SafetyTrades Review: Another Scammer in the Brokerage Service Industry?

I present to your attention another scammer in the brokerage service industry — SafetyTrades. So, if you were looking for this information, you have it now. Next, I will tell you why that company is engaged in fraudulent activities. Spoiler: there are many red flags related to trading conditions, period of operation, licenses, and other aspects of activity. The review will be interesting, and if you want, join in.

General Information

Website	https://safetytrades.com/
Phone Number	+447488873980
Email	support@safetytrades.com
Address	—
License	—
Minimum Deposit	$5,000
Assets	Forex, commodities, metals, stocks, indices, crypto
Leverage	1:200
Trading Platform	WebTrader

Registration and Client Portal Review

The company presented an ordinary official website, made according to a template. I have encountered similar sites dozens of times, and strangely enough, all have turned out to be fraudulent organizations.

At the top is a standard panel where you can learn about the platform, tariff plans, the company’s history (without specific facts), and contacts. The quality and informativeness of the text are super low, and many facts of activity are ignored, for example, the period of operation and licenses. What open and honest broker would hide the most important data?

Also, SafetyTrades talks about advantages for clients but does not disclose evidence. It is not enough to simply state that the trading conditions are the most favorable, the service is the safest, and the platform is the fastest; you also need to provide real evidence. And the company has big problems with this.

Another minus is the only language, English. There are simply no others. Besides, the site is not fully completed. Try to open the “Market Overview” section. I expected to see some market analytics or online quotes, but there is literally a white page and nothing else. Can such a resource be called quality and serious?

I’ll try to register an account to see what this procedure looks like, and what the client portal looks like. To start registration, just click “Open Account” in the top right corner. SafetyTrades requires entering a name and surname, email address, phone number, country, and password. Well, quite fast and simple, it should not cause any difficulties.

After successful registration, the client portal opens. Interestingly, it was not necessary to confirm the creation of the personal account via email, which looks suspicious.

Judging by the design of the client portal, it can be said that clients have access to a demo account and an affiliate program. In the dashboard, you can view the current balances of real accounts, as well as the demo.

On the left is the menu: account summary, personal info, KYC, deposit, withdrawal, history, and referral program. Overall, it looks simple and primitive. No advanced options were noticed.

How Favorable Are Trading Conditions?

Okay, I’ve reviewed the general interface, now let’s move on to the trading conditions of SafetyTrades, which also play an important role in choosing a broker. Traders strive to find a platform with the lowest commissions and best conditions; let’s see what the company offers.

Account Types, Fees, Etc

The broker follows a typical fraudulent principle: a range of tariff plans, where the next type of account has better conditions but also a higher minimum deposit. That approach is found exclusively among illegal brokers, and almost never among honest and verified intermediaries.

So, SafetyTrades offers 7 types of accounts:

1. Basic. The minimum deposit is $5,000. Minimum conditions: customer support, 0.01 lot size, zero leverage, tight spreads, 300+ assets, and a reliable platform.
2. Bronze. From $25,000. Credit leverage 1:10, and 800+ assets.
3. Silver. Leverage up to 1:50, 1,000+ assets, and a minimum deposit of $50,000.
4. Gold. At least $75,000, also wider leverage and more financial instruments.
5. Platinum. From $100,000. Maximum leverage 1:200 and 1,500 markets.
6. VIP. From $250,000. Characterized by a 50% discount on swaps.
7. Savings account. At least $500,000. Swaps are absent.

Well, the conditions look absurd. Why is there no leverage on the first tariff when it is most needed there? Leverage of 1:200 is not required by clients with a deposit of $100,000; it is needed by those with fewer funds. The logic behind such tariff plans simply went out the window.

I don’t even want to comment on the minimum deposit. $5,000 is a very large amount for an initial replenishment. Look at any verified and experienced brokerage firm — they do not have such requirements for replenishing the balance. All popular brokers have long reduced the minimum deposit almost to zero. However, scammers cannot afford this; they don’t care about clients with $50 in their pocket, they need rich and wealthy traders from whom they can make a fortune.

Also, the firm does not specify the size and type of spreads. It is as important a parameter as commissions, which are also unknown. The most important conditions remain unknown, so it is impossible to conclude whether it is profitable to trade here or not.

Trading Platform

I cannot say anything good about the platform. I’m attaching a screenshot, look how primitive this terminal is, unsuitable for serious trading.

