Caution! MyTradeAndI is an offshore company! Your funds may be at risk.
MyTradeAndI Key Facts
🔴 MyTradeAndI offers questionable investment opportunities – a clear sign of a scam!
🔴 MyTradeAndI forges crucial contact information – beware!
🔴 MyTradeAndI lacks the appropriate license for the provision of its services – a huge red flag!
🔴 MyTradeAndI’s domain has been registered quite recently – another off-putting detail!
MyTradeAndI products and services
MyTradeAndI is a total fraud – on its broken website the company promises untold return rates – ones of upwards of 2.5% daily. This is not possible for any company to achieve and you should keep reading this review with the clear knowledge that MyTradeAndI is simply after your deposits.
People should always be cautious when dealing with businesses offering enormously high yields because it’s scammers’ trait to promise big and create unrealistic expectations. In reality, regulated financial companies cannot secure more than a few percents annually with their fixed-income products. There is a huge discrepancy between these offers and the regulated companies standards. Judging by the products and services they sell, we suspect it’s a scam, so beware.
MyTradeAndI company and regulation
MyTradeAndI claims to be licensed by a nonexistent regulatory body in the US – some “United States Authority for the Financial Markets (AFM)”. Well, the two regulatory bodies in the States are the NFA and the CFTC – and none of them have any information on MyTradeAndI available on their databases.
The US financial services regulation is very complex in the USA. Derivatives markets regulation is a responsibility of CFTC and NFA. Forex brokers and most of the investments companies have to be NFA members and CFTC registered to operate in the USA. On the other hand, securities markets are controlled by the SEC, a government independent agency responsible to maintain the integrity of the financial markets.
While SEC focuses more on the procedure regulation insisting on financial reports and management discussion and analysis, NFA and CFTC impose pretty straightforward requirements. To become authorised the companies have to provide 20 million USD in paid-up capital, which is considered a guarantee that the businesses can survive in turbulent times and pay whenever they have to.
Other customer protection measures include clients’ accounts segregation and leverage restrictions for forex brokers- 1:50. Also, CFTC brokers’ clients are not allowed hedging, which is one of the very unique US features. Unfortunately, the cryptocurrencies regulation is still inept, so traders and investors should be wary when dealing with crypto offers.
MyTradeAndI address and contacts
MyTradeAndI provides us with the following address line: 405 MADISON AVE. SUITE 1000 TOLEDO OH 4360. We have already discussed how the company is not licensed to deal in the States, so as you can probably imagine, this is a fake address.
Transparency is crucial when talking about brokers and investment companies, and it’s part of the regulatory framework. The regulated companies are open to financial authorities following certain transparency rules, so it’s generally unlikely to conduct fraudulent activities. They are also bound to provide the public with crucial information about themselves, making it easy for traders and investors to confirm the company’s legitimacy.
MyTradeAndI website info
MyTradeAndI displays two of the biggfest warning signs of a scam website – one, it has been running for a rather short amount of time, since last October, and two, it is not popular at all – SimilarWeb does not even list the website on its index.
Furthermore, the owners of the website are not avaialbe via WhoIs lookups, and that does mean that the domain once more fails to live up to commonly accepted princimples of transparency.
The IP address it is hosted on, 184.108.40.206 features over 30 other scam domains, so that’s another major red flag. The ones we have reviewed are available below:
We paid utmost attention to the regulation and transparency in the sections above because it’s mandatory for trading and investments. Pretty much each company offering financial services have to be authorised by the local financial authority.
However, some entities operate unlicensed and intentionally run investment fraud. It would be best if you only dealt with companies authorised by the regulators, so always check to make sure they are. Bear in mind that if you trade with unauthorised businesses, you won’t be protected, so it’s very likely to suffer losses almost impossible to recover if things go wrong.
Online scam is trending nowadays with fraudulent websites popping up literally every day. The financial authorities increase the number of warnings issued year after year, but the dangers are still out there and growing exponentially. You’ll realise the hazards when you consider OneCoin scam- it’s still impossible to calculate the total loss, but it’s regarded as 15 billion worth fraud. Make sure to trade with licensed and regulated companies to avoid off-putting losses.