In our opinion, there is a certain amount of categories that all scammer brokers fall into, of course not all simultaneously. The one that pops to mind is the attractive shady broker that focuses too much on its looks and not nearly enough on the trading conditions. Or the copy-paste broker that literally takes some other scammer’s site and labels it as its own by stamping its name on it. Or the more dysfunctional website that lags and includes foreign elements. Reserve4Trade is of this type. At times we found up to three TradingView charts used on a single page, showcasing how unoriginal Reserve4Trade really is.
Another very indicative thing is the ease with which we entered a user area, taking us no more than 10 seconds to create an account. Not to mention how easy it was to access a live account with the web trader.
Speaking of the web trader, we found a EUR/USD spread of 0.1 pips which just seems downright impossible. It’s honestly too good to be true, and it very probably isn’t. Most such spreads are burdened by commissions. We find no evidence that there is a commission, but that still does not solve it for us. Trust us- this type of spread is illusory!
Users can take advantage of a leverage going all the way up to 1:1000. The available trading instruments are forex currency pairs, commodities, cryptocurrencies, indices, and stocks.
The broker is available in both English and German.
RESERVE4TRADE REGULATION AND SAFETY OF FUNDS
So we find extensive licensing information that would have otherwise intrigued us, had it not been for one very significant detail.
Reserve4Trade claims to be regulated by something called Lebrn, a pseudo regulator, probably headed by an array of scammer brokers. We have been subjected to other fake regulators before, and this one is in no conceivable way any different. Its website is almost broken, barely functioning at this point, and the information almost borders the parodic. We find no logical argument that would make this fake regulator anything but.
The terms and conditions on the other hand claim that the broker is governed by the laws of Estonia. This is one of the most popular scammer broker claim to date and is not true. If it were, the broker would have proof of being licensed by the Estonia FX regulator.
It goes without saying that Reserve4Trade is NOT REGULATED and a risk to all investments!
Trading should be done only with risk-free brokers, and by that, we mean regulated brokers, for all brokers pose a certain risk. Regulated ones are those that warn users of the risks and are tightly overseen by the given overseer. Thus any lost funds result only because of the user’s poor judgement or because of the dynamic fluidity of the market.
We encourage users to trade with FCA or CySec regulated entities, or other European or US-based licensed brokers. These are very severe with their firms and demand of them a ton of requirements. Regulators strive to keep brokers in touch with the law!
Moreover, the FCA and CySEC offer financial reimbursement schemes to users of brokers under their gaze. This fund cover losses of users in times when the broker becomes insolvent.
RESERVE4TRADE TRADING SOFTWARE
The web trader used by the broker is nothing special and is in fact one of the most common ones we have seen for quite some time now.
What we have here are pending orders, time frames, chart indicators, stop-loss, and take profit, and that’s pretty much all there is to this terminal.
RESERVE4TRADE DEPOSIT/WITHDRAW METHODS AND FEES
The user area has nothing to say about deposits and withdrawals because our account was yet to be verified, a process that was never actually finalized.
According to the website, the minimum deposit requirement is $250.
From the Deposit and Withdrawal Policy, we learn the following: The minimum withdrawal for bank transfer is $250, and $100 for all the rest of the gateways. Bak transactions are charged a $50 fee, credit/debit card withdrawals are commissioned by $35, and all other alternative methods issue a $25 charge. The typical processing time is 5 days for all withdrawals. There is also a 200 turnover requirement that must be made before issued a withdrawal request.
We also have a very shocking clause, the Non-Deposited Funds provision, stating that all profits cannot be withdrawn! Can you believe that?! So, what’s the point then?
There is no reason to invest and waste your money and time in Reserve4Trade. Stay away from this unlicensed and scammer broker!
How does the scam work?
The scams are very efficient and simple to follow for both the user and broker. At times, it may seem ludicrous to consider that one is in the middle of a scam! That is how effective they are!
Online ads that promise fast money, superb investment strategies, luxurious lifestyles, and beautiful sceneries, are all often a part of an investment scam. These advertisements are specifically tailored for more susceptible users. Clicking on them will redirect the person to either the website itself or an intermediary source.
It matters not where one ends up. Sooner or later the individual will be asked to provide a phone number or an email address.
Sooner or later, the unfortunate soul to have given these contact details away will start receiving emails or phone calls from the rep of the scam. The only and ultimate goal of these calls/email correspondences is to entail a preliminary deposit. This first investment is the client’s way into the scam, and after that, it will be much easier – for the user because his guard is down, and for the scammer, because he has gained the user’s trust – to bring about more deposits.
It all culminates to the point where the client wants to see results; he/she wishes to see some profit or withdraw his deposit and leave. A few things will happen. Either result will appear, completely fabricated by the fraudster, or the scammer will cut all communications with the user.
One thing is for certain. Users will not be able to withdraw! Typically, the broker will either cut all communication, quote its shady legal documents as a counter to all requests, shut down the user account, or even close the entire website!
What to do if scammed?
Immediately upon feeling suspicious file for a chargeback. Both VISA and MasterCard have extended their chargeback time span to 540 days.
Fraudsters can take out money from your bank account, and thus we encourage defrauded users to change their bank account name and password ASAP. And then users should contact the bank to set a plan of action with it.
Deposits made through any sort of cryptocurrency are for sure to be lost forever. That is why it is imperative to never invest in crypto.
So users will come across these self-proclaimed recovery agents, whose alleged job is to recover money lost to investment scams. All they ask is a service fee, which they will take and leave the user without a trace!
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