Is Target Trading a scam? They operate completely offshore and follow just enough regulations to give the appearance of legitimacy. However, our Target Trading review reveals that this broker should be avoided. It is a scam and poses a significant risk.
We were easily able to open an account but found a lackluster and unprofessional user interface that did not instill confidence. Sadly, this was not unexpected.
The real shock came when we discovered that no trading software was available, not on the user portal or website. This renders the advertised trading conditions meaningless.
|Headquarters||1314 CH Almere, Netherlands|
Security and Regulation at Target Trading
This fake company claims it is based in the Netherlands, but this is highly doubtful. The Netherlands, as a member of the EU, has strict market regulation administered by the AFM, which requires all firms operating on the Dutch markets to have a license.
There is no mention of a license from the AFM, so it is unlikely that Target Trading is a regulated company. Additionally, the advertised leverage of 1:50 exceeds the 1:30 limit set for EU retail clients.
It is more likely that this firm is located in one of the numerous offshore territories with lax regulations. This makes it easy for anyone to set up and operate with almost no oversight. Dealing with such a company is extremely hazardous and not recommended.
Trading Software Available at Target Trading
No trading platform was found on this site. This is sad but true. The so-called firm claims to offer a web trader.
Yet, there was no way to access it from the site or through the user area after opening an account. Keep in mind that it is more likely that the broker does not have a platform. It is misrepresenting its offerings on the website.
You should choose brokers that use MT5 trading software. MetaTrader 5 (MT5) is a widely used trading platform for FX and stock trading. Developed by MetaQuotes Software Corp, it’s the successor to the popular MetaTrader 4. Moreover, it offers a range of cool features for both beginner and professional traders.
Target Trading Deposit and Withdrawal Options
In the user area, the following payment methods were listed: cards, wire transfers, and cryptocurrency wallets. Still, the crypto wallet option led to an error page, and the other options only indicated that the request was being processed without providing further information. This vague and bogus payment process is a clear sign of a scam broker.
Withdrawals were stated to use the same methods as investments, mentioning withdrawal fees without specifying specific values. This lack of transparency and details about fees and commissions is another reason to avoid this scam.
Investing in this scam broker is a bad idea, as all funds are at risk of being lost and potentially stolen.
How Do Offshore Brokers Execute the Scam?
Scammers create fake broker websites to trick people into thinking they’ve invested money. If you give them your details, they’ll keep calling to convince you to let them handle your investments. However, you won’t make any profits.
Withdrawing money is often impossible, and the terms and conditions are confusing, with high minimum trading volumes and hidden addresses and names. They often operate through offshore firms and vanish into thin air once withdrawal conditions are met. You should know that scams can happen to anyone, so don’t be embarrassed to report them.
Note: You should be aware of one thing. Leverage is a double-edged sword that can amplify potential profits and increase potential losses in trading. It’s critical to know that there are many risks associated with it. This is the unwritten rule.
The Best Brokers for Forex
Take a look at the following table that we created for you. It has some details about the most reliable forex brokers in the industry. Make sure to take a look at them now!
|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
So, here comes the end of our Target Trading review. We had just one goal in mind: to save as many investors as possible from losing their funds. It is critical to avoid fake companies such as Target Trading. These bogus firms have many tricks to fool you.
They will trick you into losing time, money, and nerves. Please be cautious and choose to trade with a reputable financial company.
FAQs About Target Trading Broker
Is Target Trading Trustworthy Broker?
No. This broker is not trustworthy at all. It has all the characteristics of a trading scam.
Is my Money Safe with Target Trading?
Since this is a broker scam, your money is not safe with this company. Stay away from it.
How Long Does it Take to Withdraw From Target Trading?
It is uncertain how long it takes to withdraw your funds as nobody was able to do so.