Agea Trade Review (agea.trade SCAM)
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Main Features
- Withdraw problems
- Hidden Fees
- Trade Crypto, Stocks, Forex
Compare bitcoin brokers
To be clear, this is a Agea Trade Review.
Pros
- Friendly design
Cons
- Big withdraw problems
Agea Trade was founded quite recently, in 2019, by a team of trading veterans with experience that goes back to 2005. It has its headquarters in Montenegro and it is listed on the country’s stock exchange. The actual owner of Agea Trade is Agea International AD, a company with regulation from the Montenegrin Commission for Capital Markets. Everyone who thinks of collaborating with this broker should know that Montenegro is not part of the European Union. This means that the MSEC is the only regulatory body that can enforce a certain framework.
Is this risky for traders? Of course. Any online broker that is not regulated by a universal authority is free to do whatever it wants. Even if Agea is regulated by the MSEC, the aforementioned issue could cause big problems for traders. The mother company was established back in 2005. However, it started providing brokerage services in 2012. Its whole activity was limited until March 2019. It does not accept United States users. In this review, we will reveal other things that made us NOT RECOMMEND collaborating with Agea Trade. Here we go!
What can I trade?
Agea Trade says that you can trade almost everything, but remember that they only try to deposit money into their platform.
What are the costs?
- Commissions are hidden
Agea Trade fees and offer
Unfortunately, one of the most important matters that a broker should settle right away, its fees, is completely vague for Agea Trade. They apply commissions in certain account types and trading platforms and that’s all they say. Moreover, there is a 1.2 pips spread for the EUR/USD combination, which is very high and not advantageous for traders. Overnight swap rates are also only applicable if you use the MetaTrader 4 platform. The other two Agea Trade platforms do not have interest charges, which is rather bizarre. This is a big red flag that should make anyone think twice about this broker.
When it comes to the Agea Trade offer, their asset selection is definitely limited. There are, for sure, many other alternatives online with a lot more assets to offer to clients. Their proprietary trading platform only has seventeen currency pairs, two commodities, and six indices. The MT4 trading platform has a lot more. The website is also not helpful because the assets they are listing are available on both platforms. It will become the trader’s job to look through all of them see which ones are available on which of the two platforms. This is a waste of time that can be solved easily by choosing another broker.
Agea Trade only has two account types to offer, the Cent and Standard Accounts. The minimum required deposit is the unique difference between the two. It’s worth noting that, for a beginner, practicing on the Cent Account could be more useful than on the Demo Account. It’s better to learn how to trade using actual money than virtual currency, which is the case of a Demo one.
Almost no educational resources
Agea Trade has almost no educational resources available for beginner traders. This is a very bad thing and one that should eliminate them from the race to become your favorite broker. They don’t even have their own section for news. Instead, they redirect the clients to another website. In the Resources section of their official website, there is a very short introduction to Forex trading. That is all, unfortunately, and another reason why we DON’T RECOMMEND this broker!
When it comes to deposits and withdrawals, Age Trade offers a multitude of options. You can deposit money through bank wires, your credit/debit card, and a lot of online services like Skrill, UnionPay, Neteller, etc. There is a $10 wire fee and various charges that change depending on what option you choose.
Agea Trade is quite a new broker for it to have numerous withdrawal issues or reclamations. However, there are some reviews online that don’t necessarily praise their withdrawal system. It can take too long and, in some cases, it doesn’t even let you withdraw your funds, for various reasons. Sometimes, it gets rejected for no reason at all or your account gets suddenly deactivated.
Summary
Clearly, we DON’T RECOMMEND working with Agea Trade because of this and because of the numerous aforementioned reasons. Pick an online trading broker out of those that are already established, fully regulated, professional, and experienced. Agea Trade is none of those.
