When searching for a trustworthy broker, SR Trade Forex would not be our first pick; in fact, this broker would not be on any of our lists of options. This firm is obviously a fraud since they provide contradicting information about things like location and trading conditions and utilize the trading terminal of another broker. Furthermore, SR Trade Forex has just received a warning from a recognized financial organization, which conclusively shows that we are not working with a trustworthy broker. We advise you to stay away from this broker entirely if you want to prevent being stolen while investing.
Is SR Trade a Licensed Broker?
Initially, SR Trade Forex gave a UK address and said that it was a UK-based broker. The broker seems to be headquartered in St. Vincent and the Grenadines, yet the location shown in their contact information is not at all in this nation. Thus, SR Trade Forex qualifies as an offshore broker. Even more troubling was the fact that this broker attempted to pass as a UK broker, and UK brokers are among the finest in the world owing to the tight laws that apply to the forex trading industry.
Why Should Not You Trust an Unlicensed Broker?
The issue here is that St. Vincent and the Grenadines’ financial watchdog exclusively regulates the banking industry and has absolutely no authority over FX brokers. This implies that these brokers are exempt from any restrictions or legal constraints. Additionally, they are not required to disclose financial transactions, which does nothing to increase openness.
Is SR Trade Can Be Trusted?
We already showed that there is no regulation or authorization from financial regulators of the UK on SR Trades. Also, the leverage is so high which we will show in a later section. After seeing all of these problems, it is surely be said that SR Trade cannot be trusted anymore.
Warnings From Financial Regulators
According to British financial authorities, SR Trade Forex is particularly targeted toward UK citizens and is not licensed by us. If anything goes wrong, you won’t likely be able to get your money back since you won’t be protected by the Financial Services Compensation Scheme (FSCS) or have access to the Financial Ombudsman Service.
What Do Traders Think Of SR Trade?
After reviewing social media platforms and other online forums, we found several unhappy traders complaining about SR Trade’s suspicious financial activities. We also received numerous complaints against SR Trade on our website.
Platform Offered by SR Trade
At one point in the presentation, SR Trade Forex even mentions MetaTrader4 while claiming to provide the industry standard MetaTrader5. But that doesn’t seem to be the case as what we actually downloaded when we tried to download the trading program was a generic, unbranded version of the platform that was grabbed straight from the website of the developer, MetaQuotes.
Country Serving by SR Trade
SR Trades is currently serving in the UK, USA, and Australia.
SR Trade Range of Trading Markets
The highest leverage offered by SR Trade FX is 1:1000, demonstrating once further that they cannot be situated in the UK since the highest rates brokers in this nation are permitted to give are 1:30 on forex majors (to retail clients). Any broker advertising greater rates are most likely operating a fraud. We strongly advise you to always be cautious when using leverage since trading with leverage that is more than what you are comfortable with may result in both larger gains and larger losses.
Minimum Deposit and Withdrawal Terms of SR Trade
With a $100 minimum deposit requirement, SR Trade Forex seems to provide quite favorable trading conditions. This broker is also pretty reasonable. The spread we received on the platform was just 0.6 pip (on EUR/USD), however, it’s important to bear in mind that this broker is utilizing the trading terminal of another firm. Despite this, we are unsure of how dependable those remarkable outcomes are.
Ways to Make a Deposit
Only wire transfers or deposits made using the digital currency Tether are accepted by SR Trade Forex. All cryptocurrency transactions are recorded in a ledger that cannot be altered or contaminated afterward, and although bank wire transfers are theoretically reversible, this most often happens in the event of technological errors. This is what unites various payment systems.
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