S2Trade broker review
If you have ever been a victim to a confidence man, then you know how painful it can be. To help you avoid a repeat of the same, this S2Trade review will show you why to avoid this broker if you need a new broker in case you’re asking yourself, is S2Trade legit? It took some time to analyse this company’s operations, but ultimately it was clear that they cannot be relied upon. If you follow these steps, then you will be able to differentiate, in the future, between legitimate brokers and those that are simply out to steal your money.
Is S2Trade a scam?
After searching on Google for S2Trade, the first result is the official company’s website. Upon entering, it seems like everything is fine with the S2Trade website review at first, until you get to the bottom and take a look at the company information. S2Trade is apparently the tradename for GoldTech Media Services OÜ, a company that is based in Estonia. There was no mention of financial regulation anywhere on the website, which tells us that the broker is not regulated. That right there is something you really ought to avoid whenever you’re trading the FX markets.
A license from a reputable financial regulator provides security for your money because the broker could be prosecuted and fined. However, since S2Trade is not regulated at all, you will never be safe once you deposit your money with them. Besides, they are based in Estonia, which makes it even more difficult for authorities to help you recover your money. Already, the S2Trade scam can be seen and red flags should be popping up in your head right now.
At this point, we decided to look more deeply into the company itself, which led to some interesting findings. Apparently, GoldTech Media Services OÜ does not only run S2Trade but also Glenmore Investments. This is another Forex broker also providing similar services, but their website is extremely junky. The look of it suggests that it was clearly made in a hurry, and by an inexperienced designer. The fact that GoldTech Media Services OÜ runs two separate brokers offering the same service suggests there may be some ill motives. After all, why would one company have two tradenames when both offer the same services?
There was another curious fact, and this one had to do with the company’s location. GoldTech Media Services OÜ is based in Estonia, yet their official phone number is based in the UK. If you search for that phone number on Truecaller, you will see it belongs to a company called We Love Communications Limited. So far, it is clear that there is something fishy going on, which is what exposes the S2Trade scam.
What do other traders have to say about S2Trade?
The S2Trade reviews were even more damning for the company because there were literally no positive reviews anywhere. None! Not even one of their previous clients had a good thing to say about the company, which tells us that this company is operating a straightforward fraud. Not surprisingly, the most often mentioned complaint was that clients would have a difficult time withdrawing their money. This is what these unregulated brokers do – they take your money and deny your withdrawal requests. They know that they are untouchable because no regulator can find them, which is why you should always deal with a regulated broker.
From the responses seen in the S2Trade reviews to the company’s own shady background, this S2Trade review has established that the broker cannot be trusted. It is not recommended to work with this broker for any reason since they do not appear to be legitimate. There are plenty of other brokers you can choose from out there, many of whom are more trustworthy. However, be careful not to fall into such a trap as the one laid out by S2Trade.