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SafeTradeNet Review | Is This Platform a Scam?

by Kevin Berry
Rating: 
  1/5   Reviews: 1
SafeTradeNet - logo

Want to trade Forex/CFD? Then SafeTradeNet might be able to assist you with that. However, do not rush, as it is first necessary to check if the platform is a scam. Given the lack of reviews online, this is quite likely. Moreover, the broker does not possess any licenses, despite having an office listed in the UK, where all brokerage intermediaries fall under the regulation of the Financial Conduct Authority. The foundation date and business model of the organization are also unknown. In general, everything needs to be checked and understood.

Highlights

🏛️ Country United Kingdom, Cayman Islands
⚠️ Regulation
🖥️ Website https://safetradenet.com/
🎲 Demo Account No
⏳ Start Time 2024
💲 Minimum Deposit $10,000
⚖️ Minimum and Maximum Leverage 1:10-1:200
⚙️ Trading Platform WebTrader
📨 E-mail support@safetradenet.com
📞 Phone +41449746196

First Impression of Safetradenet.com

The first impression after visiting the site is ambiguous. Initially, it seemed like a cryptocurrency broker, as the Bitcoin logo is placed on the homepage, and digital currencies are constantly mentioned. However, it turned out that SafeTradeNet is a typical CFD platform.

Overall, the official website provides almost no useful information. The company disclosed only contacts and the office address, but apparently forgot about licenses, operational duration, business model, and the names of its executives. This indicates a low level of transparency and openness of the firm.

SafeTradeNet - site

The design is not very stylish or professional. Images are taken from the internet, and some are repeatedly used, was it really that hard to insert unique images? The site is full of meaningless phrases and cliched propositions that offer no benefit to the visitor. Thus, SafeTradeNet’s website can be rated poorly.

Partnership and Bonuses

An affiliate program seems to be a profitable tool for both the company and its clients. The broker gains new traders, while partners receive additional income, independent of their results in the financial markets. However, SafeTradeNet does not offer such an opportunity. At least, it is not mentioned on the official website.

Similarly, bonuses are not mentioned, which presumably means they are absent. Although this is more of a plus than a minus, as bonuses are often the main reason for the loss of deposits.

Account Opening on Safetradenet.com

To get better acquainted with the firm, we need to register an account and then explore the interface of the client portal and platform. Here we encountered a very interesting question: “How to start the registration process?”.

The fact is that there is no “register” button on the site. There are only “Login” and “Contact us”. Either SafeTradeNet intentionally did not add this feature, or the site creators overlooked it.

Registration

However, we were still able to find the registration form. To do this, we opened the page with Login, and then in the URL line, we changed “login” to “register”. Voila, the form to create an account opened. Why must the user perform such complex manipulations? Why can’t SafeTradeNet simply add a registration form on the official website? This looks maximally suspicious.

It’s just a pity that this did not help us at all. It’s still impossible to register because clicking “Sign up” does nothing. Moreover, we did not find a demo account that would help us get better acquainted with the firm.

Verification

The website provides instructions on how to start trading. First, you need to register an account and then undergo verification. From this, it is quite logical to assume that the KYC procedure at SafeTradeNet is mandatory, and without it, one cannot use the platform’s services.

The verification process is not described, and we cannot verify this in practice as we do not have access to the personal cabinet. Even the AML & KYC policy is missing. Yet, KYC is an important requirement for regulators. Can SafeTradeNet be trusted if it does not fully and responsibly comply with what financial commissions require?

Pros
  • Not found.
Cons
  • The verification process is not described at all.

Trading Software

We have already mentioned that SafeTradeNet appears secretive and suspicious. This also applies to the trading platform, as the firm has not bothered to create a separate section on the website where users could learn about the capabilities and options of the terminal. Also, due to the inability to register, we cannot see the software for ourselves and evaluate it.

It is unknown whether the terminal is available on mobile devices, as this is not mentioned. We assume that SafeTradeNet offers a primitive WebTrader with a minimal set of functions and capabilities. The terminal does not have separate applications for Android/iOS or computers. This is a typical web-based terminal, which is unlikely suitable for serious and stable trading.

Features SafeTradeNet Unicorntradefx IC Markets
Demo Account ✔️
Mobile App ✔️
Own Development ✔️

How Can I Trade With SafeTradeNet?

The broker offers trading with more than 50 cryptocurrencies, forex, indices, commodities, stocks, and metals. In total, the firm promises to provide access to more than 3,500 assets. Next, we need to examine the tariff plans of SafeTradeNet, as they determine the opportunities and trading conditions.

All Info About Accounts

SafeTradeNet offers clients as many as 8 tariff plans, including an Islamic one. The firm follows the standard principle of “the higher the account type, the more additional services and better conditions, but the higher the minimum deposit”. Guess which companies most often use such a principle for dividing account types? Correct, fraudulent and illegal ones.

For some reason, the broker divided its account types into two variants. It feels as though these are different conditions taken from two sources and combined into one. The minimum deposit is huge and unreasonable – $10,000. Another downside of SafeTradeNet. The leverage is 1:10-1:200, the higher the tariff, the greater the leverage, although it should be the opposite. Why do traders with substantial capital need leverage of 1:100 or more?

