SlaTrade Review: Is It a Legitimate Forex Broker or a Scam?

SlaTrade is a forex broker that claims to offer crypto investment services and various trading instruments, including forex, stocks, commodities, crypto, bonds, and indices. The brokerage is based in Edinburgh, UK, and operates under the company Standard Life Aberdeen. However, before you decide to trade with SlaTrade, it’s important to know whether it’s a legitimate forex broker or a scam. In this review, we’ll explore the key features of SlaTrade and help you make an informed decision.

Background and Licensing

SlaTrade’s website states that it is a registered trading name of a company called Standard Life Aberdeen, which is authorized and regulated by the UK’s Financial Conduct Authority (FCA). However, upon searching the FCA register, we discovered that SlaTrade is a clone firm of the real Standard Life Aberdeen, which means it is an unauthorized firm that has copied the details of a legitimate firm. This is a common tactic used by scam brokers to trick traders into depositing money with them.

Furthermore, SlaTrade does not have any other regulatory licenses from other financial authorities such as the ASIC in Australia, NBRB in Belarus, CySEC in Cyprus, or IIROC in Canada. This lack of regulation is a significant red flag as it means that the broker is not held accountable to any regulatory authority, which increases the risk of fraud and misconduct.

Account Types and Trading Conditions

SlaTrade does not specify its trading account types for clients, which is another red flag as transparency is crucial for any legitimate forex broker. The broker provides a leverage cap of 1:500 and a spread of 1.2 pips, which is relatively competitive. However, SlaTrade’s minimum deposit requirement is set at $5000, which is an exorbitant amount for a start-up account. Most licensed forex brokers offer their clients trading rates as low as $100, with the assurance of their trading funds’ safety.

Payment Options

SlaTrade only accepts deposits made via wire transfer or in the cryptocurrency Tether. Offshore brokers like SlaTrade commonly accept cryptocurrency payments as they offer anonymity, which makes tracing transactions difficult. While some traders prefer using cryptocurrencies for privacy reasons, it’s important to note that cryptocurrency transactions are irreversible and untraceable, which makes them more vulnerable to fraud and hacking.

Trading Platforms

SlaTrade offers a basic web-based trading platform that provides clients with some basic tools and custom indicators but nothing more advanced. The broker’s trading platform is missing some essential features, such as real-time quotes, financial news, and various FX and stock charts, as well as algorithmic trading sessions with the help of specially designed trading bots, called Expert Advisors. While some traders might prefer a simple trading platform, it’s important to note that a lack of advanced trading tools and indicators can hinder a trader’s ability to make informed decisions.

Customer Support

SlaTrade offers customer support via email and phone, which is standard for most forex brokers. However, the broker does not have a live chat feature, which is becoming an increasingly popular method of customer support. A lack of live chat can be a significant inconvenience for traders who require immediate assistance, especially during volatile market conditions.

is slatrade.com legit?

Based on our research and analysis, we cannot recommend SlaTrade as a legitimate broker.

Firstly, SlaTrade is an offshore brokerage operating under the company Standard Life Aberdeen, based in Edinburgh, UK. However, we discovered that SlaTrade is not a licensed and regulated broker, and it is a clone of an actual regulated company. This ambiguity is a common tactic used by scammer entities to appear legitimate while remaining vague and unregulated.

Furthermore, SlaTrade does not offer a money-back guarantee, which is a red flag for any trading platform. This lack of transparency and security puts traders at risk of losing their investment with no recourse for compensation.

Additionally, SlaTrade requires a minimum deposit of $5,000, which is a high amount for a start-up trading account. Many reputable and regulated brokers offer trading accounts with minimum deposits as low as $100, making it accessible to a wider range of traders.

The fact that SlaTrade only accepts deposits made via wire transfer or the cryptocurrency Tether is also a concern. Offshore brokers often use cryptocurrency payments to remain anonymous and untraceable, which increases the risk of fraud and money laundering.

SlaTrade offers access to a basic web-based trading platform, but it lacks advanced features like the MetaTrader 4/5 software, which is the industry standard for forex trading. This absence of advanced tools and custom indicators raises further doubts about the legitimacy and reliability of the platform.

In conclusion, SlaTrade’s lack of regulation, lack of transparency, and minimum deposit requirement make it an unattractive option for traders. We advise traders to choose a licensed and regulated broker like Fortrade, which is regulated by the Financial Conduct Authority (FCA) in the UK and the Australian Securities and Investments Commission (ASIC) and has a track record of offering a reliable and secure trading experience.

Conclusion

In conclusion, the review of SlaTrade shows that it is an unregulated offshore brokerage, lacking transparency and posing potential risks to traders. The broker’s high minimum deposit requirement, limited payment options, and basic trading platform are also factors that traders should consider before investing with this broker.

It is important to note that trading with unregulated brokers can result in losses, and traders should be careful when choosing a brokerage firm. It is recommended to work with regulated and licensed brokers to ensure the safety of trading funds and avoid fraudulent activities.

We advise traders to conduct thorough research and due diligence before depositing funds with any broker, especially those with questionable backgrounds like SlaTrade. There are many regulated brokers in the market, such as Fortrade, that offer a safe and secure trading environment for traders.

In summary, traders should avoid SlaTrade and consider working with licensed and reputable brokers that can provide a fair and transparent trading experience. Remember, it’s always better to be safe than sorry, and choosing the right broker is an essential step towards successful trading in the forex market.

Summary

SlaTrade is a Forex trading platform that claims to offer a range of services to its clients. Based in Edinburgh, UK, the company operates under the umbrella of Standard Life Aberdeen. The company promises to offer crypto investment services, as well as a range of other instruments such as forex, stocks, commodities, bonds, and indices.

However, upon further investigation, it seems that SlaTrade is not a licensed or regulated broker. This is a major red flag for anyone considering using their services. In fact, upon searching the register of the UK’s financial regulator, the FCA, it was revealed that SlaTrade is a clone of an actual regulated company. This is a common tactic used by scammer entities to appear legitimate, while remaining as vague as possible.

In addition to being unregulated, SlaTrade also does not offer a money-back guarantee. This means that trading on their platform is a significant risk, as your money cannot be refunded. This is a major drawback for anyone considering using their services.

SlaTrade also has some other significant drawbacks, including the lack of information about their trading accounts. The broker provides a leverage cap of 1:500 and a spread of 1.2 pips, but does not specify its trading account for clients. The minimum deposit required by SlaTrade is $5,000, which is an extremely high amount for a start-up trader. In comparison, some licensed Forex brokers can offer trading rates as low as $100, while still ensuring the safety of their clients’ trading funds.

Another concerning aspect of SlaTrade is the limited payment options they accept. The broker only accepts deposits made via wire transfer or in the cryptocurrency Tether. Offshore brokers are commonly known for accepting crypto currencies, as payments made through this method are anonymous and can only be traced to a wallet address and not to a specific person. This is a significant concern for anyone considering using SlaTrade’s services.

The trading software provided by SlaTrade is also quite basic, offering access to a web-based trading platform with only a few basic tools and custom indicators. This is a major drawback for anyone looking for a more advanced trading platform with access to real-time quotes, financial news, FX and stock charts, and algorithmic trading sessions. While the broker claims to offer crypto investment services, there is little information available on this aspect of their services.

In conclusion, while SlaTrade may appear to be a reliable Forex trading platform, it is important to exercise caution before investing any money with them. The lack of licensing and regulation, limited payment options, high minimum deposit, and basic trading software are all major drawbacks that should not be overlooked. Traders should always opt for licensed and regulated brokers, such as Fortrade, to ensure the safety of their trading funds.