PayTrade Review: Paytrade.io Abominable Forex Scam

PayTrade (Paytrade.io) is a CFDs, Crypto Currency, and Forex broker scam waiting to pounce on newbie traders. Pay Trade is fraudulently using fake registration credentials to entice unsuspecting traders to sign up. Complaints have been sent by traders who lost big with this platform. Jürgen Olsson is one user who lost over $7,000 with this platform. And this is why we conducted a thorough investigation. Read this entire PayTrade Review.

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PayTrade Review:

Looking at their website, it’s clear why newbie traders are easily falling for this trap. These scammers have created a website which easily grabs attention. And this is what this broker is all about. Enticing as many users as they possibly can to deposit funds is what these scammers are after. With empty claims and promises, these scammers know inexperienced traders will sign up. Everyone wants to make a quick buck with and these scammers claim to provide an answer.

Very low trading fees, multiple trading platforms and real time asset trading are their core selling points. Anyone who reads this statement will want to try this platform, and deposit funds later. These are empty claims and promises used by scammers to entice newbie traders to sign up. Who can pass up a chance to win money, fast and quick? A research before signing up with a broker is needed before signing up. This review will shed light on tricks used by this scammer.

About PayTrade.

JPN Financial Consulting Limited is the company behind this rogue platform. Claiming to be based in the UK, this company does not exist. A look at the registrar of companies reveals there’s no company registered under this name. Worse still, the FCA has issued a stern warning regarding PayTrade review. On their Official FCA website, PayTrade is a clone platform targeting UK residents. This makes Pay Trade a certified Forex platform scam.

Why has this platform hid behind their website and fail to give information regarding ownership? No one knows the actual people running this website. And this makes it a disturbing platform as it’s clouded by anonymity. A broker who fails to give information regarding founders of the platform is a scam. How can we trust a broker we don’t know with hard earned money?  Stay away from this cloned brokerage platform.

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Is PayTrade Licensed to Conduct Forex Trading?

The FCA plainly reveals this is a ruthless platform targeting UK citizens. Make sure to stay away from this broker whose identity remains anonymous. This means PayTrade is not licensed to conduct any Forex transaction of any kind. Whoever signs up with this platform is bound to lose funds. An unlicensed broker is a dangerous platform to sign up with. Stay away from Pay Trade platform.

To add salt to injury, this platform does not post any registration certificates or documents. What they have done is post a random number as their licensing number. SC508521 is a random number not recognized by FCA or registrar of companies. As we always say in all our reviews, scammers will do or say anything to gain recognition. PayTrade is no different.

Multiple Trading Platforms.

PayTrade is using MT4 and MT5 trading platforms as their preferred tools of trade. Sadly, these platforms are not working effectively. In order to test how well these platforms worked, we decided to download them on our devices. These platforms could not complete download mainly on mobile and tablet devices. Could this be an indicator of what to expect with their trading experience? Sadly, this platform will leave users vulnerable to attacks, stay clear of it.

Hackers have been taking advantage of unstable platforms by stealing personal data. In most cases, these hackers have been taking credit card details and identity details. Hackers purchase goods and services and pay them using stolen credit cards. These scammers are not only out for your money, but also bank details. Make sure to stay away from anonymous brokers with unstable platforms.

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Account Types.

PayTrade is using four different account types used to entice all kinds of investors. These account types are named Discovery, Silver, Gold, and VIP. Minimum allowed deposit with these accounts starts at $500, $10,000, $50,000, and $150,000.  These accounts have the same perks making us question the broker’s intention. There are more hidden details regarding these accounts.

Why has this broker offered accounts which are similar in nature? This seems PayTrade is scamming investors with fake accounts. Why would any investor deposit $150,000 and get the same features with a member who deposits $10,000? This broker did not think it though when creating these accounts. And this is why signing up with this platform is a big problem. Stay away from any platform whose intention is to scam users. PAYTRADE is a scam.

Are Funds Secured with PayTrade?

No broker can safely secure funds with such high anonymity and fake credentials. Expecting funds to be safe with Pay Trade is expecting Santa during summer. This is a crude broker whose intention is to steal funds from users. Why has this platform failed to mention how they handle funds sent by users? Where do they bank money deposited by traders? And is it possible users are depositing funds straight to owner’s personal bank account?

This broker has broken some of the set rules such as segregation of accounts. What this means is this broker is pooling funds in one account. In case of bankruptcy or insolvency, this broker will lose all funds. And this is why signing up with this platform is problematic and should be ignored. A broker who does not properly secure funds is most likely a fraud. They want users to deposit funds and later shut down without giving users a notice.

Funding Channels.

Depositing funds with this broker is easy and fast. This broker has made sure users deposit funds with ease. Depository channels used include MasterCard, Maestro, Visa, and Skrill. This is not a valid reason to sign up. Problem with Pay Trade is withdrawing funds, this is not possible. This broker does not allow any member to withdraw funds. And this is where we draw the line with this platform. Make sure to stay away from such brokers.

Is PayTrade a Scam?

With evidence we gathered, it’s clear this is a certified Forex scam. Make sure to stay away from any broker who is offers trading services anonymously. Mark all their emails as Spam and never click on any links sent by their email marketing team. Warn your family and friends from signing up with any of their affiliate programs.

PayTrade Verdict.

Adding this platform to our list of shame will hopefully prompt authorities to sign up. Authorities have the option of arresting and shutting down this platform. Stay away from any broker who has the same characteristic as Pay Trade. Ignore calls from their call agents to sign up as they are most likely, trying to harvest data.

Industry recommended skilled Forex brokers will offer a safe haven for all traders. Newbie traders should seek professionals who have a ton of trading experience. Bona fide and trusted Forex brokers will produce desired results and keep investors safe. Stay ahead of the game by partnering with accepted Forex brokers at all times.

Lastly, we wish you all the best in your Forex trading experience.