Zoomtrader
Zoomtrader
Broker Zoomtrader has never been one of my favourite brokers. This is because of its poor image based on what I have heard from other traders. To see how much this is true we have made a hard test and this review will explain everything. First of all, Zoomtrader has received numerous penalties from relevant authorities. The CSOB report 2012 says that the company was prohibited to take on new traders from the Czech Republic, which the broker continues to do. All what they did was deleting Czech from among the languages and that’s it.
In early 2014 Zoomtrader received penalty from CySEC worth $15.000 for offering binary options trading to Europeans without having a valid license. All brokers based in Cyprus are subject to regulation i.e. are supposed to play fair. But “playing fair” is obviously something these guys dislike. What they like is to cheat and steal money from people. To make it possible they have moved their offices to the Caribbean, where they do not need any CySEC regulations.
Zoomtrader CySEC, CNB and further regulations
A false registration with CNB
Despite exhibiting lists containing various regulatory authorities (source) at Zoomtrader’s web site, it’s all only pretension. In reality, neither Zoomtrader nor their partner firm Zoompartners Ltd. is subject to any of the regulations.
Click on the item displayed next to the Czech national flag and you will get to the web site (picture on the right-hand side). Nice words in the documents about regulation vastly differ from the reality. The trick is in the fact that the regulated entity is not Zoomtrader, but a company whose name is Novox Capital Ltd.
After a small research and surfing over the internet, we found out that this company has nothing to do with zoomtrader. It only provides brokers of OptionBIT and OptionXP, similarly infamous for their dishonest practices.
Zoomtrader’s fraud penalised
Last year this scam broker was fined by CySEC $15.000 because of not being licensed by this regulator.
According to the legislature, binary options trading is only allowed to brokers licensed by CySEC. Zoompartners Ltd. got out of the mess with minimum impact (…given that the top limit for such violation is twenty times bigger i.e. $350.000).
Since its foundation in 2012 the company has received an incalculable number of penalties, (…literarily incalculable so I cannot tell you any figure).
Experience with this broker
Since the early stages of my experience with binary options the only positive feedback about this broker I have ever heard came from a young lady swearing that she was making thousands of CZK with Zoomtrader.
This is extremely suspicious and it rather looks like a fake. It’s because the lady shortly after that published her zoomtrader sponsor code used for being paid by zoomtrader. Therefore we believe that she was one of the Marketing employees publishing her testimonial at the time of attracting Czech clients.
It is not a rare phenomenon on the internet to see an article or comment which describes a story of brokers suspending or totally stopping refunds to traders. Practices such as 60 second options expiring after 100 seconds, nearly a double, or manipulation with prices upon expiry are nothing exceptional, either.
Zoomtrader bonus
Another unfair practice of Zoomtrader is the behaviour toward clients who deposit their money. Saying this, we mean the adding of unwanted bonuses. Mainly because, the client is forced to trade a certain amount before allowed to withdraw it. The majority of these amounts is exorbitant.
Exorbitant fees were behind CySEC decision in early 2017 to impose a ban on brokers to offer any bonuses. Automatic assignment of bonuses was qualified as unacceptable. Yet, our broker does not care and escapes unhurt.
Your experience with Zoomtrader
Have you ever made trades with Zoomtrader? What is your experience? Do not hesitate to write us in section Comments so that we all can see what this broker is like. Thank you!
Zoomtrader Cons
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Zoomtrader - Review author
More about the author Step
I've wanted to build a business of some kind and earn money since I was in middle school. I wasn't very successful though until my senior year in highschool, when I finally started to think about doing online business. Nowadays I profitably trade binary options full-time and thus gladly share my experiences with you. More posts by this author
Zoomtrader Details
| ✅ Broker | Zoomtrader |
|---|---|
| ✅ Website URL | www.zoomtrader.com |
| ✅ Languages | English |
| ✅ Minimum 1st Deposit | $ 200 |
| ✅ Free Demo Account |  |
| ✅ US Traders Allowed | |
| ✅ Overall Score | We don't recommend trading with this broker. |
I lost a lot of money to GTOptions and 2 other ICO scams then I tried hiring a lawyer but ended up losing even more money. Anyway, I was able to recover my funds using other means. I do hope my experience will give folks more insight into getting their funds back.
Hello, you should really be aware of these scams. We recommend you to read our articles about binary options scams. So you are not gonna lose your money again.
this is an company with very big cheaters.
don’t work with them. you will loose your money
Hello, this company doesn’t have a good reputation and many people get scammed by them, that’s right.
