Intrade bar binary options broker review: feedback from deceived investors
The company Intrade bar started its operations back in 2016. A binary options broker attracts the attention of Russian-speaking traders due to the presence of a Russian-language interface on the website. Although initially the company may seem honest and offer favorable conditions, intrade.bar is actually a well-thought-out financial scheme and deception for naive clients. In this article, we will provide a comprehensive review of this project, analyze real customer reviews, and dissect the tricks of scammers.
Overview of the main information about the binary options broker
As mentioned earlier, “Intrade bar” started its operations in 2016. Upon checking this information, we discovered that the domain name was indeed registered in 2016 and renewed in 2019. An interesting detail is the fact that despite the official website indicating the address of the company’s main office in St. Vincent and the Grenadines, the company is actually registered in Russia.
Regarding the broker’s license for financial activities, obtaining permission to conduct financial operations in St. Vincent and the Grenadines is quite easy and inexpensive (given the offshore zone status). However, intrade.bar does not even have such a license. This indicates that the activities of the binary options broker Intrade bar are illegal.
Next, it is worth noting the address of the main office. The actual location of the broker is in Russia, but the official website lists a completely different location. According to the scammers, the office is located at: Suite 305, Griffith Corporate Centre, P.O. Box 1510, Beachmont, Kingstown St. Vincent and the Grenadines.
A search on the internet for this address reveals that it belongs to a small coworking space, Griffith Corporate Centre.
Intrade bar: review of cooperation and work conditions
According to statements from intrade.bar, the following are available to clients:
- support. The website offers the possibility of communication through live chat, consultations via the contact form, and sending questions via email. However, former clients claim that support works extremely rarely and only until the user starts to withdraw funds. Moreover, only live chat (a small window in the bottom left corner) is active from the list on the website;
- multilingual interface. The website is available in Russian and English only. This is another confirmation that the broker is Russian-speaking;
- exclusive trading platform with TradingView charts. There is not much precise information about the “proprietary platform.” The only thing that could be found is its operating hours. According to the website, the “Intrade Bar” platform is available from Monday 04:00 to Friday 23:59. Additionally, there is a technical break every day from 00:00 to 01:00, during which trading is suspended;
- minimum deposit from $10. Despite the small amount of the initial deposit, it is important to remember that the scammers at intrade.bar do not intend to let go of their “prey.” Among the reviews, many complaints can be found about how managers persuade to invest more money;
- minimum transaction amount from $1. The maximum amount is $500;
- profitability up to 85% and funds withdrawal within 15 minutes. Like any other scammers, the binary options broker “Intrade Bar” promises quick and substantial profits. However, the withdrawal terms stated in the customer agreement are quite different. According to the document: “The transfer of funds is made within 6 hours following the day of the funds withdrawal request.” That is, 30 hours after the request. It is also noted that “the funds withdrawal request () may be delayed by the Company’s security service for 1 business day”;
- free demo account. According to clients, this is another way to attract gullible users. Scammers make all transactions on the demo account successful and easy, encouraging people to open real accounts;
- 5 ways to deposit and withdraw funds. There are no withdrawal or deposit fees on intrade.bar. Among the available payment systems are VISA and MasterCard credit and debit cards, Qiwi, Yandex.Money, WebMoney. The minimum withdrawal amount is $7;
- currencies available for working with “Intrade Bar”: US dollar and Russian ruble.
Review of offers from Intrade bar scammers
During the review, we found numerous promises and offers from the binary options broker. They all seem attractive and trustworthy, but according to customer reviews, they are rarely fulfilled.
Let’s consider the tricks and promises of the broker to attract new users.
What is the essence of the deception?
While studying the broker, we identified several clear signs indicating the fraudulent activities of the company. Let’s look at each of them:
- operate without registration and provide fake information about a license in an offshore zone. Scammers do not even hope that anyone will check the license. They simply provided a random set of numbers and hid behind the offshore zone status;
- “proprietary” trading platform. In most cases, exclusive platforms are a proven way to deceive users. By using their own terminal, a company can manipulate trades, quotes, and deliberately mislead clients;
- unrealistically fast money withdrawal. If the withdrawal conditions indicate incredibly short periods, it is a sign of fraud. Through such conditions and the guarantee of quick money return, fraudsters push users to deposit funds;
- customer agreement. The Intrade bar customer agreement contains information about cooperation that may not be as advantageous as it seems. When choosing a binary options broker, be sure to study this document. Based on the “Intrade Bar” customer agreement, such documents may contain many pitfalls.
Review of real reviews about “Intrade Bar”
Searching for real reviews about Intrade bar led to an abundance of positive ordered comments duplicated on various websites. The broker posts the same reviews on its official website:
Among the genuine reviews, there is a lot of negativity. Clients complain about discrepancies in quotes compared to real ones and the lack of alignment with TradingView. Although these scammers listed this data provider as their partner:
Additionally, reviews mention delays in funds being credited to clients’ accounts:
Among the reviews about Intrade bar, there are comments from clients who find nothing positive about the company:
In conclusion
Our advice – avoid contact with the fraudulent binary options broker Intrade bar. By examining the information and customer reviews about the company, we can assert that it is a financial pyramid. Funds can only be withdrawn when someone else deposits a large sum.
Author: Tatiana Galchinskaya