TradeFCM Review: Another Unregulated Scam Brokerage
TradeFCM broker comes up with a fancy website, but what is hiding behind it that we are about to discover? This broker doesn’t reveal any ownership information, which is a huge red flag at the start. They are allegedly coming from the UK. Available in all 5 major fields they provide trading services since 2016. However, since the UK left the European Union they should opt for the FCA license or TPR.
To see if this broker is honest and operates with the required authorization, read this latest TradeFCM review.
|Broker status:||Unregulated Broker|
|Regulated by:||Unlicensed Scam Brokerage|
|Blacklisted as a Scam by:||N/A|
|Headquarters Country:||UK (Allegedly)|
|Supported Platforms:||Web trader|
|Cryptocurrencies:||Yes – BTC, BNB, BCH|
|Types of Assets:||Forex, Commodities, Indices, Shares, Cryptocurrencies|
|Free Demo Account:||Yes|
|Accepts US clients:||No|
Is TradeFCM a Safe Broker Or a Scam?
Any UK-based trading company can only gain trust by having an FCA license. However, TradeFCM didn’t think about it. Not only that they don’t have an FCA license, but also any other Tier 1 license like BaFin or ASIC. Which would make a huge difference. Yet, we continue with disappointment here. After all, everything leads to the fact that this is just another scam broker.
If they only had any other sort of protection like negative balance protection or compensation fund, it would be a better sign. However, all that is missing. That’s why traders should look for Tier 1 regulated brokers that have strict requirements for gaining a license.
They don’t provide any ownership information. With UK-based addresses, they lack as well of required regulations. After all, they don’t provide a trusted platform or any competitive trading conditions.
Available TradeFCM Broker Trading Software
TradeFCM trading company tried to mislead their traders to believe that they have a trusted platform. They offer the world’s most famous stage Trader 4 & 5. That should trigger your thinking about Meta Trader. However, once you want to check that page, it suddenly can’t be found. Not only that it’s not Meta Trader, but it’s just a basic trading view option with basic trading tools.
Meta Trader is not in sight anywhere. With this in mind, expect to miss out on features like algorithmic trading, social trading, and more.
The Mobile Version Is Available?
Since they only offer a web trader it provides easy access through mobile devices. On the negative side, they don’t have a designated mobile app for it. That is not attractive for most traders. Because such web traders are often manipulated by the broker. Instead, you should look for a Tier 1 regulated broker with a trusted platform like cTrader or Meta Trader.
TradeFCM ‘s Trading Assets and Instruments
As a forex and CFD trading company, they have a wide instruments range. But to be honest, no broker doesn’t have such a range. Even if they had all possible assets in the world, it wouldn’t make a difference. Because this is just another illicit broker. As can be seen in TradeFCM reviews as well. Anyway, what they offer is:
- Forex – USD/JPY, AUD/NZD
- Commodities – gold, platinum
- Indices – S&P500, DJI
- Shares – Microsoft, Netflix
- Cryptocurrencies – ETH, XRM
What Are The Different TradeFCM Account Types?
In general, account types bring some more benefits. Of course, there is the motivation for a trader to deposit more. And brokers do that in many different ways. However, with this broker, the only significant difference comes with spreads and bonuses. Important to realize is that bonuses are banned by ESMA and any other EU regulator.
Nevertheless, those account types are:
- Mini – $1.000
- Standard – $2.000
- Gold – $5.000
- Professional – $10.000
Can a Trader Use a Demo Account?
Besides this mini account requirement of $1.000, traders don’t have any other option to check this broker. This is a shamelessly high minimum requirement. Especially when you know that top-notch world brokers have micro accounts starting at $10. So, better start looking for another broker on time. This one’s goal is just to extort as much money from you as possible.
PAMM accounts are designed to collectively trade on the financial market. All funds deposited are combined into one fund and specialized expert trades for you. TradeFCM broker offers this service to their traders. However, you should have a licensed trading specialist to offer such a service. Which they don’t obviously.
One of the very few positive things about this broker is an Islamic account. Islamic believers can enjoy trading with swap-free accounts. But they are charged as well a “Carry charge” fee. This comes after 7 days of holding some forex positions.
Terms and Conditions for TradeFCM
It’s important to note that all deposits with this broker are completed instantly. However, withdrawals are processed within 24 hours. As you can see in any TradeFCM review, those withdrawals don’t ever happen. Broker makes up non-existent fees or verification issues. Or anything else to prevent you from getting a withdrawal.
From funding methods, they accept bank cards, wire transfers, and e-payments.
Not to mention a welcoming bonus that they are offering up to 30%. Have in mind that every bonus comes with malicious clauses. You will need to make 30x times more than what you deposited to be able to request a withdrawal.
Leverage, Spreads, and Fees
Even though they offer competitive spreads, starting from 1 pip that doesn’t mean anything with scam brokers. If you had a zero spread account, with leverage up to 1:1000 you can lose everything in a blink of an eye. Especially if you know that you don’t have guaranteed stop-loss. Unfortunately, fees remain unknown. But the broker claims in T&Cs that it will be presented clearly on their website.
Just one more misleading fact about this broker.
Scammed by a TradeFCM Broker? – We Want To Hear Your Story.
Don’t be ashamed if you did get scammed. It happens to everyone these days. Share your experience here and prevent other traders from getting through the same. As for your case, you can start a chargeback process. Our specialized team can assist you along the way. Contact us for a free consultation now!
What Is the Chargeback Procedure?
Bank cards are very secure these days. If you find any transaction possible fraudulent you can reverse that transaction. But there is a time limit for performing such a request. Therefore, you don’t have much time to waste. Get back to us today!
What Is TradeFCM?
It’s a forex broker operating allegedly from the UK since 2016. However, they do that without proper authorization.
Is TradeFCM a Scam Broker?
To sum it up, yes. They don’t have any licenses for the business and they lack transparency about their ownership.
Is TradeFCM Available in the United States or the UK?
TradeFCM broker doesn’t offer services to US clients. But for the UK clients, the situation is different.
Does TradeFCM Offer a Demo Account?
No. Besides shamelessly high minimum requirements for live accounts, traders don’t have the option to test out this broker.