A Review of TradeMarketsPro Drawbacks

Trading can be quite a profitable endeavor if one knows what they’re doing. Most people who are new to the market rely on their broker to assist. But sometimes, these brokers are dishonest and can do more damage than help.

One such will be elaborated on in our detailed TradeMarketsPro review.

Is TradeMarketsPro a Trustworthy Forex and CFD Broker?

TradeMarketsPro is an anonymous online trading brokerage without a license. We’ve tried searching through their legal documents for any helpful information about the owner, but we found nothing.

In the Contact Us section, the company mentioned a UK address. Any brokerage firm that wants to provide trading services from the UK must do so with FCA approval. The Financial Conduct Authority is an official regulator of the country, requiring brokers to maintain a minimum capital of 730,000 GBP, invest in the compensation fund of up to 85,000 GBP per account, and limit leverage for retail traders to 1:30.

TradeMarketsPro says to be based in the UK but has no FCA license. The company is relatively new but has already earned a negative reputation.

Another important thing that FCA requires is transparency. Namely, investors must know who they are dealing with and under which terms. With TradeMarketsPro, we have no such details, which is proof of this company’s illegal status.

Where Does the Broker Operate? – Countries Of Service

The domain of the company entered the GoDaddy WHOIS database on the 18th of November, 2022. Since then, the company has been placing ads all over the internet.

There are two countries that are the main targets of the TradeMarketsPro scam. These are:

• Australia and
• Sweden.

The broker is also targeting other areas, but not as much. Wherever you reside, be vigilant and stay away from fraudsters.

Trading Software Comparison

Now that we’re clear on where let’s see how. How does TradeMarketsPro conduct its fraud?

The company uses only one trading platform, and it’s the most basic WebTrader. You can review assets, place pending orders, or execute your trade immediately and see several charts. Nothing special and nothing advanced.

With a WebTrader, you depend on the internet connection and the speed of your browser. This is why most legit brokers offer third-party solutions, such as MT4, MT5, or cTrader. With each of these, you have many more features. In addition, you can use them through a desktop or a mobile app.

What Financial Instruments Can You Trade?

This brokerage gives access to five asset classes, those being:

• Currency pairs – EUR/USD, GBP/NOK, AUD/SEK
• Commodities – gold, silver, crude oil
• Indices – AU200, BE20, NASDAQ
• Shares – Amazon, Apple, Google
• Cryptocurrencies – BTC, BCH, USDT

Since crypto CFD trading was banned in the UK in 2021, this is yet another proof that the company cannot offer legal trading services in the country.

Leverage, Spreads, and Fees

The leverage is nowhere to be found, while the company advertises different discounts on swaps and commissions. However, they don’t specify the initial amount you will have to pay. All in all, it seems as if you need to invest first, then find out about trading expenses.

Account Types Offered by TradeMarketsPro

Customers can choose from one of the four account types this brokerage offers. These are:

· Basic – $250

· Gold – $25,000

· Platinum – $100,000

· VIP – $500,000

Each higher account brings in more margin loans, sessions with a market analyst, swap discounts, and more assistance from the company side. However, it’s not remotely enough to justify paying money to an unlicensed scheme broker.

Can a Trader Use a Demo Account?

Another thing we’re missing is the TradeMarketsPro Demo account. You cannot use the free trial because you’d understand how lousy the offer is.

While the brokerage promises user-friendly, flexible, and secure trading, you have no safety of any kind. If something goes wrong, you cannot file a dispute with the regulator or get reimbursed from a compensation fund.

Are Legal Documents Really Legal?

There’s not much information in the Terms and Conditions, while the Privacy Policy is even more obscure. You can find some basic things about trading, presumably taken from similar scam sites, such as Bitchain.

However, you won’t find anything about legal jurisdiction, the owner you can name in a lawsuit, or similar. As a matter of fact, such legal documents without any legal points further prove that TradeMarketsPro cannot be trusted.

What Should I Do If I Was Scammed by TradeMarketsPro?

If TradeMarketsPro scammed you, it’s crucial to start legal action immediately. You must request a chargeback or any other type of fund recovery.

Since this company didn’t list available payment options, we advise you to consult with professionals. We’ve been working on fund recovery for years and have assisted numerous clients so far. Therefore, don’t hesitate to book a free consultation and share your story!