An In-Depth Cintra Group Review: Is Cintra Group a Safe Online Broker?
Cintra Group is an online broker operating under the guise of being legit. Investors can allegedly access instruments, including forex, shares, commodities, and indices. However, we can assure you that this is a broker you don’t want to be involved with, as it is as malicious as they come.
Forex investment is becoming increasingly popular among retail investors due to the availability of leveraged trading opportunities through online brokers.
However, with the growth of the forex market comes the emergence of rogue brokers who exploit unsuspecting investors.
In this article, we will be taking a closer look at Cintra Group, an online broker operating under the guise of being legitimate, to determine whether it is a safe choice for forex traders.
To streamline forex investment, there are oversight agencies tasked with ensuring that brokers abide by regulations. This measure has helped bestow order in the market, though not entirely. Rogue brokers still manage to elude the law and unleash scams, terrorizing unsuspecting investors.
Subsequently, caution must not take a backseat regarding forex investment. Before investing, you should familiarize yourself with how the market works to know whether the venture suits you. Moreover, you should be wary of shady brokers’ tricks to lure you into their trap, such as overpromising on returns prospects.
The review serves this purpose. Here you will find warning signs that this is not your ideal broker. Furthermore, we have shared the requirements that genuine forex brokers should meet.
Cintra Group Review
According to the whois database, the broker’s domain was registered on 13 June 2022, implying it is a newbie. The implication for this is that Cintra Group lacks a solid track record to warrant trusting it. Thus, it is highly likely that the 36k customers’ claim is a sham.
The broker promises alluring deals to investors. These include quality platforms, tight spreads, analytical tools, professional support, and speedy executions. Nonetheless, it is hard to believe the deals without a demo account for confirmation. As for the investors’ accounts, Cintra Group guarantees reliability, security, and confidentiality. But from experience, these may not be true and could be a bait to trap you, so tread carefully with this one.
Cintra Group is supposedly in London, but we were quick to dismiss these claims as there is no way the shady broker could operate in the heavily regulated jurisdiction. If you have to entrust funds to a broker, it’s only fair that they share all relevant information. These include the registration number, corporate address, and contact details.
Cintra Group has not availed of telephone contact, and investors are left with the email option. Unfortunately, this would not help if you have an urgent need requiring instant intervention. For instance, what would happen if you were experiencing delays exiting markets (requotes)? An email wouldn’t provide a timely solution. So as a precaution, ensure that the broker you are dealing with is genuine and has a telephone contact.
Deposit & Withdrawal Rules
According to Cintra Group, bank or wire transactions are accepted in addition to cryptocurrency deposits. However, the only payment options shown on the deposit menu are Bitcoin, Ethereum, Tether, and Litecoin. This is not ideal because so many fraudulent brokers prefer using cryptocurrency as a deposit method, which is irreversible and anonymous.
Such a transaction would be traceable to a wallet address but not to a person or entity. Moreover, the fact that you wouldn’t be able to request a chargeback because all cryptocurrency transactions are irreversible is more bothersome. Even though many trustworthy businesses have begun taking this payment option, they always provide more traditional choices. Only rogue brokers would limit your options.
Cintra Group Investment Plan
Cintra Group advertises four investment accounts based on investors’ trading experience. The silver account is the most basic plan, with $1000 as the minimum deposit requirement. Investors in this plan can access over 100 trading instruments but have no individualized consultant.
Next, the gold account has a funding threshold of $10000. Gold traders access over 700 trading instruments but no personalized consultancy services. For the Platinum account, investors must part with at least $100000 for an account. As perks, they access over 1000 trading instruments and individual consultants. Lastly, the diamond account requires a minimum deposit of $500000—investors in the plan access over 1500 trading instruments, on top of personalized consultancy.
Notice that the broker has an extremely high deposit requirement. The broker is keen to rip you off as much as possible while it still can. Whoever the owner is, they know you won’t deposit again once you figure out they are a scam. Nowadays, reputable brokers have basic accounts for as low as $10, and we recommend you try them instead.
Regulatory Status of Cintra Group
Trust and reputation are paramount in the broker industry, so we insist on confirming a broker’s licensure. A regulated broker abides by all the guidelines and stipulations in the forex market. This is ideal as these guidelines are mutually beneficial to both the investors and brokers.
Regarding Cintra Group’s regulation, the broker purports to have a base in the UK. If this were true, the broker’s credentials would be in the FCA (UK forex regulator) registry. However, FCA’s database has no matching details, meaning the broker is not accountable to any financial watchdog.
There are several risks inherent in an unmonitored broker. The most obvious is that your funds are insecure, as this broker can squander them however it pleases. Additionally, you have no compensation guarantee if this broker goes under. Also, although the broker claims to offer zero balance protection, we doubt this is the case since Cintra Group has already proved shady. There is no reason to take it for its word. Avoid the dubious broker at all costs.
Cintra Group Trading Conditions
Although Cintra Group has attached all the requisite legal documents, they do not make it any more legit. Actually, we found that the documents fail to address areas they ought to. These include governing laws, applicable fees, and spreads.
Cintra Group offers a 1:200 leverage, which dispels any possibility of being under FCA. The FCA, CySEC, and ASIC cap leverage at 1:30, a level that all brokers under them must comply with. The capping aims to minimize your risk exposure, especially in times of volatility. This broker cares less about your vulnerability, thus its leverage.
CintraGroup’s bonus program is another issue we noticed. Bonuses are illegal in the UK, the EU, and Australia because illicit brokers frequently tack on sneaky conditions. This broker has applied predatory terms as well. If your account has received a bonus, you cannot withdraw it or the earnings it has helped you generate until you have traded at least 25 times your initial deposit plus the bonus.
A comprehensive trading solution, MT5 includes instruments for trading in stocks, futures, and foreign exchange and centralized and decentralized financial marketplaces. The most recent software is also quicker, more adaptable, and more effective. Additionally, traders of different experiences can comfortably use it.
Cintra Group assures investors of MT5, the top trading platform. Nevertheless, we could only download the generic version of the program on the broker’s website. Opening an account with Cintra Group is meaningless because it does not offer a trading terminal.
We cannot mention forex trading without mentioning regulations. Regulation is probably the hallmark of a broker’s credibility, so if a broker cannot prove it, you have no business dealing with it. Cintra Group has no proof of regulation, which makes it a dangerous broker to deal with.
When you deal with genuine forex brokers, you won’t have to deal with the anxiety and frustrations of dealing with questionable brokers. This is because, unlike the latter, genuine brokers are transparent, offer reasonable trading conditions, and have a reliable trading platform. The benefits of legit brokers range from a fair trading environment, funds’ security, and compensation guarantee.
In conclusion, there are several warning signs that suggest Cintra Group may not be a safe choice for forex traders. The lack of regulatory information and limited contact channels, along with the high deposit requirements and preference for cryptocurrency deposits, are all factors that raise red flags. It is always recommended to thoroughly research and compare online brokers before investing, and to only choose regulated and reputable brokers with a proven track record.