North Trader purports to be a legitimate UK-based trading broker that offers an online platform for Forex currency pairs, CFDs, and cryptocurrencies. The content on the website, however, fails to follow this narrative.
For instance, it says the platform is regulated by CySEC, which is not the UK’s market authority. There is plenty of more evidence of fraud and we plan to expose the whole charade. Please read our North Trader Review and learn how this unscrupulous scheme works. Learn how you can recover your funds.
Despite claiming that the firm is legitimate, there is no evidence regarding the North Trader regulation, specifically of a valid license. Contrary to the website’s claims, this entity is not registered in the UK.
Given that France is a member of the EU, the AMF enforces the common regulations of the European Securities and Markets Authority (ESMA). This advisory alert suggests that the broker is non-compliant with ESMA’s regulations.
If you want a reliable platform, we suggest you find a licensed provider that operates under the supervision of reputable financial market authorities such as the FCA (UK), CFTC & NFA (US), CySEC (Cyprus), FINMA (Switzerland), MAS (Singapore), ASIC (Australia), IIROC (Canada), etc.
For brokerage firms to obtain a regulatory license under esteemed financial jurisdictions such as the European Economic Area (EEA), they must have a minimum operating capital of 730,000 EUR.
Furthermore, their clients must receive negative balance protection, a segregated account in a top-tier bank (e.g. KfW, Credit Agricole), a safe leverage cap (1:30) for retail clients, and a reliable compensation scheme contract worth up to 20,000 EUR.
The US, for instance, has esteemed financial market authorities that enforce heavy regulations to prevent unauthorized entities from running their fraudulent schemes.
North Trader has no license whatsoever, meaning that if you lose money to this platform, you cannot count on the financial ombudsman or compensation scheme contract. To reiterate, the French AMF blacklisted this broker.
North Trader claims to offer a simple web platform that supports popular trading assets such as Forex currency pairs, indices, commodities, stocks, and cryptocurrencies.
We wanted to check out the platform but couldn’t due to the lack of a risk-free demo account option. Nevertheless, browser-based trading terminals are usually ineffective. Aside from basic charts, graphs, and indicators, there is not much else.
If you want a true trading experience, we suggest you find a licensed provider that supports recognized third-party software such as MetaTrader 4, MetaTrader 5, or cTrader.
MT platforms support useful tools such as automated trading, live market reports, advanced charting, a user-friendly interface, multiple timeframes, lightning-fast order execution, etc.
Not including a demo account was a cunning move. That way, you are forced to invest real money right off the bat if you’re interested in trading with the broker. Please do not risk it if you’re a beginner.
North Trader listed two available payment methods that can be used to fund accounts and withdraw profits:
The website says that the minimum deposit requirement is 100 USD but the minimum withdrawal condition and the fees were not revealed. In case you experience withdrawal issues, you cannot count on North Trader’s help because the broker will surely ignore you.
In case you want to recover your funds, please consider getting a chargeback. If you deposited money via MasterCard or VISA credit/debit cards, you can request a chargeback at the issuing bank within 540 days and reverse the transaction.
As for wire transfers, you can request a recall to reverse the transaction but keep in mind that it can only work if the transaction has yet to go through.
To recap, North Trader is a fraudulent Forex trading scam, mainly targeting traders in the US, Brazil, Belarus, and Kazakhstan. We don’t recommend this platform because it has been blacklisted by the French AMF.
The warning implies that the platform can easily steal your funds. In our review, we have stressed the importance of regulations and why it is better to trade under jurisdictions supervised by recognized financial market watchdogs.
If you have fallen victim to the North Trader scam, please book a free consultation with Global Fraud Protection. We have a team of experts who can assist you in the fund recovery process and get your money back as soon as possible.
Book your free consultation today and get your money back.
North Trader is a virtually anonymous cyber scam disguised as a suspicious Forex trading platform.
No, this platform is not legally licensed to operate. The broker is blacklisted by the French AMF.
Yes, it is possible via a chargeback/recall. Book a consultation with us and we’ll explain how it works.
The post North Trader Review: Doesn’t the Website Look Suspicious? appeared first on Global Fraud Protection.