TerratradeX review – 5 things you should know about terratradex.com

TerratradeX review – 5 things you should know about terratradex.com

Beware! TerratradeX is an offshore broker! Your investment may be at risk.

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Warning! TerratradeX is an offshore Forex broker which is based at the notorious Trust Company Complex in the Marshall Islands. Many other brokers are known to have their correspondence address at the very same place. Most importantly, TerratradeX has been blacklisted by three different European financial regulators till this day, which effectively means that you should never ever deposit money with them. Find out five things you should definitely need to know about this Forex broker in the full TerratradeX review.

TerratradeX REGULATION AND SAFETY OF FUNDS

TerratradeX is a dodgy scam Forex broker headquartered at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands. It is an address linked with many dodgy companies and scam Forex brokers such as Razer Markets, MTI24 and Trendingraphs. TerratradeX was blacklisted by the Swedish financial regulator FI, the British FCA and the Italian CONSOB(based on a report from FI).

The Swedish warning was the first one, issued back in February 2020, and here is an excerpt from the official announce:

The most recent warning came just two days ago, published by the Financial Conduct Authority, which indicates that the group is still in action.

Your funds are not safe if you make a deposit with TerratradeX, it’s an unlicensed, unauthorized and unregulated offshore Forex broker, a proven scam that was blacklisted by many financial authorities in Europe.

If you are looking for a reliable, true Forex broker choose between the CySEC(EU) and FCA(UK) regulated companies, which happen to be the leaders in the retail Forex industry. The customer protection policy is placed on top of their priority list, not because they want to, but because they have to. In these jurisdictions the Forex brokers have to comply with many strict rules and regulations, such as minimum capital requirements of 730 000 EUR, personnel qualification standards, segregation of the clients accounts etc. But most importantly, there are money protection schemes in operation, such as ICF in Cyprus and FSCS in UK, which guarantee the deposits of the traders. Under CySEC(Cyprus) supervision you can claim up to 20 000 EUR in compensation, while in UK under FCA you are guaranteed of even up to 85 000 GBP. Each EU member state is compelled to create and further operate similar insurance funds, which are seen to be the last resort for the traders, in case a Forex broker faces difficulties to meet its financial obligations.

TerratradeX TRADING SOFTWARE

Metatrader4 or Metatrader5 accounts are not offered by TerratradeX and currently there isn’t any working platform, which we can analyze. TerratradeX has only its own, web-based trading software which is broken at the moment.

The spread is unknown, the leverage is said to be up to 1:100 on some of their accounts.

TerratradeX offers Saving Accounts, as well.

You should never deposit or invest in this scam Forex broker, you should avoid TerratradeX!

TerratradeX DEPOSIT/WITHDRAW METHODS AND FEES

The minimum initial deposit is actually 250 USD, while the funding methods are supposed to be wire transfers and bank cards only. We cannot confirm the deposit systems because an account opening is impossible, the sign-up page is broken, as well. The minimum withdrawal amount is said to be 100 USD for bank cards and 500 USD for wire transfers, but as this is a scam broker, no money should be expected.

TerratradeX offers 3 different bonuses– First Deposit Bonus, Refer A Friend bonus and Risk-Free-Trades. The minimum trading volume requirement is 30 times the balance at the time the bonus is given out.

But this is nothing compared to the penalty fees that might incur if you simply want to withdraw your funds and reject the bonus! The trader might end up being a subject to a fee of up to 30%! It is a rare find to see such a wrongful, dishonest, unreasonable and unjustifiable T&Cs clause.

No dormant account policy found.

An affiliate program is introduced but the information about it is as obscure and perplexing as everything else around this broker. Avoid this proven scam and report immediately if TerratradeX representative contact you!

HOW DOES THE SCAM WORK

A group of scammers usually operates many different scam brokers, scam websites and call centers. Sometimes they will simply rely on the quantity, they will publish tens or hundreds of websites and will just wait for traders and investors with little or no experience to bite. Nowadays, it’s very cheap to create one, and it looks like a profitable strategy, as they carry on doing it.

The scammers are crazy about promotions and generous bonuses. Everyone loves gifts and candies, it is an effective way to entice more and more customers and it’s actually working. People will usually get scammed by looking for an increased leverage or a bonus. In Forex terms it means that you will get free money, a great incentive for the trader. But the scammers will change the trading conditions for the worse, once you accept a bonus from them. The minimum trading volume that they will require will be almost impossible to achieve, meaning that your funds are locked and you will not be able to make a withdrawal. It is a great excuse for them to refuse withdrawal and as there is no financial watchdog to report to or ask for protection, it certainly means that you have lost your money.

Fraudsters are working in the social media nowadays, an increasing number of scammers will first introduce their “services” to the people through Facebook or Instagram. You will click on a page, promising a lush lifestyle if you follow their example, they will contact you, probably offer you a demo account and after some time you will be tempted to invest and make guaranteed profits. Once you are signed-up they will ask you to deposit money and this is just the beginning, because gradually they will be asking for more, no matter if you lose or make profits. The end is always the same, a robbed-off investor who lost his hard-earned money.

WHAT TO DO WHEN SCAMMED

No one is immune to scam, anyone can fall into the trap. Scammers are constantly looking for new and different ways to scam consumers. What you need to do first, in case you got scammed, is to protect yourself from further risks. Contact your bank and explain to them your situation, they will give you important instructions to follow and will help you, if possible, recover your money.

Report what happened to you, file a complaint, contact the financial regulator, contact other government institutions related to trading and investing. Seek help actively!

Share online your experience, it is important to protect others, as well. Be responsible!

Rich Snippet Data
Review Date
Reviewed Broker
TerratradeX
Broker Rating
11stargraygraygraygray

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