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The online broker Citrades received multiple scam warning from the Forex Peace Army and from the Australian Securities & Investments Commission. Citrades is a binary options trading platform which operates widely in the USA.

CITRADES is owned and operated by CIT investments Ltd of 25 Mason complex , Stoney ground ,Anguilla. Billing and Clearing services are provided by Triple S Capital Ltd of 53 Fountain str Manchester United Kingdom.

The company failed to provide a definite license or any form of regularity on its website. “To the maximum extent permitted by applicable law, www.citrades.com expressly disclaims all warranties of any kind, expressed, implied or statutory, related to the site, platform, content, and services, including and without limitation the warranties of title, merchantability, fitness for a particular purpose, non-infringement of proprietary rights, course of dealing or course of performance.”

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Under the Legal Restriction section of the Terms and Conditions of the company, it indicated that “Without limiting the under-mentioned provisions, you understand that laws regarding financial contracts vary throughout the world, and it is your responsibility to make sure you properly comply with any law, regulation or guideline in your country of residence regarding the use of the Site.”

Scam Alerts

Meanwhile, FPA released a warning over the misconduct of the company. The caution started on September 2013, then another irregularity was confirmed last April 2014 and another one was repeated in August of the same year. The warning was followed by a strong recommendation from the FPA to practice extreme caution on depositing money with Citrades.

“CitiTrader's Terms of Use specify a minimum $300 cancellation penalty for withdrawing any money deposited if the client has not traded.  No maximum is specified.  The FPA recommends against depositing any money with this company unless you are 100% certain that you intend to trade with them,” FPA wrote.

“The Terms and Conditions for Citrades allows the company to pay any withdrawal over 1000 USD, GBP, or Euros in monthly installments.  There are other withdrawal restrictions inside the terms restricting withdrawals for certain account types for as long as one year,”

Last year, the FPA claimed that all companies associated with Cirades to be scams.In line with this, AutoTradingBinary.com appeared to be under Citrades as well.

Further, the Australian Securities and Investment Commission included Citrades on its list of entities with no appropriate license. The security commission company indicated on its report that “ASIC is concerned that these entities are marketing their services to Australians and are misleading Australian investors into believing they are operating lawfully under Australian regulation.”

Sources:

http://www.forexpeacearmy.com/forex-reviews/12105/www.autotradingbinary.com

http://www.forexpeacearmy.com/forex-reviews/9309/www.citrades.com

http://download.asic.gov.au/media/3893837/pwn-2016-3-published-9-6-2016.pdf

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