What is S2Trade?
S2 trade is an online platform that offers access to a variety of trading markets, like stocks, commodities, forex, and cryptocurrencies. It even provides traders with various trading instruments and tools. They even provide educational resources, market analysis, and customer support.
Withdrawal and deposit method:
The Minimum deposit is $500 which can be carried out by Visa, bank wire transfer, master card, Netler, and Skrill.
S2 trade scam or legit?
S2Trade is not a licensed broker, there is no regulatory body that keeps a check on what is right and what is wrong. So, if anything goes wrong you cannot do much about it.
The major source of concern and indicator of S2Trade scam here are the complaints about these unlicensed brokers which mostly include withdrawal issues. Since they are unlicensed and unregulated there is no one present to fight for you in these cases if anything goes wrong.
S2 Trade services:
S2Trade provides a wide range of forex trading options, including various currency pairs. Additionally, they offer CFDs trading opportunities for commodities, metals, and indices. The selection of trading instruments available is quite commendable.
S2 trading conditions:
To open an account with S2Trade, a minimum balance of $500 is required for a standard account. While this minimum balance is not excessively high, it is worth noting that some brokers offer the option to open an account with as little as $100. Considering the regulation aspect of S2Trade, it becomes unclear why such a high minimum balance is necessary.
S2 Trade offers multiple account types, with the basic ones featuring reasonable spreads on major forex pairs. However, when it comes to exotic pairs, the spreads widen significantly, leading to higher trading costs. Even with ECN accounts that charge a commission, the spreads remain relatively wide.
In comparison to other brokers, there are numerous options available that offer more favorable trading conditions than S2Trade. It is advisable to explore alternatives and carefully assess the features, fees, and customer reviews of different brokers before making a decision.
One significant concern when trading with S2Trade is the lack of publicly available information, which raises questions about the security of funds. Additionally, trading with an offshore broker carries inherent risks. It is crucial to exercise extreme caution and take necessary precautions before engaging in any trading activities with such entities.
Complains in S2 Trade:
The complaints on the S2 trade have been going overboard for quite a long. If one is looking for a reputable trading broker it is a good idea to stay away from S2trade.
Even though a few good things are going on with the company, the shady and bad things about them are even more in number.
So, when you are trusting someone with your money, it’s a good idea to do thorough research about them, before going on board.
What to look for in a broker?
Costs and fees:
Keeping your budget in mind, choose only someone you can afford. Look for brokers who do not take a lot of additional charges.
Brokerage Account Minimums:
Many brokers have a prerequisite for a minimum balance when establishing an account. The lowest minimums are typically found with online brokers, ranging from $500 to $1,000.
New investors should consider opening a margin account in the future, although it may not be necessary initially. Margin accounts generally have higher minimum balance requirements compared to standard brokerage accounts. Additionally, it’s essential to review the interest rate charged by your broker for margin trading.
Fees for Withdrawals:
Certain brokers impose fees for making withdrawals or may restrict withdrawals if they result in the balance dropping below the minimum requirement. Conversely, some brokers may allow you to write checks against your account, but usually, this necessitates maintaining a high minimum balance. It is crucial to comprehend the regulations governing the withdrawal of funds from your account.
The choice you make should depend on the style of your investment. Whether you are trading for the short term or investing for the long term.
Your broker should be knowledgeable and should have the appetite to listen to your problems before making a plan for you.
What should a scam victim do?
As the platform has no regulation it is very close to impossible that something would be done, but it is always better to try your luck.
First, try to contact the platform, they would probably help, if they do not.
- get in touch with the cops in the area, and file a complaint.
- Talk to your bank and see if they can reverse the transaction.
- Specific lawyers work on the recovery of scammed funds, get in touch with a few of them
- Do your research about genuine firms which help in recovering scammed funds, they specialize in this. They would probably help you get your funds back.
Choose any one of these ways to get your lost funds back.
S2Trade is an unlicensed and unregulated online trading platform that offers access to various markets and trading instruments. However, there are several concerns regarding its legitimacy and reliability. Complaints about withdrawal issues and the lack of regulation raise doubts about the security of funds and the ability to resolve problems. When selecting a broker, it is important to consider factors such as costs, minimum account balances, and withdrawal fees. Additionally, investment style and the broker’s knowledge and responsiveness to client concerns are crucial. In the unfortunate event of being scammed, victims should attempt to contact the platform, involve law enforcement, consult their bank, and seek assistance from specialized firms that recover scammed funds.