Beware! Trade-union.pro 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.
Often, scams choose names that confuse and make it impossible to conduct dependable research. And that’s the case with Trade-union.pro – it’s literally a nightmare to do a casual Google check as you’ll end up with an enormous amount of results, none of which related to the broker. Yes, Trade-union.pro is a scam, and we’ll prove it in the following review.
Trade-union.pro Regulation And Safety Of Funds
Trade-union.pro is a brand of Incendiary Group LTD – a company registered in the Commonwealth of Dominica, so straight away, we can tell it’s unregulated. The local financial authority FSU neither licenses nor supervises Forex brokers in any capacity, which ultimately means that Trade-union.pro is working unchecked. And with that being so, they can do whatever they want – exposing clients’ funds at risk or downright stealing the money.
However, that’s not the worst aspect in this case. It turned out that the same Incendiary Group LTD was already exposed as fraudulent by the German regulator BaFin, which issued a warning against the company for another brand of theirs. The publication is about InFluxFinance, which we also covered some time ago, so feel free to check our review, as well. But anyway, the fact that the company is the same undoubtedly proves that Trade-union.pro is a scam, too. And to wrap things up about the regulations, we confirm that your funds will be in danger if you deposit with Trade-union.pro because it’s unregulated! Generally, dealing with such entities is always a no-no as most of them are scams!
That’s why we endorse regulated brokers only – regulation ensures safety for clients’ funds, transparency, integrity and trustworthiness. For example, both CySEC (Cyprus) and FCA (Britain) regulated brokers are guaranteed safe as both impose strict regulatory standards, including clients’ accounts segregation and risk-reducing measures like leverage restrictions and negative balance protection. But above all, both jurisdictions maintain deposit insurance funds created to compensate clients if things go wrong – up to €20 000 in Cyprus and up to £85 000. And needless to say, if you get scammed by the unregulated broker reviewed, you’ll be unlikely to get any refund whatsoever.
Trade-union.pro Trading Software
Trade-union.pro can offer neither MetaTrader4 nor MetaTrader5 – the leading platforms for Forex trading known for their stability and the abundance of advanced features such as sophisticated indicators, automated trading, expert advisors and so on. Instead, Trade-union.pro relies on a basic Webtrader that cannot compare in any possible way with both MTs. In fact, it’s even a shame to call the browser-based terminal of Trade-union.pro a platform in front of MetaTrader 4 and 5. So, regardless of all the regulatory issues, we cannot recommend the brokerage reviewed simply because it comes with inferior trading software!
Trade-union.pro Trading Conditions
The trading conditions are standard for unreliable offshore brokers. As you can see from the screenshot above, the EUR/USD spread is 3 pips (the difference between Buy and Sell quotes), meaning that the trading service is at least 3 times more expensive than usual. Put into perspective, legit brokers offer a standard spread of 1 pip or less ($10 per lot executed, compared to $30 if you trade with Trade-union.pro). As for leverage, it’s 1:200 fixed, meaning that the trading risks involved are much bigger than necessary. In comparison, licensed EU, UK and Australian brokers cannot offer more than 1:30 – a regulatory measure imposed to reduce risks for retail clients. So, after the trading conditions assessment, we still cannot recommend Trade-union.pro because it’s costly and too risky for most customers.
Trade-union.pro Deposit/Withdraw Methods And Fees
The minimum deposit is $250, which isn’t too much, but it’s still a lot if you consider that there are brokers ready to accept clients for as little as $1! The funding methods are Debit/Credit cards and Wire Transfers; however, when we tried to deposit, there was only the bank card option available, so we cannot confirm that Wire Transfers are even possible. Nevertheless, Trade-union.pro is a proven scam, so you shouldn’t deposit any money!
As for withdrawals, there isn’t much specified as there is no minimum amount designated. However, we came across a suspicious clause in the T&Cs document, suggesting that Trade-union.pro doesn’t really enjoy paying money back to customers. Namely, if clients accept bonus funds, they should trade the amount 25 times to become eligible for withdrawals. And as bonus funds and the deposit mingle in the account, it’s impossible to separate both, so basically, it becomes impossible to take money out of the account unless you trade the balance 25 times. Now, 25 times is a confusing requirement, so Trade-union.pro may always interpret the clause as it likes and reject withdrawals whenever it wants to! Beware!
Fees and charges are not specified in detail, and here we should inform you that Trade-union.pro’s legal documentation is generic – the broker’s name is mentioned just once in each of the documents. What we mean to say is that Trade-union.pro has apparently copied the content from somewhere else and didn’t even care to make it look legit. The rare usage of the Trade-union.pro name is evidence of a scam nonetheless!
How Does The Scam Work
Trade-union.pro is a brand of a company that was exposed as a scam, so with a high degree of confidence, we can say that the broker reviewed is fraudulent, too. And here, we’ll quickly explain what scammers usually do while taking people for a ride.
Forex scams work in many different ways, but essentially, all of them are pretty much the same. Usually, the fraudulent schemes are registered offshore or are totally illegal, which makes it much harder to track the scammers down. And once you end up opening an account with such an entity, for whatever reason, you may expect an avalanche of phone calls from scammers who’ll do whatever it takes to make you fund your account as quickly as possible. They will promise bonuses, guaranteed profits, risk-free trading and anything else you could possibly imagine, urging you to start trading ASAP. And if you trust them and deposit money, you are very likely to become a victim of fraud – phone call urgency and big promises always suggest a scam!
In most cases, you will be shown fictitious profits and unrealistic gains – for example, if you deposited $250, you may expect to see thousands of dollars in profit the very next day. You’ll probably want to withdraw, but the experienced scammers won’t let you do so. They’ll insist that you can make even more money and will ask for more deposits. Or, they’ll tell you that you need to pay taxes in advance in order to get your money back, but no matter the scenario, the withdrawals will be impossible, and sooner or later, you’ll realise you’ve been scammed. It’s a horrible experience!
What To Do If Scammed
The first thing you should do is inform the authorities – call the police, contact your local regulators and other government bodies dealing with crime and fraud. Also, deactivate your cards ASAP and call your bank to inform them about what happened – they can provide essential information and help you reduce further financial damage.
If you deposited cryptocurrencies, there is not much you can do, but if you used your credit/debit cards, you could file a chargeback, hoping that all or some of the money invested can be retrieved. However, you shouldn’t go blindly looking to recover the loss because many fraudulent chargeback agencies are waiting to double-scam victims of fraud – be cautious about it!
And lastly, it would help if you share your experience and help protect others!