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BrighterTrade Review 2021: Major Warnings Against Estonian Broker

Jan 23, 2021 , ,

BrighterTrade is an online forex and CFD broker, established in 2018. The broker is part of the parent company Ingoten OU. Despite being an Estonian company, this broker has no registration with the Estonian Financial Supervision Authority. Furthermore, the broker has no registration with any regulator. They are an unregulated broker with no regulatory oversight.

A Mediocre Selection With Awful Spreads

The broker is, by comparison, very similar to BigFX, another Estonian broker with no registration. Basically, their selection of assets isn’t very good. Their CFDs represent the main categories, stocks, indices, commodities, and cryptocurrencies. However, each category only has a few options, typically the most popular in each. Equally important, their spreads are beyond too high at around 3 pips for the EUR/USD currency pair.

BrighterTrade Review 2021

Several Warnings Against BrighterTrade

On the negative side, this broker has warnings out from several agencies. The FCA has issued a warning naming BrighterTrade and their parent company, Ingoten OU. The warning tells traders that the broker has no authorization to offer services within the UK. Further warnings exist from both the New Zealand FMA and the Australian regulator, ASIC.

Trading Platform

Despite most brokers offering the standard MetaTrader 4, BrighterTrade has decided to offer the browser platform, Tradersoft. The platform doesn’t have the array of features that most traders would be looking for. It will take a deposit of $250 to get started trading with BrighterTrade and their mediocre platform.

A Chargeback Could Be the Solution for You

It’s rare to find an unregulated broker that maintains the operational standards of a regulated broker. Financial regulators regularly issue warnings about unregulated brokers to protect investors. If you missed these warnings and can’t retrieve your funds from your broker, you can contact us today to implement an effective plan to recover your funds.