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12trader Review – Is it scam or safe forex broker?

Trading accounts and conditions

Account type Minimum deposit Minimum trade size Maximum leverage Average spreads
Micro $50 0.1 lot 1:200 3 pips
Silver $/€ 10 000 0.1 lot 1:400 3 pips
Gold $/€ 25 000 0.1 lot 1:400 3 pips

The Company. Security of Funds

Trading platform

Methods of payment

Conclusion

Pros: Cons:
1:400 leverage Unregulated
High minimum deposit
Broker Advantages

FXTM a regulated forex broker (regulated by CySEC, FCA and FSC), offering ECN trading on MT4 an MT5 platforms. Traders can start trading with as little as $10 and take advantage of tight fixed and variable spreads, flexible leverage and swap-free accounts.

Trading212 is a European broker with an excellent proprietary trading platform, which is now available as an iPhone app as well (we tried it out and we loved it). Trading 212’s customers enjoy fast execution a vast selection of trading instruments.

XM is broker with great bonuses and promotions. Currently we are loving its $30 no deposit bonus and deposit bonus up to $5000. Add to this the fact that it’s EU-regulated and there’s nothing more you can ask for.

FXCM is one of the biggest forex brokers in the world, licensed and regulated on four continents. FXCM wins our admirations with its over 200,000 active live accounts and daily trading volumes of over $10 billion.

FxPro is a broker we are particularly keen on: it’s regulated in the UK, offers Metatrader 4 (MT4) and cTrader – where the spreads start at 0 pips, Level II Pricing and Full Market Depth. And the best part? With FxPro you get negative balance protection.

FBS is a broker with cool marketing and promotions. It runs an loyalty program, offers a $100 no-deposit bonus for all new clients outside EU willing to try out its services, and an FBS MasterCard is also available for faster deposits and withdrawals.

FxChoice is a IFSC regulated forex broker, serving clients from all over the world. It offers premium trading conditions, including high leverage, low spreads and no hedging, scalping and FIFO restrictions.

HotForex is a EU Regulated broker, offering wide variety of trading accounts, including Auto, Social and Zero spread accounts. The minimum intial deposit for a Micro account is only $50 and is combined with 1000:1 leverage – one of the highest in the industry.

Broker Country Regulation Platform Min Deposit Review
Cyprus, UK, Mauritius CySec, FCA, FSC MT4, MT5, Web $10 Review Website
UK FCA Web €29 Review Website
Australia, Cyprus ASIC, CySEC MT4, MT5, Iress $100 Review Website
Cyprus, Australia CySec, ASIC MT4, MT5 $5 Review Website
UK, Australia, South Africa FCA, ASIC, FSCA MT4, Trading
Station,
NinjaTrader
$50 Review Website
UK, Australia, Singapore FCA, ASIC, MAS, BaFin MT4, Web,
ProRealTime,
2Dealer
$0 Review Website
UK, Cyprus, UAE, South Africa FCA, CySEC, DFSA, FSB MT4, MT5, FxPro
Markets,
cTrader
$100 Review Website
Cyprus CySEC MT4, MT5, Web $1 Review Website
Belize IFSC MT4, MT5 $100 Review Website
Cyprus, UK, South Africa, UAE CySec, FCA, FSCA, DFSA MT4, MT5, Web $5 Review Website
UK FCA MT5 $5 Review Website
UK FCA MT4, Web, MT4
for Mac
$100 Review Website

Traders` reviews for 12trader

Spread

Slippage

Requotes

Price feed

Platform

Deposit/Withdraw

Customer service

Summary

Careful!

Not a real scam, but extremely risky, incompetent, dishonest and without any proper strategy! Their strategy is: “give me more money to survive bad times!” It worked until I ran out of money at €69.500 – which is completely gone now!

