In this review we have a look at the Areatrading broker and we explain why you should not use it for trading financial markets.
What is Areatrading
Areatrading looks like a typical online broker. It uses a web platform for trading with commodities, such as precious metals and oil, stocks, stock indices, digital and fiat currencies on Forex.
The minimum deposit for a trading account is 250 USD. The broker offers a deposit bonus, a referral bonus and a transfer bonus for people coming from other brokers.
Area Trading does not provide any contact address, but its support phone number has a UK prefix, so we have to assume that it is based in the UK.
Now let us explain the problems with this broker.
Stay away from Areatrading – here is why
During our research about Areatrading we found a couple of problems that force us to recommend staying away from this broker.
Not regulated and anonymous
As we have already mentioned, on its official website, Area Trading fails to even mention in which country it is located. And this a problem that is not small.
It’s because most countries require brokers to be regulated. It means that Areatrading should have a license at least in the country that it is based in. Since it has a UK phone number, we checked if it is registered in the UK. It is not.
In fact, the financial regulator in the UK, which is the Financial Conduct Authority, has warned the public against Areatrading saying that it is not authorized in the country.
It means that the broker is offering its services to UK residents while not being licensed in the country, which is against the law. And there is more.
UK’s FCA is not the only financial regulator that has warned the public against Areatrading.
The broker also earned a place on the blacklist of the Finansinspektionen in Sweden. For the same reason.
Area Trading is offering its services to people in Sweden without being authorized to do so.
We believe that it is reasonable to assume that the United Kingdom and Sweden are not the only two countries where Area Trading is breaking the laws by providing its investment service without a proper license.
The last red flag about Areatrading we want to mention in this review concerns the software for remote access that the broker is using to connect with its customers.
On its website, it pushes Team Viewer and AnyDesk. These apps allow the broker to do different tasks on clients’ computers when allowed.
You should never let people who you don’t know access your computer, especially your digital wallet or e-banking apps.
No legit broker should ever ask a client to let him do any financial transactions on the client’s computer, it is a big no no.
In fact, we have heard countless stories of scam brokers who use this very method to steal money from people. They use remote access apps to do financial transfers that are not legal.
So again, never let anybody you don’t know remotely access your computer, ever.
Areatrading review – Conclusion
Areatrading is an anonymous and unregulated broker that at least two financial regulators have warned the public against.
There are also signs that the broker uses remote access apps to do financial transfer on behalf of its clients, which is another big red flag.