Trading Road Review: What We Know About This Platform
Trading Road, a Forex and CFD broker allegedly registered in Turkey and England, has come under scrutiny due to concerning practices and a lack of valid regulation. The platform claims to offer access to a wide range of financial instruments.
However, further investigation has revealed alarming red flags that should raise caution among potential traders. In our Trading Road Review, we delve into the details of this scam and emphasize the risks associated with trading on an unregulated platform.
|Regulated by:||No Regulation|
|Is This Company Safe?||No|
|Have Warnings from:||N/A|
|Registered in:||UK, Turkey|
|Trading Assets:||Forex, Indices, Commodities, Stocks, Bonds|
|Free Demo Account:||Available|
|How to Withdraw from This Company?||Since this company is unlikely to return your money – contact your bank, Financial Regulator, or simply Reach out to us for professional assistance in recovering your funds.|
Legal Info: Is the Trading Road Broker Legit?
Trading Road is a brokerage operated by Trading Road Limited, a company based in the United Kingdom. Although this entity is incorporated in the UK, it is not regulated, i.e. licensed to provide Forex trading services. We checked the register of the UK’s Financial Conduct Authority (FCA) but didn’t find Trading Road Limited.
Furthermore, the illicit broker claims to have an office in Istanbul, Turkyie. We thus opened the database of the Capital Markets Board of Turkiye, which regulated Forex trading in the country, and unsurprisingly, didn’t find the company there either. So TradingRoad is basically an illegal provider with no legit trading license.
Why Regulated Brokers Are Better Options
Whichever the case, unregulated brokers such as Trading Road and fxfair are terrible choices generally, which is why we don’t recommend you trade on these platforms, Instead, find a licensed provider that operates under renowned financial market authorities.
Top-tier regulators such as the FCA (UK), CFTC (US), ASIC (Australia), CySEC (Cyprus), FINMA (Switzerland), etc. require brokerage companies to possess a substantial minimum operating capital (i.g. 730,000 EUR or 1,000,000 AUD), offer clients negative balance protection, a segregated account, and even a compensation scheme (i.g. up to 20,000 EUR).
Who Are Trading Road’s Victims?
According to godaddy.com/whois, the Trading Road website was created on April 14, 2021. Since then, the financial swindler has mainly been offering unreliable Forex trading services to traders residing in the following countries:
It seems that Trading Road is interested in infiltrating some of the world’s most heavily regulated jurisdictions. But the scammer is inconsistent with some of the trading regulations in force in these countries.
For instance, Trading Road offers a maximum leverage cap of 1:100 whereas the legal limit in the UK is 1:30 and in the US 1:50 for retail clients. The fraudster cunningly claims to have offices in both the UK and Turkyie to deceive unsuspecting targets.
Losing money to cyber trading scams is a bummer. We are willing to help you recover your hard-earned funds.
It was pretty difficult to find a single review of Trading Road, meaning that the scam platform is not very popular, which is good news. This one negative review we found perfectly sums up the TradingRoad Scam and the whole point we’re trying to get across in our review.
Legit brokers never use a pushy approach with traders. We hope reviews like this will teach you how to detect scams such as orotrader and avoid them.
I won’t like to write this review, but they kept calling me crazily to persuade me into investing here. Just one word: this broker is 100% scammer, just stay away.
- WikiFX user, December 8, 2022.
Leverage, Commissions, Spreads, Fees and Taxes
The maximum leverage offered by Trading Road is 1:100. While leverage of 1:100 might be considered attractive for some traders, it is also important to note that high leverage levels can significantly increase the risk of potential losses.
Reputable financial jurisdictions often impose stricter leverage limits, typically ranging from 1:30 to 1:50, to protect retail traders from taking excessive risks.
Regarding the spreads, Trading Road’s spreads for the EUR/USD benchmark Forex currency pair, one of the most commonly traded pairs, is reported to be 1.1 pips, which is acceptable but the problem is that the broker didn’t disclose the commissions, if any. Hidden fees are your worst enemy, right after scam brokers.
Trading Platforms Available
Trading Road offers MetaTrader 4, arguably the most well-known trading platform in the industry. MT4 is known for its stability, reliability, and comprehensive set of tools for traders. It offers various features and functionalities that cater to both newbies and experienced traders.
Some of the key features of MT4 include a user-friendly interface, advanced charting tools, automated trading, live market reports, backtesting & strategy testing, etc.
The platform itself does not guarantee the legitimacy or reliability of the broker. As mentioned earlier, Trading Road lacks a legit trading license. Traders should carefully consider the risks associated with trading with an unregulated broker but it’s much better to avoid that scenario.
Having Trading Road withdrawal issues? We can help you recover your trapped funds.
Mobile Trading App
The Trading Road mobile app allows traders access to the mobile version of MT4. Although this version lacks some of the features of its desktop counterpart, it offers neat benefits such as much-needed flexibility and the possibility to trade on the go.
The mobile app can be downloaded for both Android and iOS systems. However, we must reiterate once more that the platform is unregulated and therefore, we don’t recommend it.
Available Trading Assets
Here’s a quick overview of the trading assets that the Trading Road platform offers:
- Forex currency pairs – EUR/USD, GBP/JPY, AUD/CAD…
- Indices – S&P 500, NIKKEI 225, NASDAQ 100…
- Commodities – gold, silver, crude oil, natural gas…
- Stocks – Apple, Tesla, Netflix…
- Crypto – BTC, ETH, USDT…
Trading Road offers promises a risk-free demos account. A demo account is always recommended when you first start trading. Do not risk real money if you’re a novice.
What’s even more important than a demo account is a trading license. The problems will start appearing once you decide to withdraw your actual real money if trading on an unregulated platform.
Trading Road Withdrawal Process
When it comes to deposit and withdrawal methods, there are various options to choose from:
- Credit/debit cards (MasterCard, Visa);
- Wire transfers;
- E-wallets (Skrill, Neteller, etc.);
Trading Road doesn’t mention a minimum deposit. The minimum withdrawal amount was not specified either, nor were the deposit or withdrawal fees. None of the key payment information was disclosed.
Funds deposited via MasterCard and Visa credit/debit cards can be refunded. This process is known as a chargeback and can be requested at the issuing bank within 540 days.
Trading Road claims to offer customer support through various channels to assist traders with their inquiries and concerns. The available customer support options include a phone number, email, live chat, and online messages.
The broker is also present on various social media platforms, including Twitter, Facebook, Instagram, YouTube, Telegram, and LinkedIn. These are the main channels for finding and updating clients.
What Should I Do In Case of Trading Road Issues
To recap, Trading Road is a duplicitous trading platform with no trading license. Active since 2021, the alleged UK-Turksih broker has mainly been offering Forex trading services to users from the US, the UK, India, Turkyie, and Canada.
We don’t recommend you trade on this platform simply because it’s unregulated. If you lost money to the Trading Road scam, book a free consultation with our team. We will gladly explain how the chargeback works and guide you through the process.
Book your consultation with us today and start the chargeback process.
What Is the Trading Road Broker?
Trading Road is an unregulated Forex platform claiming to have offices in the United Kingdom and Turkyie.
What Are The Accounts and Trade Conditions Of the Trading Road Broker?
Trading Road offers a single live trading account with a maximum leverage of 1:100 and spreads from 1.1 pip for the EUR/USD currency pair.
Is Trading Road Broker Regulated?
Trading Road is not a regulated broker, which is a red flag. If you got scammed by Trading Road, we can help you recover your funds.