Beware! TradersCodes 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.
TradersCodes is yet another shady offshore company that has been exposed by the Cypriot authorities as a scam. But before we expand on that, we should let you know that opening an account with the broker was quite impossible at the time of writing – we needed to get our email verified as you can see from the screenshot below:
However, no verification email was ever sent to us by TradersCodes – meaning that we could not access the broker’s platform. Still, there is more than enough to reach the only possible conclusion about TradersCodes – that it is running a scam. Here is why:
TradersCodes regulation and safety of funds
TradersCodes has the following to say about its regulation:
It states to be regulated by the Cyprus authorities and the ones in the South African Republic – let’s examine the first claim:
We looked into the parent company that TradersCodes claims it is owned by – we checked with the CySEC register to see if this Depaho Ltd was present there:
And while it is, there are two things we would like to mention – first off, the company’s approved domains do not have anything to do with TradersCodes – therefore, there is no connection between the two firms. And even if there were, the license of Depaho has been suspended – so the company is not actually overseen by the CySEC at the time of writing.
Lying about its license already firmly establishes TradersCodes as a broker that should not be trusted – but it gets worse. Without a license, there is no guarantee that TradersCodes is not even running a scam, much less that it can provide you with the guarantees that the CySEC has envisioned for the safety of the funds of the traders with its brokers – for example, access to guarantee funds that pay out up to 20 000 euro in the case of a broker going under. If you wish to benefit from them, stick to licensed companies.
But, back to TradersCodes – its domain has actually been blacklisted by the same regulator it claims oversees it – here is what happened when we looked the company up in the CySEC database with blacklisted domains:
This proves beyond a shadow of a doubt that TradersCodes is not licensed. And since we had so much proof that the company was lying about its CySEC regulation, we did not see it necessary to look it up on the website of the FSCA – the South African regulator. You know how the adage goes – fool me once, shame on me…
TradersCodes trading software
TradersCodes does not go into detail on its website on what it software looks like, or how it adds up to industry standard Metatrader 5 – and without an account we cannot know anything about it.
TradersCodes deposit and withdrawal methods and fees
TradersCodes advertises a whole host of deposit methods on its website – but since the broker lied about its regulation so severely, we do not feel comfortable confirming it accepts any of them without confirmation. And we were also unable to obtain that confirmation without an account – but given the fact that the broker does not have its Terms and Conditions available on its website, we suggest filing a chargeback if you have deposited with TradersCodes – otherwise, who know what obscene fees the scam company will hit you with if you try and withdraw!
How does the scam work?
TradersCodes is definitely a scam – and here is how that scam works:
Someone stumbles upon the website the scammers run and are prompted to make an account, which requires them to leave a phone number in the process. If they do so, the scammers will start calling them around the clock to demand deposits. More and more will be taken from them, until they either run dry or realize what’s going on – at which point the scammers will cut them off and move on to new targets!
What to do when scammed?
Here is what you should do to limit further losses:
Reissue whatever forms of ID you gave the scammers access to – and remove any remote control software they had you install on your PC.
Secondly, contact your bank to see if you have a chargeback available – and if not, do not trust a recovery agency which demands an upfront payment for its services, as that is another scam.
Finally, do not hesitate to leave a comment below with your thoughts on TradersCodes – that will help raise awareness of the scam, which is a good way to fight it!
