The brokerage company Tools4Deals offers not only trading with leverage in financial markets but also an investment service. The broker has obtained a license from an unknown, non-governmental regulator called the Crypto Service Authority. Despite having offices in Singapore and the Netherlands, there is no regulation in these jurisdictions. Online reviews are quite contradictory, with both positive and negative comments. However, nothing is said about the business model or the founding date. The platform looks ambiguous, so a detailed investigation is needed to determine whether it is a scam.
Table of Contents
|🎲 Demo Account
|⏳ Start Time
|💲 Minimum Deposit
|⚖️ Minimum and Maximum Leverage
|⚙️ Trading Platform
First Impression of Tools-4deals.com
The official website of Tools4Deals is quite unoriginal, following a typical template and using stock photos of business people in suits holding laptops and smartphones. There is no unique graphic design. We see just changing blocks of some information in different colors.
The top of the page has standard sections with trading and investment conditions, legal documents in a limited amount, and contacts. The footer of the site contains a typical small-print risk warning.
The site is only in English, so there is no talk of international activity, although office addresses on different continents are mentioned. Tools4Deals’ resource is filled with tons of meaningless text that does not provide any value to the visitor. Important information, on the other hand, is missing. Even a standard “about us” section, which should introduce the user to the broker’s activities, has not been created.
Partnership and Bonuses
Traders can take advantage of bonus offers from Tools4Deals, but this privilege is available with a deposit of $3,500 or more. All special offers will be subject to the bonus rules. For the withdrawal of funds to be available, the client must make a turnover exceeding the bonus amount by 7 times. It is a rather difficult condition to meet, even for experienced traders. Meanwhile, the size of the bonuses and the time frames are not specified.
According to the official website, an affiliate program is not provided. It is not mentioned, and there is no “promo code” field during registration.
Account Opening on Tools-4deals.com
First, one needs to register an account. The registration process in Tools4Deals is simple and clear – you need to provide personal data, including contacts. It’s also necessary to agree with the terms and confirm that you are over 18 years of age.
Next, the trading terminal embedded in the personal cabinet immediately opens. At the same time, information pops up that an email with instructions has been sent, but no such email has arrived. Even confirming the registration in Tools4Deals is not required.
Having the trading platform inside the client portal is a very controversial decision. Not only for convenience but also for security reasons, it would be wiser to separate the terminal and the client’s personal account.
Tools4Deals has a standard client portal where users can change personal information, view transaction and trade histories, upload documents for KYC, manage accounts, apply for fund withdrawals, and top up the deposit. In addition, a service for copying trades called “Social Trading” is available, but at the time of writing the reviews, no traders were presented for connection. Whether this service works remains a mystery.
A significant drawback is the absence of a demo account. To try the terminal in practice, one has to invest real money.
The procedure for uploading documents takes place in the personal cabinet in the relevant section. Judging by the layout, Tools4Deals requires four documents:
- Proof of Identity.
- Proof of residence.
- Additional documents.
- Proof of payment.
The verification procedure is mandatory for all clients. Tools4Deals adheres to the AML&KYC policy. The user agreement specifies the particular documents that can be provided as confirmation. However, it does not describe how long their verification will take.
- It is convenient to upload documents through a personal account.
- The KYC verification period is not specified.
The broker claims that its platform is adapted for all types of devices, including mobile phones, but we did not find a separate mobile application. There is no dedicated section on the official website that fully discloses information about Tools4Deals and tells about the capabilities of the terminal.
Looking at the terminal, it can be said that the interface is partially taken from the popular service TradingView, so traders can use various tools for graphical and technical analysis, indicators, several types of timeframes, and charts. Also available are a TV and a news feed. Additionally, it is worth noting the presence of social trading and a widget showing market sentiment.
However, it is not entirely clear whether Tools4Deals allows the connection of advisors for auto-trading and how to upload custom indicators and settings. Overall, the terminal leaves much to be desired. There are more advanced platforms available. Moreover, there are no mobile or desktop versions.
How Can I Trade With Tools4Deals?
The broker offers a wide range of asset classes, including forex, metals, stocks, indices, commodities, cryptocurrencies, and ETFs. In the terminal, stocks from the cannabis industry are separately listed.
All Info About Accounts
Tools4Deals has developed 7 tariff plans for clients:
- Standard. The minimum deposit is $250. This account type offers minimal capabilities: platform intro, a personal account manager, and standard leverage.
- Bronze. From $3,500. Educational resources, although they are needed even on the “Standard” tariff, as well as bonuses and 1 insured trade.
- Silver. No less than $10,000. Improved conditions, plus the development of an individual investment plan and strategy, and business financing.