At the start you get a “business plan” by e-mail and whatsapp from an “advisor”, who claims to be located in London, but who is definitely situated somewhere in Eastern Europe. He shared his screen with me at one point and his local time was GMT+2 and he was off on Orthodox holidays. This guy called himself “Mr. Baxter”, but this isn’t his real name for sure. He’ll offer to trade for you. I was very suspicious at the beginning, unfortunately not of his expertise, but because of the danger of being scammed. It worked quite well at the beginning. I was just a bit surprised by his lack of using stop losses. He explained, that it would produce too many losses.Then the first bad invests started and I had to provide him with more and more money. Eventually one Monday I received a message: “We had a bad bad Friday”.It was just a move of €6 in WTI in the wrong direction, which caused a margin call and ALL positions were closed and the account was zeroed.The only solution offered was again to provide more money. So I even borrowed some. Result was the same! When I became bit angry about that, the guy even got cheeky! And I was never told that there was a risk of losing everything!The money was intended for my son education. Now, in retrospect, this can’t work! You’ll alway lose everything at some point.

So, if you don’t want to lose all of your investment: Hands off!

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Defrauded by 12traders through Lisa Hudson 12traders self claimed financial analyst

12traders are scammers and traders should be weary of them. One of them who claimed to be their senior analyst and goes with the name; Lisa Hudson is a big thief an internet armed robber

This lady. Lisa Hudson received me into borrowing and depositing with her$10,000.00.

She embezzled this fund withing 2weeks of trading with it. She now then claimed she lost ti

12traders is an evil company and the world need to know about them

Please I will be grateful if some can help to recover money

100% scam

Account manager from 12TRADER blown $300k
because client requested to withdraw some money
I have 100% proof. Stay away from them.
These scammers should be locked up behind bars

12 trader is a scam, they say minimum deposit is $250, but I traded with $30 after Lisa Hudson lost my investment. I managed to get it to $580 when I want to withdraw it’s story after story.
SCAM SCAM SCAMMER SCAMS

12Trader are Scammer

12Trader are Scammer. Traders Beware
Molly and the like of Ryan are real scammer and I want to advised someone out there to be careful.
Having seen the funny game by this platform and in need of cash, I made a withdrawal request and till now they have been posting me, telling me 7days, 10days, etc after approval.
the ten days will expire by June14th,2020, I will get back on this platform to prove my opinion about this people.
And if the CEO or decision makers of tis platform are not aware, then you need to step in

12trader is a serious SCAM, BEWARE

12trader is a SCAM
There is a guy called Ryan who was always calling and disturbing me everyday asking me to join. I eventually join but failed to crosscheck their integrity as I later did after I was swept of my money. this guy are thief and I desire that the UK government should do something about them

Help get my money back

i have been struggling to get refund of my deposit back for the last one month. Both the senior analyst and the complaints department have been ignoring all communication from me. I contacted financial commission but was told that 12trader is not a registered member and as such they can’t help. I need my money back.PLEASE HELP.

Cheaters

Everyone please don’t get involved. You will loose your money. In the beginning they make you a lot of money just to get you to invest more. You can even withdrawal a small portion of the invested money. Then within 2 hours they will loose almost everything. Why? Just to get you investing more, but they on purpose see that your account get unstable. There is a lady by the name of Lisa Hudson, i am sure its not her real name, but if she is your account manager you can kiss your money good bye. Please do not make the same mistake i made!

Fraudsters

These guys are fraudsters. They sweet talk to you to invest money with them only for them to abandon you alone. I asked for withdrawal of my capital and they have refused to refund me. Story is the same; blaming my bank for not clearing my money while in real sense they show you dubious slips purpoting the money was sent to your account. I have lost money with them and they are just fraudsters. If you can, stay away from them.

12 traders scam

invested a lot of money. broker from 12 traders could phone everyday pretending to be interested in the progress of our funds. the moment i invested all my available money, the trades he entered into, did not make any money, it started going into a minus. in september 2020 i had $139 000 in my account, by yesterday my account was on zero, and now according to him it is a IT related problem. haha, 12 traders is a BIG SCAMING ORGINIZATION, lots of empty promises.

