CityTrade: customer reviews about the company’s performance in 2023.
Dishonesty Issue
Scammers have no conscience, ready to deceive everyone and extract all the means. As soon as fraudsters notice that the client no longer has funds, they cease interaction. To get rid of a bad reputation and negative reviews, they rethink their strategy and start enticing new partners. One of such fraudulent companies is CityTrade. More detailed information on deception methods and signs of fraud will be provided in an independent review.
Company Description
CityTrade claims to be a leader in the online trading field and promises convenient access to trading. There are no reviews yet confirming this statement. Potential clients have to rely on the company’s employees’ words. Checking the activity of the citytrade.group website via specialized services has shown that it has been operational since March 2023. There are still no reviews, probably due to just starting promotion.
CityTrade did not provide adequate communication methods with support for quick issue resolution. The only available communication methods with support are a feedback form and email. This indicates that scammers can disappear at any moment. Their goal is to get investments from traders.
There is no information about the company’s leaders, and legal documents establish strict conditions regarding bonuses accrual, disclaimer of responsibility, etc. The terms are created in a way that users cannot earn and withdraw profits.
Legality of Operations
CityTrade decided not to provide legal documentation to confirm its legitimacy. In the Client Agreement, not CityTrade but Hamilton Group is mentioned for some reason. It turned out that this is a fraudulent broker with a bad reputation. Reviews about it indicate extortion and users’ fund drainage. Apparently, the same group launched CityTrade.
According to the official version, the broker, like its predecessor, is registered in Saint Vincent and the Grenadines and operates in accordance with the legislation of the island state. However, it should be noted that broker activities are not monitored in this offshore zone.
The local supervisory authority confirmed that it only registers companies in the legal entities register and does not list the company CityTrade.
The company illegally provides its services in the CIS countries. CityTrade does not have permission from the Central Bank of Russia, the National Bank of Belarus, and the Agency of the Republic of Kazakhstan for the Development and Regulation of Financial Markets.
We are convinced that this company has no chance of obtaining a license in the Russian-speaking segment. Hamilton Group was blacklisted by the Central Bank of the Russian Federation as far back as 2021. We are sure that CityTrade, which has only just started its activities in the financial markets but does not strive for honest practices, will face a similar fate.
Offer Terms
According to CityTrade’s offer, convenient access to global financial markets is provided. Among the assets available for trading are basic Forex currencies, indices, commodities, stocks, cryptocurrencies. Without a demo account, you will have to risk real funds. Several tariff plans with common conditions are offered.
- entry threshold from $500,
- access to the Trading Academy,
- market reviews provision,
- account manager services,
- portfolio status reports,
- marginal loans,
- additional services in various tariffs include sessions with certified accountants, round-the-clock support, and other bonuses.
No reviews confirming financial discipline compliance have been found. Reviews of the predecessor of this project indicate a negative experience focused on funds’ loss.
Real Reviews
Due to CityTrade’s recent launch, it has not yet received feedback. Nevertheless, scammers are actively working, so the situation may change in the near future. We are monitoring developments and will add user reviews as they appear.
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Action Scheme
CityTrade scammers exploit the fact that novices often engage in trading. They trust professionals and try to extract as many investments as possible from others’ capital. To do this, they suggest using a mentor who can then provide false advice leading to fund loss.
Crooks do not take responsibility for the consequences of their recommendations, justifying themselves with the financial market crisis and the trader’s inexperience. It is useless to prove their innocence.
Conclusion
We believe that CityTrade is another dishonest broker thriving at others’ expense. We recommend avoiding this company to avoid losing your own funds. When choosing a broker, you should always pay attention to the availability of legal documents, commercial offers, and reviews from real users.