Reading Time: 2 minutes SCAM RECOVERY

ClearSave Review 2021: Bonuses Can’t Outweigh Regulatory Warnings

Jan 25, 2021 , ,

ClearSave is a broker that operates out of St Vincent and the Grenadines. They offer both forex and CFDs. Their parent company is Lagoon Technologies Ltd. Many brokers operating out of St Vincent and the Grenadines do so to dodge the stricter financial regulations elsewhere.

UK Regulator Warns Against ClearSave

Like another St Vincent and the Grenadines broker, Binomo, ClearSave has warnings from major financial regulators. September 2020, the financial regulator issued a warning naming the broker. Their warning is that they believe the broker to be offering financial services to residents of the UK without any authorization. Despite their lack of any registration, it seems that ClearSave is trying to provide trading there anyway.

ClearSave Review 2021

Trading With ClearSave

ClearSave has an above-average spread of tradeable assets. They have over 250 total, including both CFDs and forex. Their CFD selection is decent, covering the standard fare along with some cryptocurrencies. Trading with the broker is through the popular MetaTrader 4 platform, with its standard features. The broker has several fees that further sour their offerings, including a $30 fee for every withdrawal.

Bonuses With Unfair Terms

The broker offers a variety of different bonuses to draw in more clients. These include deposit bonuses, a percentage added to a trader’s account depending on their deposit size. While this might seem appealing, traders are unlikely ever to see those funds. There are complex terms and conditions that a trader must meet to withdraw the bonus funds. However, the conditions are such that any new or novice traders couldn’t possibly meet them.

There Might Still Be a Chance to Recover Your Funds

Brokers can use fine print in their terms and conditions to hold your funds hostage. For those that didn’t heed the warnings, we’re here to help. Contact us today to hear more about what our team can do for you.