TradeCenterFX Review: Deceiving Rookies With AI Vaporware

Trading safely and effortlessly with automated trading systems is what these cons claim to offer to their clients. We have yet to find this amazing new technology, considering that there’s no sign of it on this shady website. 

Unfortunately, this is just one in a sea of blatant lies that this failure of a Forex provider is trying to sell you. Read this TradeCenterFX review to learn how to protect yourself from financial vultures and what you can do to recover stolen funds.

Illicit Entities at Work

It is not clarified who owns the TradeCenterFX broker and the website we’re reviewing. There are claims on the site that the company was established in Cyprus, with even a postal address. Naturally, we immediately ran this name through the Cypriot business register.

As evident, no entity under this generic name is registered in this country. This effectively rebukes their entire story about being a legitimate business. Since they are not found in the aforementioned database, it remains a question if this is actually a real firm and not just an online fraud.

Cyprus Authorities React

In order to check if this is indeed a legitimate online financial services provider, we consulted the main regulatory authority of the country where they claim to operate from. CySEC has absolutely no information about this suspicious entity ever entering their database. 

What’s more, since complaints concerning the predatory activities of this firm are starting to pile up, CySEC has decided to list their domain on their register of unregulated firms. If you search the database for tradecenterfx.com or portal.loginzone.io/#/dashboard, you’ll find them listed among other unapproved sites.

Can’t Bury the Truth

Many online scammers, like Mega26, for instance, rely on fake online reviews to contribute to their persuasion strategy. This firm has attempted something along the same lines.

Looking at the TradeCenterFX reviews on TrustPilot and SiteJabber, we can see that the group did try to “enhance” their reputation. The disgruntled clients, however, have started to flood the pages with their own testimonials. Traders complain about their money being stolen, and legitimate withdrawals denied.

Recently Launched Website

The tradecenterfx.com website footer contains copyright information dated to the year 2017. This is another piece of false advertising since the domain was first leased in November 2022. Even so, the platform wasn’t launched until mid-2023. The majority of site visitors are from these nations:

• United Kingdom
• Australia
• Germany

Account Registration Problems

Trading account types are tiered and quite similar to what the Finanzwelt.pro scam offers. Let’s take a look:

• Bronze – $5,000
• Silver – $10,000
• Gold – $25,000
• Platinum – $50,000
• Premium – $100,000

The account creation form doesn’t really work, though. This is actually a feature, as it prevents random site visitors from accessing the client area.

Where’s the Trading App?

The defunct account creation page ultimately prevented us from evaluating the TradeCenterFX trading platform. The company’s website does feature advertisements for a mobile app, but it is not actually available.

Now, it’s no secret that AI trading has become a new buzzword in the trading community. As much as the idea seems interesting, the technology is simply not ready yet. Still, these fraudsters have plastered their site with claims of advanced AI which are ultimately just there to grab attention.

High Leverage and Hidden Fees

Leverage with the TradeCenterFX scam is dangerously high, set at 1:200. This leverage is much higher than what is allowed in the EU (1:30) and the US (1:50).

There is very little information on the trading fees, besides that the firm advertises them as “very low.” Trading commission is not fully outlined, but higher-priced account types can get a discount of up to 35%. Contrary to this, swap costs actually grow with costlier accounts, ranging from a standard over 10% to 35%.

Opaque Payment Channels

The swindlers don’t talk much about the supported payment channels. There are no Terms and Conditions, but this suits the swindlers well. After all, why should they conform to one or two funding methods in the first place?

The site contains several logos, including Visa, MasterCard, SEPA and SWIFT, but this is hardly illustrative of anything. The con artists won’t be bothered if you have your nana deliver the money via a messenger pigeon.

Likewise, the TradeCenterFX withdrawal policy is kept under wraps as well. Not that the company is known to approve any payouts anyway.

Ignored Support Tickets

Since the company address is entirely made up, who can guarantee that the other contact details aren’t? The falsified user reviews tell us about the impeccable client support service, but we found ourselves unable to get in touch with a single support agent.

The live chat feature says that the typical response time is 1 minute and that all agents are available, yet no one replied to our questions about registration issues. Support agents are definitely not doing their job.

Scammed? Let Us Help!

To sum up our investigation: is TradeCenterFX legit? No, most definitely not. Not only is this firm completely illicit, but they’re also found on the CySEC list of unsupervised financial services providers.

Therefore, we advise utmost caution when dealing with companies that aren’t clear on their registration and license information. If you are also struggling to get back stolen assets from unscrupulous trading domains, please consider contacting our chargeback service. Our legal experts can help you start the chargeback process.

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