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Carter Financial Services (CarterFS) are forex and CFD brokers that trade in different cryptocurrencies. The CFDs traded include indices, commodities, stocks, ETFs, bonds, and cryptocurrencies.
CarterFS trading platform trades in numerous currency pairs. They are; Hong Kong Dollar, Norwegian Krone, Swedish Krona, Danish Krone, Hungarian Forint, Israeli Shekel, Mexican Peso, Polish Zloty, Russian Bubble, Chinese Yuan, Singapore Dollar, Turkish Lira, and South African Rand.
According to their site, they are located in Moscow, Russia. This is not true as its mother company is SolutionsCM ltd and it operates in Bulgaria. SolutionsCM is also a shady organization, as many regulators have warned investors against them.
In Bulgaria, the regulatory bodies, the Bulgarian Financial Supervision Commission (FSC), and the EU financial regulator have not regulated them. The financial transactions of SolutionsCM ltd or those of CarterFS are not regulated at all.
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This Forex trading company does not clearly show the initial deposit or investment needed to start trading. A minimum amount is always needed in every platform to invest. This information is what is lacking. They should provide this to help potential investors make informed decisions. If this is not provided, how then is one supposed to trade?
Data on the types of accounts offered are also missing. The range of accounts helps investors choose the account that would best suit them, and this depends on the initial investment needed and the conditions that come with the account. If the account information has also been deemed unimportant, how does a potential investor choose what they want?
How broad or narrow are their spreads? This platform has not set the spread for investments in this Forex trading company. They haven’t described whether the spreads are fixed or variable. The unavailability of this information makes trading on this website tricky. The investor cannot know when the trade will become profitable without the spread. Only use legit trading platforms that offer reasonable trading options.
This cryptocurrency company has a leverage of 1:200. This leverage is essential in determining the expected profit or loss. The higher the leverage, the higher the expected loss or profit.
In a scenario where the initial deposit was $ 250, the possible loss or profit would be $50000. Trading with such levels is very dangerous, and we encourage investors to proceed with such brokers with caution. Low leverage levels help investors’ hedge losses as the losses are not maximized as in high leverages.
Brokers hedge according to their levels of experience. CarterFS doesn’t have the skills to enable them to put up the leverage of 1:200. They are using a web-based platform instead of the MT 4.
The regulators of Forex and financial providers in Russia and Bulgaria, the Bulgarian Financial Supervision Commission (FSC), an EU financial regulator, have deemed this site dangerous. They have blacklisted it as it’s not regulated; thus, the safety of funds isn’t guaranteed. Also, the chances of these brokers disappearing any minute are too high as no one can stop them.
Other financial overseers have also conducted investigations on this broker. The Italian and Maltese financial regulators have also warned against conducting business with SolutionsCM LTD since they provide unauthorized financial and investment services in cryptocurrency in their countries.
Always deal with registered brokers as they are there to support you and expect returns from the investments they make. They are also licensed to operate thus have the ability to conduct online Forex business in the recommended manner by their regulators.
CarterFS does not use the required and appropriate trading solutions. It instead uses a web-based trading platform that is inadequate for trading. It cannot be trusted for advanced trading as it doesn’t have an extensive backtesting environment; there are no expert advisers for automated trading; there’s no excellent charting.
The reason we don’t recommend the web-based system is that it does not have all the required features needed for active trading.
This crypto mining company is legally owned by SolutionsCM ltd. This mother company is said to be based in Bulgaria. SolutionsCM LTD’s license and registration details, however, don’t add up. They have not been issued with a license from either the local Financial Supervision Commission (FSC) or the Financial Conduct Authority (FCA) in the UK, or the Australian Securities and Investments Commission (ASIC) or the Cyprus Securities and Exchange Commission (CySEC).
They are, therefore, not permitted to conduct financial service delivery in any regulated Forex markets, including the US, EU, Australia, and Japan.
This being the case, they can, therefore, not assure their clients of the safety of funds as it’s not possible for unregulated online platforms to keep investors funds safe. They are just a scam waiting to eat where they did not plant.
CarterFS trading company accepts payments in the form of VISA and MasterCards, bank transfers and e-wallets like QIWI Wallet, WebMoney, and Yandex.
For a crypto mining platform, they haven’t mentioned the minimum initial deposit needed to trade. This is unlike any site. Many legit platforms set their initial deposit at $100m to $250. This is because this information is vital in the investor’s mind when deciding which broker to choose. Look for these signs to differentiate between scams and legit Forex trading companies.
This platform entices its traders with bonuses. This is a trick many scams have been using. Each time an investor attempts to make a withdrawal, they are redirected to the client agreement. An agreement that wasn’t available at the time of starting the investment. The clients don’t even know that the conditions exist. Otherwise, they wouldn’t have invested.
The agreement limits the amount an investor can withdraw from their account. For one to withdraw funds from CarterFS, they must have traded 30 times their bonus plus deposit. This is an excellent way of limiting withdrawals.
If the 30 times transactions cannot be completed, then the broker charges a penalty fee of up to 30% of the remaining trade volume ratio. The Forex company is also free to add the volume or put limits on client accounts.
All these additional conditions have not been put for active customer service. They are there to limit the investor’s withdrawals. It is for this reason that they are the biggest scam and will continue unless we report them. Be warned. Only trust legit crypto mining companies.
SolutionsCM Ltd controls the operations of Carter Financial Services (CarterFS). This is an unregulated and blacklisted Forex trading company whose alleged origin is Bulgaria. This mother company SolutionsCM Ltd also manages other web platforms that have also been blacklisted.
Factors such as the unavailability of account types offered by the broker on the website, the withdrawal limits set by the broker, the initial deposit amounts needed to start trading, the complicated terms and conditions existing before making a withdrawal, the lack of defined spreads, them being unregistered and unregulated.
All these are the points to note when getting into Forex trading. We encourage you to do your research. Go for legit Forex trading companies. Do not be scammed. The legit companies are licensed and are allowed to conduct financial services online.
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