Is Zoom Trader a scam broker?
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Zoom Trader is owned and operated by Capital Force Ltd., located in the Republic of Samoa. It was created in 2012 and is binary options broker. Its regulation status is shady.
The trading platform is Tradologic. Though it is not one of the best platforms, a bit below SpotOption’s popularity still it has its own plus points. Traders have the option for different formats and can trade in which they are more comfortable. Classic view, chart view, and multi-view. Traders have an option to decide their return to risk ratio of each trade. Tradologic also has risk management tool called “close now” which can be used for closing position before expiration time and “extend now” used for extending the expiry time. The platform offers turbo, digital, touch up/down, range options and one touch.
The trading platform is available in English and Dutch.
Though the site claims the return of 80 percent on all trades which is quite high and impressive, practically those who have traded with this trader claim actual return is much less. For bitcoin, which is very volatile it claims 67 percent return on the trade.
Account types are bronze (minimum deposit $ 1,000), silver ($ 5,000), gold ($ 10,000), and platinum ($ 50,000). They have a demo account where traders can try out the software. But even for a demo account, you will have to make a deposit first. There are many traders who first wish to test software which is a totally free demo.
There are more than 60 assets on offer for trades to choose from commodities, currencies, stocks, and indices. Bitcoin is also on offer.
Deposit methods are credit cards (Visa, Maestro, and Master Card), bank transfer (or wire transfer), and
Netteller. All information is encrypted by 128 bits SSL encryption technology.
Zoom Trade is a scam broker as outside Europe it is operated by Capital Force Ltd. which is not a licensed broker and inside Europe; it is operated by a different company which falls under MiFID regulatory rules of CySEC.
It is unfortunate that many binary options brokers are masquerading as legitimate binary options software and are committing online scam. Many people who wish to enter this business are turning away because of umpteen numbers of scammers compared to few legitimate ones.
One of the authors who were scammed by Zoom Trade has written his story on one of the sites .scambroker.com. He invested loan amount and lost almost everything. Account manager spoke to him about the bonus and that bonus can be claimed after reaching certain target volume. He gave it a try following account managers expertise signals. At that point, the author did not wish to lose money the second time hence he tried to withdraw the partial amount. His account manager started ignoring him and did not answer his calls for many days. Finally, the manager informed that the author will not able to withdraw because he does not fulfill bonus terms and conditions.
From that day onwards he stopped receiving their trade signals. The author started trading on his own with his experience and strategy and started recovering his money from trades. Once his account started rising the company started changing trading platform setup. They started using two different policies for each trade. This way again he started losing money. The author feels something fishy going on and there is a manipulation going on with trades.