Please stay away

This company is corrupt. They encourage you invest more, because in the beginning they make you some money. Then when you deposit this money, they deliberately trade that you loose this money. I believe the webtrader is a dummy, because during the nights its offline and you cant close trades. If a Justin, Vlad, Lisa or anybody from this company is contacting you, RUN AWAY. You will loose your money. They cant give you statements with accountnumbers, because i believe they moving your money illegally to other accounts. They unregulated and not based in London. Just STAY AWAY.

Stay Away Heart Broken

I was encouraged by my account manager to invest more and more because I can make so much money. He would call me daily to check on me and was very polite and charming. We even had a invested all my life savings with this company in November my account manager Vlad Anderson personally did a trade for me in oil buy with size volume of 1 lot. Oil price was on the downtrend from October and he put the trade in November, what is upsetting about this is he did not use a stop loss. the oil is still on a downtrend and we are in the last day of December 2020. Vlad is refusing to accept blame that because he did not use a stop loss he has cause me to loose all of my investment. this is not right, I wrote to them and they told me my faith lies with the same account manager and of course he has not refunded me a cent.

Does not like to use stop loss all the time

I started with this.company in August 2020 and by December of 2020 i have lost all of my investment. I was assigned an account manager by the name of Vlad Anderson very charming, polite, funny guy but dont be deceived by this people. In November the account manager did a trade for me ib oil buy at 1 volume size. The oil was in decline from October until now in January 2020 and he choose to buy instead of sell so because of this i lost all of my investment. When i started i was promised good returns on my investment, that i would make a lot of money and all the good things money can buy but i can assure you when they take chances.on customers account espicialy when they dont use stop loss the results can very devastating in my case. I did write to them complaining but no positive outcome. The account manager has the final say when it comes to client. The most upsetting of this whole situation is after he blew my account he started posting messages to other traders about the importance of using stop loss. I say too little too late for me. It was there fault and i am left holding the end of the stick with zero account. Shame on this company

Scam Alert

The so called Mr Collins and Mr Newman are real con men. They know all the tricks to pitch you with easy and high gains on small trades before asking you to put all of your savings, saying that they need a lot in order to bet 10% of it. Don’t fall for it and don’t put money on 12trader. Once you give them your money, they will pretend someday that they made a bad deal and lost almost everything of it. I am used to con men so I had a good time watching Mr Newman , even if I lost 4500€. A few days later I made 20 times more with cryptos.

I dont understand why they are not under arrest already.

12Trader is a scam

So the sales person is very convincing supportive and well behaved. With big dreams I fell for it i mean these guys seem to have theirs good. I could only deposit after a full month he was patient so I promised i would and so I did. Morning after it was congratulations and all you will be allocated your acc manager in the next 30min after the morning briefing and so i waited. 3 hours later I recieved the call and we were to start the next day. Next day came nothing so i made contact still nothing the platform is not working and im left on the dark. So ive processed my widthdrawal but after reading the commemts on 12trader Ive lost hope.
So everyone out there be warned.

I won’t get my remaining money

I was trying to make a follow up about my remaining money that 12Trader is claiming to have sent and it’s clear that I will never get it. So stay away from 12Trader. You might find out that I was even lucky to get what I got. They are so crooked. Joseph McCarthy keeps telling me my money was sent. They are accusing my bank and my bank knows nothing about the money.

Money received is less than what was withdrawn

Hi readers who might be considering 1212Trader for future trading. I would like to share my experience with you, below are some of my reviews on the broker. I finally received my money on 09 August last week. The money reported to the bank as 164 EUR and converting it to USD it was about $190 and I had funded my account in US dollars and they returned my money in EUR and is even short. When I asked my account manager Joseph McCarthy he said he was going to make a follow up and he made a promise that the money will be then funded into my trading account because is small. Today I received the document I have been asking for long time ago and they are claiming that they sent me 204EUR. When I explain to Lina their customer service and support desk agent she my money was sent. I informed Joseph McCarthy about the latest findings about my money, he said my bank must have done conversion whereas I got a reference number to claim my money which was in EUR. The bank took commission from 164EUR I received. I called the bank to confirm the babnk said they only took commission after I made a claim of 164EUR and that is the end of the story.

