Beware! TradePVP 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.
Although the website of TradePVP looks like any other run of the mill forex brokers, what we notice at first glance is that some of the essential information is missing. We will advise you whether it is safe to trade with this broker or not, after looking at some key features.
TradePVP Regulation and safety of funds
While perusing the company’s website, we saw that it is registered and licensed in London, UK. We checked the official body for licensing forex brokers in the UK, the Financial Conduct Authority (FCA) to verify this fact. As you can see from the search results (image below), this broker is not in the register of FCA. This means that TradePVP is not licensed and is probably a fraudulent company that you should avoid at all cost for the safety of your funds.
You must know that there are perhaps hundreds of unlicensed brokers and scammers that are on the Internet and the only way to protect yourself from risking your hard-earned money is to find out if they are licensed. We advise you to research the well-established jurisdictions of the US, the EU and the UK if you are looking for legit brokers. These are the jurisdictions offering the best conditions and providing a guarantee for the safety of your funds and protection against scammers. There are some mechanisms set in place which help seave the legitimate from non-legitimate brokers. Forex brokers in those jurisdictions must jump through various hoops in order to be licensed. For example, they must be well-capitalised. In the US, brokers must have an initial capital of the staggering amount of $20 million which also serves to protect traders in the case of unfavourable events, such as bankruptcy. In the EU and the UK, the amount is much lower, only 730,000 EUR but in addition to that, licensed brokers from these jurisdictions must deduct funds towards compensation funds or scheme from which their clients will be refunded if the broker declares bankruptcy. In the UK, clients of forex brokers that contribute to the local Financial Services Compensation Scheme will be able to get a refund of up to 85,000 GBP per person if their broker goes bankrupt. In the EU, the amount of the refund is less but nevertheless not negligible – 20,000 EUR per person if the broker is regulated by CySec and contributes to the local Investor Compensation Fund. There are also other measures set in place to protect clients funds – their accounts are kept in segregated accounts with tier-1 bank establishments and the transactions are reported on a daily basis to avoid shady deals and provide transparency. In addition to that, there is a cap on leverage to minimise clients funds’ risk exposure.
Please research these brokers and select the one that best meets your trading needs.
TradePVP Trading software
The trading software TradePVP offers to its clients is a browser-based platform and a third-party chart developed by TradinView. In the image below, you can see what the platform looks like. On the left is the menu with the currency pairs but what the bid/ask price is for each currency pair, is not shown, thus we cannot calculate what the spread would be like. Further down, you can see buy/sell options but only using Bitcoin. Strangely enough, the spread for the cryptocurrency trade is 0 pips. On the right of the screen, you can see market trading which is only for cryptocurrencies and in the bottom right part of the screen, you can see active orders the latest of which is from around 3 months ago – 15 August 2020.
Frankly speaking, this platform does not inspire our confidence to trade with.
If automated trading is your game, then we want to suggest some better trading platforms, such as the MetaTrader 4 and MetaTrader 5 which are far more superior than the platform offered by TradePVP. In addition to the auto trading option, these two platforms also offer trading signals that can be obtained for a subscription fee, code base with customs scripts, VPS, a financial calendar and an app market. The charting options and the package of technical analysis indicators will enhance your trading experience and will help you predict the future direction of exchange rates and thus, make a profit. We strongly advise you to select a licensed broker that offers either of these platforms instead of a shady broker with a generic platform, such as TradePVP.
TradePVP Deposit/Withdrawal methods and fees
We noticed that this company does not have the Terms and Conditions document on its website. What is even more ironic is, that when you register to open a trading account, you need to tick off the box that says I agree with the Terms and Conditions. However, there is no link to that legal document.
There is no information about what trading accounts are available either or the minimum initial deposit. And if you look at the company’s interface, you will see many payment options in the footer, such as credit card, Skrill, Neteller, Bitcoin, UnionPay, etc. However, when you click on the deposit button, the only option available for payments is in Bitcoin.
How does scam work?
A lot of people get scammed in different scammers’ schemes not because they are naive but because scammers are masters of persuasion and manipulation. It all starts with unsolicited telephone calls or a flashy ad on the Internet or social media. Sometimes people give up to temptation and invest money in shady schemes made to look legit and attractive and always promising quick and easy money fall. Once you deposit money into any of these schemes, you reach a point of no return! Your money is gone down the scammers’ food chain and you’ll have a lot of trouble recovering it. Scammers will do anything in their power to delay you, so you miss the opportunity to file for a chargeback. They will ask you for this and that document and will find hundreds of reasons not to let you retrieve your money. The trick with offering bonuses in forex trading is one of those as your funds are mixed with the bonus money and it takes a lot of hassle to fulfil the broker’s requirements before you are able to withdraw any funds.
What to do if scammed?
Speed does it! You need to act very quickly if you want to recover your money. Immediately apply for a chargeback if you have made your deposit via credit card. Fortunately, VISA and MasterCard give you 540 days within which to apply for a chargeback.
If you have paid via wire transfer or Bitcoin, chances of retrieving your fund are grim. Anyway, we want to warn you that some of the so-called recovery agents may approach you and offer to retrieve your funds. For a fee, of course! Be cautious when dealing with them as it may be another form of scam! Always check if the recovery agency is legitimate and visible to the public!
Another thing we advise you to do is to immediately cancel any credit cards if the scammers have your CVV code. Also, make sure to erase any programs on your computer that give scammers access to your personal data on your PC.