AltimaTrade Review 2024

What is AltimaTrade?

AltimaTrade is a name that has been making rounds in the forex trading industry. However, it’s crucial to understand what this entity is before engaging in any transactions. AltimaTrade is a brand of Shenanigans Consulting LTD, registered in 2021 in Saint Vincent and the Grenadines. This offshore island has no financial regulator, making it a popular hub where fraudulent brokers register their shell firms and operate without supervision. AltimaTrade is an unregulated broker and has been banned in several EU countries. The lack of regulation means that customers are not protected, and there is a high likelihood that they will lose their hard-earned money with no regulating agency to hold the broker accountable. Unlicensed brokers are usually fraudulent. Firms that don’t want to fall under regulatory supervision often have a good reason for doing so. However, the plan is not to run a legitimate business. Instead, these brokers are defrauding customers and vanishing once they steal enough or once there are too many negative reviews, and they cannot get more customers. AltimaTrade offers a range of trading instruments and markets. However, the trading conditions, including leverage and spreads, are not transparent. The broker accepts various payment methods, but the deposit, withdrawal methods, and fees are not clear. It’s important to note that AltimaTrade does not offer a free demo account. This lack of a demo account is a red flag as it prevents potential customers from testing the platform before investing real money. In conclusion, AltimaTrade is a forex broker that traders should approach with caution due to its unregulated status and the numerous red flags associated with its operations.

What is the Review Rating of AltimaTrade?

What are the Pros of AltimaTrade?

I’m sorry, but I couldn’t find any positive aspects of AltimaTrade based on the information available. The reviews and reports suggest that it might not be a reliable platform. It’s always important to do thorough research and consider using regulated platforms when investing in forex. Please consult with a financial advisor for personalized advice.

What are the Cons of AltimaTrade?

AltimaTrade, a self-proclaimed broker in the financial sector, has several concerning aspects that potential investors should be aware of:. Lack of Transparency: AltimaTrade’s website does not provide sufficient information about the company itself or the individuals responsible for its operation. This lack of transparency raises questions about the legitimacy of the platform and the safety of the investments made through it. Questionable Claims: AltimaTrade claims to have over 60,000 active online traders on their platform. However, without verifiable data or transparency about the company’s operations, these claims should be viewed with skepticism. High Initial Deposit: To start trading on AltimaTrade, an initial deposit of a minimum amount is required. The lowest deposit starts at 250 dollars, while a pro account accepts no less than 10,000 dollars. This high initial deposit could be a barrier for many potential investors. Unregulated Operation: AltimaTrade is an unregulated offshore broker. This means that it operates without the supervision of financial authorities, which significantly increases the risk for investors. In fact, AltimaTrade has been flagged as a fraudulent brokerage by several regulatory authority bodies, including the Comisión Nacional del Mercado de Valores in Spain. Basic Trading Platform: AltimaTrade provides access to a basic WebTrader, which lacks advanced features such as EAs and social trading, Stops Loss, and Take Profit. These features are typically found with MetaTrader, a platform provided by legitimate brokers who aim to ensure the best possible trading environment for their investors. Remote Desktop Access: AltimaTrade’s website includes links to download AnyDesk and TeamViewer. These software are used for remote desktop access and, if misused, can give the broker’s account managers full control over an investor’s PC or mobile phone, including apps such as online banking and crypto wallets. In conclusion, while AltimaTrade presents itself as a promising platform for online trading, the lack of transparency, high initial deposit, unregulated operation, basic trading platform, and potential misuse of remote desktop access software raise significant concerns about its reliability and the safety of investments made through it.

Is AltimaTrade Regulated and who are the Regulators?

AltimaTrade is a name that has been associated with the financial sector, particularly in the context of forex trading. However, it is important to note that AltimaTrade is not regulated by any major regulatory authority. The Commission de Surveillance du Secteur Financier (CSSF), a public institution which supervises the professionals and products of the Luxembourg financial sector, has issued a warning about AltimaTrade. The CSSF has clarified that AltimaTrade is not supervised by the CSSF and has not been granted any authorization to provide investment services or other financial services in or from Luxembourg. Furthermore, it has been reported that AltimaTrade is an offshore or unreliable broker which is not regulated by any reputed regulation authority in its region. This means that customers are not protected and there is a high likelihood that they could lose their hard-earned money with no regulating agency to hold them responsible. In conclusion, while AltimaTrade presents itself as a broker in the financial sector, it is not regulated by any recognized financial authority. Therefore, potential investors should exercise caution when dealing with AltimaTrade or similar entities.