Beware! Trusttc 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.
Trusttc looks clean and professional, but it’s all a very convincing lie. Behind the glamor is a scam that prays on anyone. Read the review to find out more.
We were not able to access the user area because our account request was never approved. We were supposed to receive a confirmation mail, but after a while it never came, and so we had no choice but to turn to the website.
According to the website the broker offer trading in forex currency pairs, commodities, indices, and cryptocurrencies. The EUR/USD spread is claimed at something between 2 and 2.9 pips which is not one bit favorable to users. The only reason why Trusttc promotes it is because it does not know what it is actually doing, showcasing a very limited knowledge pool in the FX industry. The leverage is capped at 1:30, a value that only legit EU brokers offer because of their limited capacity to offer higher leverages.
None of the trading information is trustworthy. The broker is most of all unregulated, and as a result none of the trading and payment information is legit.
TRUSTTC REGULATION AND SAFETY OF FUNDS
The broker claims to be registered in Saint Vincent and the Grenadines, which in essence does no good to the firm. Trusttc can be registered there, but the truth is that it barely matters. Saint Vincent is the host of literally thousands of unregulated brokers, none of which hold a license because there is no regulator in place there.
The other thing that caught our eye, is a direct quote form the legal docs: this website is “not directed at any jurisdiction and is not intended for any use that would be contrary to local law or regulation.” What this means is that users have to, in their onw time, check if they are allowed by their local laws to access Trusttc. It shoud be the other way round, but who’s to say anything against Trusttc, an unregulated broker?
Always aim to invest in regulated brokers, and not illicit ones. It may not be easy to distinguish them from one another, but there is a way to make the process much easier. The crucial point is to check the legitimacy of the broker’s regulatory or registration claim. If nothing’s there, you close the site and move on to any European, UK, US, or Australian broker, or any other with a legal status. Being regulated is not just encompassed in a simple permission to offer FX trading service. It comes with a ton of responsibilities, most of which are concerned with the way the broker treats its users. Misconduct on the side of the broker either results in financial penalties or in total closures of the brokerage website in question.
TRUSTTC TRADING SOFTWARE
There is a supposed MT4 available to users, but we never got even a small taste of it, The website never actually granted us access to it. None of the links we responsive.
And considering that we had no access to the user area, there was no way to verify the broker’s claims. We wouldn’t be surprised if Trusttc offerd some shady web trader.
TRUSTTC DEPOSIT/WITHDRAW METHODS AND FEES
According to the site these are the following payment methods: Bank, credit and debit cards, Skrill, Neteller, and Paypal. There is no minimum deposit revealed.
There are both deposit and withdrawal fees. Here are the depositing ones: Bank deposits are charged banking system fees plus a $30 fixed fee. Debit card deposits are feed around 0.93% (1.78%), and credit cards are charged with 1.03% (international 1.88%). Skrill and Neteller fees are 3.9% + €0.29 + 1% jurisdiction fee. PayPal deposits are charged with 5.4% per transaction plus a fixed fee depending on the country. Deposits are processed between 1 and 3 days.
There are also clearly defined withdrawal fees. For banks, there is a 0.15% withdrawal fee. Cards are charged with $0.5 per transaction. Skrill are charged by 1%, and Neteller by 2%. PayPal withdrawals are not charged. Withdrawals take anything between 1 to 5 days to process.
But in the end, how can we know that these fees are accurate? We can only speculate of their credibility on the premise that Trusttc is a scam and therefore wishes to steal as much money as it can.
The fees structure is very detailed, and it seems it has been taken right from another broker. There is no real reason why Trusttc would spend so much time on payment fees.
There are other fees mentioned throughout the legal documents. Furthermore, the broker gives itself the right to to charge them without warning or consent form the user, as seen in the following clause:
The other major fees that we read about were interest rates on amounts owned to the broker by the client, expanse relating to the legal agreement, taxes from payments, and other ambiguous fees, none of which have been discussed in terms of numbers.
HOW DOES THE SCAM WORK
Scammers use a couple of tricks that make up a big scheme that has not changed since its inception, meaning that it’s fairly easy to avoid it.
The fraud starts when the broker contacts the user, who has unknowingly provided his or her contact details in the past through some seemingly innocent channel.
Communicating with the broker might seem like a pleasant experience as the other side sweettalks its way to your wallet. The reason why most frauds target non-trading audiences is because they are more susceptible to this kind of verbal manipulation. Otherwise, users might start receiving emails with unbelievable good investment deals, none of which are actually lucrative.
The tipping point is the first deposit that scammers are so eager to sell. After this first investment, the user has fallen into the clutches of the fraudster. Either he will be pushed to invest more by false promises of further “profit”, or the client will want to get back his initial deposit, a request to which he is told that further investments are needed.
On whichever side of the coin you the user is, she will most likely never be able to withdrawal. All withdrawal requests will be denied for a plethora of equally ludicrous reasons.
WHAT TO DO IF SCAMMED
Once scammed, your safest bet is a chargeback. Contact your credit or debit card company and move on from there. It’s good to know that MasterCard and VISA have a chargeback period of 540 days.
Bank investments are more difficult to reimburse but not impossible. Most banks have some sort of strategy for dealing with lost capital, so the client’s best bet is to contact her corresponding bank and proceed from there according to the bank’s plan of action. We also recommend that users change their bank account username and password if defrauded.
As for crypto investments, it is unfortunate to say but there is no real way of getting lost money back through these channels. All crypto investments are untraceable, and there is no telling where the investor’s funds will end up.
Don’t trust recovery agents or agencies. These are either independent scammer looking to charge users “service fees”, or extensions of illicit broker schemes.