A lot has been said regarding Clever Trade, and we are here to clear the air. Clever-trade.com is an offshore and unregulated forex investment platform. Those who sign up with the platform will end up losing more than they bargained. In addition, the platform has negative reviews on platforms such as TrustPilot. We will look closely at what happens when you invest with CleverTrade. Please find out more in our detailed CLEVER TRADE REVIEW.
The platform claims to be a world leader in CFD and Forex trading. The platform claims to offer secure trading with tight spreads and no fees on their about us page. Additionally, the platform claims Jessica Jills is the Executive Director.
Despite their best efforts to portray Jessica as the Director, the comments say otherwise. Instead, it seems Jessica tries to sell the platform as a user herself. Unfortunately, most of the positive comments on Trustpilot fail to describe the truth.
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Adam Newman is also a name that we have seen constantly mentioned in the reviews. It seems Adam is the guy who makes calls to clients urging them to deposit more funds. But, unfortunately, he is also the guy who helps to solve disputes, a job he fails miserably.
The website’s overall appeal makes it an appealing website for newbies. Unfortunately, those who sign up without taking a second look will eventually lose all their funds. The platform is blocking large withdrawals, which point to the problems facing investors.
And this is why reading reviews helps you know what to expect with a platform. You get to know the experiences of other members before signing up. So let’s take a closer look at the features Clever-trade.com offers.
Clever Trade offers six accounts which are categorized into two sections. First, the accounts are divided into leverage accounts and services accounts. Here’s a closer look at each account.
Silver
For the leveraged trader, the minimum allowed deposit is $1,500. And this is more than quadruple the accepted minimum deposit of $250. Members get to trade with commodities, equities, forex, indices, metals, and stocks.
Forex CFDs come with a maximum leverage of 1:200, while equities and stocks come with 1:20 leverage. Commodities, indices, and metals all come with a leverage of 1:50. We have a problem with the forex leverage as it’s way above the acceptable leverage of 1:100.
Gold
You must deposit a minimum of $5,000 to start trading with this platform. Leverage for Forex products is set at 1:300 while equities and stocks offer leverage of 1:40. Commodities, indices, and metals come with a leverage of 1:100.
With the Gold account, members get a dedicated account manager and news alerts. Other features worth mentioning include Free VPS and webinars, and videos.
Platinum
To start trading with the Platinum account, you must deposit $15,000. The platinum account comes with all features above, and hedging is allowed. In addition, forex leverage is set at 1:400, with news alerts available 24/7.
Commodities, indices, and metals offer users leverage of 1:125. Equities and stocks have a leverage of 1:50, with fifth decimal trading acceptable. There’s a Swap discount of 50 percent available on this account.
Opening an account with the platform is free. First, you have to fill in your address, full name, and physical address. After the registration process, you can now fund your account and start trading on the platform.
Verifying your account comes after, and this is during the withdrawal process. So when withdrawing funds for the first time, it’s here when you verify your account. So we do have a huge problem with their verification process.
To verify your account, you must send valuable documents. These documents include a copy of your ID, bank statements, and credit card details. We don’t see any reason why the platform would ask for these documents.
Other platforms send emails with verification links or an SMS code. We believe the platform is harvesting banking data from investors. Why else would they require your bank statements and credit card number?
Although bonuses and swap discounts seem to be an advantage, it’s not so for the trader. If the member or platform cancels the discount early, you incur a fee. A swap discount is also seen as an illiquid financial instrument and is subject to default risk.
The existence of bonuses prevents members from withdrawing profits. You have to trade the entire required volume to withdraw funds. You can only withdraw your capital when you achieve this goal.
And in some cases, the platform does not allow withdrawals at all, as is the case with CleverTrade. So it would be best if you were extra careful with the platforms you choose. Go for those that are straightforward and fail to offer any bonuses.
According to the contact page, the platform is owned by Berlly World Ltd. The company is registered in the Marshall Islands. We see why the platform fails to have a valid license from regulators.
Platforms that are registered offshore don’t want to insure deposits with regulators. The company in question remains unknown as there’s no mention of staff or team members.
Clever-trade.com is not a licensed platform and does not hold any legal documents to prove it. Likewise, despite claiming to be a registered Company, Berlly World Ltd does not provide any documents. We also don’t see any compliance records from the platform’s legal page.
When you sign up with a platform with no oversight, there are some consequences. These include not enjoying the protection from investors. In addition, you are left to fend on your own once the platform goes dark.
We recommend using platforms that are licensed by reputable platforms. Trade with platforms licensed by ASIC, BaFIN, CONSOB, CySEC, FCA, FINMA, and SEC.
The platform claims to have a professional support team which is contrary to reality. You can only drop your message and wait for a response. Usually, the response will be prompt if you want to sign up with the platform.
You don’t even get a phone number where you can access support. Instead, the only time you receive a call is from the dedicated account manager asking for more deposits. And this is a habit we see with most offshore investment platforms.
Although the platform claims to have a dedicated account manager, it’s all false. The platform hires call agents to act as account managers. However, we don’t know their skill levels or if they manage funds responsibly.
You should know who handles your funds and their professional status. Unfortunately, we don’t trust the team behind CleverTrade. The platform is full of loopholes that put your investment at risk.
Funding an account with the platform is easy; the process takes less than five minutes to complete. The depository options include bank and wire transfer. However, we have seen several complaints regarding withdrawal.
It would be best if you stayed away from such platforms, as is the case with clever-trade.com. The reviews on TrustPilot clearly show there’s a problem with withdrawals.
Safety of funds is out of the question with CleverTrade. The platform does not segregate accounts as expected. We believe the platform is transferring funds to a private bank account. And this is why your funds are far from safe.
Hiring recovery agents won’t do you any good.
Here are our main reasons for doubting the credibility of clever-trade.com
The best way to invest is to have a transparent and reliable platform. So sign up with expert-recommended platforms for a safe trading experience.
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