News Traders is an offshore broker that is getting a lot of heat from the authorities lately. Traders are not happy with the kind of service they provide and the policies they enforce on the user base is not fair at all.
Costs and fees present are too high and clarity on many aspects isn’t adequate. Regulatory status of the platform is bleak and there isn’t even a single factor about them that paints them in a good way.
Simply put, the likelihood of getting back money from this type of entity is almost zero. As this broker does not offer no strings attached demo account, we do not have a clue about the execution speed and other related things such as spreads and swaps.
While forex markets might be enticing, you need to be careful when it comes to choosing the right broker. To learn about this platform and the reasons as to why you need to stay away from them, go over the following paragraphs.
Is News Traders Regulated?
News Traders is owned and operated by News Traders LTD. The parent firm is located in Saint Vincent and the Grenadines. Obviously, the way they are structured allows them to operate in a sneaky manner and they have too much of a say in literally everything associated.
Lack of transparency along with absence of segregated accounts is a dead giveaway of their real nature. Moreover, their market maker model contains a high degree of conflict of interest and given every fact about them, it really isn’t a wise move to stick with them.
Details about their employees are not available and they do not have significant social media presence either. All in all, the way they are structured reveals their motives pretty well.
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News Traders Trading Conditions and Platform
$250 is the minimum capital required to get started with them. There are 4 account types present, but the benefits aren’t listed properly. News Traders is primarily a forex broker and they appear to be targeting western hemisphere.
Information regarding maximum leverage, spreads and swap rates aren’t mentioned. How can anyone use this broker without knowing the key metrics? They do support the MT4 trading platform.
Due to the lack of clear explanation, we do not know whether they allow all kinds of trading strategies along with social trading and copy trading services. Custom indicators are supported and tweak ability is more than adequate.
Charting is also flawless and with just a few clicks you can change the layout to a huge extent. All in all, compared to most brokers, this platform hasn’t done much to make itself stand out in any way, form or manner.
Trading Costs and Fees
Regardless of whether you are a trader or an investor, you need to keep an eye on the trading costs. Knowing the fees present beforehand is always a good thing and it pushes you towards making much more sensible calculations.
The inactivity fees charged by this broker is absolutely way too much. In case you are looking for the exact number, know that it is around $100 monthly.
Looking at both the ambiguity and high fees, we suggest everyone to be cautious with them. Always read the terms and conditions and for any reason if you cannot find an answer to your query, then walk away.
News Traders User Reviews
We don’t exactly have to be a genius to figure out that this broker has earned low ratings on most forums and people are unhappy with them. Of course, the sample size isn’t big, but the level of negative comments are immense.
Oddly enough, this firm has not responded to most allegations and there is no initiative taken from their side to rectify the situation. As the facts clearly showcase their way of handling criticism, it is better to avoid them for your own good.
Social proof is always a reliable way to assess the character of a firm. So, always pay close attention to it and let it guide your decision making process.
Deposit and Withdrawals
As we mentioned before, $250 is the minimum capital required to get started with them. Depending upon the account type, the capital amount will change and to unlock all the benefits one has to spend around $50,000.
This broker accepts VISA, Skrill, Mastercard and wire transfer. We do not know whether there is any fee present. Note that processing time for withdrawals is said to be around 6 to 7 days.
Inactivity fees are around $100 per month. Clearly, the uncertainty and ambiguity present on this platform is unparalleled in the sector.
Is News Traders a Scam?
News Traders is most likely a scam. People are having a tough time dealing with this entity. Policies are vague, owners are anonymous and even trading conditions are not specified beforehand. As the number of dead ends and question marks are more, it is better to stay away from them.
In case you have already made a deposit with them, then withdraw it immediately. If you are unable to get your money back, get in touch with us.
Our staff will show you the ways of recovering funds using forensic tools, chargebacks and wire recalls for free. The main intention of our firm is to eradicate online scams and we won’t stop until the end goal is achieved.
Conclusion
News Traders is a questionable entity that is likely to do more harm than good. After seeing them from multiple aspects, the only thing we can suggest to the public is to avoid them.
Remember, safety should be your top priority especially when it comes to any form of online investing.
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