Beware! TrMarkets 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.
TrMarkets claims to offer the best environment to traders by providing the best analysis, the chance to participate in live sessions, and a user-friendly and fast platform. Well, to start with, the brokerage actually has a user-hostile platform that’s worse than useless, and it indeed guarantees that customers won’t be able to generate profits. However, that’s not the worst aspect of this broker. Find out what it is in the full TrMarkets review.
TrMarkets REGULATION AND SAFETY OF FUNDS
TrMarkets probably aims to present itself as a trustworthy UK broker prestigiously located in London. The screenshot above was taken from the website footer, but as you can the brokerage fails to give an exact address, so it becomes impossible to prove that it’s based in Britain. Moreover, our research showed no licensed British companies linked with TrMarkets in any possible way, so the brokerage is undoubtedly illegal. We need no more to conclude that your funds will be at risk if you deposit with TrMarkets because it’s unregulated.
However, that’s not the end of the story. The screenshot below shows that the brokerage most probably originates in St. Vincent and the Grenadines, which actually doesn’t make it any better. Quite the opposite, an SVG registration indicates that clients’ deposits will go offshore, where money literally disappear as the country mentioned allows the creation of anonymous IBCs that are not required to grant access to their accounts or submit financial reports.
On top of all that, the local regulator SVGFSA doesn’t license or monitor brokers on the island, which simply adds fuels to the flame. St. Vincent and the Grenadines brokers are anonymous and unaccountable at all times, and if TrMarkets suddenly disappear, clients won’t be able to recover the losses inflicted.
That’s why we recommend regulated brokers licensed by trustworthy authorities like CySEC or FCA, for example. Due to regulations, the European brokers should keep deposits segregated, which guarantees that people won’t lose their money if a broker goes bankrupt. In addition, clients benefit from improved transparency, faster withdrawals, easier chargebacks, and better control over the funds. Above all, European brokers are covered by deposit insurance funds laid down to reimburse clients in case of unforeseen events- CySEC brokers’ clients can get up to €20 000 in compensation, while the British guarantees are even up to £85 000.
TrMarkets TRADING SOFTWARE
TrMarkets pretends to have a fantastic platform, but it actually comes with a pathetic Webtrader we couldn’t even access fully as the broker doesn’t allow registrations. Two things to discuss. First of all, TrMarkets fraudulently claims to provide powerful software, so it creates a false sense of hope- a major red flag. Then, the absence of registration means that these people work on the field and actively approach people who are most probably “gifted” with trading accounts. Well, we are merely speculating, but the absence of a sign-up option is too fishy nonetheless.
In any case, the platform is nowhere near MetaTrader4 or MetaTrader5– industry leaders providing the best trading solutions for clients, so you’d better avoid TrMarkets solely because of its poor platform that can’t even provide candlestick charts.
As to spreads, the EUR/USD is seemingly 3 pips, so the trading service is costly in general- $30 per lot traded, while the industry standard is around $10 (1 pip difference).
As for leverage, the brokerage just vaguely mentions that it’s 1:100– a ratio that’s actually no longer allowed in Britain. Yet another proof that TrMarkets is everything else but legit. Avoid!
TrMarkets DEPOSIT/WITHDRAW METHODS AND FEES
The minimum deposit requirement is not revealed, but the funding options are allegedly Wire Transfers and Cryptocurrencies. We can’t prove these claims, but both methods do not allow chargebacks, so you need to exercise caution while dealing with TrMarkets.
As for withdrawals and fees, there is nothing worth mentioning as the whole Terms and Conditions documents only reveal that some charges are incurring from time to time. TrMarkets fails to specify when and why, so we’ll raise another red flag as it knowingly hides critical provisions from the public.
However, TrMarkets offers incentives that badly affect the withdrawal conditions for bonus money are classified as Non-Deposited Funds and, as such are not eligible for withdrawal. Still, the broker reviewed fails to give more details about the incentives, so the red flag raised in the previous paragraph suddenly became much bigger. Avoid!
HOW DOES THE SCAM WORK
TrMarkets is shady and unregulated, and at the same time, shows too much evidence of a scam. That’s why in the following paragraphs, we’ll quickly reveal how fraudsters usually work while trying to defraud as many people as possible.
When scammers get hold of your contact numbers, they’ll approach you immediately, promising the moon and the stars. To gain your trust, those criminals usually pretend to work for governments, financial authorities, banks, reputable companies etc. Scammers will be confident in what they are saying, and if you don’t recognise the warning signs, you may end up depositing. However, just then, the Forex fraud actually begins. Once they have your money, the cons will distort prices and forge fake reports to make you believe that you are on the winning side, manipulating you to start thinking big and consider more deposits.
Gradually, the fraudsters will ask you to increase the size of your investment and will make up stories claiming that you need to fund your account for whatever reasons. Sooner or later, you’ll get determined to withdraw your money, and then scammers will ask you to deposit again because, according to their words, there are taxes and fees that you should pay. At this point, you’ll probably realise that there is something wrong, and when the scam becomes too apparent, the fraudsters will simply cut the communication and disappear. Later, the whole website will be brought down, replaced with a new one so that the scammers can carry on with their criminal activities.
WHAT TO DO WHEN SCAMMED
It would be best if you first call your bank to inform it and deactivate your card to avoid getting exposed to additional risks, as the scammers may as well have obtained your details.
Then, call the police, inform the financial authorities, file complaints and don’t forget to spread the word online so that other people can find out about the fraudulent scheme. Still, it’s crucial not to rush trying to reclaim your funds as numerous scams are disguised as chargeback agencies set up to double-scam victims.
Finally, we know it’s an awful experience to get scammed, but please share your story to help protect others!