Updated on March 21, 2024
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In our rigorous review process, a team of seasoned financial specialists, boasting more than 20 years of experience in Forex trading, carries out an exhaustive evaluation of various trading services. Our team delves deep into the investigation of fees, assesses the trading platforms, and verifies adherence to regulatory standards. We also interact directly with customer support and conduct actual trades to gain a real-world understanding of the trading conditions. This comprehensive approach enables us to provide informed insights and advice on why we recommend avoiding 12Trader due to the issues we've identified.
Is 12Trader Scam or Legit Broker? ▲
It's imperative to exercise caution when dealing with 12Trader, as our findings suggest it is not a secure platform for trading. The entity behind 12Trader, Safe Side Trading Ltd, is incorporated in St. Vincent and the Grenadines, a jurisdiction infamous for its minimal regulatory oversight in the realm of forex trading. The lack of stringent requirements and regulation in this offshore zone is a magnet for forex brokers with dubious intentions, including notorious names like CapitalXP and Welkron. Our extensive article on the risks associated with brokers from St. Vincent and the Grenadines sheds light on this critical issue, reinforcing our recommendation to steer clear of such entities for your trading activities.
12Trader positions itself as a conglomerate of the finest experts in the global financial market, purporting to offer unparalleled services in Forex trading, stocks, and contracts. Despite these bold claims, the firm falls short of substantiating them with concrete evidence regarding regulation. 12Trader alleges a London, UK address as its base of operations, yet our investigation failed to uncover any licensing records with the British regulatory authority, the Financial Conduct Authority (FCA). The significant financial requirements for obtaining a license from the FCA or other reputable regulatory bodies like CONSOB in Italy highlight the seriousness and security a regulated status confers upon a brokerage. Unfortunately, 12Trader's lack of such credentials casts a shadow over its legitimacy and raises concerns about the safety of trading with them.
Our thorough evaluation compels us to advise investors and traders to distance themselves from 12Trader and similar entities hailing from St. Vincent and the Grenadines. It's paramount for traders to align themselves with brokers regulated by reputable authorities, such as those in the UK or Australia, to ensure a secure and reliable trading environment. Additionally, it's worth noting that the 12Trader website is currently inactive, further indicating that the broker has ceased its trading services. Despite this, vigilance is advised to guard against any future solicitations that may arise from this or similar brokers.
When considering alternatives, brokers like Interactive Brokers, City Index, and AvaTrade stand out. They not only offer the security of stringent regulation but also bring to the table comprehensive trading solutions that can meet the needs of both novice and seasoned traders.
12Trader Review 2024
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