If you want to get involved with 12Trader it’s your choice, I don’t find them honest and trustworthy. I had to fight all the way yet I am claiming my own money not even money I made in trading.

12trader – Withdrawal made but no money received

I wrote yesterday out of anger and disappointment on 12Trader, not even customer service and support desk was responding. Today I got a response from my account manager Joseph McCarthy saying that he was out of the office and Lina who seems to be the only person in customer service and support desk is also on vacation while Justin Jones who recruited me started by changing numbers and now I can’t get hold of him. Joseph is also begging me to rewrite my comment about 12Trader and tell the world I did wrong by writing I can get hold of them. He further says they are not holding investor’s funds they have released the money, he says if I want pity I should continue to write which is a threat and doesn’t stop there he says he is the one issuing monies to the bank if I keep writing about my experience with 12Trader he’ll make sure that I don’t get my money back from them. I couldn’t believe it. I have it recorded on my whatsapp. I am so devastated $238 is a lot of money for me and I need it. As per their withdrawal process they say withdrawal take 3-5 working days but not with me. They processed my money on the 25th and all I have been asking is a document that I can take to my bank for follow up with the bank and that is all.

They want to return my money

I made a withdrawal long time ago and it was processed on the 25th of July. I haven’t received my money since then and no one is responding to my query, Joseph McCarthy who was my account manager just tells my withdrawal was processed. I am only asking them to give me a document that I can take to my bank for follow up with them and they are not responding when I ask them to give me that proof that they deposited into my account.

Robbed off 12k

Robbed off 12k investment and profit.
I cannot access my account and they are not willing or able to assist me.

How to Avoid Forex Trading Scams in 2020

Forex markets trade trillions of dollars a day. Traders around the globe are always looking for the best broker to trade forex, CFDs, binary options, stocks, cryptocurrencies, etc. With new forex brokers popping up constantly, determining the legitimacy of a broker can be a real challenge. As a consumer, it is vital to research a company before depositing money to trade. At ForexBrokers.com, it’s our mission to assist you as much as possible with that research.

Most Trusted Forex Brokers Comparison

Taken from our forex broker comparison tool, here’s a comparison of the must trusted forex brokers.

Feature IG
Visit Site
Swissquote
Open Account
CMC Markets Saxo Bank
Visit Site
Trust Score 99 99 99 98
Year Founded 1974 1996 1989 1992
Publicly Traded (Listed) Yes Yes Yes No
Bank Yes Yes No Yes
Tier-1 Licenses 6 4 4 6
Tier-2 Licenses 3 1 2 1
Tier-3 Licenses 1 0 0 0
Authorised in the European Union Yes Yes Yes Yes

Questions to ask to avoid a forex trading scam

  • Is the broker regulated?
  • If regulated, how trustworthy is the regulatory body?
  • Is the broker offering profits or rewards for opening an account?
  • Is the broker offering a cash bonus for opening an account?
  • Is the broker offering automatic trades or signals to guarantee profits?
  • Is any credible information about the company included on its website, such as company history, financials, headquarters’ address, or similar?
  • If awards are cited, can I verify their authenticity?
  • If a big corporate sponsorship is promoted (e.g. athlete sponsorship), am I doing my due dilligence to ensure the company can be trusted?

1) Is the broker regulated?

Unregulated brokers do not have to report to a governing body. This means that if they scam you in any way, whether it be “glitches” or “malfunctions” causing sever slippage in their system, or you go to make a withdrawal and they don’t process it (steal your money), you are out of luck. Beyond posting a bad review online, there is little you can do because these brokers have no legal authority to answer to.

How do I check if a broker is regulated? The easiest way to check a broker’s registration is to look for it at the bottom of the website. The picture below is the bottom of 12Trader, a broker we recommend avoiding. You’ll notice that nowhere in this picture is a regulatory body mentioned. The “about us” pages on the site link to an account login prompt. Nowhere on the site is there any mention of regulation or company history. All of these warning signs should make you cautious.