The platform only has basic features: lines and elements for technical and graphic analysis, and indicators, but you cannot upload custom ones. Take-profit and stop-loss, as well as pending orders, are also available. You won’t be able to upload your settings, nor will you be able to connect advisors for auto-trading or engage in copy-trading. These options are absent here.

SafetyTrades offers such a primitive terminal that it even lacks desktop and mobile versions. Traders can launch the platform from their smartphone, but through a browser, not a separate mobile app. It is super inconvenient and impractical.

How to Deposit and Withdrawal Funds?

The broker forgot to list the supported methods of transferring money, as well as the commissions. However, this information can be viewed in the personal account. Choosing a deposit method is impossible, as this option is somehow blocked.

In the withdrawal section, I saw such methods of transferring money: BTC, ETH, and USDT, and a credit card is also available. So the choice is not wide. Moreover, the sizes of commissions and the processing times for withdrawal requests are not specified by SafetyTrades.

Using cryptocurrency for depositing funds raises suspicious thoughts. After all, digital currency allows those who receive payments to remain anonymous. Moreover, a transaction cannot be canceled. If the company does not want to return your money, you still will not be able to get a refund, as blockchain technology does not allow this.

Verification

According to information from the user agreement, the broker conducts mandatory identity verification. It’s standard here; clients need to provide proof of identity and residential address. Additionally, if the deposit is made using a bank card, a photo/scan of the card must be uploaded.

In the client portal, SafetyTrades has created a separate section dedicated to verification. There, users can read about the necessity of KYC and the documents required.

Additional Options

Additional features are absent. They are not included in the tariff plans, which only describe basic trading conditions (leverage, lot size, etc.). There is also nothing on the main page of the website, no economic calendar, no table with online quotes, nor financial news. SafetyTrades offers only a Market Overview, which doesn’t even work. That’s what I call “customer orientation”. Traders gain no advantages from starting cooperation with such a firm.

Partnership

The company offers a referral program to its clients, but it only adds further doubts about the firm’s reliability. If a partner registers via a referral link, they receive a 100% bonus on the first deposit. The trader who invited them also receives a 100% bonus.

However, these are not free money because these bonuses come with specific conditions to be met. It is necessary to achieve a trading turnover equal to the amount of the bonuses divided by four. Why not just distribute a small percentage of the commission from partners? Because SafetyTrades does not earn from the commissions and spreads of its traders but from the lost client deposits. I will explain this in more detail later.

Is SafetyTrades a Scam?

An obvious scam. One does not need extensive experience in trading to understand what this platform really is. There is nothing good here and never will be. Next, I will provide you with more arguments that should convince anyone to refuse cooperation with such a company and definitively blacklist it.

Legal Information and License

A safe broker is a regulated broker. However, SafetyTrades does not have a license, and they do not even mention this on their website. Furthermore, the legal address is not provided, so I cannot check the registries of regulatory bodies or legal registries for the existence of such an organization. This is a phantom company; it doesn’t exist, only a website where all the scamming for money takes place.

You should not cooperate with unregulated companies. Such organizations can block your account and prevent you from withdrawing funds. And you won’t be able to complain to regulators to get compensation for your losses. The money will be lost forever.

Domain Info

Does anyone suppose this is an old and experienced intermediary? I hope not. Look, the domain safetytrades.com was registered in December 2023, less than six months ago. So the firm is too young and fresh, it has no experience, no reputation. How can you invest money in a firm that hasn’t earned trust and does not have a reputation as a reliable intermediary?

I recommend trading with verified organizations that have proven their integrity. Usually, such firms have been operating for more than 10-20 years, and they have hundreds of thousands and millions of users. So the broker does not fit the definition of a safe and verified intermediary.

Contacts Review

It is unlikely that you will be able to contact the managers of this scam. The fact is that the listed email does not exist. Yes, the scammers provided a fake email in the “contacts” section.

The phone number is probably also fictitious. And there are no more ways to contact SafetyTrades’ managers. For example, an online chat has not been created, nor have social media accounts. And yes, I’ve mentioned it already, but the legal address is also not provided.

The Business Model

And the last aspect I really want to draw your attention to is the business model, or in other words, what happens to client orders sent to the market.

With legitimate intermediaries, a client’s order would be matched with another client’s order, and the company would profit from commissions or spreads. SafetyTrades takes a different approach. User transactions are not routed to liquidity providers, such as interbank; instead, they are processed within the platform. It creates a conflict of interest, where it is profitable for the firm if clients lose money, as this is their only source of income. Thus, there is no sense in trading with the dealing desk.

Pros and Cons

Frequently Asked Questions (FAQ)