Port Trades Review – Trusting Offshore Sites Means Playing With Fire

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Port Trades comes from an offshore zone known for its loose regulatory standards – Marshall Islands. At that, the parent company is not licensed in any way, shape or form, even by an offshore authority. 

Add to that the fact that two Canadian regional financial entities have blacklisted them, and you get an all-in-one scam offer. Please read the following Port Trades review carefully and entirely if you wish to learn how to protect your budget but also restore it in case of fraud.

There’s no better way to start the regulatory talk except by immediately listing the warnings against this broker. Port Trades has been twice blacklisted as an unauthorized entity that provides services to Canadian traders. Two regional regulators have published warnings on this offshore fraudulent entity:

The parent company of Port Trades seems to already be known to jurisdictional financial institutions for their unscrupulous activities. Signix Ltd doesn’t have a required brokerage certificate to sell their financial products and services. Their previous domain which is now out of function was https://www.portrades.com/.

To check their reputation in other areas, we’ve previewed the databases of other regulators. However, FCA, CySEC, ASIC, and BaFin seem to not know of this firm. 

The fact that they’re blacklisted proves that Port Trades doesn’t provide the necessary standards of protection and the required security measures. Segregated bank accounts for clients’ deposits is the main way of safe-keeping the investments. 

Negative balance protection with the leverage cap set to 1:30 or 1:50 is one of the means for risk-management. Note that Port Trades has their leverage ratio set at maximum 1:400! Compensation funds also can guarantee support in cases of dispute and payouts for defrauded clients. But this broker doesn’t care to provide it.

Only 13 reviews were available at TrustPilot at the time of our research on this brokerage. Most of them were alarmingly ungenuine and generic-sounding. It has inevitably led us to believe these were all fabricated. 

To stay relevant in the Forex niche, swindlers boldly use paid reviews for fake advertising. But the negative comments we found didn’t sound so naive. It looks like traders are aware of the dangers this fraud imposes. Already it seems known that this is not the first domain for Port Trades. Take a look at the opinions of other investors:

Same as Portrades they just changed their web name probably because of all the negative reviews

Same site as Portrades. They only change their name and website address.

Just what our research proved, this fraud was already operating and scamming victims from another similar domain. So these kinds of reactions from traders were only to be expected.

The flawless people skills that Port Trades agents display inevitably spark interest in some newbie traders. Especially vulnerable to the empty promises of quick returns and effortless earning, Forex beginners are easy targets. 

Boiler room agents easily get under their skin thanks to their friendly attitude. Moreover, helpful and friendly, scammers are always willing to be the beginner’s guiding hand in setting up the account and installing the trading platform. It’s their strategy to convince the victim to install AnyDesk, TeamViewer and other third party remote control software. This is how fraudsters also access your sensitive information for the purposes of identity theft!

So while you are being led into the investment trap, the funds you’ve deposited go straight to the scammer’s wallet. The chances of you getting back those funds are slim. Virtually anonymous, they stay out of reach while you struggle with fees, charges and trading volume requirements while trying to force a payout! 

That’s why you should leave that part to us. Our team of legal experts has the means of dealing with such dastardly schemes and their perpetrators. 

The dubious broker moves fast. Always in haste to acquire new targets, they do not seem to filter their victims much. Whoever is willing to invest even a little is their next victim. Needless to say, the broker is not licensed in any of the states where they appear to sell their services. These are the countries that most of the reported victims come from:

Another immediate red flag is the warning message you get when attempting to download the Port Trades trading software. So we had to give up on that and test the web distribution instead. 

As expected, we couldn’t place any trades because we didn’t deposit funds immediately after signing up. From what we could see, the basic web terminal doesn’t offer the promised array of tools and features that provide an edge on every market. All the Port Trades claims about their impeccable software were fabrications used as bait to force people to invest with this financially disastrous farce. 

Please never settle for less than the industry leading software like MT4, MT5 and cTrader. These platforms rule the Forex markets for a reason. 

While the broker does promise the possibility of trading on MT5 mobile app. However, accessing the page that mentions this option doesn’t have active links for the Apple and Google store. There’s just images of the stores and more promises made by Port Trades. The fraudster is only good at promising and doesn’t actually provide any of what is advertised. 

