Is Definite Area a Legit Broker?

Business Super User 16 July 2022 Hits: 1209

Regulation and License	None
HQ	Not disclosed
the Founding year	2022
Leverage range	-
Minimum deposit	€200
Platforms	Definite Area’s web-based platform
Tradable Instruments	Pair currencies, indices, commodities, cannabis, ETFs, crypto
Demo account	No
Base Currencies	EUR GBP USD AUD NZD CHF CAD
Customer support	Yes (English)
Active clients	Unknown
Publicly traded	No
Crypto	Yes
Website	https://definitearea.com/

Pros and Cons

Pros	Cons
Clear payment methods	Unregulated broker
Available customer support	Fails to disclose basic company information
Various order types	Limited trading education and research content
Segregates clients' funds	No demo account
Extensive range of offerings	Lacks an organized fee structure

Definite Area Overview

Before investing your hard-earned money with a forex broker or investment advisor, it's a good idea to research the individual and firm. Hoping a company will deliver what they promise can be a costly assumption in the financial space. Cases of brokerage fraud occur occasionally, and even experienced traders are not immune.

Is Definite Area a legit broker? Definite Area, founded in March 2022, is an online brokerage company. It provides a platform for its clients to access and trade major financial markets, including commodities, indices, shares, forex, ETFs, cannabis, and cryptocurrencies.

Definite Area clients use a web-based trading platform. It doesn't require downloading anything but users who prefer to have some access to their trading accounts while on the go don't get that option with Definite Area. There is no mobile app or desktop-based software. However, the platform is easily accessible from any web browser (Chrome, Firefox, Safari, Internet Explorer, etc.).

Definite Area is an anonymous company that doesn't provide its headquarters address, registered name, and history.

Also, the broker isn't regulated by a regulatory authority. Does that make Definite Area a scam, or what should traders look for to determine whether Definite Area is a legit broker? Fret not. This guide will provide all the details traders need to assess the legitimacy of Definite Area.

Definite Area Licensing and Regulation

Definite Area does not provide any licensing and regulation information on its website. Regulated brokers state their license numbers and more details at the bottom section of their websites.

But is licensing and regulation a big deal? While there are a good number of unlicensed brokers who provide excellent services, many unscrupulous brokers are usually not regulated. Definite Area is only a few months into the online brokerage landscape, so licensing is not the only factor to consider in determining whether the firm is legit or not.

It's worth mentioning that when trading with regulated brokerage firms, traders are guaranteed the company will face legal consequences if it turns out to be shady. Traders can view the past legal actions taken against a broker and the history of complaints.

On the other hand, there is no such guarantee when it comes to unregulated brokers.

Definite Area Deposits and Withdrawals

There is usually a common trait among scam brokers when it comes to deposits and withdrawals. In general, the deposit and withdrawal processes in the fine print do not work as advertised. When it comes to withdrawals, scam brokers make it difficult for traders. It starts out well, but later there's always something wrong that prevents withdrawals.

With Definite Area, there are no complaints yet on their deposit and withdrawals procedures. The broker accepts credit/debit cards, cryptocurrency transfers, and bank wire transfers.

Definite Area Tradable Markets and Products

Given that the broker is only a few months into the game, its range of offerings is impressive.

The broker offers the following:

Market	Catalog (approximately)	Examples
Forex (currency pairs)	52	EUR/USD, GBPUSD, USDCAD, CHFJPY, AUDUSD
ETFs	12	GLD, SPY, QQQ
Cannabis	9	ABBV, MO, SMG, TER
Crypto	90+	BTCUSD, WAVEUSD, LTCUSD, XRPUSD
Indices	19	NASDAQ, SP500, Dow, FTSE100
Individual stocks	30+	Tesla, Amazon, Uber, Twitter, Facebook, Nextflix
Commodities	17	Wheat, rice, coffee, sugar, corn

Definite Area Trading Platforms and Tools

While many established brokers provide a variety of platforms and interfaces from which their clients can choose, Definite Area only provides a web-based trading platform.

The platform is simple to use for both novices and seasoned traders. It can be accessed using any web browser, including Chrome, Safari, Internet Explorer, and Firefox. Before making a trade, users can view the spreads and access the basic order types (market, limit, stop).

However, the broker does not offer a demo account through which traders can test the platform and determine whether it is superior before putting their money at risk. Demo accounts are typically the same as live accounts and can assist traders in deciding whether or not to open a live account with the broker.

Definite Area only leaves traders who wish to try out their services with one option. Open the simplest account available (standard), make the initial minimum deposit, make small trades for about a month, and withdraw to test the platform's full functionality.

Definite Area Customer Support

Definite Area provides customer support through email, live chat, and phone. However, the live chat support can take longer to get a response. There are no significant complaints about the Definite Area’s customer support services. Traders who wish to test out the effectiveness of the customer service can try contacting the broker with some questions before signing up. Here are the contact details:

Phone: +442035355844, +3197010282402
Email This email address is being protected from spambots. You need JavaScript enabled to view it.

