The best brokers charge fees through spreads and commissions, and while they may have commissions, they are not based on commissions, but on the money, their clients are trading. Legitimate brokers rarely charge withdrawal fees, at least not very high. For example, many fraudulent brokers charge high withdrawal fees that not only cover service fees.
Fees usually act as a disincentive, such as downtime fees that encourage traders to stay active or compensate the broker for the extra effort in the form of service fees, such as withdrawals via a payment method that the broker doesn’t often use. The second important category for a broker to check is commissions, fees, and spreads. The problem with unregulated brokers is that they are untrustworthy and violate the rules.
Make sure you stay away from this broker as it is anonymous and may disappear at any time without warning. We do not recommend trading with Summitrade as this broker was suspected of being a scam. In general, the FCA advises UK investors not to invest with this broker.
However, the Forex broker does not have a compulsory FCA license to do this. The Forex broker is licensed by the VFSC, but this is not enough to offer financial services or products in the UK or Europe.
Low-level regulators have minimum requirements and controls and it is not recommended to register with a broker with a low-level license. Working with an unlicensed broker does not provide protection in the event of broker fraud. The most common sign of broker scam or Forex trading scam is that the broker is either not regulated at all or has a low-quality regulatory license.
Any Summitrade review will not only answer the question of whether the broker is licensed or not but will also give some insight into the regulatory body and show if the license is top tier or not. If Summitrade is a no-withdrawal broker, there will likely be problems with their license.
Unfortunately, many non-withdrawal brokers use these excuses as a cover to give the impression that they are not scammers. This is to prevent them from wanting to withdraw their money if they are scammers.
Don’t just assume that Summitrade is legal, because it has a friendly chatbot that greets you the first time you visit the site, or because the broker has given you a lot of attention in the first few weeks. If Summitrade tries to keep your funds, it may try to force you to make another transaction when you request a withdrawal.
Some brokers who are not honest will be aggressive towards customers and encourage them to make certain transactions. When the broker gets your money, he can do whatever he wants, as long as it is not supervised. This does not mean you are discouraged-in many cases, trading is safe and reliable, but only if you trade with a suitable broker.
Traders should trade with well-regulated brokers such as UK or Australia brokers and reputable brokers. Submit your Summitrade broker review below and help other traders choose the right broker. Use this review to guide your trading decisions and also do your due diligence on Summitrade.
The above information is not enough to start trading with Summitrade. He can inflict huge losses on his clients and therefore, in our opinion, is a potential scammer.
This factor, however, requires a lot of attention because it is often an area where people can be fooled by brokerage scams. On the other hand, if the broker no longer provides communication methods such as email, phone, text messaging, and chat, and has a support team that does not seem to understand the trade or is evasively asking certain questions, this could be a sign that a scam is or at least a low-quality broker. Sometimes, in Forex trading scams, the fraudulent broker only offers their own platform, which may turn out to be fake.
If you have been contacted by a scammer, please visit our contact page. If you lose your investment in the Summitrade scam, you can use the chatbot to contact us. If you have already lost money from your broker without withdrawing money, please contact us for advice. You are not allowed to withdraw funds from your account. These are some warning signs for troubled brokers.
If you are interested in trading Forex, cryptocurrencies, CFDs, or commodities, careful attention to the broker you trade with can prevent broker withdrawal problems and help you avoid broker scams. Many proprietary platforms of high-quality brokers can provide a great trading experience. I am happy with them and recommend them if you are looking for a reliable broker.
When browsing Summitrade, the main problem was that the broker did not provide his physical address in the contacts section. We advise all investors and traders to avoid Summitrade and other Vanuatu brokers. We have a detailed article explaining the risks of trading with Vanuatu brokers.
A number of unregulated brokers like Summitrade have been reported to scam people. Therefore, we recommend that you report fraud as the first step towards getting your funds back. Summitrades’ license check can be the key to understanding why they are not releasing your funds.
For further reading please see Summitrade: review