TradaCoin fails to instill any sense of confidence. Our experience with the platform left us unimpressed and constantly reminded us that we were dealing with a deceitful firm.
Upon registering, we were surprised at how easily we were granted access to the platform. This truly raised suspicions about the broker’s legitimacy.
However, our access to certain areas of the user interface was restricted, requiring account verification to unlock. Despite multiple attempts, we were unable to access any trading details from the user area.
It’s disappointing to face yet another broker that appears to be a scam and should be avoided at all costs. Keep reading this TradaCoin review for more details.
License and Regulation of TradaCoin
TradaCoin is a broker that lacks transparency and is ultimately anonymous. There is no information available on the website that discloses any contact addresses. This is a major red flag, as it is impossible to determine who or what is behind this firm.
It’s important to note that anonymous brokers are unregulated. This means that there is no oversight or protection for investors. Investing in an unregulated entity is essentially throwing your money away. This is because there is no way to track where your funds are spent or who is in control of them.
The lack of legal information on TradaCoin’s website raises questions about the company’s intentions. Is it simply laziness or a deliberate attempt to avoid scrutiny? Perhaps TradaCoin believes that modern FX users are easily swayed and that presenting a fake story is unnecessary. This shows a concerning trend in how users interact with brokers, regardless of their legitimacy.
In any case, TradaCoin is a scam and completely unregulated. Investing in this platform would be a grave mistake. Don’t risk losing your money to scammers. It’s essential to rely on licensed brokers, such as those based in Europe, the UK, the US, or Australia, to ensure your investment is safe.
Trading Platform Available at TradaCoin
TradaCoin failed to provide us with any evidence of their trading software. When we attempted to access the software section of the user area, we were met with a block due to our lack of verification. But who in their right mind would provide a potentially fraudulent broker with such sensitive personal information? Not us, and we urge our readers to avoid doing so as well.
Despite the website’s claims of a robust trading terminal and its various versions, we were unable to find any direct access to it. This came as no shock to us, as TradaCoin’s lack of transparency was already evident in their other practices. It’s clear that this broker has no interest in providing a reliable trading platform.
Available Trading Instruments at TradaCoin
There is a lack of information regarding trading instruments. However, TradaCoin boasts impressively low spreads averaging at a mere 0.1 pips. This broker even claims that their spreads can potentially reach zero.
Although this may sound like a reason to rejoice, it is important to question how TradaCoin can offer zero commissions and still profit from your investments. In truth, the broker will use your funds to cover their costs. While it is wise to choose brokers with spreads below 1, it is not advisable to opt for zero spreads.
TradaCoin also offers a high leverage ratio of 1:500. However, it is essential to note that leverage is a double-edged sword. It can lead to massive gains, but also significant losses during market downturns. As a result, TradaCoin’s high leverage leaves people vulnerable to devastating losses if their predictions prove to be incorrect.
Deposit and Withdrawal Methods
TradaCoin’s payment policy is exclusively focused on accepting payments made with BTC and ETH. It is not surprising to see crypto as an accepted payment method since it has become increasingly popular in recent years. However, it is important to take precautions when dealing with online scammers like TradaCoin.
One significant disadvantage of using crypto is that it can hardly be traced, making it easier for scammers to get away with your money. Furthermore, it is challenging to see who the wallet belongs to, which makes it even harder to recover lost funds.
Yet, if you choose to pay with a more convenient payment method like a debit or credit card, you have the option to file a chargeback. This option gives you an additional layer of security and increases the likelihood of recovering stolen funds. Therefore, it is always advisable to take extra precautions when dealing with unregulated companies like TradaCoin.
Fraudulent Tactics Used by Offshore Brokers
Offshore brokers have been known to use fraudulent tactics to deceive their clients. These tactics include misleading advertising, false promises, and scams. Offshore brokers operate in countries with lenient regulations, making it easier for them to carry out fraudulent activities.
It is crucial to do proper research and due diligence before working with any offshore broker to avoid falling victim to these tactics. In short, it is important to stay vigilant and cautious when dealing with offshore brokers.
Top Forex Brokers
Are you on the lookout for the best forex brokers? Look no further because we have got you covered! We have assembled a list of top-notch brokers to help you make an informed decision.
|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|
The TradaCoin broker lacks transparency, and there is no information on the website about the broker’s regulations or headquarters. The website’s lack of legal data raises questions about the company’s intentions.
So, investing in such an unregulated entity could be a grave mistake. The broker failed to provide any evidence of their trading platform and did not provide details on the available trading instruments. The payment policy is exclusively focused on accepting payments made in BTC and ETH. It is critical to take precautions when dealing with online scammers like TradaCoin.
Is TradaCoin Regulated?
TradaCoin is not currently regulated by any financial regulatory authority.
What is The Minimum Deposit for TradaCoin?
The minimum deposit required to open an account with TradaCoin is unknown.
Is TradaCoin a Trustworthy Broker?
While TradaCoin claims to be a trustworthy broker, there is limited information available to support this claim.