Tradebaionics is an illegal, unregulated business that is elusive with its legal papers and fails to offer its customers a satisfying trading experience.
We cannot suggest trading with Tradebaionics in any manner due to their extremely high leverage levels and inadequate platform.
The Tradebaionics website is full of contradictions and inconsistencies. The broker hasn’t supplied any vital information about their identity or place of regulation. This in itself is enough indicator that you’re dealing with a bogus scheme.
Tradebaionics is not the brokerage they claim to be, it is not a safe trading platform, and it will most likely disappear after they extort the money. Before depositing with the company, you should read the following review.
|Address||60 Queen Victoria St, London EC4N 4TZ, United Kingdom|
Tradebaionics Reliability: Regulation and Security
Tradebaionics is an unauthorized company and an illegal Forex broker. The broker’s website only offers vague statements about their regulations.
There are countless regulatory jurisdictions, and each has its regulations. Simply stating that your business has a license is meaningless.
To qualify as a legal brokerage, Tradebaionics must provide a license number and the name of the regulator in charge. Since the firm failed to do so but only suggested being a licensed financial services provider, it’s clear that you should stay away.
It is preferable to trade with a registered brokerage than naively relying on a company like Tradebaionics!
We will mention regulatory warnings to conclude the story about this broker’s legitimacy. This platform has been blacklisted by the Italian regulator CONSOB.
Overview of Tradebaionics’s Trading Platform
Tradebaionic claims to have well-known platforms like MetaTrader4 and MetaTrader5. However, investors cannot access any of those.
Upon registering an account, the brokerage will provide you with a simple WebTrader. Advertising MetaTrader is an excellent marketing strategy to get you to make investments; we will give them that.
These two platforms can never be compared. Each MetaTrader has specialized trading tools that let you evaluate assets, place deals, and view trading history for a better trading experience.
This platform is beneficial and packed with features like Expert Advisors, the opportunity to build up customized signals, and options for trying out methods in a demo account.
On the other hand, the WebTrader you’re given has basic functions such as market overview and trading history.
Trading Account Available at Tradebaionics
Tradebaionics claims to have provided traders with seven different account options. The account types are:
- Bronze – 10,000 EUR
- Silver – 25,000 EUR
- Gold – 50,000 EUR
- Platinum – 100,000 EUR
- Diamond – 250,000 EUR
- Premium – 500,000 EUR
- VIP – 1,000,000 EUR
This broker also provides an option for an Islamic Account.
The main difference among accounts is educational materials, the account manager’s seniority, and several risk-free trades. Of course, besides the minimum deposit amount.
Deposit and Withdraw Methods For Tradebaionics
On the website, Tradebaionics does not provide payment options. However, as stated in the website’s Terms and Conditions, clients can deposit using:
- Credit or Debit Card
- Bank Transfer
On the other hand, a website malfunction prevents users from depositing funds in the client area; hence you ought to wait for a call from the broker employees.
Tradebaionics Brokers Offers Bonuses
The company provides welcome bonuses and first deposit incentives to encourage new traders to sign up for the trading platform. These incentives are thought to have been redeemed following the initial payment into your account.
Many shady brokers provide bonuses to keep their clients’ money under control and prevent withdrawals. Often, these bonuses are tied to the narrow turnover criteria the broker makes its clients meet before they can access their money.
Remember that bonuses are not permitted anywhere in Australia or Europe, despite frequent offers from scam brokers.
How They Trick People Into Their Scams
The Tradebaionics scam begins with an internet advertisement that claims opening an account with a broker would give you instant access to enormous wealth.
You then hear of successful traders who have achieved incredible profits through trading and promise success if you follow their mentor. As a result, you cave in and provide the unscrupulous broker with your contact information.
After that, you’ll start receiving plenty of telemarketer calls and emails requesting you to deposit money. You comply, and at first, things could seem to be going well, and you are generating a reasonable profit. The only issue is that you have to keep investing.
However, when you want to withdraw, you may start encountering further difficulties, such as fraudulent fees, unknown processes, or ambiguous Terms and Conditions provisions. When you first notice a problem, the fraudster would already be gone and have your money in their hands.
Recommended Forex Brokers
The Forex market is the most actively traded financial market worldwide, with trillions of dollars traded daily. However, if you’re looking to achieve any success, you can do it by working with legitimate, Tier1 licensed brokers.
Listed below are the most recommended Forex brokers under the Tier1 umbrella.
|FXTM Broker||Mauritius, UK, Cyprus||4.5||$5-$10||Forextime.com|
|OctaFX Broker||Cyprus, SVG||4.4||$100||Octafx.com|
|FP Markets Broker||Australia, Cyprus, SVG||4.7||$100||Fpmarkets.com|
|XM Broker||Cyprus, Australia, Belize||4.7||$5||Xm.com|
|HFM HF Markets Broker||Cyprus, SVG, South Africa, Kenta, UK, UAE||4.3||$5||Hfm.com|
|FBS Broker||Cyprus, Australia, South Africa, Belize||4.85||$1-$10||Fbs.com|
If you were considering trading with a Tradebaionics broker, this one, among other reviews, gave you plenty of reasons to give up on the thought. Despite false claims, the firm is not licensed and hides in an unknown location.
Furthermore, the offered trading conditions are unregulated, increasing your chances of losing funds and making risk management a challenge.
We always advise investors to engage with licensed trading firms, preferably those regulated by ASIC, FCA, BaFin, or other Tier1 regulators. If you have been scammed by a bogus brokerage, do not hesitate to report it!
FAQs About TradeBaionics Broker
What Is The TradeBaionics Minimum Deposit Amount?
The website mentions 3 different initial deposits, ranging from $250 to $10,000, which is not a small difference.
What Are The Trading Instruments Available at TradeBaionics?
Tradebaionics customers can trade in the most popular markets, including Forex, commodities, indices, shares, and cryptocurrencies.
What Account Types Does TradeBaionics Offer?
The broker offers 7 different account types, those being: Bronze, Silver, Gold, Platinum, Diamond, Premium, and VIP.