- Gold. From $25,000. The same possibilities as in “Silver”, but on more favorable terms.
- Platinum. From $50,000. The firm provides signals, mutual investment plans access, recent economic events, and tendency updates.
- Pro. No less than $100,000. Individual order notification and premium client support.
- VIP. From $250,000. Adjusted and improved strategy for all VIP clients and an individual specialist for trading necessities at any time.
A minimum deposit of $250 is both a high indicator for initial funding and a sign of a fraudulent broker. For unknown reasons, many brokerage firms that require $250 as the minimum deposit threshold turn out to be fraudulent. It’s also worth noting the lack of information in Tools4Deals about leverage, commissions, and spreads, which are, after all, the most important parameters.
Additional services include options such as assistance from a personal manager, both for trading and financial queries. However, who are these experts? Why aren’t their names specified? Can they confirm their professionalism and experience?
Another significant downside is the blatant extortion by Tools4Deals. If a client wants to access various additional services, they need to invest substantial amounts, as there is essentially no unique service on the initial tariffs.
- High minimum deposit.
- Cannot try on a demo account.
- To gain access to additional services, one needs to invest large sums.
Market Analysis and Education With Tools-4deals.com
For investors, Tools4Deals has developed special investment plans for different tasks and goals, with a total of 6 programs. Additionally, the company promises to provide trading tips and full technical support. On the official website, there is only a glossary, but no economic calendar.
Deposit, Withdrawal, and Fees
Deposits and withdrawals in Tools4Deals are possible using credit/debit cards and bank wire transfers. Popular methods, such as cryptocurrencies, are missing, which is a disadvantage. There is no commission for transactions, but the firm may charge it. How this will actually work is unknown. The processes of depositing and withdrawing funds are described step by step on the official website. The processing of a withdrawal request will take 1-5 working days.
The conditions are quite vague without any specifics. This approach is opaque to the client. It would be preferable to know specifically whether there is a commission or not, and if there is, what it is.
How Can I Contact It?
You can contact the company’s managers in two ways: by phone and email. Active clients have access to another method – online chat. The phone numbers and email are real, as we have verified. Overall, there is nothing suspicious about the contacts; everything seems legal and clear. However, it’s strange that Tools4Deals has no social media presence, considering it is an online broker that could actively attract new traders in this way.
- One can call technical support or send a message via email.
- Social media accounts are absent.
Is Tools4Deals Dangerous?
We haven’t seen any serious negatives or highly suspicious aspects yet, so we won’t make a final verdict. For that, we’ll check how long the firm has been operating and what licenses it holds.
How Long Does The Broker Work?
The company’s operational duration is unknown, as it has conveniently omitted this information. Isn’t it strange that Tools4Deals does not disclose its founding date? Usually, it indicates a short operational period. The domain of the official website was registered on May 11, 2023, which means it is a young broker that hasn’t even been in existence for a year.
The article has been updated. We had barely baked this article like a bun with jam when the scammers changed their domain. They are now running tools-4deals.com, registered on November 22, 2023. Readers suggest that this could be due to an investigation by financial regulators. Be careful!
How Is Tools4Deals Regulated?
The official website provides a license from the Crypto Service Authority, which includes a compensation fund of 100,000 euros, while the registration date is stated as May 4, 2022. How did Tools4Deals get a license in 2022 if it only appeared in 2023? Easily and simply. The fact is that the regulator Crypto Service Authority is actually fake. It is indicated by the young domain, registered only in May 2023, and the fake email address listed in the contacts of this financial commission.
The company’s offices are located in Singapore and the Netherlands. Perhaps the regulators of these countries issued a license to the broker, so let’s try to check the respective registries. First, we’ll check the Singapore jurisdiction. The firm was not found in the MAS registry, nor was Tools4Deals found in the registry of legal entities in Singapore.
A check of the Netherlands’ Central Bank and the Authority for the Financial Markets did not reveal the presence of Tools4Deals, so in this jurisdiction too, the broker’s activities are illegal. It means the firm is completely unregulated and does not have a license. In addition, the legal addresses provided are fake.
|Legends Financial Company
Frequently Asked Questions (FAQ)
How to Trade With Tools4Deals?
Is Tools4Deals Legit?
How Risky Is It?
This is why fact-checking is essential; otherwise, one can blindly believe in the presence of “regulation” and hand over their money to brazen fraudsters. The swindlers from Tools4Deals collaborate with other scammers who created the fake regulator Crypto Service Authority. And real licenses are definitely absent from the broker. Moreover, there are even positive reviews on the internet – also fake. Don’t believe a single positive word about this fraudulent platform. Now you are aware of another scheme by forex criminals wishing to illegally seize your money.