Retrade Point is a broker platform suspected of fraud. Its official website, retradepoint.com, was registered on December 18, 2023. The site claims to offer investors trading services in various financial derivatives including forex, commodities, ETFs, stocks, indices, and cryptocurrencies. It also states that it does not provide services to jurisdictions where it may violate local laws or regulations, such as the UK.
Company Background and Regulatory Status
According to publicly available information on retradepoint.com, this broker uses the brand name Retrade Point, is registered in Australia with ABN number 2018AD947, and claims to be a Category A member of the Financial Commission.
However, other pages on the website reveal that this broker also uses names such as "Cirro" and "BetaStock FX", and there are two different names and logos for the brand. On the "Term of Services for Trade" page, Retrade Point states that its website retradepoint.com is operated by Retrade Point INC, and the terms of service provided by this broker are governed by the laws of St. Vincent and the Grenadines.
Upon investigation, the Australian Business Register (ABR) website shows no registered company with ABN number 2018AD947. Additionally, websites of institutions like the Financial Commission and the St. Vincent and the Grenadines Financial Services Authority (SVGFSA) do not have any registered company named Retrade Point.
Therefore, Retrade Point (retradepoint.com) is, in fact, an illegal website with neither a physical company entity nor any regulatory oversight.
Trading Products
Retrade Point claims to offer a variety of financial product trading options, including forex, commodities, ETFs, stocks, indices, and cryptocurrencies.
- Forex: The forex market is the largest financial market globally, where traders buy and sell currencies based on their price fluctuations. Forex trading occurs globally, operating 24 hours, involving major currencies like the USD, EUR, JPY, etc.
- Commodities: Commodities are physical assets such as metals (gold, silver), energy (oil, natural gas), and agricultural products (wheat, corn). They are traded on global markets, with prices influenced by supply and demand, economic activity, and natural factors. Commodities can be traded via futures contracts or spot markets.
- ETFs: An ETF is an investment fund traded on stock exchanges, similar to stocks. It usually contains a basket of assets like stocks, bonds, commodities, etc. ETFs offer diversification and liquidity benefits, ideal for investors looking to mitigate risks.
- Stocks: Stocks represent ownership in a company. Purchasing stocks makes you a shareholder in that company. Stocks are bought and sold in public trading markets, with prices affected by corporate performance, economic conditions, and market expectations. Stock investors earn through capital gains and dividends.
- Indices: Stock market indices are indicators reflecting the performance of a specific group of stocks. Examples include the Dow Jones Industrial Average and S&P 500 Index, which track the overall performance of a market or sector. Indices help investors gauge market health and can serve as benchmarks for investment products.
- Cryptocurrencies: Cryptocurrencies are digital currencies based on blockchain technology, such as Bitcoin (BTC) and Ethereum (ETH). They do not depend on central banks for issuance and are traded through decentralized networks. Cryptocurrencies are highly volatile, with prices influenced by market sentiment, demand, and technological advancements.
Account Opening Process
The account opening steps at Retrade Point are as follows:
- Visit retradepoint.com and click the "GET STARTED" button to access the account application page.
- Fill in the account application form with your email address and set a login password. Once the application form is submitted, the account is successfully created.
- After logging into the account, users must complete the KYC verification process before they can trade.
Trading Account Information
Retrade Point does not disclose any detailed information about trading accounts on its website, such as spreads, leverage, or contract sizes. The platform also does not provide information regarding account types, trading commissions, minimum and maximum trade volumes, maximum open positions, or stop-out levels, making it difficult to assess the fairness and reasonableness of its trading conditions.
Trading Platform and Deposits/Withdrawals
Retrade Point claims on its website to offer a self-developed trading platform, but it only supports the web version. The broker also does not disclose supported deposit and withdrawal methods or fees.
Conclusion
Traderknows advises investors that Retrade Point (retradepoint.com) is an illegal website with no legitimate company entity or regulatory oversight. When choosing a trading platform, investors should exercise caution and prioritize those that are regulated and transparent to ensure the safety of their funds and reduce investment risks.
