TradeMulti is a unregulated, offshore forex and CFD broker offering several account types with a leverage of up to 1000:1 and the MetaTrader5 platform.
Trading instruments cover 28 currency pairs, and a couple of CFDs – on natural gas and 9 indices. And because a functioning Demo account was not available, we can not comment on their spreads.
Our biggest concern with the broker, however, is with their regulatory status, which we will discuss in the following paragraphs.
TradeMulti regulation & safety of funds
TradeMulti is owned and operate by Gaming Core Retail S.A., a company based on the Marshal Islands and not regulated by any official financial authority. In practice that makes all TradeMulti activities on regulated markets like the US, Australia the European Union or Japan completely illegal.
Further more you should have in mind that trading with unregulated brokers is associated with a significant risk of losing your money to scammers.
Brokers with legit licenses form respectable institutions like the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission (ASIC) or the Cyprus Securities and Exchange Commission (CySEC) on the other hand are reliable as they have to abide by a strict set of rules, among which to allow external audits, to file regular reports, to provide traders with a negative balance protection, to keep their money is a segregated account and to maintain a certain level of capital adequacy.
Besides, all regulators within the European Union require brokers to participate in client compensation schemes. Thus with CySEC regulated brokers your account will be insured up to 20 000 EUR, while with FCA brokers the insured amount is up to 50 000 GBP.
TradeMulti deposit/withdrawal methods and fees
There is no information about the minimum deposit requirement with TradeMulti. Just have in mind that most broker would ask about 250 USD. Otherwise the broker accepts payments with major cards like VISA and MasterCard, bank wire and EcoPayz.
However, we miss some popular e-wallets like Skrill, which is an interesting point in light of the new anti-scam policy adopted by Skrill in October, according which brokers that want to use its services in the European Union should present a legit license. As we already noted TradeMulti is a unregulated, offshore broker.
And let us have a few word about the trading bonuses. Under the current regulatory regimes trading bonuses are prohibited in most major markets like the European Union and the US. The reason is that quite often trading bonuses are used as a pretext to refuse a trader to withdraw funds. In the case of TradeMulti, they offer quite a variety of bonuses like Happy Hour Bonus, Pip Spread Bonus, Loyalty Cashback Reward, Practice Mode Bonus, but as we already noted our best advise is to avoid taking a trading bonus and to avoid trading with unregulated brokers altogether.
Besides, in their Terms and Conditions TradeMulti says they reserve the right to change the withdraw terms of their bonus promotions on their sole discretion.
How does the scam work?
Among the various scam scenarios that plague the forex market, a pretty popular one is associated with the so called robo- scam websites like Crypto Revolt and Bitcoin Evolution, where the victim is hooked up by a nicely cut video, presenting some “cutting-edge” trading app or a platform, with which your are promised amazing, completely risk – free returns. And all you have to do is just leave your e-mail and phone. And if you do get hooked and register the robo scam website will transfer you to the web page of a unregulated, offshore broker, where you will have to invest your first 250 USD.
And note that if you open an account with the scam broker, the people running the robo scam website will get their commission.
Another interesting point is that initially, trading with the scam broker will prove quite successful. That, however, is simply a part of the scam – your account will be manipulated so that you will more easily agree to deposit a larger sum. And that is when you will receive a phone call as well – it will be form a “senior account manager”, who will expertly explain, that if you want to make some real money you will simply have to invest more – like 10 000 USD.
And you may never know that you have been scammed until the very moment you request to withdraw some money form your account. You will be refused on the grounds you have not met some trade volume requirement. Certainly the pretext might be different, but in the end it will come to the same – you will not receive your money back.
What to do if scammed?
The single step that may help you recover your money is to file for a charge back with your credit card company. Fortunately, in a move to reduce the risk of online fraud, recently both MasterCard and VISA extended the period in which you will be able to do that to 540 days.
And be aware that if you have provided scammers with any of your banking details, they will try to use them to steal money from your bank account directly. So if you have told them your credit card number or online banking password, block your credit card immediately and change your online banking password.
And one final note about the so called recovery agencies – do not trust them. They will not recover you a single dollar, bit will simply collect a payment in advance and will leave you even deeper into the red.