Beware! TradingTeck is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
TradingTeck is looking to be a decent broker, one that focuses on delivering a stable mixture of quality services with a quantity of trading information. Yet, we will never just let our first impressions take over our conclusion of TradingTeck, or any other broker for that matter. We need to see beyond the first few minutes, beyond the looks, and scrape all the nooks and crannies for any irregularities. And of course this produced some unexpected results. Read the review to find out all about this one.
The account registration page as simple and fast, not the best of signs. There is no real client area; what happens after your register is that on the navigation bar there appear a coupe of extra tabs, one for deposit and one for the trading software.
The platform gave us a EUR/USD spread of 4.5 pips, a ludicrous cost of trade that benefits only the broker. The leverage offered by the website is 1:200, while the assets for trading are Forex Pairs, Crypto, Commodities, Indices, and Stocks.
Languages that are made available are English, Russian, and German.
TRADINGTECK REGULATION AND SAFETY OF FUNDS
As soon as we saw that the broker is registered in St. Vincent and the Grenadines, we knew where this was heading.
The small Caribbean island nation does not regulate the forex market, which is the main reason that so many shady brokerages keep turning up in their registry. It may or may not be registered there, it makes absolutely no difference. What is crucial is that TradingTeck is UNLICENSED and therefore a risk to all that invest in it!
Traders should be trading with risk-free brokers, that hold licensed from renowned and austere agencies, like the FCA or CySec , which have made a name for themselves as some of the top regulators. Readers should be aware that both agencies have adapted very strict rules of conduct, and their licensing framework guarantees safety and security for all clientele. A good example of this is the segregation of accounts which assures that client money and broker money are kept in separate accounts. Furthermore, FCA/CySEC brokers participate in a financial reimbursement scheme that cover traders losses in case the broker becomes insolvent. The FCA provides up to 85 000 pounds per person, while CySEC guarantees up to 20 000 euros.
TRADINGTECK TRADING SOFTWARE
The Trading software is nothing to go crazy for, and we even had some trouble at times with running it. It was slow, and unresponsive, with some helpful features, we give it that: price alerts, social trading, market trend and others.
However, the biggest issue we had is that the charts on the terminal do no belong to it, but to a third party chart provider that has as much to do with TradingTeck as us with it.
What we can not say for sure is whether the trading conditions are a part of TradingTeck own liquidity pool, or whether the chart widget third party provider brought their own term. What ever the case, this is another reason not to trust this broker.
The Order Execution policy mentions that some assets are commissioned. As per usual the provision does not say which ones. However, the website also does not mention any spread commissions.
The broker can decide for what ever reason to not execute an order.
TRADINGTECK DEPOSIT/WITHDRAW METHODS AND FEES
Users can deposit only via Cashier which turned out to lead to a Credit/Debit card payment gateway. This is concrete info taken from the payment gateway area on the client dashboard. The minimum deposit is €245.
A user can open an account in GBP, EUR, and USD, the most common base currencies. However, the depositing section revealed that deposits are done only in euro. Again contradictions that pile up…
Withdrawals are processed within 5 days of a submission of a request. The minimum withdrawal amount is $50. Platinum, Black and VIP accounts holder have their first three withdrawals free of charge, which normally is 3.5% or a minimum of $30.
There are further fees. A Profit Clearance fee of 1.5 units to 5 units per trade on the platform; a Maintenance fee of $20 per month; an Incomplete Verification fee of $100. Here are more details:
Apparently, users have to keep up with a required monthly trader points, i.e trading requirement, in order to maintain an account status. Does that mean that if we upgrade to a higher account, it is expected of us to sustain it by completing a monthly trading volumes? If so, then this is completely ridiculous. And needless to say the trading requirement has not been disclosed.
Dormant accounts, one that has not seen any trading in 60 days, will be issued a fee of $100.
Here is a shady clause that states that the broker will share client personal info with affiliates and partners, who according to the broker are not third party, in order for them to offer certain undisclosed services.
To withdraw a bonus, the requirements are not as harsh as other brokers. Users must complete a turnover equal to the bonus money divided by 10.
There is a clause that states that in a situation of insolvency of the bank or broker, the state of money of the client will remain uncertain:
There is also an indemnification and limited liability clause that renders the broker guiltless in case a user is financially damaged when using the broker’s services. We have not included a snip because the provision is too long.
All these fees, clauses, and otherwise, point to a broker that is completely untrustworthy. There is nothing for you here!
How does the scam work?
The usual scam operates on a multi-level, though very basic model. The users will be tempted to click on an Internet ad promising quick and easy profits. If they do, it will take them to a website that will ask for their personal details, including email address and phone number. Once they submit this information, an avalanche of emails and phone calls will be unleashed. Scammers will promise the world to these potential traders in order to induce them to make an initial deposit between $200 and $300.
These “brokers” will get a fat commission from the deposited sums and will transfer the unsuspecting users to “senior” scammers. The latter are smooth talkers who will try to persuade users to invest more funds, using phrases like “now is the right time” and “the moment is perfect for making hefty profits”. Of course, these are empty words, and traders will soon have doubts whether they have not been played.
When they try to withdraw their money, these doubts will be confirmed: the con-artists will do anything to deny or at least delay their withdrawals. From trying to convince the traders that they are making a big mistake to withdraw funds now because they will lose big profits, to asking for additional documents or citing clauses in the accepted agreements, to transferring you to another department, there is a single objective to delay the users from filing for a chargeback with their financial institution and lose any chances of recovering their money.
What to do when scammed?
Anyone can fall prey to such a scam. In the unfortunate event this happens to you, there are a few things you can do. If you deposited using a credit card you should immediately file for a chargeback. In an effort to combat online fraud VISA and MasterCard have extended the period in which one can file a chargeback to a year and a half, so there is a big chance that you may be able to recover your funds. If however, you used a bank wire or bitcoin to deposit, chances to get your money back are almost none.
We should also warn against “recovery agencies” who prey on victimized traders by claiming they can recover their funds. These scammers will ask you to pay a fee for this service, but will only take your money and do nothing.