Local Trader: Is it another shady scheme or the real deal?

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Local trader is crypto-currency trading platforms that enables newbie traders to deposit funds and expect profits. However, one of the biggest question marks around such companies is the ‘profit’ margins they promise to their potential customers and extravagant investments. While there are many indications that this may not be the real deal, the fact that the service is free is already a warning sign that nothing good would possibly come out of this platform.

The local trader app is basically the same as many other trading platforms that claim to have the unique formula for generating profitable trades on a consistent basis. You can achieve profits that normal trading systems cannot even produce, let alone offer to others. However, before you invest in their platform, you should review their contact information first. The website does not provide any contact information and apparently the only way to reach them is by creating an account. Moreover, there is no mention of the company owners or developers that blocks the pathway to company transparency. You can find the app at https://localtrader.app/?Ip=10. As mentioned in the name, this app detects your local country and offers testimonials using this information.

Local Trader Review

If you have seen the Local Trader website, you would be aware that it resembles many other investment company’s sites. So, it seems very obvious that they are merely swiping a basic template for this purpose. However, they seem to have provided very little information to their customers, as to how they actually make these trades happen.

If you are new to online trading, you will probably be faced with many different companies that offer you a platform in exchange for managing all your trades. Not only do these platforms promise to make you money, but many of them also claim that their services are free, which is quite strange. However, as much as many people are drawn into the promises of getting rich trough online trading, they are also repelled by many scams that take away all their money.

You should be aware that shady brokers are the number one reason why people lose their one in online trading. However, this platform claims to provide the safest brokers and asks you not to worry at all about getting scammed (seems quite unreasonable to make this claim and then skip on all the evidence to back it up with). The initial deposit that they are asking is 250 Euros (€), which is a lot for an initial deposit. Moreover, it seems to be blacklisted by many authorities due to its connections with potentially questionable brokers.

Strategy

If you were thinking that they must have some strategy to generate the promised results as posted on their site, you would be disappointed. The Local Trader website does not provide any specific trading strategy, nor do they specify how they plan on making a profit. The whole website seems to be geared towards convincing the potential traders to deposit an initial amount. Apparently, this is the one thing that they have elaborated quite explicitly in three simple steps, i.e. Step 1 is signing up on their website, Step 2 is to deposit the minimum required amount and step 3 states that you can start earning profits. However, the very important detail that they missed out on is ‘how these profits would be made possible’?!

Once you sign up and deposit, the site will then pair you with an account manager and you’ll start seeing profits in your account (again, nowhere do they tell how exactly). However, this amount will only be in your account and the broker will not allow you to withdraw it. In essence, they scam you after trying to get more deposits. It makes no sense that a site that claims to generate so much profit can have no specific trading strategy.

Analysis

  • Company: Local Trader
  • Service: Automated trading platform
  • Minimum deposit: $250
  • Trading results: Unverified
  • Regulated: No
  • Customer Reviews: Negative

Trading Results

As with all platforms that claim to generate consistent profits, the Local Trader site does not provide any verified trading results. In fact, the company seems to be encouraging pre-deposit before any type of contacts may be established (hence, no contact information on the website landing page at all!). Unfortunately, the site also tries to convince the customer to invest by showing the results of supposed customers in the testimonial section and a live map that shows few random “potential” trades being made in ‘your’ region. However, these cannot be verified and they seem to have used fake pictures to represent their customers. In short, there is no guarantee of any results if you invest in this site.

You may be interested in comparing this with some similar platforms, in order to make your decision: Forex FuryThe Templar Fund, Bitcoin Trader and Bitcoin Revolution.

Client Feedback

The site has posted a few testimonials of their supposed customers. However, this does not mean that they are correct. In fact, most of the offsite testimonials point towards this being a questionable deal.

Customers seem to express frustration and disappointment that the site allegedly takes their initial deposit and tricks them into believing that they have made a profit. However, they are never allowed to withdraw their profit. This means that once you deposit the initial investment, you won’t be able to withdraw anything. Customers have also expressed concern about the type of brokers that the Local Trader site deals with. These brokers are unregulated and have a history of scamming people. It’s never safe to invest in a site that refers you to such brokers.

Conclusion

Local Trader seems to be missing all the pertinent information; whether it is about sharing the information about company developers or providing enough evidence for trading-success or details about the strategy that they possibly would use. All of this and the fact that their website also doesn’t express a lot of professionalism; there’s no contact information at all! If local trader is a genuine company, they need to add in a lot of missing details because, given the present state of their website, we recommend that you think very carefully before making an investment with this company.

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