Target Trading Review: Reasons You Must Avoid This Broker
Target Trading review will show you how dangerous it can be to invest in an unregulated trading company. This is a scam broker for sure because we have found a lot of untrue and contradictory information on its website. We have written about many financial swindlers, but this is a next-level fraud.
With just a couple of months in the business, Target Trading already “earned” a lot of user complaints. Just like any other shady business, this trading company is falsely calling itself a credible firm that has more than 1 million users around the globe. That would be a great success for a couple of months old business, wouldn’t it?
Target Trading Regulation and Funds Security
Target Trading claims to have its headquarters in the Netherlands, an EU country with stringent demands in terms of financial providers. AMF, the official regulator, oversees all the Forex and CFD brokers and approves their licenses.
In the Netherlands, all FX brokerage firms fall into the hands of the Autoriteit Financielle Markten (AFM), the main regulator there. As you might expect, Target Trading is in no way registered with the AFM.
And if by some miracle, the firm was able to register in the Netherlands, we assure you that it is just a matter of time until it gets busted. They aren’t providing financial services legally.
It means that it onboards customers without legal approval and any compensation fund. In case of issues, you will not be able to contact the Financial Ombudsman or turn to any government institution for help.
Finally, as an allegedly EU-based firm, the company would need to follow ESMA rules regarding leverage caps. Namely, the European Securities and Markets Authority imposed a leverage limit of 1:30 for retail traders due to high risks. On the other side, Target Trading offers up to 1:200.
If these fraudsters manage to scam you, you shouldn’t feel ashamed. However, make sure to spread the word about their scheme, so they wouldn’t be able to scam other innocent people.
Trading Platform Supported Overview
We weren’t able to access the platform, since it states that the company needed to verify us. Most brokers have in place some sort of AML procedure. However, they also have demo accounts available, so their clients can judge whether the platform offered is suitable for their individual needs.
On the other hand, the verification process with Target Trading also required paying the broker the minimum deposit. Of course, no legitimate firm would have such a requirement in place as part of its KYC policies.
As for the trading platform itself, it is advertised as a web-based platform. Look for trading companies that use trading platforms like MetaTrader 4 and MetaTrader 5. The MetaTrader 4 platform meets the highest security standards. Data exchange between the client terminal and the platform servers is encrypted.
The fifth generation of the MetaTrader platforms, MetaTrader 5 offers increased functionalities and features from its predecessor and quickly became one of the most popular trading platforms by online foreign exchange traders and brokerage services around the world.
Funding Methods Available at Target Trading
In the user area, we are given the following payment methods: credit cards, debit cards, wire transfers, and crypto-wallets. However, the crypto wallet payment leads to an error page, while the others gateways say that our request is being processed. So, there was no way to get further info, and the one we do have is vague. It takes a real scammer broker to screw up its payment area.
Their minimum deposit is a whopping amount of €5000. That is an absurdly high amount. Legitimate companies rarely need more than $10 to open a micro account, on the other hand. Why would anyone risk that much money dealing with an unregulated entity?
Account Types Offered at Target Trading
Let’s review Target Trading account types and see how unfavorable they are.
- Green – 5,000 EUR
- Premium – 10,000 EUR
- Platinum – 50,000 EUR
- Business – 100,000 EUR
- Executive – 250,000 EUR
Besides excessive amounts of money, leverage is unregulated, spreads are high, and the company offers up to 25% bonuses which will probably be held against you if you decide to withdraw your money.
How the Scam Is Undertaken
Fraudsters are always looking for new ways to scam consumers. Copying other, legitimate business is one of the new tactics. These scammers may cold-call you, but they may also contact you via email, or social media, or you may receive calls after submitting your details online. That’s why we always tell you not to leave any information on their website.
Fake companies offer investments in products such as bonds, shares, FX, and cryptocurrency that are non-tradable, worthless, overpriced, or even non-existent. They are ready to do anything to convince you to invest in them. If something looks “too good”, it probably isn’t.
We can help you with choosing a reliable trading provider that won’t steal your money and disappear overnight.
Suggested Forex Brokers
With a lot of trading firms, it is hard to choose one. Especially when you are not sure whether they provide services, or they just claim to do so. That’s why we have done the research for you and listed some of the best Forex brokers. They have a lot of positive reviews tied up to their business, with a good reason.
Contact them, and start trading safely.
|FXTM Broker||Cyprus, UK, Mauritius||4.5||$10||Forextime.Com|
|OctaFX Broker||Cyprus, SVG||4.4||$100||OctaFX.Com|
|FP Markets Broker||Australia, Cyprus||4.7||$100||FpMarkets.Com|
|XM Broker||Cyprus, Belize, Australia||4.7||$5||XM.Com|
|HFM HF Markets Broker||Cyprus, UK, South Africa, UAE, Kenya||4.3||$5||Hfm.Com|
|FBS Broker||Cyprus, Belize, Marshall Islands||4.85||$100||Fbs.Com|
Target Trading Summary
Target Trading is an unregulated broker. They claim they are located in the Netherlands, but the AMF’s register doesn’t recognize the name of Target Trading. This doesn’t help with their credibility.
Their leverage is 1:200, which is about 4 times higher than any regulator allows. The minimum deposit is absurdly high, and we weren’t able to access their trading platform. They are unregulated and you should stay away.
FAQs About Target Trading Broker
What Is The Minimum Deposit at Target Trading?
The minimum deposit is 5,000 EUR. That is ridiculous. You can open an account at some legitimate broker and start trading for as little as $5.
Is Target Trading Offer a Demo Account?
There are no demo accounts available either and the platform offered by the broker is only available to clients who pay its insane entry costs.
What Instruments Can I Trade with Target Trading?
With Target Trading, you can trade currency pairs, commodities, shares, and indices.