The website of Atomic Trade appears to be modern and even simple, with all the important information orderly displayed – all except for a little detail: there is absolutely no information concerning a forex license available, which quickly lowers the broker’s trustworthiness down to zero.
To keep a long and complicated story short, it is abundantly clear that we are dealing with an elaborate fraud, which, if you care about the security of your money, you should do everything in your power to avoid.
Atomic Trade Regulation and Safety of Funds
Unfortunately, a key problem is that Atomic Trade lacks a proper Forex license. Atomic Trade is not regulated anywhere; we even went to the trouble of checking the FCA registrations, but no firm or broker by the name of Atomic Trade could be located there.
The website claims to be based in the United Kingdom, but if that were true, it should also have been licensed and regulated by the local Financial Conduct Authority (FCA).
The website is effectively anonymous because the broker’s identity cannot be verified in the registries of the corresponding regulatory institution. Therefore, you have no reason to believe anything this broker would claim, including whether or not its supposed London address is legitimate.
Never, ever, ever invest your hard-earned money on such websites, as they are likely to include deceptive or fabricated information. Instead, you have the option of selecting one of the many businesses that conduct their operations lawfully while being monitored by respectable regulatory organizations such as CySEC or the Financial Conduct Authority (FCA).
In the unfortunate event that your broker goes out of business, you, as a customer, will be protected from negative balances and will have capital protection.
Meanwhile, here are several untrustworthy offshore brokers to avoid:
- SagaTrade: As an unregulated broker, SagaTrade is unable to ensure the security of your funds.
- TriumphFX: Because they are unlicensed to conduct business, you should steer clear of making any investments with this unscrupulous broker.
- Kiplar: Because they are an unregulated brokerage, they put your money in jeopardy and put you at risk.
Trading Software Overview
Although the Webtrader offered by Atomictrade.io is appealing to the eye, it does not offer any advantages of any kind. Because it is simplistic and lacks the capability of both MT4 and MT5, we would like to recommend that you use brokers that offer MetaTrader 4 or MetaTrader 5 instead of spending your time with Atomictrade.io’s inferior platform.
The highest-rated companies are reliable and risk-free investments since they comply with all applicable regulations and offer the most advantageous trading platforms to retail customers. Both of these trading terminals are market leaders and are known for their consistency as well as the abundance of advanced features that they provide, such as automated trading and analytical tools, dependable indicators, user-friendly charting tools, and an in-built marketplace that contains thousands of trading applications.
There is no use in using the Webtrader at Atomictrade.io because it lacks all of these features and the broker is a possible scammer operating outside of any regulatory framework.
Actually, Atomic Trade claims to offer the MT4 desktop and mobile version but when you try to install the said software, you’ll get a warning from your computer to not continue with the installation since they don’t recognize the application.
Deposit and Withdraw Method
When compared to more reasonable requirements imposed by affordable brokers, such as those that are willing to start an account for as low as $5, the minimum first deposit demand of Atomic Trade of $2500 is too high.
It is claimed that credit cards, debit cards, and bank transfers are the means for making deposits, but we are unable to confirm this information because the deposit platform was not functioning correctly at the time of writing.
When it comes to withdrawals, Atomictrade.io is not very forthcoming with information, as it does not disclose any restrictions or costs associated with transactions. Having said that, the broker retains the power to set particular restrictions; hence, we have our doubts as to whether or not withdrawals can be unrestricted or completely free of charge.
Atomictrade.io is a pricey brokerage; nonetheless, other costs, such as a $50 per month inactivity tax for dormant accounts, further demonstrate that this brokerage is expensive (no login, no trading, no deposits).
In comparison, the majority of licensed brokers do not charge more than $5 per month for their services, which effectively makes the identical service (maintenance of dormant accounts) ten times more affordable! Atomictrade.io is a fraud!
How Does the Scam Work?
Con artists operating in the foreign exchange market are not nearly as clever as you would believe. Typically, the operation is comprised of a phony website and an illegal phone center that is referred to as a boiler room.
Scammers aren’t concerned with excellence; they just want to swindle as many people out of their money as possible. Because of this, their websites are typically of a low quality and filled with poor content.
And to identify victims, con artists utilize social media, Discord groups, Telegram chats, deceptive adverts, and most importantly, they communicate with hackers to buy people’s personal information and then use that information to target them.
Scammers will typically contact you via an unwanted phone call or through a conversation on one of the several social media platforms in order to sell you on their get-rich-quick programs, guaranteed income, bonus offers, and so on.
However, once the initial payment has been made, the scam will reveal its most deceitful aspects. Customers are going to be duped by being shown bogus earnings, which will then be followed by assurances of even greater gains and calls for additional investments.
The worst-case scenario is that victims will make additional deposits, but they will be unable to make withdrawals even if they do so. Swindlers often tell their victims that in order to get their money back, they must first pay taxes in advance. This is a common tactic.
When this occurs, it becomes very clear that fraud has been committed, and victims typically realize that they have been taken advantage of.