not spoke to them but binary robot 365, binary crypto robot, trade invest 90 are all scammers, the credit crd processors celtic pay ltd and hithcliff and ilegally claiming to process creditcard payments, they are both owned by bulgarians and although have registered office in the uk they have no office or person in the uk so they are fake too. roger stuart poppleton was a director of hithcliff ltd but he is also a scammer an has been a director of over 300 companies, investigated by the insolvency service and all by the police at the moment
zoomtrader scammed me out of 15000 euros of my own money 15000 proffitt. when i told them i couldn’t invest any more, they asked me to get a loan of 25,000, when i told them icouldn’t get it even though i didn’t try, they called me on the Monday and gave me a trade of 5000 units of ltc/usd which when clicked buy went to minus 30,000 euros they disconnected the all and crashed the websire. When it came back i had lost all but 1400 euros, i looked at time of open an close of trade and they were exactly the same, what real broker gives you a trade like that? they new my balance and new 5000 units would equal total of all my money. I got no e-mail answer when realised i had been scammed only phone calls claiming it wasn’t a scam, i am not stupid they tried to get me only to lose the last 1400 euros, kept phoneing, they scammed me as i told them i had mental health issues, binary robot 365 connected me to zoomtrader and they are scammers too according to UK FCA regulator. be warned
Thanks for your Review Mark.. Did you try contacting the binary options fraud refund company?
yes, this is correct and true
I put my money into BinaryRobot365 and they passed my details to Zoomtrader, so i wouldnt trust any of them.
They are all a scam, keep your money in the bank, its the safest place!
I agree, Kevin
WARNING: THE BITCOINCODE AND ZOOMTRADER ARE FRAUDULOUS WEBSITES!
(thebitcoincode.com, thebitcoincode.com/app and zoomtrader.com)
My bad experience with Thebitcoincode / Zoomtrader and this hidden SCAM:
After registration with Bitcoin Code and payment of an initial capital as requested to
their Cashier Zoomtrader England one has to select between “autotrading” and “manual trading”.
I selected “manual trading”. Then Bitcoin Code switched automatically to Zoomtrader as their
Broker (same software!).
Then a person called me in Skype as “Trading-Consultant” of Zoomtrader. He started immediately
the first 5 tradings with me. Not mentioning anything about their “Bonus”-TRAP as per their
Rules and Regulations.
With the first trading one is accepting automatically (TRAP!) the Rules and Conditions of Zoomtrader, especially paragraphs 2., 18., 19., 21. and 43.
Paragraph 2: By creating an account and using Zoomtrader’s website you automatically are accepting their Terms&Conditions!
Zoomtrader is applying at their sole discretion a Bonus of the same amount as you paid
as additional working capital, without informing you.
According to the paragraph 19. “Withdrawal Conditions”, contained in the Terms and Conditions,
the next BIG TRAP appears:
“If you have received a bonus in your account you are required to execute a minimum trading volume of 40 times for every €/$1 bonus in order to withdraw your funds.”
Without the „Trading Consultant“ you never will succeed to reach this goal (!) because already
on half-way or less the „trading capital“ will come to zero and you cannot continue trading!
Then latest you realize: YOUR MONEY IS LOST!
The first „Trading-Consultant“ executed a few successful tradings with me within a limited time of abt. 5 minutes only, mentioning that his time is very precious having other big business going on. He said: „Only if you will pay to Zoomtrader bigger funds I will do with you the „real big business“ where every party can earn. I must earn money for my career. Otherwise I will stop trading with you“. He did it.
Then another „Consultant“ in Zoomtrader called me. He made 1 trade with me and thereafter he started the same game with me: asking for more „capital“ money to pay for the „real big business“ because he, too, has to earn money. Otherwise he would stop trading with me. He did it and said that he will return the trading with me to the first Consultant. To both of them I confirmed many times that I do not have more money to pay to Zoomtrader.
Bitcoin Code and their Broker Zoomtrader (same software!) are promising in their Websites that one will earn money by signing in and investing some money as trading capital.
The relationship between Zoomtrader and their „Consultants, dealing with the client, is unknown
and of no concern to the client, naturally.
Without assistance by the Zomtrader Consultant, trading alone as beginner you have no chance ever to reach the 40 times trading volume because even not yet on half way your „working capital „
will be gone and nothing left to continue trading!
For example:
If you paid 3.000$ to Zoomtrader they will add 3.000$ as Bonus. Your trading capital then will be
6.000$. The „Consultant“ uses max. 10% per day = 600$. 5 times per week are 3.000$, per month
12.000$. It would take 10 months to reach the requested Bonus transactions of 120.000$ .
Time enough for the „Consultant“ to request again and again from you more money for the „real
big business“ otherwise he will stop to work with you,
By their adding a FRAUDULOUS Bonus behind each payment the CHEATING will continue.
Bitcoincode and the Consultants of Zoomtrader are promising in their websites: „Your money is safe with us and you always can claim it back“. This is a BIG LIE!
In paragraph 43. of the Terms and Conditions, for withdrawal a „Form“ must be filled out.
In the lower half, however, is marked: *Funds for withdrawal are subject to the Bonus Terms&Conditions“. TRAP again!
WARNING: THE BITCOINCODE AND ZOOMTRADER ARE FRAUDULOUS WEBSITES!
Do not invest any money with this company they are a a
Scam you will only loose your money i put £500 into there account did not invest in any currentcy when i got no help from them i wanted to with draw my funds i cannot get them to put it back in my account .do not invest in them