AltimaTrade

Note: AltimaTrade's official website: https://altimatrade.pro/ is currently inaccessible normally.

AltimaTrade Information

AltimaTrade is a financial company who was registered in St. Vincent and the Grenadines while offshore operates in the UK and does not accept US clients. It offers trading services in forex, commodities, indices and shares. There's no free demo account but four tiered accounts with initial deposit requirement from $250. Leverage is up to 1:100 and the broker uses a web-based trading platform.

However, the company is not under any valid regulation from recognized authorities. Moreover, it's reported to be blacklisted in the in Spain, Italy, and Belgium as fraud.

Is AltimaTrade Legit?

The broker operates without any valid supervision from any regulatory authorities. It raises a question about its legitimacy and credibility because regulated brokers usually adhere to strict industry standards to protect customer funds.

Downsides of AltimaTrade

Unavailable website: AltimaTrade's website cannot be opened currently.

Regulatory concerns: The company operates without any regulations, meanig that it does not comply to rules from any regulatory authorities. This heightens trading risks with them.

Lack of transparency: The broker does not openly reveal trading conditions such as spread, commssions, etc.

Blacklisted in several countries: The broker is reported to be blacklisted by several regulatory bodies in the in Spain, Italy, and Belgium as fraud, which is alarming red flags.

High minimum deposit: The broker requires at least $250 to open an account, which is a higher barrier for many, especially for beginners.

Hefty withdrawal fees: The broker charges hefty withdrawal fees of 50 units for wire transfer withdrawals and 25 units for credit cards, a huge chunk of traders' profits and will be a considerable burden for them.

What Can I Trade on AltimaTrade?

AltimaTrade claims to offer trading services in over 2500 instruments mainly in four asset classes: forex, commodities, indices and shares.

Forex: Forex, or foreign exchange, is the global marketplace for trading national currencies against one another, facilitating international trade and investment.

Commodities: Commodities are basic goods used in commerce that are interchangeable with other goods of the same type, such as oil, gold, and agricultural products, often traded on exchanges.

Indices: Indices are statistical measures that represent the performance of a specific group of assets, such as stocks or bonds, helping investors gauge market trends and economic health.

Share: Shares represent ownership stakes in large companies such as Apple, Tesla etc., allowing investors to participate in their profits and losses.

When dealing with investment activities, always adhere to the principle of diversification by allocating funds across various products rather than concentrating on a single one you feel optimistic about.

Account Type/Leverage

AltimaTrade does not provide demo accounts for testing, while there are four live accounts: the Mini account, Standard account, Classic account, Pro account, each with a minimum deposit requirement of $250, $1000, $5000 and $10000 respectively, higher than industry average which is usually below $100.

Minimum trade size is 0.01 lot and leverage is up to 1:100 over all account types.

Trading Platform

AltimaTrade provides a web-based trading platform with only basic and simplistic functions. The broker claims a software version of the platform but actullay there's no download links.

Deposit & Withdrawal

AltimaTrade enables payment through wire transfer and debit/credit cards.

While the broker does not specifically advise minimum withdrawal amount, hefty withdrawal fees of 50 units for wire transfer withdrawals and 25 units for credit cards are charged. And withdrawals are said to be processed in 4-7 days. All these are typical scam broker's manners.

Customer Support

AltimaTrade can be reached via email and in-person visits to their offices. More comprehensive channels, such as telephone, social platforms are not available as expected.

Conclusion

In summary, AltimaTrade is not a recommended broker at all. Its operation without regulation implies less compliance to financial rules and unavailable website leaves no window for customer to know about the company. Furthermore, the lack of transparency and hefty withdrawal fees eat up a big portion of traders' profits. Worst of all, it is blacklisted in several European countries as fraud broker.

Therefore, never get involved with brokers like AltimaTrade and always choose alternatives with good reputation and full transparency.