Definite Area Account Types

Reputable brokers provide a variety of trading accounts from which clients can choose.

Although the account names vary from one broker to the next, most of their accounts share specific characteristics. Most brokers categorize live trading accounts based on the lot size a client can trade. As a result, the key features distinguishing accounts are the minimum deposit required for each account and the leverage cap. The other types of accounts are swap-free and social trading accounts.

However, the criteria seem to be quite different when it comes to Definite Area’s accounts. The key features are the seniority of a financial assistant the trader will get, the educational course level, and the financial plan's availability. The broker offers seven types of accounts.

Below is the description of the features of the accounts to help you understand the categorization:

Standard account
Bronze account
Silver account
Gold account
Platinum account
Pro account
VIP account

Standard Account

The standard account is the most basic one, and the key features are:

Personal account assistant
Standard leverage

Bronze Account

The available bronze account features include:

Beginner level course
Bonus
One insured trade
Bronze leverage
A personal finance assistant

Silver Account

This account comes with the following features according to the broker's website:

Silver leverage ratio
Company financing
Bonus
A standard level course
Four insured trades
A personal finance assistant

Gold Account

Clients who sign up for the Gold account get the following features:

Gold leverage ratio
Company financing
An advanced level course
A personalized investment strategy which includes a financial plan
Eight insured trades
A senior financial assistant

Platinum

The Definite Area’s platinum account offers these features:

Bonus
Advanced company financing
Investment strategy and financial plan
A calendar of market events and trends updates
Trading signals
16 insured trades
Access to mutual investment programs
A financial assistant
Premium contracts
Company financing

PRO Account

According to the broker’s website, traders who purchase the PRO account have access to the following features:

Premium bonus
Premium company financing
Daily trading signals
Pro level leverage
Personal order notifications
A premium investment strategy and financial plan
Updates on market events and trends

VIP Account

The VIP is reserved for specific people, but the broker doesn't disclose the criteria for these people. Instead, anyone interested in the account should contact Definite Area’s financial experts to learn more about the account.

Definite Area Investment Plans

Most brokers do not offer their clients investment or finance plans. Instead, they provide unlimited and resourceful educational content on their websites’ ‘Education’ sections. That way, traders can learn much about trading and make informed and independent decisions. While having an expert guide you on what to trade and when can come in handy, traders should not blindly follow the Definite Area’s experts.

Our final thoughts on Definite Area

Definite Area elicits conflicting reactions. Although the broker appears to offer excellent and genuine services, there are a few red flags. Some of the broker's strengths include its multi-asset offering, quick payment methods, securing clients' funds in a separate account, and providing numerous ways to contact customer support.

On the other hand, Definite Area remains anonymous, doesn't provide clear fee structures, fails to offer a demo account, and offers limited research/educational materials. As a result, traders who want to try the broker's services should exercise caution and start small.

FAQ

Does Definite Area have credible information about the company on its website?

One of the characteristics of a legitimate broker is transparency. Reputable companies make their business information available to the public on their website. This information could include the company's history, financials, executive team, headquarters address, etc.

Definite Area's website contains no credible information about the company. It is, in fact, completely anonymous.

Is Definite Area regulated?

No, Definite Area is an unlicensed and unregulated broker. Governing bodies do not monitor unregulated brokers for compliance. Essentially, such a company has no legal authority to which it must answer. So if a company violates trading rules, for example, by causing glitches or malfunctions that result in slippage, or a trader's withdrawal requests are rejected, there is no guarantee of legal repercussions.

Brokers typically list their licensing information near the bottom of their website or in the 'About us' section. There is no mention of licensing on the Definite Area’s website.

Does Definite Area offer rewards or profits for opening a trading account?

Scam brokers usually make big promises of generating money for a trader when they sign up. Definite Area makes no profit or reward promises to prospective clients in exchange for opening an account.

The company only makes profit promises under its investment plans, where traders are guided into creating secondary and stable trading income.

What are the Definite Area non-trading fees?

Non-trading fees are charges which are not directly related to trading activities. Definite Area clients are charged the following nontrading fees

Withdraw commissions: These are fees incurred when traders withdraw money from the platform, but the broker doesn’t mention the exact amount charged.
Account inactivity fee: These fees are charged on an inactive account, but the amount is not mentioned.

Where are the headquarters for Definite Area?

Definite Area provides no information about its headquarters. The majority of the company's information is kept anonymous, and there is no about us section on their website.

How long has Definite Area been in business?

Definite Area has been in business for a few months now. The broker was founded in March 2022.

Does Definite Area accept PayPal?

Definite Area does not accept PayPal as a payment method. The accepted payment methods are cryptocurrency transfers, debit/credit cards, and bank wire transfers.

Does Definite Area have NASDAQ?

Yes, Definite Area provides NASDAQ and other indices like SP500 and FTSE100.

