November 10, 2020

Summit Trade Review

Overview

Summit Trade is a cryptocurrency broker, that is also a financial broker that deals in various assets. It is registered under the Summit Investment Group OÜ, which is reportedly based out of Harju maakond,Tallinn in Estonia. Although it doesn’t mention if they have an office for Summit Trade in Estonia, or any other place. It offers 4 different types of accounts for trading, with the basic account requiring a €250 minimum deposit. With an account you can trade in most of the popular cryptocurrencies, stocks, indices and currency pairs. Let’s further look at the operations and the trading conditions offered by the business. Read the full Summit Trade review here.

About Summit Trade

The broker also claims to give you some welcome bonus, which varies with different account types, going as high as 25%. Also, another good thing about the broker is that it provides you with a Demo account with some of the premium accounts to learn the ropes. However it sort of defeats the purpose if a beginner with a small investment can’t get the use of a Demo account before trading for real. Moving on to the trading conditions itself, the platform itself offers a rather low advertised leverage of 1:10 with the basic account. The leverage goes high as 1:100 only with the most premium account, which is rather low. While it could also be looked at as a safe and conservative measure, this could be perceived as too low. Also, the broker doesn’t make use of the market popular Meta Trader 4 platform for its trading. Because of which it misses out on certain features that most traders would be dependent upon from their usage of Meta Trader 4. 

But the biggest issue with this broker, is that it is not regulated, and thus not authorized to offer any of its services to anyone. The whole point of being regulated is to make sure that a neutral body is overlooking the operations to make sure no customers are cheated off. Or in a case of the business shutting shop, it has to ensure paying back to its customers. While the broker is not only unlicensed, it has been actively warned against by multiple financial regulators, like The Estonian FI and the Belgian FSMA.

The Verdict

Based on the fact that this is a business that financial regulators have actively encouraged people to not deal with, it seems like an easy call. Also, its offerings are not very attractive, and we would suggest not risking your money with an unregulated business.