A Suspicious Offshore Prop Firm Platform

EnterTrade is a proprietary trading firm based offshore in Saint Vincent and the Grenadines (SVG). In order to become partners, traders need to successfully complete a two-phase audition process designed to evaluate their skills and risk management abilities. 

Those who succeed will have the opportunity to become EnterTrade proprietary traders and be awarded account balances of up to 2,000,000 USD. All the profits are split between the trader and the firm, 85%/15% in favor of the former. Our task in the EnterTrade Review is to determine whether this platform is legit and trustworthy.

Legal Info: Is EnterTrade Limited Regulated?

EnterTrade is a prop firm, which means that it does not require any special trading license to provide services. However, the broker providing the platform and leverage, QuoMarkets, is not licensed.

The business is based in SVG, a notorious offshore jurisdiction with no Forex regulations in force. So EnterTrade and QuoMarkets are basically offering a trading platform with leverage and are not supervised by any government authority.

Please take this into account if you are interested in this platform. We recommend you stick to regulated providers licensed by top financial watchdogs such as the FCA (UK) or ASIC (Australia) because of the increased security benefits.

Who Are EnterTrade’s Users?

According to godaddy.com/whois, the entertrade.com website domain was created on April 8, 2005, but updated, i.e. took on its current form on August 8, 2022. Since then, the prop firm has mainly been providing trading services to traders who reside in the following countries:

• United States;
• Germany;
• Poland;
• Croatia;
• Vietnam.

One of the reasons why traders often fall for offshore providers such as EnterTrade or Fantex is that these platforms offer much higher leverage than available under strict jurisdictions like the UK or the US.

For instance, EnterTrade’s leverage can be set as high as 1:500 whereas in the UK, the legal cap for retail clients is 1:30, and in the US, it’s 1:50. The limit is there for traders’ safety because high leverage is extremely risky and may result in career-ending losses. 

Trader Reviews – Sharing Experiences

EnterTrade claims that it has 14k satisfied users or “happy traders”. Yet, we did not manage to find any trader reviews of this platform. It seriously questions the legitimacy of this claim.

Although the website received a surprisingly high trust score/index of sites such as scam-detector.com and scamadviser.com, you should take this information with a grain of salt. Real, trader reviews are missing.  

If you’re still interested in applying to audition for EnterTrade, be cautious. In case you experience any withdrawal issues, we can help you solve them.

You’re not sure about a platform? We can help you find the perfect provider!  

Which Trading Platform Can Be Used?

EnterTrade, i.e. QuoMarkets allegedly offers the most well-known trading platform in the industry – MetaTrader 5. MT5 is a popular choice among both beginner and experienced users, making it the perfect ruse to attract unsuspecting traders. 

It provides algorithmic trading, lightning-fast order execution, and advanced charting tools, and supports EA integration and APIs for automated trading. However, the firm says that traders cannot use EAs or copy trading.

The platform offers high leverage – 1:500. It’s a common trick used by shady offshore brokers such as Limeberg. High leverage – high risk. Trading with high leverage can be hazardous. To reiterate, trading on this uncertain MT5 is risky because the platform is unregulated. Instead of risking your hard-earned funds, find a reliable and regulated provider.

The Audition Process

The EnterTrade audition process consists of two main phases:

• EnterTrade Challenge – During this phase, candidates are required to demonstrate their trading skills and risk management abilities. The primary goal is to achieve a specific profit target, typically set at 8%, within a 30-day timeframe. Additionally, they must open a trade daily for a minimum of 5 days.
• Validation: In this stage, the trader’s results are carefully reviewed and validated to ensure they meet the necessary criteria. The profit target for this phase is typically set at 5%, with a 30-day timeframe. Traders are required to open a trade daily for a minimum of 5 days in this phase as well.

Once a trader successfully completes both phases of the audition process, they become eligible to use EnterTrade’s trading capital. The profits achieved are split 85%/15% in favor of the trader.

Withdrawal Process

After digging through the website, we found out that traders can deposit and withdraw funds using the following methods:

• Credit/debit cards;
• Wire transfers;
• E-wallets.

The minimum audition fee is 45 USD. The deposit and withdrawal fees, if any, were not disclosed on the website. It’s highly unlikely that the firm will actually respect the refund policy.

In that case, you should know that funds deposited via MasterCard and VISA credit/debit cards can be refunded via a chargeback, which can be requested at the issuing bank within 540 days. Wire transfers can be reversed via a recall but this action can only work for transactions that are not yet complete.

Key Facts To Consider About EnterTrade

EnterTrade is an offshore prop firm, claiming to be based in SVG. This platform has been offering services mainly to traders from the US, Germany, Poland, Vietnam, and Croatia.

We do not recommend this prop firm because it is partnered with a shady and unlicensed broker – Quo Markets. In case you’ve already deposited funds, you must seek our professional help.

Here, you can book your free consultation with us and tell us more about what happened. If you need professional assistance in recovering your funds, our team will gladly guide you through the chargeback process and assist you every step of the way.

Book your consultation with us today and start the chargeback process.

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