Tradingmasterclass77 Review – 5 things you should know about tradingmasterclass77.com

Tradingmasterclass77 Review – 5 things you should know about tradingmasterclass77.com

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Beware! Tradingmasterclass77 is an offshore broker! Your investment may be at risk.

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Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.

 

If you want a clear example of a broker you definitely should not trust, do not look any further than Tradingmasterclass77. This is a dubious scheme designed with one purpose only – to pocket your hard-earned money.

Tradingmasterclass77 REGULATION AND SAFETY OF FUNDS

Tradingmasterclass77 claimed to be located in Seychelles and licensed not only by the county’s local financial authority but also by reputable regulators like the FSA of Australia and the Cypriot regulator CySEC.

However, the broker obviously does not know that the regulatory body of Australia is not called FSA but ASIC. Tradingmasterclass77 is also definitely not licensed by CySEC – the regulator recently issued a warning on this broker because of its false claims of regulation, and because of suspected fraudulent activities.

The Seychelles Financial Services Authority (FSA) is far from the strictest regulators in the world – but Tradingmasterclass77 was nowhere to be found in their database either. This makes this broker completely unregulated and unauthorized to offer services – but more than willing to claim the contrary.

Trusting unregulated, anonymous brokers is never a good idea – unless, of course, you want to get scammed. Our advice for you is to choose your broker carefully – preferably among companies licensed in the UK, the EU, or Australia. These are all strict jurisdictions where respected regulatory bodies monitor the activities of forex brokers. If a broker wants to operate, they are obligated to obtain a license – and naturally, there are many requirements before that could happen. Brokers have to maintain a minimum capital of €730 000 in the UK and the EU, and A$1 million in Australia to prove their financial stability and ability to survive in volatile conditions. Client funds must be kept in segregated bank accounts managed by third parties – this proves that your money cannot be mixed with the broker’s own funds. Negative balance protection is another important policy that protects clients in case of unfortunate events – you could never lose more money than you have in your account. If you choose to work with an EU or UK broker and that broker goes bankrupt, you will be entitled to compensation – up to £85 000 in the UK or €20 000 in the EU – because all such brokers provide funds for compensation schemes.

Tradingmasterclass77 TRADING SOFTWARE

Tradingmasterclass77 was supposed to provide access to cTrader – a decent, if slightly too simplistic trading platform. That turned out to be another lie – when we opened an account, we discovered that this broker does not offer any sort of functional trading platform. None of the “download links” on the broker’s website worked, and we were not allowed access to a web terminal. There is no point in opening accounts with brokers who do not offer a trading platform – you would simply not be able to trade with them which is the whole point of having a broker.

Turn to a broker who offers a robust, intuitive platform – the currently most popular platforms in the industry are MetaTrader 4 and MetaTrader 5. Both platforms offer a full charting and analysis package as well as features such as Expert Advisors, VPSs, the chance to create your own trading bots and indicators, or set signals for prices going up or down, a market for more trading apps, a Strategy Tester, demo account options, and much more.

 

Tradingmasterclass77 TRADING CONDITIONS

Tradingmasterclass77 claims that there is no minimum deposit for opening an account with them – you could supposedly invest whatever amount you wanted to start trading. However, since the broker does not offer a functional platform, you have no reason to invest. This also makes talking about terms like spreads and leverage completely pointless.

However, we are obligated to point out that Tradingmasterclass77 claimed that it offers leverage of up to 1:500 – an extremely high number no Cypriot, UK, or Australian broker could legally offer. The maximum number of retail traders can get access in all of these jurisdictions is 1:30. Leverage is considered to be a double-edged sword – it could lead to bigger profits but also to much bigger losses. Always be careful with your leverage settings, especially as a beginner trader. And do not trust brokers who claim to be licensed in the EU, the UK, or Australia while also offering dangerously high leverage.

In the broker’s client area, we discovered one additional shady offer. Tradingmasterclass77 offers you to subscribe to a plan by investing a small amount of money – starting from $500 – and get impossibly high returns.  In just 5 days, you could get a 400% return on investment. The broker, however, fails to explain how such returns are even possible within such a short period of time when even the most experienced investors rarely see returns higher than 40% annually on a good year.

This is obviously a ploy designed to tempt you into depositing money in a fraudulent scheme – but if something seems impossibly good, it most probably is.

Tradingmasterclass77 DEPOSIT/WITHDRAWAL METHODS AND FEES

Tradingmasterclass77 claims that it accepts a few popular and secure payment methods – wire transfers, credit or debit card payments, and the electronic payment solutions WebMoney. However, we were only actually allowed to deposit money in Bitcoin – which is a huge red flag. Firstly, crypto payments are anonymous – they can always be traced to a certain wallet but not to a specific person. The fact that they are irreversible is even more bothersome – if you have already deposited with this broker, you would never be able to get your money back. That is why we would advise you to not deposit altogether. Always make sure you use this payment method with reliable companies and individuals.

The broker seems to offer bonuses – that are strictly banned in the EU, the UK, and Australia. This proves once again that Tradingmasterclass77 could not be licensed by the ASIC or CySEC. You should always be careful when a scam broker offers bonus money – those most probably come with strings attached. Usually, bonuses are used as a means of preventing withdrawals – we would not advise you to accept any sort of promotions from brokers like Tradingmasterclass77.

HOW DOES THE SCAM WORK?

Such scams are more common than you think and trick thousands of people into investing with fraudulent brokers who exist with the sole purpose to rob you. The best thing you can do to avoid them is check registers, research matters carefully, and have a general idea about how scam brokers operate.

Such brokers usually promise immense, fast profits – slow, gradual, and informed rarely seems to be the way for them. You take one look at a broker’s website and decide that it looks decent and legitimate and that all the promises and claims must be true. Such scammers often try to convince you that they are legitimate in various ways – they lie about being regulated, provide fake legal documents, and divert your attention with unbelievable offers. You decide to try your luck and open an account – providing the scammers with your phone number and email in the process.

After that you would not be left alone before you make a deposit – you receive dozens of calls and emails from smooth-talking scammers whose very job is to prey on unsuspecting people who are trying to turn a quick profit. And once you have deposited, they will keep asking you for more and more money – which you would gladly invest because, at that point, you might even be turning a decent profit. However, when you try to withdraw your profits, you will quickly see that you have been fooled. Different reasons why withdrawing is impossible will appear – additional taxes, minimum withdrawal limits, and previously unmentioned clauses in the Terms and Conditions.

At some point, you understand you are being scammed – but by the time you reach this point, the scammers will already be long gone.

WHAT TO DO WHEN SCAMMED?

Unfortunately, the chances of you tracking down the scammers and retrieving your money are not good.

You can, however, avoid additional problems and losses of money by changing your banking details and passwords, and removing all software they have asked you to install – this just provides them with easy access to your computer and all of your passwords.

Don’t trust any recovery agents promising to retrieve your money for a fee – this is just another type of scam, often conducted by the same people who initially robbed you.

If you have used Visa or MasterCard to deposit, there is a chance that you might be able to get a chargeback – both card providers allow chargebacks within 540 days of the transaction. Reversing wire transfers and payments made in crypto, on the other hand, is impossible – only use these payment solutions with trusted brokers.

Finally, make sure to notify the responsible authorities and share your story with as many people as possible – this way, others will know how to avoid such scams and stay away from them.

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