MyTrademate Review: All The Possible Trading Issues Revealed
With MyTrademate company, everything looks like a fairy tale. They expect traders to believe they have 46 million clients since registration in August 2023. Not to mention, the company doesn’t have transparent ownership or license details.
In addition to that, the numbers and features presented on the company’s platform look quite unrealistic. But that’s just the beginning of the avalanche. To find out all other flaws, read our MyTrademate review carefully.
|Active Forex trading scam
|Financial Authorities Warnings
|Phone; e-mail; web form;
|If a withdrawal is possible
|If Active on Social Media:
|Zero transparency; missing regulations; operating in restricted areas;
Legal Info: Legitimate Firm or Swindler?
When the company claims to be in Europe, everything is easier. European Securities and Markets Authority has quite simple rules. Not only that. Every European regulator is quite on point, and they know what to look for. Therefore, we expected this firm to have FINMA regulations since they are based in Switzerland.
However, the FINMA database doesn’t hold any records of this company being licensed. But there’s another problem. The brokerage has multiple warnings, primarily from the Canadian ASC, which the CSA followed.
Inexperienced traders often look at reviews on platforms like Sitejabber. However, these might trick you if you don’t research the company in detail. For instance, on this platform, there are 16 comments, mainly positive. But without regulations and with multiple warnings, these are hardly true.
We will mention just a few of the issues you might see with this broker, such as non-existent fees, taxes on withdrawals, AML laws, and verification problems. If you are not sure about these, Canadian and Swiss traders are. Because they are scammed the most.
Is MyTrademate Platform Trusted?
Even though the company claims to offer Meta Trader 5, that’s not true. That’s just one of the numerous tricks they are using to attract traders into registration. On top of that, they claim to be offering automated trading features to entice more investors.
Yet, with the MyTrademate broker, you can only get access to the web-based platform. In fact, none of the advanced features or indicators are available. Not even iOS and Android mobile apps.
Can Traders Trust Instruments Information?
Another problem with the MyTrademate scam is the market data. With web traders, market information can be easily modified. Therefore, traders will believe fake prices and market movements, but also profit and loss information.
Anyway, traders can choose between main instrument classes, such as:
- Forex – USD/JPY, EUR/AUD
- Commodities – gold, crude oil
- Shares – Amazon, Tesla
- Cryptos – BTC, BNB
- Indices – DAX 30, FTSE 100
All The Deceiving Details of Account Types
In general, the MyTrademate platform offers fictive benefits that are available from the first moment with any licensed brokerage. Starting with sessions with analysts, monthly reports, customer support, alerts, guidance, and much more.
But all of these features are only available if you trust this company with an insane sum of money. This tells you they are not treating their clients equally. Anyway, traders get to choose how much money they want to lose. The options are:
- Entry – $5.000
- Bronze – $20.000
- Silver – $50.000
- Gold – $100.000
- Platinum – $250.000
- VIP – $500.000
Trading Conditions Another Rip-Off
Considering quite high minimum deposit requirement, it’s weird they don’t reveal any costs. All the fees and commissions remain unknown and open for modification. Of course, when it’s needed.
The only thing known is the leverage of up to 1:400. Yet, all European brokers and even ESMA allow brokerages to give a maximum of 1:30. Primarily due to the extreme risk involved in leveraged trading. To expand your knowledge about the trading world, we invite you to read our Take Profit Trader review.
Deposit And Withdrawal Options
If we trust this broker, they are trusted by numerous reputable partners, such as Visa, Master Card, Binance, PayPal and Crypto.com. However, that’s just a bald statement from a scam broker. None of these institutions have to do anything with them.
Neither of these options is available as the funding method. The company is only accepting bank transfers. Therefore, you can forget about the chargeback if anything goes wrong. Since a withdrawal policy doesn’t exist, you can forget about withdrawals as well. Not to mention that you can expect numerous non-existent withdrawal fees. Obviously, the company keeps that as a surprise.
Is MyTrademate Customer Support Reliable?
After warnings from regulators, you can’t trust anything about this brokerage. Most likely, the phone number is VOIP service without a traceability option. To get in touch with the company, you can also go through e-mail and web contact form.
But if you are looking for withdrawal assistance, be patient. Primarily because their working hours are not disclosed. For proper support features, check out our TopDogTrading review.
Automated Trading vs AI Tools
The main disadvantage of auto-trading bots is that you don’t know if they will fail. But if they fail once, your money is gone. On the other hand, AI features like AI Analysis Tool help traders make adequate decisions.
But still, the trader manages the money and sets up the parameters. Practically, the safest option out there. Especially if you are trading with licensed firms. Stop wasting time with scam brokers and open your eyes today!
How Can I Make Money While Trading Online?
Everyone thinks that automated systems can help them generate money. Yet, once they fail they blame the system and the company. But nobody gives proof the system works. Especially not unregulated firms whose goal is just to steal money.
Instead, you should choose trusted and licensed brokerages. Once you see what real security is you will forget about some unnecessary issues you had before. On top of that, you can explore alternative options. Such as AI Analysis Tool which can improve your results drastically. This tool helps traders develop knowledge and still make adequate decisions.
Forget about shady pressure and fairy tales about quick returns. Instead, start reading AI Analysis Tool results and market forecasts to gain the maximum out of trading. To see all the benefits of this amazing tool, get in touch with our team today!
What is MyTrademate?
MyTrademate is a scamming brokerage offering automated trading services since August 2023 allegedly from Switzerland.
Is MyTrademate Regulated?
Not at all. MyTrademate company doesn’t have a license in Switzerland. Not even in any other country. Instead, they have warnings from Canadian institutions ASC and CSA.
How to Withdraw Profits from MyTrademate Account?
Withdrawing funds from this company is the mission impossible. It’s suggested you apply for alternative refund methods as soon as possible.