Beware! TradeView 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.
TradeView is yet another suspicious broker that seems to have done half the job that is required to offer legit FX services. More like a third of the job done actually… As this review will uncover, the essence of TradeView is nothing to impressed about, nor is it trustworthy. Thus you may already know how this review will turn out. Nevertheless, we advise you to read on to find out all the crucial details.
To register, the user must pass through a simple registration process, with a twist. This comes in the form of a “Sponsor ID” that we have no way of getting even if we wanted to. This seems like yet another piece of credential that is given directly to the user by a representative of the broker. Certain scammer brokers give way the last piece of the registration puzzle only to those users that it deems worthy. In the eyes of these fraudsters, the worthy are those users who will be easily manipulated into depositing at east ones. This scheme is explained in more detail at the end of the review.
All readers need to know for now is that we had no way to create an account, and thus all trading information will have to be taken from the website, a source that we cannot fully trust.
The leverage is capped at the typical offshore brokerage value, 1:500. The average EUR/USD cost of trade is revealed to be 1.8 pips, which is not too bad. TradeView offers forex currency pairs, gold, silver, and indices. This list is short, with major financial categories missing, like stocks, commodities, and cryptocurrencies.
The only language accessible is English.
TRADEVIEW REGULATION AND SAFETY OF FUNDS
The footer reveals something worrying but not unexpected. The broker is allegedly operating from the Caribbean nation of Saint Vincent and the Grenadines. This would not be a problem, if not for the fact that the country does not have an FX regulator, as of yet. Therefore TradeView might be (or not) located there, but that does not mean in any way that it offers legal forex trading services.
We have further evidence that the broker is unregulated, which comes in the form of the lack of any and all legal documents. This is unacceptable and is a typical move of scammer firms. Without the legal documents, the user is in no way safe to deposit and provide KYC documents.
In conclusion, TradeView in NOT IN POSSESSION OF ANY LICENSE, and is thus a risk to all investments!
There is no reason at all to invest in an unregulated broker. The best advice there is, concerning the choice of a broker, is to always check for a license. If the broker has an FCA and CySEC license you are off to possibly the best start, as these are some of the top regulators in the industry. Usually, legitimate FX overseers integrate a set of rules to each of its listed brokers. Brokers form an agreement with them to follow very strict guidelines. Furthermore, some agencies, like the FCA or CySEC, have compensation schemes that reimburse clients whose brokers have become insolvent. As you can see, a regulated broker benefits not only the brokerage itself but the traders as well.
TRADEVIEW DEPOSIT/WITHDRAW METHODS AND FEES
As there was no way to sign up, we had no choice but to take all the payment details from the website.
Thus, the minimum deposit is supposed to be $100 for the lowest of the account types. This is a very acceptable minimum requirement as it opens the door of TradeView to many investors, which might not be the best thing, considering that the firm is unregulated.
The payment methods have been left out for one reason or another. Usually, illegitimate brokers have crypto deposit methods which are the riskiest of all deposing gateways. Some firms employ credit and debit cards, as well as wire transfers, but the most popular method of depositing is through crypto-wallets.
As for withdrawals, there was absolutely no information. The fact of the missing legal documents only adds to the frustration. Unfortunately, we have nothing to add to that.
As it turned out, TradeView is your typical unlicensed broker, one more to the list of thousands trying to scam you. Do not invest here!
How does the scam work?
If things feel uneasy or suspicious, then you are probably being scammed. Most fraudsters adapt the same scam structure, however, they might add their own little nuances. The point is, that if you think you are in a scam, then you probably are!
The first step is the online ads. These annoying pop-ups or side distractors are the essence of scammer brokers. It’s through them that the user is lured into the fake broker website. The link of the ad leads to a website or a registration form. Both require the user to write down his or her personal details, like email and telephone number. Do not give these away. The scammers will contact you if you give these details away, and will sooner or later try to charm his/her way into your wallet, by asking you to deposit.
After a deposit is made, and hopefully, it isn’t, then the first step of the same is complete. The following step concerns the account manager, a.k.a the advanced scammers. These individuals are charming convincers, and if they succeed, it means that you have deposited a second time. This can go as long as the user keeps depositing. When suspicious arises, one of these things will probably happen: the broker will delete the account of the user without a reason; the broker will not allow for withdrawals, or the broker will keep finding ways to stall withdrawals.
What to do if scammed?
Filing for a chargeback is the best advice. VISA and MasterCard have prolonged their chargeback time span to 540 days.
If the deposit is made through wire transfer, then change your user name and password as soon as possible. Another step is to contact the bak as they might have a specialized procedure for such cases.
Another crucial piece of advice: NEVER deposit in unregulated brokers through bitcoin or any other form of cryptocurrency. These payment methods are untraceable, meaning that once a deposit is made, it cannot be traced. The money is lost.
Last but not least. recovery agencies are definitely a scam. These programs, or whatever they call themselves, offer help for defrauded users…for a price. Once the fee/tax is collected, these agents disappear, leaving you at a bigger loss.