Beware! TradesBolt 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.
We are reviewing TradesBolt, yet another broker which promises the moon and the stars. They offer nothing short of revolutionary and allegedly provide unparalleled trading conditions and Covid support, whatever this should mean in such a case. The bold claims aside, it’s a shady enterprise which traders should avoid, and we are going to show why in the full TradesBolt review.
TradesBolt REGULATION AND SAFETY OF FUNDS
TradesBolt is allegedly a brand of TradesBolt Limited or TradesBolt Ltd. However, there is a problem that’s impossible to resolve- such companies don’t even exist. Still, TradesBolt claims to be US-headquartered, and FCA regulated, but that’s a falsehood. Our research showed that this domain is not in any way associated with British regulated companies, so TradesBolt is nothing else but a dirty scam. Your funds are not safe if you deposit with this fraudulent entity. We’ll support our scam accusations with evidence later in the review.
Avoid TradesBolt and see the high-rated EU brokers and British brokers. We strongly recommend those companies because Europe is a place where clients’ funds are protected by deposit insurance funds. For example, CySEC brokers’ traders can claim 20 000 EUR in compensation, while the British protections are up to 85 000 GBP per person. If you can open an account with a European company, go ahead. It’s a no-brainer.
TradesBolt TRADING SOFTWARE
So, here comes the first scam proof. TradesBolt doesn’t even have a platform but a third-party provided chart serving for information purposes only. TradesBolt can’t deliver anything whatsoever, so it’s a fraudulent scheme set up by scammers who want to steal as much as possible from traders and investors with little or no experience.
Speaking of trading software, see the high-rated MetaTrader4 brokers and MetaTrader5 brokers. Both MT platforms lead the market and provide sophisticated features such as Expert Advisors, Algo Trading and many complex indicators. MetaTrader also has a marketplace where you can find more than 10 000 apps and third-party developed solutions.
As TradesBolt doesn’t present functional trading software, we can’t show real-time spreads and leverage levels. Nevertheless, we are going to shortly discuss leverage and its regulation because that’s a critical element of trading. It allows traders to multiply the size of their positions but comes at a cost because the risks increase dramatically at the same time.
In fact, due to the risks involved, many financial authorities restricted leverage usage in their pursuit to secure enhanced customer protection. As a result, the EU, British and Australian brokers are limited to 1:30, while the Canadian brokers and the US brokers can’t provide more than 1:50. However, if you are risk-tolerant, you may as well have a look at Swiss brokers, which are reliable but not leverage restricted. Switzerland has a capital adequacy requirement of 20 million Swiss francs that certainly drives scammers away.
TradesBolt DEPOSIT/WITHDRAW METHODS AND FEES
Here we’ll show you another scam proof. TradesBolt’s legal documentation does not consider any trading conditions whatsoever. Actually, the whole T&Cs document can easily fit into an A4 page, which clearly indicates that you shouldn’t ever waste your time with this scam.
The minimum deposit with TradesBolt is $100, which is actually in line with the regulated brokers’ standards. The single funding method is a transfer through a fishy crypto wallet. It works in this way: you get redirected to a suspicious page where you need to buy cryptocurrencies with your bank card, which later would be transferred to TradesBolt. This deposit procedure itself indicates a scam because the cryptocurrency transfers are anonymous and it’s impossible to get a refund.
Speaking of deposit methods, check those Skrill brokers, Neteller brokers, FasaPay brokers, Sofort brokers, and Bitcoin brokers if you have a preferred payment system. The high-rated companies on the lists are stringently regulated, and it’s improbable to come across scammers.
As we already discussed, TradesBolt doesn’t have appropriate legal documents, so there is nothing about withdrawal requirements, fees, inactivity charges, refund policy, bonuses or anything else considered significant.
Overall, TradesBolt is a scam broker that doesn’t even deliver a trading platform, so stay safe and avoid it.
HOW DOES THE SCAM WORK
New types of investment scams come about literally every day. However, most of the new schemes represent a modification of common fraud. These are not typical for the local markets but very similar from country to country.
Nowadays, scammers search for victims on the Internet and social media. Classical tactics, such as cold calling, became less widespread as the Internet got prevalent. The offers scammers make look legit and present exciting opportunities to invest money in the Forex market. Traders got reassured that the people behind the broker have an excellent track record, and they promise high returns, seamless trading and guaranteed profits. The scammers deliberately make people believe that the Forex market isn’t a risky place, but actually, the opposite is true.
What usually happens is that scammers just pocket traders and investors money. Sooner or later, clients would ask for a withdrawal, but scammers would delay or straightforward refuse to send any money back. Whenever traders persist, the guys standing behind the fraudulent broker would usually cut the communication or even ask for additional deposits. Either way, traders are likely to lose some or all of the capital invested. The end is always the same. When fraud becomes evident, the scammers would simply rebrand and start afresh, creating a new scheme under a different name.
WHAT TO DO WHEN SCAMMED
Unfortunately, no one is immune to scam. If this unfortunately happens, the first thing to do is to protect yourself from further risk. Contact your bank and explain what happened to you so that they can give you instructions and 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, call the police if you feel necessary. Seek help actively!
Remember, it’s crucial not to rush blindly trying to recover your funds because many scam chargeback agencies and individuals are trying to double scam the victims. They ask for upfront payment, take the money, but won’t do anything to help you!
Share online your experience; it’s important to protect others, as well. Be responsible!