Beware! TradeFCM 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.
TradeFCM’s funky website is both its one unique feature but also its undoing for it get old very fast, giving way to an ever-increasing frustration that produces a point of no return. Once beyond this point, the website becomes very annoying and a real effort to browse through. It’s slow, clunky, and overburdened with useless text and filler content. In other words, TradeFCM proves to be illegitimate by means of its lackluster website. And we haven’t even begun to talk about the rest of this underwhelming broker. Read the review for all the details you will need.
We registered without any issues and were able to access a user area. Speaking of the client dashboard, the one we came across was a surprise to us, as it felt professional and not anything like the chaotic and confusing website. However, we could not interact with the user portal area in any way.
Without verifying our account, there was no way to use the dashboard’s features. This means that we have to rely on the website for all trading and payment details, and that does not put us in the best of positions, because the website does not seem trustworthy.
However, our job was rendered very easy, when we discovered that there was no trading software, and thus there is no need to get into the trading details. The reason for the missing trading terminal is explained in the relevant review section.
We won’t be talking of any spreads, leverages, and trading assets because they do not apply.
The website is available only to English speakers.
TRADEFCM REGULATION AND SAFETY OF FUNDS
We learn that the broker is allegedly located in Scotland, meaning that it must hold a UK license from the FCA in order to operate legally within the jurisdiction. Well, we are saddened to be disappointing our readers, but it was expected: TradeFCM is not licensed in the UK.
Other than this fake UK info we have nothing else to work with. The terms and conditions give us nothing.
Therefore, we have no other conclusion but that of TradeFCM being anonymous, UNREGULATED, a risk to all investments, and probably a scam!
Never rely on unlicensed brokers. They are scams and will steal from you! Put your money where the real FX trading happens, with any FCA or CySEC regulated broker, or any other brokerage licensed by a legit overseer. All watchdogs demand a safe and integral conduct and do not tolerate unlawful behavior. Moreover, the FCA and CySEC offer compensation schemes applied to users whose broker cannot pay them back. CySEC offers a €20 000 refund amount per person, while the FCA guarantees up to £85 000.
TRADEFCM TRADING SOFTWARE
The user area claims that the broker offers two trading software: the MT4 and the MT5. However, both download links lead us to the demo version of both softwares as provided by the MetaQuotes website. Let us explain: if the user were to download either one of these terminals she would be given access only to a MetaQuotes demo server.
There is no servers owned or provided by TradeFCM. Therefore, the trading software offered by the broker doesn’t really offer trading conditions by the broker.
TRADEFCM DEPOSIT/WITHDRAW METHODS AND FEES
We have to take all payment info from the website. Please note that none of this information is accurate, no matter how limited it may seem. The broker is unlicensed and therefore is not trustworthy.
With that said, the minimum deposit is supposed to be $1000, which is four times the average requirement making it accessible to the average user. This tells us that TradeFCM is orientated towards wealthier clients.
The payment methods that we could find mentions of were credit cards, debit cards, wire transfers, and e-wallets.
As for any hope of withdrawal information, we will have to disappoint. There is no withdrawal information at all. No fees, no processing times, no further conditions. We are not even sure that TradeFCM has included withdrawing as an option.
This broker has time and time again proven its illegitimacy. Do not invest in ti for you will lose all your funds!
How does the scam work?
The scam really works when the reps of the broker contact the user, either through a phone call or an email address. They will start asking for deposits all the while promising super profit gains. Those that deposit might even get a taste of false gains, whose true purpose is to compel the client to deposit more. These scammers know very well how to manipulate users. Their catalog of psychological trickery is vast, and their patience is unbreakable.
An initial deposit leads to a second one, a third one and so forth.
As for the methods of these fraudsters getting a hold of your phone numbers or email addresses, they are many, and most of them follow simple steps. It takes a false ad to convince a user to give her contact details. These false ads are very promising, but ultimately misleading and very manipulative. You might have already seen them: luxurious cars and villas, care-free lifestyles, expensive items, and beautiful vistas. All are stock images to start you imagination and propel you to give away your contact address, and in the perfect scenario, to invest.
Once the client wishes to withdrawal, either because she feels suspicious, or because she wishes to take out some cash from her profit, the broker will apply a number of very cheap techniques to make withdrawals impossible. For one, the scammer will close down the account, shut the entire website, or just not return phone calls and emails.
What to do if scammed?
If a user has lost funds by means of a credit or debit card, then the first thing to do is the file for a chargeback. MasterCard and VISA have a chargeback period of 540 days.
Bank account swindles are harder to get bank but not impossible. First of all, change your bank account user name and password, and then call the bank to find a plan of action together.
Never invest with cryptocurrencies sin an unregulated broker. All such deposits are lost, and cannot be recuperated.
Also, don’t trust the self-proclaimed recovery agents. These are also scammers and will ask you for a fee, and in return, they promise to recover all your lost funds. Obviously, once this commission is paid you will never hear from them again!