The list of the tradable asset groups included on the Port Trades trading platform goes like this:

Although the beginning account costs as an industry average, many popular brokers can offer you a cheaper deal with legit service. Everything Port Trades can offer in return for your deposit is just a couple of false promises. Nothing more do you get for the insane amounts of money they demand from you. Here is how the packages and their prices go:

Any account you first open is treated as a Demo account at Port Trades. However, it is practically useless unless you deposit. As soon as you sign up the system takes you to the funding page immediately. Here, you are expected to enter your credit card details and deposit at least $250. Even if you somehow bypass this circumstance and proceed to the webtrader without investing, you will not be able to place trades.

This is proof enough that Port Trades does not allow Demo trading. Any investors interested in potentially becoming customers have to fund their account right away and go live. 

Depending on the account type you choose and the amount of real cash you’re willing to spend, you can tailor the leverage to your trading preferences. The starting account has a leverage of up to 1:100, while the most expensive one unlocks leverage of up to 1:400.

Trading costs are not revealed anywhere, the webtrader only shows they’re labeled as “fixed”. 

A for the fees, they apply to everything you wish to do at Port Trades. The most important ones are, of course, funding fees. For credit card deposits and withdrawals they are 3.5%, $30 for wire and from 2% to 3.5% for Crypto. After that, there’s a fixed fee if your withdrawal amount is too low in their opinion. 

But that’s not all. Port Trades is ruthless in their fees, so they also apply the inactivity fee which increases after every few months of your account being dormant until it raises to crazy $200 per month. Maintenance fee is charged regularly every month and that costs $10.

It appears that Port Trades has several bonus programs they offer to all clients. One of the more attractive ones is certainly the $30 Welcome Bonus. The broker prouds on giving all their investors a chance for lucrative trading and they supposedly do so by encouraging them with bonus amounts. This sort of bonus is unlocked as soon as new clients join and sign up with a live trading account. 

Careful though, as these bonuses are banned by the most Tier 1 regulators for obvious reasons. Cyber criminals treat them as “non-deposited” funds unavailable for withdrawing and will tie to them all sorts of malicious clauses. These are further used as excuses for not letting you take back even the initial deposit you’ve made.

To no one’s surprise, Port Trades doesn’t have a stand alone legal text that explains exactly how withdrawals work. The absence of any kind of Withdrawal Policy is a spot-on red flag in our opinion. Being untransparent and dishonest about such sensitive matters is a way for Port Trades to solidify our doubts about them being a scammer. 

Port Trades is very creative with reasons why not to allow your payouts. From trading volume requirements to missing docs and unpaid fees, they can list just about any reason under the sun to reject your request. 

You have to act with haste, as soon as you learn about the scam. While you can ask for your money under threats that you’ll go to the police and financial authorities, these do not affect cyber robbers in most cases. That’s why you should turn to us for some legitimate and useful advice. 

Whatever time and hour of the day, our agents will answer your call for help in the shortest possible time. First consultation that will provide you with the necessary advice is always free. So do not sit around despairing and cursing your ill fate. Lets work on recovering your funds and bringing the criminal to justice for what they’ve done to you!

Because Port Trades is an illicit brokerage, no investments are safe with them. While it’s better not to invest at all, in case you’ve already put in real cash, contact us for the input on how to take it back immediately.

The only functional trading platform that this broker offers is a web trader. They also provide a download link for the desktop version but it contains malicious software. The advertised mobile app is nowhere to be found.

While anyone is allowed to open an account at Port Trades, only those who immediately invest at least $250 are allowed to place trades, because a Demo account is not provided.

Because Port Trades is an illicit brokerage, no investments are safe with them. While it’s better not to invest at all, in case you’ve already put in real cash, contact us for the input on how to take it back immediately.

The only functional trading platform that this broker offers is a web trader. They also provide a download link for the desktop version but it contains malicious software. The advertised mobile app is nowhere to be found.

While anyone is allowed to open an account at Port Trades, only those who immediately invest at least $250 are allowed to place trades, because a Demo account is not provided.

The post Port Trades Review – Trusting Offshore Sites Means Playing With Fire appeared first on Global Fraud Protection.

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