TraderMinds Review – Blacklisted For a Reason
TraderMinds Review – Blacklisted For a Reason

Whenever you’re faced with an irresistible offer, you have to stop and think twice. How true do you think it could be for an anonymous, potentially offshore, and unregulated broker to help you earn millions? Besides the unrealistic once-in-a-lifetime offer, TraderMinds was actually blacklisted just recently. Two major regulatory houses – FMA and CBR have labeled this dastardly scheme as unlicensed to provide any investment services and incompetent to engage in trading securities. 

Warnings were probably the key factor that eventually led to the TraderMinds demise. The unscrupulous website went dark and is now unable to scam any more retail traders. But their anonymous parent company probably still stands. That’s why it’s so important to read our TraderMinds review and be prepared if their scam agents attempt to recruit you.

Broker status:Unregulated Forex Scam
Regulated by:No regulation
Blacklisted as a Scam by:FMA, CBR
Owned by:TraderMinds
Headquarters Country:UK (alleged)
Foundation year:2019
Supported Platforms:Web based
Minimum Deposit:$10 000
Cryptocurrencies:Yes (BTC, BCH, USDT, LTC, XRP, ADA)
Types of Assets:Forex, Commodities, Crypto, Metals, Energies
Maximum Leverage:1:500
Free Demo Account:Not available
Accepts US clients:No

Is TraderMinds a Scam Broker?

The first step in our routine was starting with the broker’s location and consulting their jurisdictional supervisor if the firm in question is regulated or not. Since TraderMinds claims to be operating from the UK, we first went to get information from the leading regulator in the country – Financial Conduct Authority. And let us just tell you: we weren’t happy with the search results. TraderMinds doesn’t appear in the list of entities authorized by FCA. 

There was no other way to determine this broker’s legitimacy but by going through the registers of Tier 1 regulators. And while CySEC, BaFin, NFA, CONSOB and CNMV have no data on TraderMinds, FMA and CBR have published official alerts against them. That right there is your best proof of a broker being illicit and most probably fraudulent. 

No matter the warnings, TraderMinds kept selling their products and services to a wide range of countries and customers. The lack of license meant this company wasn’t a promising prospect with capable leadership and considerable capital. 

TraderMinds also breached every risk-controlling rule of Tier 1 regulators that forced the leverage restriction to 1:30. The questionable platform boldly offered leverage of 1:400 and no negative balance protection. Of course such a scheme would want you to lose funds as quickly as possible – it’s their way to earn. And that was very much doable with the access to the Financial Ombudsman and the compensation plans. 

In the end, the fake data and lack of transparency in conducted money transfers makes TraderMinds an untrustworthy and utterly dangerous money laundering platform. 

Warnings Issued by Financial Authorities 

Being blacklisted by a reputable financial authority has several implications. The first one refers to the broker not having a license to offer the financial products and services. The other pertains to the high chance of the broker performing unsupervised transactions and defrauding customers in the process. 

That is exactly what the two warnings against TraderMinds say. The situation is dangerously similar to a scam we’ve previously reviewed – FXGlory. Here are the links to the warnings, so make sure you read them thoroughly, as no one will inform you more honestly than a government institution:

The Opinions of Traders About TraderMinds 

Being aggressively positive, the TraderMinds reviews present at TrustPilot have worried us. We suspect most of them to be fake, as this isn’t an unusual occurrence. Con artists display different methods used for attracting customers. And excessively positive reviews are just one piece of the strategy. 

However, we’d like to direct your attention to the negative ones, they seem to be far more truthful when discussing a blacklisted broker:

I have 2173$ in my account with Traderminds….recently while i’m trying to trade it keeps giving me (account disabled) everytime i try to log in!..their website is not working from my device and they are not answering any of my emails that i sent to their complaints email address

They’re a SCAM!!!!!! They start with a small deposit. After a bit of profit they try to talk you up how good and safe investment it is. All they want more money, once you want to withdraw your money is never happen.

TraderMinds Platforms – A Software Comparison

Nothing astonishing and out of the ordinary is a good description of a mediocre trading platform at TraderMinds. To protect their fishy trading environment, they’ve prevented any trading attempted prior to depositing. Titan CFD has a somewhat familiar software to this one, and we’re not in the least delighted by its questionable functionality.

Even though we weren’t able to place trades, it was evident how the distribution functions. Such lack of advanced features and tools is characteristic for an abundance of shady platforms enforced by fraudsters. Due to them being subject to recurring data manipulation, they build an unreliable and highly unsafe trading environment. 

What Financial Instruments Does The Platform Include?

TraderMinds offers several specific tradable instruments groups. Financial instruments at TraderMinds are only the most common and most often traded assets. These are just a pinch of what you can usually find on a reputable brokerage website.

The broker claims to have over 300 of them provided, which isn’t too bad. But there’s better brokers with far bigger offers and we suspect this one to be true anyway. Either way, you can see for yourself: 

  • Commodities (Coffee, Sugar, Wheat, Soybean, Corn, Cotton)
  • Energies (Natural Gas, Crude Oil)
  • Metals (Copper, Silver, Gold)
  • Crypto (BTC, BCH, ADA, DOT, DOGE, XRP, LUNA)

TraderMinds Countries Of Service

As expected, TraderMinds has scammed the biggest number of victims in the countries where the authorities have warned the public about this cyber criminal. Next are the areas where they supposedly operate from. The data shows just the kind of pattern we anticipated. These are the countries most hit by the TraderMinds unscrupulous activities:

  • Switzerland
  • Austria
  • United Kingdom

Account Options Offered by TraderMinds

In a quick comparison to a reputable brokerage website, you’d quickly realize how little TraderMinds has to offer. Where you expected to see a variety of accounts tailored for every investor’s needs, you’d find nothing. It seems like the site has but one and the same package for all customers. And it’s no exaggeration to say it’s absurdly overpriced. You’re required to send at least $10 000 down the drain to become privileged enough to get a live trading account here. 

