To see why Summitrade is not recommended for trading, read our Summitrade review. This summitrade.co review will clear up any doubts.
Who are they?
You can see their website and it is clear that they are not subject to any regulatory agency. This is a major red flag! This should be enough to convince you not to invest with them. They also work with websites offering “Automated trading Software”, which is another red flag. These websites are well-known for their scamming schemes.
Summitrade is an unregulated forex broker. Customers are not protected. It is very likely that they will steal your money. There will be no regulatory agency to hold them accountable.
What is the secret to it?
The following is how forex brokers, which are usually not licensed, work. They will attempt to convince people to make the minimum deposit and then try every possible method to make it happen. You may be offered deals that seem too good to true. For example, we will double your deposit and you will earn $100 per day. Don’t believe anything they tell you! It’s a scam! People are transferred to a more sophisticated scammer called a “retention agency” who will try and get more money from them after they make the initial deposit.
Because your funds are not safe with unregulated brokers, you should immediately submit a withdrawal request. Here is where things get complicated.
They will hold off on withdrawing your money for several months, regardless of whether you have made profits. You won’t have the ability to file a chargeback if they delay it for more than six months. Your money will be gone forever. You will not get your money back, no matter how many times you remind them or insist on withdrawing it. You will also lose your funds if they sign the Managed Account Agreement (MAA), which basically authorizes them to do whatever they want with your account.
How can you get your money back
If they refuse to return your money after you have already made a deposit, which is quite likely, don’t be discouraged. There might be other ways to get your money back.
First, keep your emails. They will serve as proof that you requested the money back from them.
You should first perform a chargeback. This should be done immediately! Your bank or credit card provider should be contacted to explain how you were tricked into depositing money for a trading firm that isn’t regulated. They may refuse to refund your money. This is the easiest way to get your money back, but it is also the most damaging. It can cause a rift with payment service providers if they have a lot of chargebacks. We can help you prepare your chargeback case if you don’t know how or where to begin. Just contact us at but do not let your broker know they you read this article or that you are in contact with us.
What about wires?
You cannot charge back wires if you have sent them wires. This is the time to escalate the fight. Tell them you will file a complaint against them and go to the authorities. This will make them reconsider the refund option. You can also send an email or write a letter to the regulator agencies. You can search Google to locate the Forex broker regulating agency in your country. You can then prepare an email or a letter detailing how you were deceived by them. You should show the email or letter to them. Tell them that you will send it back to the regulator agency if they refuse to refund your money. If you do not know where to start, reach for us at and we will help you with this step as well.
Summitrade reviews should be left on other sites.
You can also hurt them by leaving bad reviews on other websites and briefly describing what happened. Please leave a review or a comment at the comment section if you have been a victim.
Summitrade Review Conclusions
Summitrade is a joy for us to review and hope to help as many people avoid losing their hard-earned money. Before you make any transactions, it is a good idea to thoroughly review all Forex companies. We hope you found our Summitrade review helpful. If you have any questions or you need an advice about the withdrawing process, feel free to contact us at .
You can trade with any of the listed brokers if you are trustworthy and licensed.
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