ZuluTrade drain platform review – reviews of the scam project
ZuluTrade is an innovative platform for social trading and asset management, owned by the FINVASIA group of companies. The platform prides itself on transparency and offers a simplified copy trade and social trading experience using a variety of instruments including cryptocurrency CFDs, shares CFDs, forex, commodities and indices.
The office strives to become the largest social trading community in the world, but in reality it is a drain project. Accusations of the project of fraud are increasingly appearing on RuNet. Managers do not bear any responsibility for trading performance. Therefore, investors face colossal losses.
What is known about the ZuluTrade broker
Information about the founding date of ZuluTrade is not indicated on their official website. The company is registered in Cyprus and is part of the ZuluTrade group of companies. According to legend, the site is regulated by several financial authorities:
- Greek Capital Markets Commission;
- Japanese Financial Services;
- Financial Services Commission in Mauritius;
- Financial Sector Authority of South Africa.
There are several inconsistencies in the issue of financial regulation. Firstly, the company is allegedly registered in Cyprus, but does not have a work permit from the local auditor represented by CySEC. Secondly, the scam declares its readiness to serve traders from the Russian Federation, without having a license from the Central Bank, which is also a violation of the law.
The company’s website does not provide information about the managers, which indicates their desire to remain anonymous. The official website of the platform published blatantly false statistics:
- offices are located in Greece, Cyprus and Japan, regional offices have been opened in London, South Africa, Australia and India;
- the company has received several awards: “Best Social Trading Solution” at the UF Awards in Cyprus (2022) and “Best Platform for Social Capital Management” at Forex Expo in Dubai (2022).
There is not a single document confirming the authenticity of the declared awardsZuluTrade official website literally filled with false guarantees and promises. There is no guaranteed profit. The user agreement clearly states that when copying trades, the platform is not responsible for the accuracy of traders’ signals.
The ZuluTrade trading platform is useless software. In terms of analytical capabilities, the platform is significantly inferior to MetaTrader. As for social trading and copying transactions, but this interface is implemented crookedly. Anyone can become a manager; there is no effective system for confirming one’s competence. Because of this, investors lose money.
What does the ZuluTrade trading platform offer?
The trading platform offers a unique social trading experience, combining copy trade functionality with advanced trading tools. Here are the key features and functionality of the site:
- allows users to copy the trading strategies of the best traders. All performance information is openly available to all users. At the same time, there are no detailed statistics on trading performance, which significantly complicates the choice of a manager;
- users can select leaders to copy based on their performance, stability, behavior and prospects. All of the listed characteristics have nothing to do with real trading. Scammers hide information about the maximum allowable drawdown;
- The platform is absolutely not suitable for independent trading, since there is no support for popular technical indicators.
The above arguments show the main disadvantagesZuluTrade personal account the project is devoid of real advantages. The user receives only vague promises and no specifics.
The platform supports trading of currency pairs, cryptocurrencies, stocks, indices and commodities. For experienced traders, settings for manual trading and various advanced tools are available. However, sharaga hides information about liquidity providers because it prefers to manage quotes independently.
Leaders share their trading strategies and answer investor questions, promoting learning and knowledge sharing. The platform includes features such as Backtest, Watchlist, Risk-score and ZuluGuard, which help investors make informed decisions and monitor their trading.
Main advantages of the site:
- all performance data is open to users, and there are no hidden fees;
- the platform is constantly updated and optimized to improve the trading experience;
- Highly rated customer support is available 24/5 via live chat, phone or email.
There are no real trading advantages. Customer reviews cast doubt on the project administration’s claim that there are no hidden fees. Scammers practice collecting undisclosed fees and taxes from newcomers.
Exposing the ZuluTrade broker
The platform for interaction between traders and investors is facing serious allegations of fraud and unfair practices. Despite the stated possibilities in the field of social trading and copying of transactions, the reality turns out to be much less attractive.
One of the clients spoke about losing about 3 thousand dollars after registering on the siteZuluTradewhen scammers from another capital 1.io platform contacted him. This indicates serious problems with data security and privacy on the platform. The founders of the project actively cooperate with scammers.
Another client shared his experience of using the MT4 terminal on ZuluTrade, where, despite successfully closing trades and getting into the top 30 traders on the platform, trades were not closed on the internal terminal. This indicates technical flaws and potential manipulation on the part of the platform.
Despite claims of transparency and reliability, many reviews indicate otherwise. Widely represented on loss of funds and other problems associated with activitiesZuluTrade investments social trading on the platform in question will be a fatal mistake, because many users have lost their savings.
The firm has already faced sanctions from regulators, including a $150,000 fine from the CFTC for failure to comply with OFAC guidelines. This highlights issues related to legal status and regulatory compliance.
The process of registering and using the platform also raises questions. Lack of clarity in terms of cooperation, lack of information about account types and difficulties in choosing the right cooperation option create additional barriers for users.
Analysis of reviews about the broker ZuluTrade
Users negatively assess the prospects for trading on the platformZuluTrade reviews real investors indicate significant financial losses. The company is unable to provide productive cooperation, and its employees very quickly forget about all promises.
Most of the reviews relate to situations where clients lost their investments. For example, one user describes how quickly he lost money after investing it in a trust using an advertisement about signals from experienced traders. Other customers have also reported complete loss of funds within a short period of time, raising their suspicions of fraud on the part of the platform.
Some traders point out problems with the copy trades feature. Users claim that despite choosing successful managers with good ROI, their own investments resulted in losses. This raises questions about the effectiveness and reliability of the trade copying system.
Investors express dissatisfaction with the lack of transparency and support fromZuluTrade review customer complaints indicate insufficient information about risks. There is a clear lack of adequate technical support when problems arise.
One review suggests that ZuluTrade may be in cahoots with brokers to make clients money. This is a serious accusation that undermines the credibility of the platform. Some users, based on their negative experiences, advise other traders not to rely on the system of copying trades and to trade on their own, using their own knowledge and strategies.
The listed facts and customer reviews indicate serious shortcomings in the workZuluTrade, including signs of fraud and dishonesty. This makes cooperation with this platform risky and potentially unprofitable. If you lost money due to the fault of the company, contact chargeback experts so that they can help you make a return.
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