Can a Trader Use a Demo Account?

TraderMinds has just too much to hide, so they’re highly reluctant to allow snooping around from a Demo account. Even if a Demo account was available, we don’t see a single reason why anyone would want to invest here. 

As we’ve previously revealed, the offer is shady, the security is miserable and the attempts to deceive you are constant. The Demo account would only make it worse. Scammers commonly use the artificial structure of the Demo environment to present more unrealistic conditions and push you into quicker investing. 

Terms of Service for TraderMinds 

What exactly says in the legal docs should be the first of your concerns. Namely, these contain information the broker would not so easily disclose otherwise. By that we mean the real trading costs, possible malicious bonus clauses and other details that could send you to bankruptcy. 

In reference to that, we’ve found that TraderMinds does allow deposit bonuses and actually uses them as a trap. If you accept a starting bonus amount, it is added to your total account balance. However, you cannot successfully perform a single withdrawal until you reach the trading volume requirement that comes with the bonus. 

TraderMinds demands you make a turnover of at least 1 whole standard lot for every $ bonus before you can apply for a withdrawal. One standard lot contains 100 000 units. So to claim a $10 bonus, you have to make a million dollars!

This and many other ruthless techniques are what TraderMinds uses to manipulate you and keep you in financial captivity. So always make sure you’ve thoroughly read these docs before you just unconditionally sign them.

Leverage, Spreads and Fees

TraderMinds doesn’t quite reveal any useful information on the trading costs. Even if they did, there’s a high probability it’s just fabrications made to delude customers. Regulated brokers are bound by the transparency rules and have to openly disclose such trading parameters. But not TraderMinds. 

When it comes to leverage, it reaches a maximum of 1:400. Such bizarre leverage is the fastest way to losing your entire capital. Because you increase exposure to the trading instrument, you also increase the levels of risks and gains. Novice traders could easily fall into this trap and go skint in a blink of an eye. 

Deposit Bonus

In order to prevent all your potential withdrawals, TraderMinds offers you a bonus. Obtaining it is fairly simple. All you need to do is open an account with the broker and claim your 100% additional cash. Although it may seem like a great advantage and a chance to earn bigger money, you shouldn’t fall for it. 

As described above, the added amount comes with a ruthless condition. Unless you reach the trading volume required, all your withdrawals will be automatically denied. Even if you were some kind of Forex magician or prodigy, such things are unachievable. They’re just serving the purpose of making the scammer rich. 

TraderMinds KYC verification

Know Your Customer/Know Your Client is an identity verification process. It isn’t strange for brokers to ask for such steps, as it’s crucial to know your client is who they claim to be. It’s of significant importance, especially when performing money transactions. But TraderMinds is a scammer. They only use this as a pretext for something far more devious. 

What we know for a fact is that swindlers often use KYC procedure to get ahold of your sensitive information for identity theft. Accessing your essential data can give them clearance to get their dirty hands on your bank accounts, savings and other things. 

Cons like TraderMinds are utterly anonymous. They reveal little to no details about themselves, yet they ask you to fully present them with all your personal data. Quite irrational and not in the least beneficial for traders, it is something no one should agree to do. 

Withdrawing Profits From Your Broker Account

TraderMinds completely ignores their obligation to be transparent about the payment methods and terms. Neither do they reveal what channels you can use to withdraw funds. But the existence of the malicious bonus clause has proven them to be an outrageous thief. This condition prevents any withdrawals easily. 

Since the condition itself is absolutely out of reach, so are your deposit and everything you’ve earned to that point. Based on that, TraderMinds can completely deny or just stall your withdrawal requests for an indefinite time.  

What can I do if I was scammed by TraderMinds?

Please do not sit around waiting for the scam to resolve by itself. It never does. The criminal will not repent and send your lost capital back to you. That’s why we implore you to act in haste and contact us for help. By getting in touch with us you can ensure free advice and assistance in starting a chargeback process. 

You can book your free consultation any hour and any day, as our fraud-fighting team works tirelessly to rid the markets of frauds. If you know anything about TraderMinds and would like to share it with us, we strongly encourage you to do so. Your experience can help us and other traders greatly. 

What Is TraderMinds?

This is an unregulated brokerage which was double blacklisted and now has their domain shut down.

Is TraderMinds a Regulated Broker?

No, as a matter of fact, they’re blacklisted by two major regulators – FMA and CBR.

Does TraderMinds Have a Referral Program?

Even if the broker offered such a program in the past, that information is now inaccessible. It wouldn’t be a surprise if they did, as it’s a famous method among scammers to get new users quicker.

Does TraderMinds Offer a Demo Account?

You can not use a Demo account to trade risk-free for a limited period of time. The amount you have to cash in is $10 000 if you want to trade at all at TraderMinds.


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