Trytrade Review – What Makes This Broker Suspicious

Trytrade broker has allegedly offices in 3 different countries. But what surprises us is that the broker doesn’t share any ownership information. Even though they are operating from the strictest trading regulated countries, something is missing.

All potential risks of investing with Trytrade trading company are revealed. To find out what can cost you the most, read this Trytrade review carefully.

Also, remember the names of the Dripcoin, StellarFX and CMTPRO trading scams and avoid them at all costs! Moreover, always check the background of online trading companies before investing!

Trytrade Unlicensed And Risky Brokerage?

Three countries where Trytrade broker has offices are UK, Switzerland and Luxembourg. Even though Luxembourg has one of the highest living standards they are not popular for trading business. Therefore, we will take a look at Finma and FCA registers. But without a doubt, Trytrade company doesn’t have any licenses to provide trading services.

Trytrade is Unregulated Europe-based  broker. Non-transparent trading conditions. Only web trader available. Extremely high minimum deposit requirement without credibility.

Additionally, some other Tier 1 regulators besides FCA never authorized this broker for trading services. To be precise, we are talking about BaFin and ASIC. This means that traders don’t have any fund protection measures available. Not to mention compensation funds.

Trading Platform and Other Apps on Trytrade

In general, a trading platform plays a key role in choosing a broker. Of course, after the regulations. After all, once you realize that you don’t have any trusted third-party software, you know there is something shady. At least with non-licensed brokers like Trytrade.

This broker provides proprietary web trader that doesn’t even fit beginner traders. Besides its easy navigation, there is nothing much more to provide. Traders don’t have the option to use social trading or copy trading features, but also automated trading options.

Therefore, looking for a licensed broker with Meta Trader or cTrader already looks like a good choice.

Trytrade’s Trading Assets and Instruments

As expected, this scam broker offers most of the major trading classes. Traders can choose between:

• Forex                     EUR/HKD, HKD/SGD, AUD/NZD
• Commodities            gold, platinum, silver
• Indices                      FTSE 100, Dow Jones, DAX 30
• Shares                      Microsoft, Google, Facebook
• Cryptocurrencies       BTC, ADA, XRM

But whatever assets they offer, they don’t have the authorization to provide such services. Moreover, trading conditions for those are missing. Which makes this whole business even more suspicious.

Trytrade Countries Of Service

The countries where Trytrade broker mainly operates are ones with strict regulations. But we could already see that they don’t care much about those.

Especially if you read Trytrader reviews you can find a pattern. They are mostly scamming traders from:

• United Kingdom
• Australia
• Luxembourg
• United States

Trytrade List of Account Types 

Trytrade account types are another suspicious matter. They offer 6 different options:

• Bronze          $2.500
• Silver            $10.000
• Gold             $25.000
• Platinum       $50.000
• Diamond       $100.000
• VIP               $500.000

What makes it unattractive as the offer is leverage above the maximum allowed according to ESMA. Also, a welcome bonus that is widely banned. So, if you don’t lose money due to high volatility, high leverage and lack of negative balance protection, you will be due to a bogus scam. That’s why these shady brokers have bonuses with malicious clauses. That trades mostly oversee.

Can a Trader Use a Demo Account?

Unfortunately, Trytrade scam broker doesn’t provide any risk-free solution. Many licensed brokers nowadays offer at least micro accounts.

But many of those offers as well a demo account. However, that’s not the case with this company.

Terms of Service for Trytrade

As with many other scam brokers, the most problematic part is withdrawal. First, we need to understand the benefits and downsides of some funding methods. The broker only accepts following:

• Debit/Credit cards
• Wire transfers

Even though minimum deposit for a bronze account is $2.500, the broker will accept as well $250 for any account type. That tells you that their goal is just to convert you as the client.

Moreover, the broker claims that all fees must be paid prior to any service. Therefore, before you request a withdrawal you must pay all the fees. Which are not disclosed by this broker. In addition to that, they have a bonus policy that requires a 25 times bigger trading volume ( award amount + deposits) before you can make a withdrawal.

Leverage, Spreads and Fees

As the broker that trades in Europe, they should comply with some rules. We already saw that this scam broker avoids many. The same is with leverage of up to 1:100. Important to realize is that ESMA (European Securities and Markets Authority) allows a maximum of 1:30.

Even though the spread on the platform starts from 0.1 pips that are still questionable. Since this broker is not regulated. Additionally, their fees are explained in the T&Cs section, but none of the percentages are disclosed. That means you can expect anything.

Scammed by a Trytrade Broker? – We Want To Hear Your Story.

You are not the first or last person that got scammed by this trading company. However, it’s important to share your experience with other traders. This way you can raise awareness about these brokers’ scamming activities. Which leads to institutions and regulators issuing warnings.

Since they are not licenses, the only way to get away from these guys is a chargeback. Our specialized fund recovery team is there to advise you on any steps that you want to make.

What Is the Chargeback Procedure?

Trytrade broker accepts mostly card payments. This is a very positive thing, because only on those you can file a chargeback request. Once you provide proof of scamming activity you can make such transaction reversed. But only in the first 540 days.

Not to break your head thinking about what to do, you can contact us for a consultation. Don’t let these swindlers get away with your money. Get in touch today.