Summit Trade is an online trading platform that deals with the trading of various assets. The online presence is available in English and other languages and can be accessed at the URL https://summitrade.co/.
Assets that investors could trade included CFDs (Contracts for Difference), indices, ETFs (Exchange Traded Funds), crypto currencies, foreign currencies (Forex Trading), commodities and stocks.
Have you had experience with Summit Trade and want to share it? Or are you interested in the Summit Trade business model or in online trading in general? Then talk to a lawyer.
The law firm Herfurtner Rechtsanwälte provides investor protection for clients from Europe. The law firm, which is based in Munich, Frankfurt am Main and Hamburg, also specializes in trademark law, corporate law and industrial property rights.
Would you like to exchange views with one of our lawyers? In this case, you can access the contact area here without any detours.
Summit Trade Experience
Anyone who deals with the subject of online trading will notice that there is a wealth of companies that address investors with their products. To assess their quality, it is useful to draw on the experience of investors who have already invested there.
On the Internet there are a large number of blogs or forums where reviews of trading platforms such as Summit Trade are shared. For example, if you search for “Summit Trade experiences” or “Summit Trade co”, you will find many contributions, mostly in English. The opinion about Summit Trade is not uniform.
Estonia’s Financial Supervisory Authority (Finantsinspektsioon) issued an investor warning on the topic of Summit Trade on 2 April 2020. The warning states that a Summit Investment Group OÜ (registration code 14749486) does not have an active licence to provide investment services in Estonia. Therefore, Summit Investment Group OÜ is not authorized to offer its services in Estonia.
Domicile and Regulation of Summit Trade
The own website is the central contact point for building bridges between a trading platform and its investors. Information on the company’s headquarters and the status of regulation is of particular interest.
Summit Trade’s website does not contain an imprint or information about the company’s address. In the contact area of the website, there is only a form. However, you will not find an e-mail address or a telephone number there.
The footer of the website contains a telephone number that leads to a connection in Switzerland. At least the country code “0041” indicates this. Who the operator of the summit trade co website is is not specified anywhere on the website.
It can be seen from the General Terms and Conditions that a SUMMIT Investment Group is the contractual partner. The GTC in turn are based on the law of the Marshall Islands.
There is no reference to the authorization and supervision of Summit Trade by a state European supervisory authority, neither on the homepage nor elsewhere on the online presence.
It is therefore not possible to determine whether Summit Trade has been authorized by an institution such as the British Financial Conduct Authority (FCA) or the German Federal Financial Supervisory Authority (BaFin) and holds the necessary licenses.
Summit Trade Website
On the Summit Trade website, the company describes how it provides its customers with direct access to global financial markets. The offer is personally tailored to the customer, and an account manager is available to provide support, for example in the form of one-on-one training. According to the provider, Summit Trade’s outstanding features include
- customer service six days a week, around the clock,
- dedicated account managers,
- excellent service.
At Summit Trade you can invest in various assets. These include:
- Index CFDs, i.e. contracts for difference on indices,
- Stock CFDs,
- Commodities such as silver, gold or oil,
- Foreign currencies (Forex Trading),
- Crypto currencies like Bitcoin, Ethereum or Litecoin.
The goal of Summit Trade is to help its customers to grow and succeed, among other things through a powerful trading platform. In addition, there are various training opportunities for customers to constantly expand their knowledge. one of the advantages of its own offer is Summit Trade:
- Trading platforms with high performance,
- commission-free trading with CFDs,
- various assets,
- attractive spreads,
- secure methods for deposits and withdrawals,
- professional customer service.
Registration and various Account Models at Summit Trade
Anyone who wants to take advantage of the Summit Trade offer and trade on the online trading platform must first register. Once the customer account is set up, you will need to choose a live trading account. According to Summit Trade, there are four different types of accounts available:
- Basic account: Minimum deposit of 250 Euro, leverage of 1:10, welcome bonus of 25
- Silver account: Minimum deposit of 5.000 Euro, leverage of 1:40, welcome bonus of 25
- Gold account: Minimum deposit of 25.000 Euro, leverage of 1:60, welcome bonus of 75
- VIP account: Minimum deposit of 250.000 Euro, leverage of 1:100, welcome bonus of 100
This section of the site does not provide detailed information about the various methods of depositing and withdrawing funds at Summit Trade. However, you will find the logos of various payment providers. This suggests that transactions may be possible via credit card, bank transfer, direct debit, or crypto-currency.
Technologies used at Summit Trade
Trading on an Internet platform requires access to trading software. Online trading providers usually provide this to their investors free of charge. The software can be developed in-house or a program from an external manufacturer.
Summit Trade provides its customers with a web-based “multi-asset” platform for trading. This platform includes various analysis options and various tools for trading. It is not necessary to download any software, as access is possible via the web browser.
There is also a mobile app for use on smartphones and tablets. This is available for Android devices.
Risk Factor Online Trading
Those who are enthusiastic about online trading should keep in mind that this form of investment differs in many details from the conventional way via a bank or an investment advisor.
Numerous business models have been and will be shaped by digitalization. In the area of trading, this is leading to an enormous number of providers worldwide striving for market share with their online trading platforms.
If problems arise, investors in online trading platforms are faced with the challenge of discussing them with the broker. Because if a provider is established abroad, this usually prevents direct dialogue, and language barriers may also arise.
This usually involves complex products such as Crypto Currencys, CFD Trading or Forex Trading. These are characterised by enormous volatility and high risks, which makes them unsuitable for every type of investor.
With online trading platforms, however, the advice is not always given in the same way as it is given by the bank or investment advisor. Often there is no fixed contact person available and the personal risk preference is not taken into account when selecting the products offered.
As a result, private investors may come to the wrong conclusions when they want to evaluate the risks. For this reason, the risk of making a bad investment and having to write off the invested assets increases.
Potential Losses in Online Trading
Anyone who has lost money in online trading should first of all stop making additional payments. After that, you should talk to your provider and clarify the reasons for the loss and the possibilities for reimbursement.
If you don’t get a plausible answer, you can seek investor protection and contact a legal advisor. The law firm Herfurtner Rechtsanwaltsgesellschaft mbH will check whether you can assert claims against the trading platform and, if you wish, enforce them directly with the contractual partner.
Would you like to start a dialogue with one of our lawyers? Then you can access our contact area here.