Why Infinitrade Sucks In 50 Words
First of all, this is an unregulated broker, located in Marshal Islands where registering a company doesn’t even require physical presence, which is a reason why a lot of shady brokers choose this location. Secondly, the minimum deposit is $250, which is quite a lot, considering that you can find reputable, regulated brokers with deposits as low as $50. Thirdly, this broker has been accused numerous times of being a scam. Access is not even possible from some parts of the world, so Infinitrade may be very close to shutting down.
Why Infinitrade Doesn’t Suck In 50 Words
The trading platform is offered by TraderSoft, which is basically a good platform, with enough features for experienced traders and easy enough to learn for newcomers. Other than this, there’s nothing worth noting.
Is Infinitrade A Scam?
We try to avoid calling brokers Scam right out the gate, but it’s obvious there are a few red flags with this one. The lack of regulation combined with the confusing wording used when explaining who owns the brokerage, results in a low trust score. And then there’s the large minimum deposit required to open an account: $250. And what’s even weirder is they recommend their Bronze account for beginners. The requirement for that account is $10,000!!! Come on, for beginners, really? Something doesn’t feel right and you should be very careful. Moreover, several regulators across the world have warned that Infinitrade may be a scam.
Should I Open An Account With Infinitrade?
Infinitrade is an offshore, unregulated broker launched in 2018 that offers CFD, FX and Cryptocurrency trading. The website is operated by A&E Products Ltd, located in Marshall Islands and trading services are offered by A&E Products Ltd, located in Bulgaria. It is unclear if we are dealing with two separate companies or only one, with two addresses.
If you run out of well-known, established brokers (which will probably never happen), then maybe you should give it a thought, otherwise, I don’t see why to invest with this broker. One of the few positives is the trading platform, which is provided by TraderSoft. It has acceptable charts and enough technical tools to keep a more experienced trader satisfied but at the same time, it’s easy enough for a newbie to use.
And now for the “bad” part: the minimum deposit is $250 but according to the Accounts page, the lowest account is Basic and it includes all users with deposits lower than $10,000. Deposits above or equal to $10,000 will get you a Bronze account. A Silver account requires $25,000, a Gold account requires $50,000, a Premium account requires $100,000, a Platinum account requires $250,000 and finally a VIP account requires half a million USD. Needless to say, these are huge requirements and although it’s true that you can deposit just $250 (which is still a lot for an unregulated broker), but then you will only get the “basic” experience.
The perks you will get for the higher accounts are not explained thoroughly and some are even confusing: VIP events, independent contracts, and even a premium platform. What is an independent contract? What VIP events? What premium platform? If you want me to give you half a million US Dollars (because these perks are only available for the VIP account), you’d better explain in detail!!!
Education is composed of a few e-books, videos and a glossary that fail to impress and are mostly geared towards newcomers to the trading world. But if you are a newbie and don’t have even basic knowledge, you shouldn’t be trading with an unregulated broker that requires $250 to start and recommends newbies to invest $10K.
To conclude, I don’t see anything that would make me deposit $250 with this unregulated broker. Infinitrade doesn’t inspire confidence and the trading conditions are lackluster and inferior to what you can find with a regulated broker.
A&E Products Ltd (Company number: 101561) has a registered address at Trust Company Complex Ajeltake Road , Ajetlate Island, Majuro, Marshall Islands MH96960.
A&E Products Ltd (Company number 205722325) has an operating address at 10 Haidut sider ap 18 Sofia City R.A Sofia 1309 Bulgaria). The broker can be contacted at phone +35924929371, +442038076223 and email [email protected]
We’ve managed to locate a lot of complaints regarding failed withdrawals and lost money – you know, the worst it can happen to a trader – but surprisingly also some positive reviews. However, considering how easy it is for someone affiliated with a broker to post a positive comment anywhere online, you should take the positive reviews with a pinch of salt.
Infinitrade is rated 1.6 out of 5 stars on Trustpilot, with the majority of users screaming Scam at the top of their lungs. Of course, it’s always better to form your own opinion but sometimes the opinions of others should be considered as well.
Infinitrade Regulatory Warnings
07.05.2020: The British FCA has warned against doing business with Infinitrade. See warning here.
07.05.2020: ASIC has warned against Infinitrade. See warning here.
17.06.2021: The Central Bank of Ireland issued a warning against Infinitrade. See warning here.
There’s a worrying lack of information about withdrawals. All we could find was that processing time takes between 4 and 7 business days (remember, this is just the processing time, not the actual time it takes for the money to reach you) and that clients can withdraw using cryptocurrencies, debit/credit cards, and bank transfers. The minimum withdrawal is $100.
Although the bonus percentage is not specified, in their Bonus Policy it is stipulated that clients will have to “meet the trading volume limit required of 40,000 times of its value”. This means that for every $1 received as a bonus, clients will have to trade $40,000, which is HUGE. At least the good thing is that you can withdraw your initial deposit even if you don’t reach the bonus turnover; however, all profits and bonuses will be cancelled if the turnover is not reached.
Not much can be considered extra with this broker, except maybe the ridiculous deposit amounts they require for higher-tier accounts. Infinitrade offers a basic form of Copy Trading but the details about the performance of the traders you can copy are very limited.
Infinitrade Overall Ratings
User Friendliness 12/20
The website is available only in English, French and German, and information is scarce and difficult to find. The platform is alright but nothing to write home about. US Clients are not accepted; mobile platforms and demo accounts are available.
Range Of Markets, Spreads And Leverage 14/20
All the major asset classes are featured (CFDs on indices, stocks, commodities, currencies, etc.), including a relatively wide selection of cryptocurrencies. Spreads are on the steep side, with around 3 pips for EUR/USD (the industry-average spread for this pair is 1 pip) and leverage goes as high as 1:500 for currencies and 1:5 for crypto. It is unclear if this leverage applies to all clients or only Professionals or if they even categorize clients in such way.
Fees And Support 11/20
When trading cryptocurrencies, clients will have to pay a fee of 0.01% on top of the spread. The withdrawal fee is 5% for credit/debit cards, 10 USD for SEPA bank transfers and 25 USD for non-SEPA transfers. An inactivity fee will be charged very quickly, after just 30 days of inactivity. An account is considered inactive if it doesn’t have at least 3 trades, totaling at least 100 USD, so keep in mind, just logging into your account or placing a small trade won’t prevent it from being considered inactive. Also, keep in mind that the fee amount is not specified.
Live Chat is not available so the only options are email or phone, but this means you will give them your contact details, so expect (maybe) some unwanted calls if you do.
Deposits And Withdrawals 10/20
The minimum deposit is $250, which is a lot for an unregulated broker with a bad reputation. The available methods are credit/debit cards, wire transfers, Bitcoin (min deposit $300 for this method), and a few local options. There’s almost no information about withdrawals, which is a red flag. All we could find is that processing time is 4 – 7 business days (unknown how much time will pass until the money will actually reach you) and we can assume you can get your money back the same way you deposited. If you accept a bonus (exact percentages are undisclosed) you will have to reach a turnover of bonus amount x 40,000 which is huge.
This broker lacks extra features and doesn’t do anything to stand out except a basic form of copy trading. Overall it’s a bland experience, sprinkled with talk about them being “the best” and of course, borderline absurd account deposit requirements.