Tradelte Review – 5 things you should know about tradelte.com

Tradelte Review – 5 things you should know about tradelte.com

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Beware! Tradelte is an offshore broker! Your investment may be at risk.

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Tradelte’s website looks like the websites of hundreds of others scammers. There was nothing to convince us they would be a safe trading choice – not in their terms and definitely not in their regulations. Upon opening their website, we were actually surprised to see there seemed to be a decent amount of information, even data about leverage restrictions. But these scammers have perfected the art of saying something without saying anything – most of that information was not correct anyway. We don’t know who would want to put their trust in such a broker – they do a very bad job at trying to conceal the fact that they are average unregulated scammers.

Tradelte REGULATION AND SAFETY OF FUNDS

Tradelte claims to be regulated both by ASIC and VFSC (Vanuatu Financial Services Commission). But when we checked the ASIC license number they have provided, we found out that that claim was a complete lie.

VFSC is not the strictest of regulators but they do still require a minimum capital of $50 000. The scammers could probably not meet even that requirement. The VFSC register did not show any matches for a broker with that name or license number.

So this is a broker claiming to be regulated at two locations when in fact they are regulated nowhere. We would strongly advise against working with such blatant liars. Additionally, the addresses Tradelte has provided were in Switzerland and the UK – so there is no way to know from where exactly the broker is operating. We were also impressed by the company’s idea of what Switzerland looks like.

Avoid scammers like Tradelte like the plague and choose a regulated broker instead. Working with a UK, EU or an actual Australian broker comes with a ton of perks. Such brokers are obligated to keep client deposits in segregated accounts. This means your broker cannot use your money as if it was their own and reinvest it. Withdrawals are also quicker and easier. Negative balance protection is a rule – this means that your losses cannot exceed the amount of money you have in your account. All companies licensed in Europe are obligated to participate in compensation schemes – so if your broker goes bankrupt, you could receive a more than reasonable compensation. The amount varies but the upper limit is €20 000 for the EU and £85 000 for the UK. So licensed brokers are a better and far more transparent option – with them, you always know who is handling your money and how.

Tradelte TRADING SOFTWARE

We were led to believe that we could get access to both MetaTrader 4 and MetaTrader 5 as well as to Tradelte’s own web-based platform. In reality, we only could log into the web platform. What we saw upon opening the software was quite disappointing – the platform was very heavy on the eyes and no actual useful tools for trading were available.

MetaTrader 5 was not available for download yet while the MetaTrader 4 download link did not function. If you want to try those platforms out, there are plenty of licensed brokers that would allow you to do so. In addition to a user-friendly interface, these platforms offer all the functions you might need while trading – from Expert Advisors to the ability to get access to other traders` strategies, indicators and trading bots or develop your own with the platforms’ respective languages.

Tradelte TRADING CONDITIONS

When it comes to trading conditions, we were far from wowed. The broker requires a minimum deposit of $1000 to open an account – which is 4 times more than what most legitimate brokers would ask of you these days.

No information was available on leverage and that could not be adjusted on the platform. The spreads were supposed to be around 0.5 pips but were even lower on the platform – around 0.2 pips. Don’t trust proven scammers offering great spreads as this is probably a part of the trick. You see that great spread, think the conditions are amazing and invest even more money – when in reality such spreads are easy to fabricate.

Tradelte DEPOSIT/WITHDRAWAL METHODS AND FEES

We were supposed to be able to use a number of payment methods but we were once again lied to. The logos of MasterCard, Visa, Neteller and Skrill showed up on the website and a bank transfer was also given as a possibility. In the platform itself, we found out that we could only do transactions in Bitcoin and supposedly with a bank transfer. This is quite bothersome because although cryptocurrencies themselves are not bad and are a completely legitimate payment method, they are also adored by scam brokers. This is so because there is virtually no way for such payments to be reversed.

We are also not happy with the fact we were not presented with any official Terms and Conditions – we were free to register without getting access to any essential documents and policies containing information about withdrawal conditions and additional fees. If we were talking about a legitimate broker, this would be surprising and unacceptable. But in the case of these scammers, it just means they would be free to do what they like with your money when they get their hands on it.

HOW DOES THE SCAM WORK?

The way such scams work is usually the same.

You are browsing and you see a banner or an ad for the scammer’s website promising you enormous profit. So you take a look at the website, think it looks good, and register – after all, who would not want to earn money so easily and quickly. And the scammers promise to make an experienced trader out of you in no time. The moment they acquire your contact info, you will start receiving emails and phone calls asking you to deposit. If you do, you will probably see you are making a lot of money soon – a trick aiming to make you invest more.

Time passes, you have made good money and now you want to withdraw. This is the moment the scammers will start making up wild reasons to delay that withdrawal – usually additional taxes. At some point you will start figuring out something is wrong and at that exact moment, the scammers will stop answering your phone calls.

WHAT TO DO IF SCAMMED?

Remain calm and don’t trust any so-called “recovery agents” that say they could retrieve your money if you only paid a small fee. Often enough, these are the same people that scammed you in the first place and even if they are not – that is a whole different type of scam aimed at desperate victims. Your “recovery agent” will disappear as soon as they receive the fee.

What you could do is ask your bank or credit card provider for assistance depending on your deposit method. With credit and debit cards you can file for chargeback within 540 days. Cryptocurrency transactions are non-refundable so don’t trust brokers only offering that payment method. Still, be prepared for the worst since such situations are rarely resolved in a happy manner. If you have verified your account, the scammers might use that as a basis for revoking your claim.

Still, make sure to change any passwords or other sensitive information scammers have received. Notify the authorities and spread the word – in your acquaintance circle and online. You can save a lot of people from the awful situation you might have found yourself in.

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