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InitialRate (Initialrate.com) offers over 15 forex pairs not forgetting some exotic currencies. Some of the currencies InitialRate offers include Mexican Peso, South African Rand, Hungarian Forint, Russian Ruble and Turkish Lira. Other trading instruments include stocks, silver, oil, indices, gold, and CFDs. This product mainly deals with the Crypto Market.
Some of the Crypto CFDs this product offers include, Verge, Ripple, Monero, Tron, Ox, Zcash, and Stellar. It also deals with Litecoin, Komodo, Ethereum Classic, Bitcoin, Binance Coin, Funfair, and IOTA. Nxt, NEO, Augur, StarCoin, StartCoin, Ark and Cardano, Bitcoin Cash, Ethereum, Gas, Power Ledger, Tezoz, EOS among others.
A demo account is available on their website and we decided to conduct a test. Evidence at the time concluded that the spreads were reasonable. They had a benchmark EUR/USD spread floated in and around 0.9 pips. When we put aside trading conditions, we had issues with legitimacy of this broker. Read on to find out the trickery behind this fake product.
What they claim on their contact page is that InitialRate is owned by EZ Education LTD. EZ. Education LTD is apparently registered on the Marshall Islands. One alarming fact is that this broker is not regulated anywhere on the face of the planet. It means that any trading they do on behalf of members is illegal. Markets in the US, Japan, European Union, and Australia do not condone this.
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This is a proven way newbies and experienced traders use to make money. Why not try them today?
Forex investors who trade with licensed brokers who are regulated by financial authorities is what you need. Australian Securities and Investment Commission, Cyprus Securities and Exchange Commission are trusted regulatory bodies. Financial Conduct Authority is found in the UK and is also a trusted regulatory body.
This is the only way forex investors can feel safe since these bodies ensure transparency and oversight. Following strict ethical and financial rules should be at the core of any forex broker. This ensures legitimate forex brokers are subject to vigorous oversight to ensure safety.
Regulated forex brokers have to file regular reports to allow for external audits. This ensures these brokers maintain a certain operational capital at all times. InitialRate is not regulated by any financial authority. We reached out to all financial regulatory bodies we know and non confirmed regulation status.
With most European financial regulators, operational capital must always remain above 730,000 EUR. Having an operational capital ensures funds are kept in a segregated account. A segregated account provides traders with a negative balance protection. It also helps to ensure traders funds. A trader’s insurance with a FCA broker stands at 50,000 GBP. With a CySEC broker, limit is set at 20,000 EUR.
There’s a reason even experts prefer to go for automated trading robots unlike other trading robots. You need to go for the best in terms of automated trading robots that deliver.
Find out the advantages of using automated trading robots
Bots used and tested by our community have high accuracy levels nearing 90 percent which guarantees profit in the long run.
An accurate trading bot uses a unique algorithm to scour the market for trends and any shifts in market conditions.
As a trader, you want a bot offering ease of use. And that’s what these bots offer to traders. A chance to win big with trading.
The bots use an easy interface that any trader would find easy to use. And most traders are amazed on the results these bots offer despite their high accuracy levels.
These automated bots are compatible with all devices and can sync simultaneously on any device you have. That means it makes it easy to trade on the go with your mobile and also desktop. These are the pros that make robots work efficiently for smart traders.
You get live price streaming on demo or even live accounts thanks to the versatility of automated robots. These robots are secure and come with 128-bit encryption that protects traders on all platforms.
Traders get to choose from a wide variety of trading strategies, these include auto-hedging, statistical strategies, scalping, and market sentiments. All these strategies fit the bill for all classes of traders.
You get a platform that guarantees performance for traders. No matter your skill levels, the highlighted bots guarantee high performance.
And that’s one of the crowd pullers of this trading bots. Most offer drawdown results even before users place trades.
And this gives you an idea of what to expect with each trade.
This product accepts deposits of major credit cards such as MasterCard and Visa. They also accept bank wire transfers. Minimum deposit required to deposit with InitialRate is $250. InitialRate is offering members a trading bonus which will be dangerous in the end. We will explain this detail later.
According to the website, trading bonuses are linked to a certain minimum trade volume requirement. This product allows traders to trade nearly 90 times for the bonus amount. After trading for over 90 times, you are allowed to make withdrawals. It’s imperative that we let you know that this trading practice is unusual.
All regulated brokers are prohibited from offering investors trading bonuses. Why? This practice of offering bonuses has become highly controversial.
This product has a lot of withdrawal charges not forgetting processing and handling fees. A good example is when you’re trying to withdraw an amount of $500 using Wire Transfer. InitialRate will charge you $100 which is far from industry’s regulations. This is simply not acceptable.
Trade comfortably using Crypto trading robots.
What these scammers do is entice you with eye catching videos. You are most likely to be invited to join a bot scam promoted by these scammers. Presentation videos tell you how its possible to get rich quick without any effort.
Promises such as using an innovative platform is one way scammers entice you to join their apps. Imagine having to join an investment which is risk free? Some of these promises are simply not plausible.
Once you decide to join, you’ll start seeing successful trades being made by these platforms. You should know that these results are doctored and are just manipulations.
Scammers know that when you see your cash increase, you are more likely to invest a large sum. This is the ideal time for you to receive a call to add more funds for trading.
A senior account manager is the one to make a call and urge you to join, They call it a money minting investment. Senior account manager’s role is to explain how to make real cash if you invest more. A sum of nearly $10,000 is what they will ask from you in order to make real money. Chances are, most people follow this ridiculous advise.
Take note that immediately you take the account’s manager advise, you are headed for trouble. One, this maybe a call center employee who will take a cut once you deposit $10,000 with InitialRate.
Victims don’t have a clue they have been scammed until they want to withdraw money. All of a sudden, you receive a message that you can’t withdraw your funds. Some of the reasons they give include not attaining a minimum trade volume. Another reason they give is that you had accepted a trading bonus in the first place. This is why we earlier said bonuses are illegal in Forex trading.
Scammers will never allow you to withdraw your money, no matter the circumstances.
A rational solution you should have take is file a chargeback with your credit card provider. Good thing is, both MasterCard and Visa have extended chargeback periods to about 540 days. All this is done to combat online scams such as InitialRate.
Never give these scammers your credit card information or other banking details. If you do this, cancel your card and change your online banking password.
Finally, never trust the so called recovery agencies. Recovery agencies will simply ask for an advance to recover your money. Once you send some an advance, it’s the last time you hear from them.
InitialRate is a scam that will swindle all your money. Most people have been complaining of losing money immediately they deposited with this product. Readers should stay away from this fake forex and crypto currency broker at all cost.
Due to the concrete proof we have brought forward, we must blacklist InitialRate. Unmasking fake brokers is a way of ensuring fraudsters stay away from the Forex and Crypto world.
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