Tradereview Review – A Clever Scam Designed To Fool You
The fraudulent broker known as Tradereview is about to get reviewed by the Tradereview Review. We’re dealing with a crafty, multilayered scheme here so watch out. The website was put together to look stylish but beyond that facade, there’s an evil scam lurking. We will analyze what Tradereview has to offer as well as key facts about it.
|Broker status:||Unregulated Broker|
|Regulated by:||Unlicensed Scam Brokerage|
|Blacklisted as a Scam by:||OSC, IOSCO|
|Owned by:||GLOBALTEERS LTD|
|Headquarters Country:||Marshall Islands|
|Types of Assets:||Forex, Indices, Metals, Energies, Futures, Shares|
|Free Demo Account:||No|
|Accepts US clients:||Yes|
Can I Trust The Forex Broker Tradereview?
According to the broker’s website, Tradereview says its owner company is called Globalteers Ltd, based in the Marshall Islands. Then we are treated with this in the “About Us” section – “Based out of one of Europe’s largest financial hubs.” Wait, what?! Which financial hub is it? What does Europe have to do with the Marshall Islands? This probably left you scratching your head like us.
The Marshall Islands is known as being home to numerous scams and offshore providers. So much for any license. Also, this fraudulent broker was blacklisted by the Ontario Securities Commission (OSC) and the Madrid-based International Organization of Securities Commissions (IOSCO).
Why Is Trading On a Licensed Broker’s Platform Preferable?
That ought to be enough evidence to convince you not to trust the trickster. Please note that for a broker to be reliable and legitimate, it has to possess a license issued by renowned regulators such as the FCA, ASIC, CySEC, BaFin, etc. Tradereview hasn’t got that, hence why it is risky.
So Is Tradereview a Decent Broker or a Scam?
While it may look legit, this scam can be busted like any other by analyzing the broker’s offer, account types, platforms and regulatory status.
What Platform Does Tradereview Provide Access To? – Software Functionality
Tradereview claims to offer three platforms and a guide for one of them – the WebTrader. How convenient, a little something for everyone. It seems a little too good to be true, right? Let’s take a closer look at each of these platforms.
As you could have imagined, WebTrader is nothing special. It lacks any advanced tools you might need for trading. It’s nowhere near being the “most powerful and convenient trading platform,” as our phony broker has put it. Also, this particular platform was devoid of trading options. The only thing you can do is make a deposit.
Platform For Desktop
In this section on the website, we get three paragraphs that basically say the same thing, “best trading platform,” blah, blah, blah. Tradereview even goes a step further and claims you get the “ability to customize charts using chart studies and indicators.” The threat arises when you try to download it. You’ll be told that the installation file lacks proper publisher information.
Platform For Mobile
The mobile platform is probably a mix of both the WebTrader and the Desktop platform, i. e. the negative sides. There’s nothing here worth mentioning. The scammer wants you to pay, it doesn’t care about giving you a valid platform.
AnyDesk and TeamViewer
This is where Tradereview takes the scam to a whole new level. You get told to download the AnyDesk and TeamViewer apps. While there’s nothing wrong with these apps per se, they can easily be utilized by the trickster to get to your personal data on your device. The fraudster will probably use sweet talk to persuade you to install the apps.
Tradereview Accounts Overview
You get to choose from three account types – Silver, Gold and Platinum. Each offers higher leverage than the last. What’s strange is that the minimum deposits for each account were not disclosed. Ladies and gentlemen, there’s your red flag.
There’s a real account, but no demo account?! Really?! Here the scam broker requires you to submit your personal documents. It also gives instructions about credit card and wire transfer payments.
Does The Broker Offer A Demo Version?
As we’ve already said, there’s no demo account. A legitimate broker would always include one. So much for trying to appear credible. However, we encountered a promo code but more on that later.
The Tradereview Affiliate Programs
Essentially, the affiliate program was just put there to make it seem like you’re dealing with a serious business. You’re promised prompt payments, regular incentives and marketing tools. However, nobody guarantees you these benefits.
Tradereview – Countries Of Service
The scammer operates in the US, UK, Poland and Canada. It also provided phone numbers for Ireland and Switzerland. Yet, it was blacklisted by the OSC, which is located in Canada. Not looking good for Tradereview. Then we have the promo code. The fraudulent broker probably sends this to people it deems perfect victims, which may mark them as such if they use it.
What Is Known About Tradereview’s Trading Conditions?
From what we gathered, the leverage ranges from 1:200 to 1:400. These levels are extremely high and could result in great losses, hence why most regulators limited leverage to 1:30 (UK, EU) and 1:50 (US) for retail clients. Spreads can be discerned from the web trading platform. It exceeds 2 pips, quite unfavorable and unprofitable.
Tradereview Minimum Deposit, Withdrawal Terms and Fees
As previously mentioned, Tradereview failed to reveal the minimum deposit. Payment methods include Visa/MasterCard and bank transfers. The minimum withdrawal amount is $50 and of course, the policy regarding it is riddled with ambiguous clauses. The broker says it doesn’t charge fees at all.
Scammed by Tradereview Broker? – Let Us Hear Your Story
The bad thing is that you’ve been scammed and it sucks. We can report the scammer for you to make you feel better. The good thing, however, is that you can get your money back. All you have to do is request either a chargeback or a recall.
But What Is A Chargeback And A Recall?
If you deposited money via credit/debit card, then you can request a chargeback. Simply visit the issuing bank within 540 days. A recall is basically a reversal of wire transfers. Your chances here are pretty slim since the recall cannot be performed if the transaction has been completed. That’s why it’s important to act quickly!
What Is Tradereview?
Tradereview claims to be a financial market provider based in the Marshall Islands.
Is Tradereview a Scam Broker?
Tradereview is a scam broker because it is unregulated and blacklisted by the OSC and the IOSOC.
Is Tradereview Available in the United States or the UK?
Tradereview is available both in the United States and the United Kingdom.
Does Tradereview Offer a Demo Account?
Tradereview does not offer a demo account on its official website.