Does Definite Area offer a demo account?

No, Definite Area does not provide a demo account. New traders have to test with real money to know if the platform is legit and works for them or not. This is not a good thing since the broker offers its platform, not the MT4/MT5 interface traders may be familiar with from other brokers.

How to start trading with Definite Area?

To begin trading with Definite Area, you need to open an account with them, verify your profile by submitting the required verification documents, make the initial minimum deposit, and start trading. To create an account, follow these steps

Navigate to the broker's website.
On the top right section of the homepage, click 'open account.'
Enter the necessary information ( email address, first name, second name, password, country).
Log in to the platform with the credentials you created in the previous step.

How can I contact Definite Area customer support?

You can contact Definite Area customer support via email, phone, or live chat. The live chat option is only available when logged into your account. Below are the contact details:

Phone: +442035355844, +3197010282402
Email This email address is being protected from spambots. You need JavaScript enabled to view it.

What payment methods does Definite Area accept?

Definite Area accepts the following payment methods:

Bank wire transfer
Credit debit card
Cryptocurrency transfer.

How long do Definite Area withdrawals take?

Definite Area withdrawals can take anywhere from one day to seven business days. According to the broker, withdrawals can take longer in case of security issues on the trader's account. In this case, the client is informed of the withdrawal request status through phone or email.

What is the timeline for Definite Area deposits?

Definite Area deposits are usually determined by the payment method the user utilizes. All the payment methods the broker accepts only take a few minutes, if not seconds.

What is the initial minimum deposit for Definite Area?

The initial minimum deposit for Definite Area is €200.

How will Definite Area process my withdrawal?

When making a withdrawal request, traders select the payment method they wish to use. There is only one requirement stated in the broker's terms and conditions. The account to which the funds are sent should belong to the trader, same name.

Does Definite Area offer the MetaTrader platform?

No, Definite Area does not provide the industry-standard MetaTrader platform for its clients.

Can you access the Definite Area trading platform on a mobile device?

Definite Area does not offer a mobile application to access its trading platform. The Definite Area’s trading platform is only accessible via web browsers as it is only web-based.

Does Definite Area offer bonuses?

Definite Area provides bonuses to its clients who sign up with all other types of accounts except the standard account. However, traders cannot simply withdraw, sell, or transfer the bonuses. A trader must first achieve the required trading volume to withdraw the funds in the bonus account.

What type of accounts does Definite Area offer?

Definite Area offers seven types of accounts with different features like leverage cap, educational courses, company financing, a personal finance assistant, financial plans, and trading signals. These trading accounts are

Standard
Bronze
Silver
Platinum
Gold
Pro
VIP

Are my funds safe with Definite Area?

Many factors influence whether a trader's funds are secure with a broker. No broker can guarantee 100 percent fund safety when trading margin products. However, brokers take precautions to ensure that traders' funds are secure. Definite Area keeps corporate funds separate from trader funds. This means that the trader's funds are safe in the event of insolvency.

Will Definite Area accept my account application?

Definite Area can accept or reject prospective client applications. Still, the likelihood of account rejection is low. The only requirement is that the trader is over the age of 18 and agrees to the broker's terms and conditions. Additionally, Definite Area does not accept traders from the United States.

Can Definite Area terminate my account?

Yes, Definite Area can terminate a trader's account temporarily or permanently. The broker cites one condition for account termination: failure to verify a trader's profile. The broker required verification documents are

Proof of address document (Utility bill, bank statement, etc.)
Proof of identity documents (photo ID, passport, driver's license).

Why do most brokers not accept United States traders?

Most brokers, including well-established and regulated brokers, do not accept United States traders. This has mainly to do with strict regulations. For instance, a broker must be regulated by the National Futures Association (NFA) to operate in the United States.

What are the risks associated with trading with an unlicensed broker like Definite Area?

Some of the risks associated with trading with unregulated brokers include

Lack of guarantee of legal scrutiny against the broker.
Most scam brokers turn out to be unregulated.

What are the registration requirements for Definite Area?

Definite Area requires traders to

Be at least 18 years old.
Accept the terms and conditions.
Be ready to complete verification by submitting proof of identity and address documents.
Come from an eligible country.

What trading instruments does Definite Area offer?

Definite Area offers its clients a wide asset class ranging from forex, indices, stocks, commodities, cryptocurrencies, and cannabis.

Does Definite Area offer zero negative balance protection?

Definite Area doesn't mention the availability of a zero negative balance protection that ensures traders do not incur more losses than the amount in their accounts.

Are there any fees charged for closing a trading account with Definite Area?

Neither the broker's website nor the terms and conditions document states any fees charged for closing a trading account. Also, there is no mention of the exit procedure.

Does Definite Area offer trading education and tools?

Yes, Definite Area provides educational content but is very limited. The broker claims to offer educational courses for traders who sign up with all other accounts except the standard account.

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