TradeFCM Review: Stay Away from This Fraudulent Broker At All Costs
TradeFCM Review is another scam broker trying to pass as a legit thing. Looks can be very deceiving and the TradeFCM broker’s website is the true definition of that. Mainly, their website is truly fancy and it’s hard to believe they are just another investment scam.
TradeFCM is a UK-based trading company, allegedly, that has its office in Glasgow. You can trade with them in all five major fields and as we saw, they have been in business since 2016. However, since the UK left the European Union they should opt for the FCA license or TPR.
With all of this said, there is a lot to cover in this TradeFCM review, so sit back, relax, and read on to find out more about them.
|Regulation||Unregulated scam broker|
|Address||4578 Marmora Road, Glasgow D04 89GR|
TradeFCM License and Funds Security
As we have mentioned, TradeFCM is claiming to be based in the UK. But the thing is that any company that is UK-based can only gain trust by having an FCA license. However, TradeFCM didn’t think about it or they just didn’t care. So, not only that they don’t have an FCA license, but also failed to have any other Tier 1 license like BaFin or CONSOB.
Having a Tier 1 regulation would make a huge difference for any broker. But TradeFCM just continues with disappointment here. After all, everything leads to the fact that this is just another scam broker.
Even though they don’t have any Tier 1 regulation, it would be nice if they at least had any other sort of protection like negative balance protection or compensation fund. However, all that is missing.
On top of that, they don’t provide any ownership information, the only thing you can see is that their office is based in Glasgow. Since they provide a UK-based address, there should be a license but they lack the required regulations. After all, they don’t provide a trusted platform or any competitive trading conditions.
Brokers such as TradeFCM and XpresTrade all lie about having a regulation but in reality, they are unregulated offshore entities.
TradeFCM Trading Platform Overview
It’s not a surprise for us to see that many illicit brokers like to boast and claim that they offer the industry standards trading software MetaTrader4 and MetaTrader5. And TradeFCM trading company tried to do the same thing by misleading their traders to believe that they have a trusted platform.
However, once you want to check that page, it suddenly can’t be found. In other words, there is no MetaTrader 4 or 5 as they claim. So not only that it’s not MetaTrader, but it’s just a basic TradingView option with basic trading tools.
With this in mind, expect to miss out on features like algorithmic trading, social trading, and more. Instead, you should look for a Tier 1 regulated broker with a trusted platform like cTrader or Meta Trader.
Account Types Available at TradeFCM
When it comes to trading accounts, TradeFCM offers four different ones that only differ in the amount required from you to deposit and as well bonuses that they provide.
However, it’s important to realize that bonuses are banned by ESMA and any other EU regulators.
Nonetheless, those account types are:
- Mini – $1,000
- Standard – $2,000
- Gold – $5,000
- Professional – $10,000
Besides this Mini account requirement of $1,000, traders don’t have any other option to check this broker. This is a shamelessly high minimum requirement and on top of that, they couldn’t even provide a Demo account.
This just means that they will push you to open a real account so they can steal your money.
The payment methods that we could find mentions of were credit cards, debit cards, wire transfers, and E-wallets. All in all, that is not a bad offer but considering we only saw that on their website as a commercial, we can’t say for sure that they do offer them. So don’t be surprised if they ask you to deposit only via cryptos. It’s a common scam brokers tactic.
As for any hope of withdrawing information, we will have to disappoint. There is no withdrawal information at all. No fees, no processing times, no further conditions. We are not even sure that TradeFCM has included withdrawing as an option.
How the Scam Is Implemented
In case you are one of many people who are looking for ways to make money passively, be on high alert. These illicit brokers target people who may not have the necessary knowledge to invest in the financial markets themselves.
This makes them an easy target for the many online scammers posing as legitimate brokers. In case you ever come across some of those get-rich-fast ads and leave your personal information there, be sure, they will call and push you to invest.
Once this dishonest scam broker gets your money, it will disappear without a trace.
Don’t feel ashamed if you ever got scammed by these persuasive agents, after all, they are professional smooth-talkers who scam people for a living.
Be sure to reach out to us if you lost any of your funds as we can help you retrieve them.
In this TradeFCM review, we tried our best to present how this scam broker operates. They are allegedly based in the UK but they also follow no regulations and therefore offer no safety for trader’s funds. Not only are they unlicenced, but they falsely claim to be so by the UK’s FCA, which is a Tier1 regulator.
As for the minimum deposit, the requirement is set at $1000, which is just too high and never seen when working with a regulated firm.
The last thing we must mention is that this broker does not even offer a demo account for potential traders. Yet another red flag and the reason to avoid them.
FAQs About TradeFCM Broker
Is My Money Safe with TradeFCM?
No, your money will not be safe if you ever do decide to work with this scam broker.
Is TradeFCM a Regulated Broker?
No, TradeFCM is yet another unregulated broker that is trying so hard to look legit and lure in more clients.
What Is The TradeFCM Minimum Deposit Amount?
The minimum deposit amount with a TradeFCM scam broker is $1,000, which is too high, especially for beginners.