Now let’s look at the bottom of the homepage of City Index, a trusted and regulated broker.

You will notice 1) the company specifically warns of the risks involved in trading CFDs, 2) the company is registered in England and Wales and has posted an address, and 3) the company is authorized and regulated by the Financial Conduct Authority, and has posted a registration number.

Conclusion: A regulated broker is required to include proper risk disclaimers and regulatory information at the bottom of all their website pages. To make it easy for investors, ForexBrokers.com includes a Trust Score for each broker, which assesses overall trustworthiness based on where the broker is regulated and its history as a firm.

2) If regulated, how trustworthy is the regulatory body?

Some scam brokers claim to be regulated and registered by a governing body that does not monitor or regulate forex companies.

For example, let’s look at Evolve Markets.

The disclosures at the bottom of the homepage give the appearance of a regulated broker. There is a warning of the risks of trading CFDs, and there is a legal section. Upon further examination of the legal section, you’ll notice that while the firm is registered as an international broker company in St. Vincent & the Grenadines, it is not regulated.

This statement from St. Vincent & the Grenadines shows there is a warning against false claims of registration or license.

How do I know what regulatory bodies are legitimate?

Forex brokers that are regulated in a major hub are always more trustworthy. Brokers in emerging hubs can also be trustworthy, but caution is warranted. Based on our annual study of regulatory trustworthiness, here is a list of the regulatory bodies we track and how trustworthy each one is:

  • FCA Regulated – Financial Conduct Authority – United Kingdom – (Great)
  • CySEC Regulated – Cyprus Securities & Exchange Commission – Cyprus (OK)
  • ASIC Regulated – Australian Securities & Investment Commission – Australia (Good)
  • SFC Authorized – Securities Futures Commission – Hong Kong (Good)
  • MAS Authorized – Monetary Authority of Singapore – Singapore (Good)
  • FSA Authorized – Financial Services Agency – Japan (Good)
  • IIROC Authorized – Investment Industry Regulatory Organization of Canada – Canada (Good)
  • FINMA Authorized – Swiss Financial Market Supervisory Authority – Switzerland (Good)
  • FMA Authorized – Financial Markets Authority – New Zealand (OK)

Conclusion: Double check the authority of the governing body that regulates the broker you are looking at. You can go to the website of the governing body to search for the registration number and verify its legitimacy. To help investors find a trusted broker where they live, we have created country-specific forex broker guides.

3) Is the broker offering profits or rewards for opening an account?

Scam brokers often make claims such as “make $50 a day from a $250 investment” or “make 80% returns on profit signals” or “96% success rate.” These claims are a scam, regardless of whether they are being made for forex, CFDs, or binary options. Forex brokers should not promise returns at all, small or large. Simply put, if a broker is promising to make you money, it is a scam. Other common scam practices include advertising pictures of expensive cars that are given away to lucky investors.

This Wikipedia page on binary options does a great job of summarizing risks related to binary options:

“Many binary option “brokers” have been exposed as fraudulent operations. In those cases, there is no real brokerage; the customer is betting against the broker, who is acting as a bucket shop. Manipulation of price data to cause customers to lose is common. Withdrawals are regularly stalled or refused by such operations; if a client has good reason to expect payment, the operator will simply stop taking their phone calls. Though binary options sometimes trade on a regulated exchange, they are generally unregulated, trading on the Internet, and prone to fraud.”

Conclusion: If a binary options or forex broker promises you big returns on your money, this is a clear sign of a scam. You will not make $100,000 on a mega-trade; you will not make a 96% profit in 30 seconds; and you will not win a $40,000 car by depositing $2,000. Save your money and STAY AWAY.

4) Is the broker offering a cash bonus for opening an account?

When a broker offers an abnormally high cash bonus, is not regulated, and does not show offer details for the bonus, then you are likely dealing with a scam broker. For example, 1000Extra hints at a bonus of $1,000 with their vague promotional offer. If you click around trying to gather more information you are redirected to sign up for an account.

1000Extra is not regulated, has minimal information about the company, and has scam reports across the web.

