Tradello Review: Why Is This Platform Pretty Risky?
If you take a look at Tradello’s legal documentation, you will not find any useful information about the company, its address, phone number, and most importantly, trading license. There are plenty of other shady details on its website as well.
Hence, we decided to analyze the platform in our Tradello Review just to show you why this scheme is extremely risky for you to get involved in. Learn how to identify cyber cons such as Tradello and Equitiz and what you should do if case you get scammed.
|Regulated by:||Unregulated Scam Broker|
|Is This Company Safe?||No|
|Have Warnings from:||N/A|
|Minimum Deposit:||250 EUR|
|Trading Assets:||Forex, Indices, Commodities, Stocks, Cryptocurrencies|
|Free Demo Account:||Allegedly Available|
|How to Withdraw from This Company?||Since this company is unlikely to return your money – contact your bank or financial regulator, or simply reach out to us for professional assistance in recovering your funds.|
Legal Info: Is Tradello Regulated?
Tradello, a virtually anonymous website, did not disclose key facts about the company’s legal background, address, phone number, license, etc. However, we dug through the Terms and Conditions and found this little piece of information.
The document mentions Saint Vincent and the Grenadines (SVG), a notorious offshore domain with no Forex regulations in force. If Tradello really is headquartered there, then the firm cannot possibly possess a Forex trading license, making the anonymous trickster dangerous.
Instead of trusting unlicensed imposters, you should stick to regulated providers operating under the supervision of esteemed financial authorities such as the FCA (UK), CFTC & NFA (US), ASIC (Australia), IIROC (Canada), BaFin (Germany), MAS (Singapore), CySEC (Cyprus), etc.
Who Are Tradello’s Targets?
According to godaddy.com/whois, the tradello.com website domain was created on September 2, 2021. Since then, the financial swindler has been targeting mainly unsuspecting traders who reside in the following countries:
- United Kingdom;
- United States;
These countries are known for heavy financial market regulations, especially the UK, the US, and Germany. A common law they all have in force stipulates that each financial market participant is required to possess a necessary license or permit.
To reiterate, Tradello is an anonymous website that’s definitely not authorized to provide Forex trading services in these jurisdictions. The broker directly violates regulations by offering leverage higher than 1:30, which is the legal cap in Europe.
Trader Reviews – Sharing Experiences
At the time of this writing, Tradello received 13 reviews and an average score of 4.4/5 (excellent) on trustpilot.com. Even though these are all positive reviews, we suspect they aren’t honest.
For instance, all of the reviews were written in January 2023, in the span of 10 days. Quite unusual for a platform that has been active since 2021. It’s November now and there have been no new reviews, which casts doubt on the existing positive ones.
Incentivized feedback is a common trick scammers such as Tradello and Algo Management use to paint an illusion and deceive traders so please avoid trading on these platforms and instead stick to transparent and licensed providers.
Which Trading Platform Is Available?
Tradello claims to offer a custom desktop/web/mobile platform that supports trading popular instruments such as Forex currency pairs, commodities, stocks, and cryptocurrencies.
However, the website doesn’t offer a real demo account so we couldn’t check out this mysterious desktop platform. Whichever platform it is, we don’t recommend you download it and invest money in it.
If you want a pure trading experience, you should stick to licensed providers that support proper third-party software such as MetaTrader 4, MetaTrader 5, or cTrader.
MT platforms are arguably the best in the industry, enabling traders to utilize innovative tools such as automated & algorithmic trading, advanced charting, live market reports, branch optimization, 20+ timeframes, EAs, a user-friendly interface, etc.
Available Live Account Types
|Minimum Deposit||250 EUR||5,000 EUR||50,000 EUR||100,000 EUR||Contact Dedicated Account Manager|
Leverage, Spreads, Commissions, Demo Account
The maximum leverage that Tradello offers scales from 1:100 to 1:400, which is significantly higher than the legal cap for retail clients in Europe & Australia (1:30) and North America (1:50). High leverage can amplify potential profits but also potential losses, making it pretty risky.
Spreads allegedly start out from 0.1 pips and are variable. Commissions were not mentioned though. Without access to the platform, we weren’t able to confirm this.
The demo account is available under one bizarre condition. Namely, before the broker adds “virtual funds to your demo account, you must first open a real trading account. Once the real account receives funds, you should contact your personal account manager and receive up to $10K in demo funds.”
What’s the point in having a free demo account if you first have to deposit real funds? If you are a beginner, you should not be risking real money straight away, which is why every legitimate firm nowadays offers a demo account. Tradello does not offer a demo account, which raises concerns.
Deposit and Withdrawal Process
Tradello states that there are three available payment methods that can be used to fund live trading accounts:
- Credit/debit cards (MasterCard, VISA);
- Wire transfers;
In case you deposited funds via MasterCard or VISA credit/debit cards, you can request a chargeback at the issuing bank within 540 days and reverse the transaction. Wires can be reversed via a recall but this action can only work for transactions yet to be completed.
The reason why scammers prefer crypto payments is that they are extremely hard to trace and reverse, plus such a method allows them to remain anonymous and run their schemes.
To reverse such transactions, you’re going to need to seek out professional assistance as these types of payments can be a nightmare to undo. Luckily, we have a team of experts that can help you recover your funds.
Key Facts To Consider About Tradello
To sum up our review, Tradello is an anonymous scam broker that targets mainly traders from the United Kingdom, United States, Germany, Pakistan, and India.
We do not recommend this platform because it is unregulated and allegedly based in SVG. In case you have also lost money to the Tradello scam, you must seek our professional help to recover your funds!
Use the form below to book your free consultation with Scam Brokers Reviews and tell us more about your case. Our team will gladly guide you through the fund recovery process and assist you every step of the way.
Book your consultation with us today and start the fund recovery process.
What is Tradello?
Tradello is an offshore trading broker that offers custom trading software with high leverage for Forex and CFDs trading.
Is Tradello Regulated?
No, Tradello is not regulated because Forex trading is not supervised in SVG. This broker is unlicensed and thus extremely dangerous.
What Can I Do If I Was Scammed Online?
We recommend you book a free consultation with us and tell us what happened. Our team can surely help you with the chargeback.