12trader Review Scam Complaint
Scammed by a fraud Broker? Fill the Complaint form below to get help!
The Forex broker 12trader provides three types of accounts namely Micro, Silver, and Gold. It also features another account called an “exclusive accounts” and can be operated with the minimum investment of $100000. This account can be accessed with the invitation-only. The broker does not provide any demo account. It allows traders to trade with FX and CFDs on shares, indexes, commodities, and natural resources like metal and oil. Further details of this broker are discussed in this scam broker review.
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The fact to consider about any broker is its legality to start trading with it. In this case, 12Trader is owned by a company called Safe Side Trading LTD claimed to be situated in Saint Vincent and Grenadines. Unfortunately, the broker 12Trader fails to provide any information about its registration and licensing. These facts are subjected to the shady organization and can be proved to be a scam. Also, this broker is not segregating investor’s funds to the different accounts and will not be recovered in case of scam.
The minimum deposit required to open a basic account called Micro with 12Trader is $500, Silver with $10000, and for Gold with the minimum investment of $25000. The maximum leverage is provided in the range of 1:200 and 1:400. The average spreads provided with all three accounts are fixed at 3 pips which are considered high and increase the cost of trading.
The broker under consideration does not offer the MetaTrader platform for trading purposes. Instead, it provides trading on the platform called 12Traders which is developed by the owner itself. The broker’s trading platform includes features like 1 click trade, charts, social tradings and more. The trading platform also supports mobile applications and web versions. In fact, it is the Sirix platform that is developed and provided by the third party. This misleading information also makes this broker suspicious. The payment and withdrawal methods provided by 12Trader are consists of wire transfer, cards, and e-wallets like Skrill and Neteller also Paypal.
Is 12Trader scam or legit?
The performance of 12Trader in our review is poor. The broker 12Trader is categorized as dubious and lacks regulation. The information on the security of investor’s funds could not be find on the broker’s website. The trading environment provided by this broker is unattractive. The maximum leverage of 1:400 is quite high and an average spread of 3 pips on USD/EUR is also unaccepted. In total, we can say that the broker 12Trader is a potential scam broker and should be avoided at any given time.