Conclusion: In most regulated regions around the world, promotional bonuses for opening a new account are not allowed. The two exceptions are the United States, which is for US citizens only, and Asia.

Which broker is the best forex broker?

Many traders asked me that: “Is Exness reliable?” Because there aren’t many reviews about this broker. And there are some comments even say that Exness is a scam broker. So that why I’m writing this review to help you understand more about its advantages as well as disadvantages.

Generally, all brokers have its strengths as well as weaknesses. So it is more important that you have to know whether it is suitable for you, your trading strategies. For me, Exness broker is a reliable broker. I have traded in Exness for 5 years. It’s trading conditions are very good. Actually, professional traders like Exness more than beginners. Because Exness offers the best trading conditions for experts and they seldom offer bonuses as beginners like. Here are why Exness is good for trading.

Exness regulations

When we want to talk about the security of a forex broker, we must always look at their forex regulations. Forex regulation is a set of standards that big financial organizations make to keep the brokers in check. Exness is regulated by CySEC and FCA, two of the most well-known and trusted forex regulations in the market. Every customer at Exness all has Exness protection. So, you should be safe when trading with Exness. Even if Exness scams you, the regulation will make sure you will get compensation and Exness will be punished.

The best advantage of Exness is the instant withdrawal

This means that when you make a withdrawal, everything happens automatically without human intervention. Thus among all forex brokers, the withdrawal speed of Exness is the fastest. If you have tried trading with other brokers, you will know how long it will take to withdraw. So this is one of the main reasons for traders to choose Exness.

See details of the Exness deposit and withdrawal system here

Exness has a dedicated support team

There are support, sales, partnership and marketing which dedicated for each target country. This is a great advantage of the Exness broker because some brokers only support in English. So it is quite complicated and time-consuming when asking for their support. Exness is the best choice for traders who are not fluent in English.

No minimum deposit required

Exness has four different types of accounts. Depending on your trading strategy, you can choose the suitable accounts. There are 2 accounts that do not require minimum deposit, which are Mini and Cent. So it is very suitable for testing the broker and robot trading. See details of Exness minimum deposit.

The best forex accounts

Cent Account

This is the most basic account for beginners. This account does not have a minimum deposit limit. The deposit amount will be multiplied to 100 times, and the minimum transaction is 0.01 lot Cent. So, you can deposit 10$ you will get 1000$ (Cent) in your account. 1000 cent here is similar with 1000$. So you can open hundreds of orders that are enough for testing and learning.

Mini Account

This account also has many advantages over other brokers since there is no minimum deposit limit. Low spread and leverage of 1: 2000 are advantages of Exness. While other brokers ask for 200 – 500$ minimum deposit and spreads are much higher. Create a Mini account here

Classic Account

This Exness account is mainly for medium investors. The minimum deposit for this account is $2000. For me, this account is the best account of Exness. Because it’s spread is half of Mini account. And there isn’t commission requirement. Exness classic account offers the best trading conditions over other brokers also. Create a Classic account here

ECN Account

This account is only suitable for forex experts. For this account, the spread is almost 0. They only charge $2.5 commission each Lot transaction. This is the lowest commission over other brokers. So, if you have traded forex over 5 years, you can try ECN account. Create a ECN account here

Exness spreads are very low

Exness was audited quarterly by Delotte. So all information were published on it’s website are accurate 100%. If you trade fix spread currently pairs, Exness offers the lowest spread. They only charge 0.5 pip for EURUSD. For ECN account, Exness only charges 2.5$ each lot. Please note that the spread I mentioned above is only a general comparison. It will depend on the currency pairs you are trading. This pairs is low spread but others may has higher spread. For 6 most popular currency pairs, the spreads of Exness are lowest.

Exness offers the highest leverage: unlimited leverage

Beginning traders think high leverage is risky. But professional traders think safer. If you deposit same money, open the same order size, the higher leverage, the safer. If you use unlimited leverage, you will pay 0$ for margin. So, you have more free magin to keep your order open. Read more about Exness Unlimited leverage here

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