S2trade was established back in 2017 in Tallin, Estonia. This European area does not fall into any type of regulation, so it is considered off-shore. Meaning, there is no licencing or regulation information that you can find about it. In addition, since there is no regulatory authority to make sure that the company is behaving properly, S2trade basically does what it wants. As a result, there have been many complaints during the past 3 years about their many scamming activities and shady moves towards the clients.
The problem with these kinds of companies is that you are basically left on your own if you happen to get scammed or experience any other type of trouble. It’s simple, the brand is not regulated, which means that there is no guarantee that they will comply with the strict rules of the trading industry. As a result, there is no government agency to help you with your issue, whether that is the lack of funds or unauthorized charges on your account.
Let’s check out all the other issues that the S2trade clients have had over the years. Hopefully, they will serve you as a helpful guide on what to avoid.
Platform and Execution SCORE: 24%
The S2trade platform is MT4, which is highly unusual considering that the brand is not regulated. These two things usually go hand in hand - if you have proper licencing, you will have access to many industry perks, so you can provide them to your clients. Same goes here - the MT4 platform is a serious technology advantage and is only available for regulated brokerages. The MT4 platform provides many advantages to the clients, too. You can trust in the absolute accuracy of the information displayed, as well as use the platform on any device - desktop or mobile.
The trading platform contains over 200 tradeable assets, which is great. They include some of the most popular indices, but the lesser-known ones too, such as the Spain35 or the AEX index. Also, you can find some interesting commodities and a lot of currency pairs. The leverage is 1:200 which is quite high, especially compared to the European industry level which is 1:30. There is also an option of automated trading but beware of the many complaints that were made by the previous clients in this area.
Namely, many complaints have resurfaced regarding this area. The clients have had issues with the automated trading software, claiming that it is corrupted so they would lose their funds no matter how they trade. The general problem with these types of software is the fact that they do not construct their strategy based on the real market data, so you are basically rolling the dice with it.
Another activity that is quite often at S2trade according to the clients is the scam surrounding the account management. Now, account management is not bad, but when it is used by the unregulated companies you can almost be certain that they are trying to trick you. In this case, the account manager will pursue you vigorously until you give them the permission to do what they wish with your account and the funds on it. Watch out about these kinds of tricks!
Withdrawal Speed SCORE: 41%
We mentioned quite high leverage above, so it is only natural that the costs will be the same, as well. In the case of S2trade, the commissions are quite fair, to our surprise. Namely, the commission for approximately $100K can go between $2 and $8, which is great. The minimum deposit comes as $500 and can go up to $50.000 for the more exclusive account types.
You can make your deposit or withdrawal by using some of the available methods. They include credit and debit cards, bank wire transfers and e-wallets. There is something for everyone, as you can see. However, there were several complaints in this area, too. They are mostly regarding the speed of processing your withdrawal request.
Namely, the number of clients had to wait an unusual amount of time for the request to be processed. This usually depends on the bank’s policy. However, if you wish to cancel your request and get a refund, you should be able to do so without a hassle. However, things work a bit differently here, and many clients were stripped of their funds entirely without a single word.
Support and Assistance SCORE: 12%
The customer support team at S2trade can be reached in many ways. First, there is a live chat option, which is the most convenient option since you can connect with an agent in just a few seconds and explain your issue. However, while this all sounds great in theory, the reality is a bit different.
Depending on your issue, the response can go from prompt to non-existent. Namely, the majority of the clients reportedly had some issues with withdrawing their money after using a bonus they didn’t even ask for. The thing about this situation is that the bonus conditions were not fully explained, so the clients are left to wait for the money that may never come. This, however, will not even be told to you by the unresponsive customer support agents. Rather, you will have to learn it the hard way - by reading many grim experiences from the clients themselves.
You can also use the e-mail address that is listed on their website or the phone number provided. Unfortunately for us, we hadn’t had much luck with either of them.
Education and Tools SCORE: 52%
After everything we’ve seen, we have to admit how surprised we were to find that the educational section at S2trade is quite detailed and well done. Namely, there are three different sections, within which you can find different information in forms of video tutorials, market analysis and latest trading news.
Also, there is the economic calendar which lists the latest and upcoming economic and financial events that can help you anticipate and plan a new trading strategy.
Overall, this section has fulfilled our expectations, at least in this area. As for others, they could use a lot of improvement. S2trade definitely has a long way to go until they mend their reputation and make their clients trust them again.