The National Trade Center Review – Reasons to Avoid the Broker

The National Trade Center Review

Are you interested in trading in the forex market? It could be cryptocurrencies have drawn your interest towards the online trading space. No matter what you are after, it is safe to say that you are not the only one who is eager to clamber onto the burgeoning and flourishing financial markets. They have always had a reputation for offering people solid returns and it has only strengthened in recent years, particularly in times of the global coronavirus pandemic. But, how do you explore these opportunities? This is where online brokers come in and how you end up here at The National Trade Center review.

The services of an online brokerage are a must for anyone looking to trade in any financial market; they are the key that unlocks the door. All you have to do is run a search on Google to discover that there are hundreds, if not thousands, of companies that are more than willing to accommodate you for this purpose. Does this mean you go with the first option you find? This will undoubtedly be tempting, but you have to understand that there is a great deal of money involved here and this means that your relationship with a brokerage should be based on trust.

Can you trust the broker you are signing up with? The answer has to be yes for you to go through with it, or you could lose all your money. How? This is how scams are orchestrated because all these cybercriminals and impostors need to do is present you with an illusion to fool you and leave you high and dry. You will be surprised to discover just how common it is and only because people do not do their homework. It is essential that you do not make this mistake because it will cost you in the long run.

When you come across The National Trade Center, you will find it to be a more than adequate brokerage. It claims to be one of the industry’s most reputable platforms and you would want to sign up with it because that is what you are looking for. However, when you look at it closely, you will be able to find reasons to avoid this platform altogether. What are these reasons? You can check some of them below:

Reason 1: It is not licensed

If you want to avoid a scam broker, your priority should be to find a licensed and regulated brokerage because these follow the proper laws, rules and regulations. They can also offer protections to the traders in terms of ensuring the safety of their funds and offering transparent services and conditions. Hence, when you come across The National Trade Center, you need to check whether it is licensed or not.

In order to do so, you will first have to look into the corporate background of The National Trade Center and the information on their website dictates that it is based in Cyprus. This is one of the well-regulated jurisdictions in the world, so if the company is truly licensed in Cyprus, it would certainly work in its favor. The regulatory authority is the Cyprus Securities and Exchange Commission (CySEC), recognized as one of the top regulatory bodies in the world.

Unfortunately, when you check the online register of the CySEC, you will not find The National Trade Center listed at all. Moreover, it is likely that the brokerage is lying about being based in Cyprus because when you go through its Terms and Conditions, you will discover that it seems to be based in the offshore jurisdiction of St. Vincent and the Grenadines.

The Terms and Conditions on The National Trade Center website dictate that the brokerage is following the laws of SVG and the problem here is that the Financial Services Authority (FSA) does not really regulate the forex industry. This means that brokers based there are not even licensed on paper and this has made it easy for scammers to set up there and operate without getting hassled in any way.

It gets worse when you find out that the company that owns and operates The National Trade Center is called WTC Group Limited. This is due to the fact that this company has been blacklisted by the Financial Conduct Authority (FCA). This is the regulatory body for the United Kingdom and is one of the most renowned regulatory authorities in the world. It is all the confirmation needed that you are dealing with a fraudulent brokerage.

Reason 2: It offers trading bonuses

Yet another reason for you to avoid The National Trade Center is the fact that the brokerage is offering its clients trading bonuses. Isn’t that a good thing? Yes, you may find bonuses lucrative, but you should take note that these bonuses have been banned in most regulated zones in the world, including the EU. Since Cyprus is a member state and The National Trade Center claims to be based there, it should not be offering these bonuses.

The bonuses were banned because they come with strings attached and you will find them at The National Trade Center as well. They have imposed a minimum turnover requirement that you have to fulfill and if you cannot achieve it, withdrawals will be banned. No legitimate brokerage would ever prevent its clients from withdrawing their own money.

Reason 3: High levels of leverage

Another problem that you will encounter at The National Trade Center is the fact that the broker has extremely high levels of leverage. Their ratios can go as high as 1:400, something that no legitimate brokerage based in Cyprus would offer. This is because there is a cap on the amount of leverage that brokerages can offer to clients because of the risk involved and this does not go beyond 1:30. These high levels indicate that the broker is only trying to trap you.

Wrapping Up

These reasons make it easy for you to see why The National Trade Center is a brokerage you should avoid.