Beware! Tradetheatre 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.
Looking at the footer of Tradetheatre interface you may get impressed by the licenses from around the world that this broker has amassed. However, we are going to verify the important facts from this company’s website to estimate whether trading with it holds any risks for the clients’ funds.
Tradetheatre regulation and safety of funds
Tradetheatre took us on a jolly good ride around the world to verify whether any of the financial services authorities listed on its footer actually have this broker in their registers. ASIC in Australia, FSCA in South Africa, ADGM in Abu Dhabi – none of them had Tradetheatre in their register. Besides, on this company’s website, there is no actual address shown therefore we do not know where this company is located or where its headquarters are. So, no matter what this broker claims, the company in non-legit, non-licensed and possibly a scammer. We warn our readers not to entrust their money to this broker.
When you check the registration of a given broker with the financial services authority of the respective country it should clearly show that the broker is legit. In our opinion, the most reliable brokers can be found in the well-established jurisdictions around the world and they include the EU, the UK, the US and Australia. Only in these jurisdictions licensed forex brokers can provide protection against scammers and a guarantee for the safety of traders’ funds. First and foremost, these brokers must be well-capitalised which prevents scammers from sneaking in. The bigger the amount of initial capital required from these brokers, the better. The US is on top of the list by requiring licensed brokers to invest no less than $20 million in the form of initial capital, followed by Australia where the initial capital is ‘only’ 1 million AUD. Being well-capitalised in these two jurisdictions allows brokers to protect their traders from unfavourable events as there are no compensation funds there. These compensation funds and schemes exist in the EU and the UK where licensed brokers can make sure that their clients get refunded if the broker goes bankrupt. In the EU, licensed brokers by CySec must deduct funds towards the local Investor Compensation Fund from which traders can be compensated by up to 20,000 EUR per person and in the UK, brokers regulated by FCA that contribute to the local Financial Services Compensation Scheme can ensure that their clients get a refund of up to 85,000 GBP per person in case of bankruptcy. In addition to that, licensed brokers must invest no less than 730,000 EUR in the form of initial capital that among other things helps to keep scammers out.
Please research using the links above to find a suitable broker to trade with.
Tradetheatre Trading software
The trading software offered by Tradetheatre comes in the form of a web trader and MetaTrader 4 trading platform. The trading activities include trading in forex, ETFs, cryptocurrencies and binary options. You must know that the trade with binary options is banned in the EU for its highly speculative nature that resembles gambling.
However, access to both platforms can be reached only after depositing money, hence, we are not able to show you what they look like or the trading parameters set by the broker.
What we can tell you is that there is a big difference between the choice of a web trader and MT4. A web trader is a rather simple but basic trading platform that offers basic trading tools and instruments. MetaTrader 4 is far superior and despite the fact that it was launched 15 years ago, it is still one of the leading platforms together with its ‘younger brother’ MetaTrader 5. Both platforms, MT4 and MT5, offer an excellent package of trading tools and instruments that can enhance traders’ performance. For example, they are equipped with an auto trading option, trading signals, VPS, code base with customs scripts, an app market and a financial calendar. Their charting options are out of this world and have many charts, time frames and colours to choose from. The technical analysis indicators, such as Fibonacci retracement, Bollinger Bands, moving averages, etc., help traders predict the future direction of exchange rates and make a profit.
However, a trading platform is as good as its broker is reliable.
Tradetheatre Deposit/Withdrawal methods and fees
Tradetheatre offers only one live account. We have no information about what the minimum initial deposit is due to the fact that we did not want to submit personal financial information to this shady broker which was a prerequisite for depositing money. Normally, with licensed brokers, this information will be visible and readily accessible, but not in this case.
If you look at the footer of this broker’s website (image below), you will see as payment methods Bitcoin, PayPal, credit card, Skrill and bank transfer. However, when you open an account and click on the deposit button, you see that only Bitcoin, credit card and bank wire deposit methods are available.
As we already mentioned, a lot of essential information is missing from this broker’s website, which does not inspire confidence in its reliability and we advise you not to trade with it.
How does scam work?
If scammers make a movie, it will probably be called “Dream on”. They make everything sound credible and build their scam on your dreams of getting an easy and quick profit. People get duped if they decide to deposit money into one of the scammers’ schemes. What you probably do not know is that your hard-earned money goes as commission to the scammers. Next, you get inundated by daily calls. First, the scammers congratulate you for joining their business, next they try to persuade you to invest even more money. After all, the more money you send, the bigger money fall you can expect. This of course is not how things work. By the time you realise that no money is coming your way, it might be too late. All you want now is to get your money back and get out of there but the scammers have other plans for you and they won’t late get away so easily. Now they try to delay you so that you miss the deadline for a chargeback.
What to do if scammed?
If you get scammed, our advice is to act immediately and if you have paid your deposit via credit/debit card you may still have a chance. Visa and MasterCard allow you 540 days time limit to file for chargeback which gives you a fighting chance to recover your money.
However, if you have used bitcoin or bank wire for your payment, the chances of you recovering your money are really slim.
Cancelling your credit/debit card in case you have given the scammers your CVV code may be another good idea. Also, make sure to remove from your PC any software that my give scammers access to your private data stored on your computer.
Whatever you do to recover your funds, beware of the so-called recovery agents. Please make sure that you are dealing with a genuine one by checking their credentials and company’s information transparency. Otherwise, you may fall victim to another form of scam.