FIL Trade Limited is a broker website suspected of fraudulent activities, with its domain www.filtrades.com registered on July 17, 2024. The broker claims to provide trading services for financial derivatives, including forex, precious metals, crude oil, indices, and cryptocurrencies, but does not offer services in jurisdictions where doing so would violate local laws or regulations.
Company Registration Information and Regulatory Status
According to its website, FIL Trade Limited was established in 2009, operating under the trade name "FIL Trade." It is headquartered in London, UK, and claims to be regulated by the Financial Crimes Enforcement Network (FinCEN) of the United States, undergoing its rigorous audits and oversight. Additionally, the broker boasts regulation by the UK Financial Conduct Authority (FCA) with license number 190941.
Upon verification, no registration information for a company named FIL Trade Limited was found on the official FinCEN website.
Moreover, a search on the FCA website revealed that the license number 190941 belongs to Spreadex Limited, whose website is www.spreadex.com, not www.filtrades.com. Spreadex Limited has no affiliation with FIL Trade Limited.
Additionally, the website design of FIL Trade Limited (www.filtrades.com) uses the same template as several brokers accused of fraud, such as AUS GLOBAL Textdiy, moneynetint.pro, Lenmax, ATF Trade Limited, CYOWV, and aaaxmpro.
Trading Instruments
FIL Trade Limited offers trading in a variety of financial derivatives, including forex, precious metals, crude oil, indices, and cryptocurrencies.
- Forex: Provides trading in numerous major currency pairs, such as EUR/USD, USD/CAD, GBP/USD, USD/JPY, and more.
- Precious Metals: Supports spot trading in various precious metals like gold (XAUUSD) and silver (XAGUSD).
- Crude Oil: Offers trading services for U.S. crude oil (UsOIL).
- Indices: Tradable indices include the Nikkei 225 (N225), German DAX (GER30), and S&P 500 (US500).
- Cryptocurrencies: Supports trading in various major digital currency pairs, including Bitcoin (BTC/USD), Ether (ETH/USD), Ripple (XRP/USD), and more.
Account Opening Process
The steps to open an account with FIL Trade Limited are as follows:
- Visit www.filtrades.com and click the "Register" button to go to the registration page.
- Enter your personal email and set a password, then receive the email verification code.
- Enter the verification code and submit the application form. After successful account registration, complete KYC verification to proceed with deposits and trading.
Trading Account
FIL Trade Limited's website does not disclose key trading parameters such as spreads, leverage, contract sizes, etc. Additionally, the platform does not provide details regarding account types, trading commissions, minimum/maximum trade volumes, maximum positions/orders, margin call/stop-out levels, or minimum price increments, rendering the information opaque.
Trading Platform
FIL Trade Limited claims to offer a proprietary trading platform that supports both web and mobile versions. However, clicking the mobile download link on the official website does not lead to a valid download page, and the page fails to load properly.
Deposits and Withdrawals
FIL Trade Limited does not clearly disclose on its website the deposit and withdrawal methods it supports, related fees, or the minimum deposit/withdrawal amounts.
Conclusion
Traderknows advises investors that FIL Trade Limited (www.filtrades.com) is a suspicious broker website lacking a physical company and regulatory oversight, and misappropriating other companies' license information for false advertising. The contact information provided by the website is also very limited, with communication only available via email.
Investors are recommended to choose brokers that provide transparent information, are strictly regulated, and have a good reputation to avoid unnecessary financial losses.
