Beware! TradaCoin 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.
We can never take TradaCoin seriously, because it cannot have taken itself seriously. Honestly, nothing impressed us, and everything kept reminding us that we were dealing with a scam and a complete fraud. The site is overly simplistic and contains almost nothing of interest, not to mention that the information pool contained within is useless. So, buckle up for yet another disappointing broker that is better left alone.
We opened an account easily, suspiciously so, and were granted access to a shady user area. However, we had no access to many parts of the user area. The broker requires a verification of ones account. So, in reality we could not get any trading information out of the user area, no matter how many times we tried.
And so, we were left at the mercy of the website, which, to say the least, exaggerates greatly. The leverage is capped at 1:500, while the EUR/USD spread averages 0.1 pips. With no real indications of a spread commission one cannot but wonder if this is a lie. And we sure hope it is for such a low spread is usually manipulated by the scammer. The promoted assets are forex currency pairs, commodities, stocks, indices, and bonds. There is no guarantee that these details are factual.
TRADACOIN REGULATION AND SAFETY OF FUNDS
Perhaps the worst part about the broker is that it is ultimately completely anonymous. That’s right, we find no information anywhere on the website pertaining to a legal entity or a contact address. Even something untrue could have been better than absolutely nothing. At least then we could have had something to work with.
All anonymous brokers are completely unregulated. Otherwise there would be no reason to hide. Not to mention that all invested funds in an anonymous entity is the equivalent of throwing the money out the window. There is no wat to tell where it goes, and who or what grabs a hold of it.
Also, consider why TradaCoin has not included any legal information. Is it out of laziness? Or probably it feels that modern FX users are so easily corruptible that presenting a fake legit story is unnecessary because the clients will never pay attention to it. It shows a curve in the evolution of how users react to brokers, no matter if they are legit or not.
But anyway, TradaCoin is a scam and completely unregulated. Investing here would be a grave mistake.
It would be a big shame to lose all that money to scammers. By registering and investing in an unlicensed broker, you are indirectly throwing your money away for a completely futile and illicit cause. There is no reason to do so. That is why we urge our readers to rely on European, UK, US, or Australian brokers, or any licensed entity for that matter. Licensed entitles are covered by hundreds of requirements, many of them apply financial compensation schemes, and anti fraud practices. In other words, they are the exact opposite of what this broker and others like it stand for.
TRADACOIN TRADING SOFTWARE
TradaCoin had no trading software, as far as we’re concerned.
First of all, the software section of user area was blocked because we were not verified. This means that the only way to enter the alleged trading software is to send very sensitive personal details about ourselves, which opens us to the broker’s attacks. So, no we did not do that, and neither should our readers.
And then we turned to the website, which proclaimed that it offers a powerful trading terminal and its many versions, but, to no one’s surprise, there was no direct access to it anywhere.
TRADACOIN DEPOSIT/WITHDRAW METHODS AND FEES
The client portal is useless in our search for payment details. The user area block all access to its payment areas if the user has not verified his or her account. In all honesty, this is a legit approach, but with unlicensed brokers it’s a sign to be warry since scammer manipulate users’ personal details.
So we have to rely on the site. The only thing it reveals is that all payment methods are based on cryptocurrencies, and that there is a supposed 10% commission when transferring funds. But it has not made clear whether this applies to withdrawals, deposits, or both.
And that is all the info we have. Stay way from TradaCoin, for is will steal all of your money!
HOW DOES THE SCAM WORK
Generally, the first step to being in a scam, whether a user is aware of it or not, is to bridge the crucial gap that exists between a user and a broker. With legit entities rarely does this go beyond the limits of formality, whereas with scammers they will try to behave as close friends, and will try to sell you as much as they possibly can.
It easy to fall prey to their sweet talk, because as financial instruments grow more complex, so do scammers, and there are surprisingly advanced swindle techniques that will leave you empty handed faster than you know. So make sure to think before you act, and to ask for professional guidance if necessary.
Contact usually begins at the online ads level, and expands to the telephone line relatively fast, depending on how good the scammer is and how susceptible he or she is to manipulations.
The ultimate goal is reached once a scammer successfully causes an initial deposit to be invested. Once this happens the user has become the victim, and from then on the fraudsters will try to retain the client for as long as possible, draining him/her along the way.
On average, it takes 2 to 3 deposits for a user to realize that something very unlawful is happening. By that point however, the broker will cut all communications with the user and will deny all withdrawal requests.
WHAT TO DO IF SCAMMED
The most common action to take is to file for a chargeback, but this happens only if the user has invested with a credit or debit card. That’s why you don’t get many investment frauds taking card payment nowadays. But the good news is that, if money was invested via a card, the chargeback period for MasterCard and VISA is 540 days.
Wire transfer deposits are harder to get back, and the only thing we recommend is contacting the bank to sort things out if possible. Oh, and make sure to change you bank account user name and password ASAP!
Crypto transactions are lost for good, unfortunately. As cryptocurrencies become more numerous and the systems underlining them more complex, scammer are taking full advantage of these aspects, and the end results are very lucrative. So, never trust unregulated brokers with crypto payments.
And then, we have to mention the other type of scammer, the recovery agents. These are either third party fraudsters or extensions of existing swindles, and will provide the seemingly impossible service of tracing your lost money. All they need is a fee for their effort, a sum of money that will be lost once paid.
