Is S2 Trade a scam broker?
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S2 Trade (S Square Trade) is owned and operated by GoldTech Media Services OU and is a forex broker operating from Estonia. It opened in May 2017. It is not regulated broker through any appropriate financial regulatory authorities like Britain’s FCA, Australia’s ASIC, America’s CFTC, Canada’s IIROC, Cyprus’s CySEC or Italy’s CONSOB. It is seen those that many of those companies which are unregulated commit online scam.
Trading with such companies, there is no guarantee that you will able to withdraw money from your account or not. It does not matter whether you win or lose trade. Companies regulated by reputed financial regulators have to follow stringent rules and cannot just vanish with your money.
With S2 Trades one can trade CFDs on forex, commodities, shares, and indices with instant execution.
They have three account types Standard (minimum deposit $ 500), Premium ($ 5000), and VIP account ($ 50000), for the various different level of experience. Customer support is offered 24 x 5. The site claims that their Premium account is much sought after and popular too. Currency accepted is USD, EUR, and GBP. Deposit and withdrawal methods are MasterCard Visa, bank transfer, Skrill, Netteller, WebMoney, etc. The minimum deposit for its base account (Standard) is quite too high as most of the companies require something in the range of $100 to $250.
Trading platform available is MetaTrader4, Mobile MT4, MT4 MultiTerminal and WebTrader. The MetaTrade platform is one of the world’s most popular trading platforms as it provides extraordinary charting and can handle a lot of instruments. The drawback is it does not provide multiple monitor support. The website is available in English, Russian, Dutch, Italian, Spanish and Arabic.
Assets on offer for trading include 200 forex and currency pairs which include USD, EUR, JPY, etc and commodities, CFD’s, stock, and indices.
S2 Trade is a scam broker because it is not a regulated one. They are not regulated by any of the known financial regulators of the world. It does not have a demo account. It has the strange assortment of account types. S2 video talks about “make you rich” and “get rich quickly” and many people fall for it. One of the authors who were impressed with these mind-blowing videos wrote a comment that after seeing the video he filled the application. He received a call; the person at other end talked sweetly and told him to deposit money. At this instant, the author realized it is just another online scam. He warns people not to get caught by these people. He checked things out on Google and was confirmed by the fact about S2 Trade scam.
Another author on a famous website comments his story how S2 Trade scammed him. He opened an account in Oct’17 and in one month made a profit of approximately $ 900 and sent a withdrawal request for his profit earned. He was contacted by few managers who assured him everything will be fine. But still after 5 months (by March’18) he has not received a single cent. When chatting live he came to know his withdrawal request is still pending. His trading account is blocked.
There are many negative reviews of the company which further prove that S2 Trade is a scam broker. If you have been scammed by any company you can approach MyChargeBack for preparing a convincing case for your bank. MyChargeBack has a professional expertise and international experience to accompany you throughout the process till you see your money back.