Account types

Beginners, who can only afford the first account type option, receive daily news, market review, account manager, and a weekly portfolio progress report. The second tariff includes the same opportunities but additionally offers wider leverage, a 25% swap discount, a monthly analyst session with a certified accountant, and a weekly live stream trading webinar.

There’s no point in detailing the rest of the account types. It’s unlikely that anyone would want to invest such significant sums in the little-known firm SafeTradeNet, like $50,000, $100,000, or more. On the expensive tariffs, clients receive in-depth research, daily signals, invites to VIP events, and other services.

And now, the most crucial part – commissions and spreads, as they determine whether trading is profitable or not. Unfortunately, we cannot determine this, as SafeTradeNet hides these conditions, which is not surprising at all.

Pros
  • Islamic account.
Cons
  • Commissions and spreads are unknown.
  • The broker requires a high initial deposit.

Market Analysis and Education With Safetradenet.com

SafeTradeNet promises its clients a brief 5-minute daily newsletter for valuable insights. Additionally, the website features a comprehensive section with educational resources. Also, for some reason, the broker offers to download remote access programs, AnyDesk or TeamViewer. This hints at a well-known scam scheme where victims give pseudo-analysts access to their desktop, and then their accounts are drained, and important personal data are stolen. Thus, we do not recommend using these programs or giving anyone access to your computer.

Deposit, Withdrawal, and Fees

The exact list of supported methods for money transfers was not found, but it is important to note the conditions regarding fund withdrawals at SafeTradeNet. Withdrawal requests are processed within 5 working days, and only verified users are allowed.

If a client withdraws more than 20% of their profit or closes the account altogether, they must pay management fees/swap fees/liquidity provider fees. The sizes of the fees are not specified. Now it can be definitively said that cooperation with such a company is not beneficial for the trader.

Features SafeTradeNet Oanda Tradercr
Debit/Credit Cards ✔️ ✔️
Electronic Payments ✔️
Crypto Transfers
Deposit Fee
Withdrawal Fee ✔️

How Can I Contact It?

Clients can write an email or leave a message in the “contact” section. The firm also provides a phone number. A check of the contact details revealed nothing. However, it is worth noting the absence of online chat and social media accounts at SafeTradeNet.

Pros
  • None.
Cons
  • No online chat and no social media accounts.

Is SafeTradeNet Dangerous?

The total secrecy and opacity of the company raise huge concerns. Although we have not yet checked the most important aspects, such as the period of operation, licenses, and the registration of the legal entity, we can conclude about the fraudulent nature of SafeTradeNet. Let’s not rush, so we’ll find out how long the company has been operating and whether it is indeed based where the website indicates.

How Long Does The Broker Work?

Unsurprisingly, a specific foundation date is not mentioned on the official website. Many dishonest firms act similarly. Although the website footer mentions the year 2022, the actual launch date is January 2024. Why? Because the official website was only registered in January 2024. Therefore, SafeTradeNet hides its foundation date, as it has been in existence for a very short period.

Domain

How Is SafeTradeNet Regulated?

The “contacts” section lists an address in London. Okay, then where is the license from the FCA, which monitors the activities of British brokerage companies? The company, named SafeTradeNet, is not found in either the FCA or the Companies House registry of legal entities.

SafeTradeNet - FCA

In the “markets” section, we found that the company is also registered in the Cayman Islands and is under the control of the Cayman Islands Monetary Authority (CIMA). First, why is this information located precisely in this section, and not in “about us” or on the main page? Secondly, why was the discovered legal entity GAIN Global Markets registered with CIMA back in 2007, if we found out that the hero of our review appeared only in 2024? It is very simple – GAIN Global Markets has nothing to do with SafeTradeNet. It is a completely different organization.

SafeTradeNet - CIMA

It turns out that the broker operates illegally. It is not present in the United Kingdom, nor in the Cayman Islands. Scammers are showing us fake information.

Features SafeTradeNet LTC FIN GLE Markets
European Zone
Asian Zone
American Zone
African Zone
Offshore

Frequently Asked Questions (FAQ)

Kevin Berry
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Expert Opinion

Did scammers not realize that all their information is easily verifiable online? The fraudsters provided an address in the United Kingdom, which can be checked within 1 minute. It’s very simple. And as soon as you find out that the address is fake, it immediately becomes clear – it’s a scam. No doubt. SafeTradeNet did not even try to create a plausible brokerage company, and I very much hope that no one has trusted this pseudo-broker because any investments here will be lost. A typical and standard scam.

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The level of trust
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1 review about SafeTradeNet

Slark March 4, 2024 - 13:47
Be careful, because it's a scam.
The level of trust

Perhaps it’s a good thing that people cannot register, as many novices would have taken the scammers at their word, created accounts, and then lost all their money. However, the closed registration hints at some other fraudulent method of scamming money. In any case, check the company for fraud. There are not so many reviews on the internet, but they are gradually appearing, which means people are being scammed thoroughly. Be careful, it’s not worth getting involved with such fake sites.

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