker Or A Scam?

Reliable-trade.com Review: this is the website of Reliable Trade, a Forex broker that claims to be operating in the United States of America. Is it safe to invest funds in Reliable Trade? Consider our reviews and see our expert take on this.

The most vital part of our reviews is uncovering if a company or Forex broker is properly licensed or not. To do this, we first establish the location or region where it claims to be based. Then we check with the commission or authority regulating trade there whether it is listed among regulated companies or not.

Reliable Trade mentions that it is based in the United States of America. Forex trading in the US is under the jurisdiction of the Commodity Futures Trading Commission (CFTC) and every broker in the region has to obtain a trading license from it. However, when we checked, we found that the CFTC does not actually regulate Reliable Trade.

Additionally, further investigation of its website turned up the fact that Reliable Trade also claims to be licensed in the UK, Cyprus, Belize and South Africa. All these details are false according to our findings.

Thus, we conclude that this is an unlicensed broker. Trading with a Forex broker that is unlicensed poses many dangers to traders’ funds. Misappropriated funds may not be recoverable by the government as well. Unlicensed brokerages are not under any rules of traders and this puts traders in more risk than they will be in if they had chosen properly licensed ones.

Advantages of Reliable Trade

Reliable Trade makes the usual claim of offering users the best in the Forex market. From fast trade executions to high-tech technology and so much more.

It is common for Forex brokers to claim that they provide the best trading environment in the market. This is because everyone seeking out easier ways to trade effectively does so to make more profit.

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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.

Reliable Trade Trading Platform

The broker mentions that traders can get access to its own personal trading platform, the Reliable Trade Platform. It also claims that traders can use the MetaTrader 4 and MetaTrader 5 trading platform as well. Only the demo version of these platforms are available on the website.

We advise readers and traders to always look out for the MT4 or MT5 platforms. The MetaTrader platforms are commonly used because they allow the use of 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 systems. All can be used on desktops, Linus, Windows, iOS, and Android.

Tools that come 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.

Reliable Trade also mentions that traders can use such instruments as Forex currencies and CFDs on its platform. While this seems tempting, it is only mentioning it because legit brokers offer currency pairs, indices, CFDs on many commodities and cryptocurrencies. It is important to let traders know the options open to them.

The broker says that it offers maximum leverage of 1:5. This is weird as we are used to Leverages of between 1:30, 1:50 and 1:25 among regulated brokers. Yet, you should know that while some leverages may seem generous, it is not advisable. High leverages can lead to huge loss of funds for inexperienced traders.

Reliable Trade gives traders different spreads based on their account type, there are 1.9 pips, 1.2 pips and 0.6 pips. Spreads of 1.5 pips or below are what is obtainable in the forex industry and traders are asked to look out for this.

Reliable Trade Deposit and Withdrawal Methods

We found that Reliable Trade does not mention what deposit and withdrawal methods it supports, this is important information.

One of the characteristics of a legit broker is allowing deposits and withdrawals available via many trusted financial platforms like Visa, MasterCard, and Wire Transfer. Many offer e-wallets like Skrill, Neteller, UnionPay, FasaPay, and so on.

Reliable Trade Reliable-trade.com scam

The minimum deposit required is $300. This quite higher that what many legit brokerages require which is between $100 – $250 or even lesser. Reliable Trade does not reveal its withdrawal conditions and this appears dubious.

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 Reliable Trade Licensed?

No. Reliable Trade is not a licensed brokerage and cannot be trusted. It tries to pass itself off as an authorised broker but it turns out that this is false.

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.

Support

To get in touch with this Forex broker call: +1 (506) 406-8237 or send an email to: support@reliable-trade.com

Conclusion

Reliable Trade has proven to be a broker unworthy of trust and thus, we rate it low. It also does not reveal enough information for us to go on with and tries to falsify some claims. Do not invest with any company that falsifies claims and hides many of its trading conditions.

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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Reliable Trade

2

TRADING CONDITIONS

2.0/10

LICENSE

1.0/10

CLIENT REVIEW

1.0/10

CUSTOMER SUPPORT

4.0/10

Pros

  • MT4/MT5 trading platform
  • Solid spreads

Cons

  • No license
  • High minimum deposit
  • No deposit or withdrawal methods
Summary
Review Date
Reviewed Item
Reliable Trade
Author Rating
11stargraygraygraygray

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