Table of Content
The Active Traders Review – Learn More About This Broker
Table of Content
Before you decide to invest your money with The Active Traders, it is important to check their regulatory status.
The address listed on the website is in the UK, but they stated in their T&C that disputes are resolved under the jurisdiction of Dominica. If that was actually the case, then this broker should be regulated by the FSU, the regulatory body in the Dominica. We checked the FSU’s registry, but our search yielded no results.
|Minimum Deposit||300 EUR|
|Spread||Under 1 pip|
Keep reading our The Active Traders Review and check out what else we found about this offshore broker.
Is The Active Traders Broker a Reliable Broker?
The website belongs to The Active Traders Ltd., allegedly based in the UK. This shady broker states it’s regulated by the Companies House, which is a registry of companies and not relevant to forex trading.
The UK FCA is in charge of controlling the forex market in the country. We didn’t find this trader in the FCA’s registry, which means that this bogus broker can’t offer its services in the UK. And finally, CONSOB, the Italian regulator, recently blacklisted this fraudulent brokerage.
With all this being said, we can conclude The Active Traders is an offshore brokerage with no legitimate license, completely unreliable.
Trading Platforms Overview
The Active Traders advertises their platform called AutoTrade. They claim it’s user-friendly and customized to fit any professional and simple to use even for complete beginners. There is no mention of the mobile app.
According to the website, a trader will be connected to an expert and will be able to mirror trading strategies. What is delivered, however, is nothing more than a platform with very few basic features which can also be found on the internet free of charge.
MT4 and MT5 have been the two leading trading platforms in the trading industry for years now, and they offer the ultimate trading experience for both beginners and professionals.
Account Types Offered by The Active Traders
There are 4 account types to choose from at The Active Traders’ website:
- Silver (minimum deposit required is 300 EUR)
- Gold (minimum deposit required is 5,000 EUR)
- Diamond (minimum deposit required is 40,000 EUR)
- VIP (minimum deposit required is 100,000 EUR)
Traders get to choose between a Live account and STP/ECN account. A demo account is not available. The minimum deposit of 300 EUR is somewhat similar to what other scam brokers require, while some regulated brokerages accept an initial deposit as low as $5. Also, most regulated broker firms offer a demo account completely risk-free for up to 30 days.
Available Trading Assets With The Active Traders
The Active Traders offers the following assets:
Traders are promised a wide variety of trading instruments from these assets including over 80 currency pairs. Spreads being under 1 pip for all major currency pairs is acceptable, while the leverage is too high at 1:1000, representing a high investment risk.
Regulated brokers offer a lot less risky trading conditions with leverage being capped at 1:30 in the UK, EU, and Australia and 1:50 in the US, as well as attractive spreads. And finally, while The Active Traders disclosed only a fraction of their trading conditions, regulated brokers must be fully transparent.
Options for Deposit and Withdrawal
Both deposits and withdrawals can be made by credit cards and via a wire transfer.
Besides the administrative fee of $50, which is charged annually after a year of dormancy, there are many other undisclosed fees that can be charged at any time, for whatever reason.
These conditions benefit only the broker and traders are not offered any fund protection even though there was a mention of segregated accounts. Opting for a regulated broker instead is a far safer option.
How Do I Recover My Funds If The Active Traders Scams Me?
If the deposit was made via a bank transfer, calling the bank as soon as one notices illicit activities taking place to recall the transaction is the only way of retrieving the money.
If the deposit was made with a credit card, a trader can request a chargeback. It’s similar to recalling the transaction, but in this case, the request can be done up to 540 days from the transaction day.
Retrieving deposited money can be difficult if the deposit was made with crypto. It’s virtually untraceable and the process of tracking down the wallet is complicated.
The Active Traders Summary
- The Active Traders is an unregulated broker operating offshore.
- It’s blacklisted by CONSOB, the Italian regulatory body in charge of the Italian forex market.
- The minimum deposit needed to open an account at The Active Traders is 300 EUR.
- The Active Traders offers its clients the AutoTrade trading platform.
- There is no Demo account.
FAQs About The Active Traders Broker
What is The Active Traders Minimum Deposit?
In order to start trading with The Active Traders, the minimum deposit is 300 EUR. This amount is needed to open the Silver account type.
Does The Active Traders Offer a Demo Account?
A demo account is not available at The Active Traders. In order to check what trading conditions this broker offers, one must choose one of the available accounts.
What Types of Accounts Do The Active Traders Offer?
The accounts available are Silver (300EUR), Gold (5,000 EUR), Diamond (40,000 EUR) and VIP (100,000 EUR).