Beware! Trade Concept 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.
Trade Concept tries to mislead its customers into believing it’s connected to another, reputable firm. However, this happened to be a shameless lie and Trade Concept isn’t regulated nor authorized to offer financial services. It also lies about its registered address and payment methods as well – in fact the only payment option you would have is crypto coins, but for that in a minute.
Not to mention that this broker offers highly risky leverage of 1:500 that not only isn’t recommended for retail traders, but also is forbidden in the UK, where Trade Concept claims to be based. All in all, we don’t advise you to invest here, as this broker bears all signs of scam possible. Read the full review for more details on why we think that Trade Concept is not to be trusted.
Regulation and safety of funds
First and foremost, Trade Concept claims its registered address to be in Gloucestershire, the UK, or at least this is the address displayed on its website. But there is something more – in its contacts and at the bottom of its homepage you can see the name of another firm – Quadrangle Nominees Limited. What surprised us however was the fact that Trade Concept doesn’t claim to be a brand name of this firm or whatsoever, in fact it doesn’t say anything more – just displays its name and address in an obvious attempt to seem related to it, therefore – credible.
We checked Quadrangle Nominees Limited in the registers of the Financial Conduct Authority (FCA). It turned out that this firm is regulated in the UK, however it doesn’t have any other trading names or brands. Apparently Trade Concept uses its name just to seem reputable, which it’s not at all (at least to say).
What’s more, we searched the registers of FCA once again just to be completely sure that Trade Concept isn’t licensed by this authority and guess what? This is exactly the case, take a look:
As you see, this broker is certainly not to be trusted. Don’t underestimate the importance of the forex license, as it serves as a guarantee for the firm’s reliability. Usually unregulated brokers are just online scammers who can leave you stone broke in a flash. Don’t go for the good-looking and neat website, as this can be highly deceptive. The most substantial aspect is in fact the forex license – and it takes just a couple of minutes to verify it on the relevant authority’s registers. Trust us – this can save you countless sleepless nights and regrets.
If a broker is granted a license you can be 100% sure that it meets all the requirements set by the financial authority. For example every regulated broker in the UK must have at least 730 000 EUR of minimum net capital just to guarantee its financial stability. Moreover it’s also obligated to take part in a compensation scheme, which aims to protect your investment in the unlikely event of broker’s insolvency. In such a case you can be paid up to 85 000 GBP by the Financial Services Compensation Scheme (FSCS) of the UK.
Lastly, all regulated brokers in the United Kingdom must keep their customers’ funds in segregated accounts apart from their own capital. Trade Concept also claims that it has “kept all clients’ funds in major top-tier banks, completely segregated from the Company’s funds”, however we highly doubt this, given the fact this broker is totally unlawful.
Trade Concept describes its own trading software as “a fully customizable web platform that includes many features”. The website doesn’t really provide much more information on the topic, so we were eager to find out what features and opportunities this platform really has.
We registered in no time and got access to our profile. In order to see the web trader we were required to fill in our profile ID and password, however there was some error that kept occurring again and again. Therefore, unfortunately we didn’t manage to see Trade Concept’s platform. Just be on guard with such shady brokers and better don’t invest here at all.
MT4 and MT5 are appropriate even for both advanced traders and beginners. You can be assured that the safety of your funds and personal information is granted as all transactions are encrypted as well as your IP address.
You can also choose between a wide range of educational resources, forex news and technical analysis tools. Most of the customers consider the trading bots to be the best part however. These bots, also called Expert Advisors, analyze the forex market in a search of certain conditions and then perform trading operations once they find them.
MT5 and MT4 can be easily downloaded on PCs, smartphones and tablets and have regular updates. Unfortunately, since Apple removed both MetaTrader 4 and 5 from its AppStore, these platforms can’t be downloaded any more from iPhone/ iPad users. All of you that have already installed the apps can continue using them, but without the above-mentioned updates. On the contrary you can still download MT4 and MT5 from Google Play Store.
Trade Concept displays a chart of its types of accounts – Promo, Lite, Plus and Elite. Take a look at some additional information about a few of them:
As you see the Promo account requires a minimum deposit of 250 USD. To be honest this is a standard amount that most reputable brokers usually ask for anyway. Moreover sometimes you can open a micro account with as little as 10 USD for example.
However, the leverage of 1:500 that Trade Concept offers is way too much. Any experienced trader would tell you that such high amounts are proven to be very risky and speculative. What’s more, the leverage in the UK is limited to 1:30, so there is no way that this broker could be licensed there. If you still want to invest with higher leverage we suggest looking at some of the offshore subsidiaries of reputable forex brokers.
As for the spread, there is no data on the website and since we couldn’t see the trading software, we can’t say for sure what to expect from this broker. However, as we already know that Trade Concept isn’t authorized, it really isn’t worth opening an account with it in the first place. Instead, you can choose some of the legitimate brokers that offer tight spreads for sure.
Deposit/Withdrawal methods and fees
On its website Trade Concept promises to accept several different payment methods like Visa, Mastercard, PayPal, wire transfer and Bitcoin transactions. See for yourself:
After we registered and tried to add funds to our account, things turned out to be completely different. In fact, we could make a deposit only with cryptocurrencies and nothing else. We couldn choose between Bitcoin, Ethereum and Tether, take a look:
Don’t invest even a cent with this shady broker, as crypto transactions are proven to be completely irreversible and anonymous, so you won’t be able to get your money back no matter what.
How does the scam work
Be very careful to whom you provide your personal information like email or phone number. The moment scammers have your number they will start calling you in an attempt to make you invest right away.
They will most certainly assure you that trading with them is risk-free, which is highly doubtful at least to say. Also be prepared to hear that you can get a fast and incredibly high return on investment – this is also a shameless lie of course. Scammers tend to sweet-talk traders into making a deposit and then vanish like thin air.
Before that however they might try to manipulate their trading software so it looks as if your money is being invested. They might also fool you into believing that your results are very profitable. This is done with one specific purpose – to make you invest even more before you find out that everything is a lie.
Expect all kinds of hidden fees the moment you try to withdraw even a cent and what is the worst part – to find out that a withdrawal is declined no matter what you do.
What to do when scammed
If you have been scammed, the first thing you can do is to turn to the bank that issued your credit or debit card and ask for a chargeback. If you have paid with your Visa/ Mastercard, a chargeback is eligible within 540 days.
Wire transfers are more difficult to return, and the best thing you can do in this situation is to change your online banking username and password as soon as possible.
Using payment methods like Neteller, Paypal or Skrill also gives you the opportunity to open a dispute in case of online scam.
Unfortunately crypto transactions are irreversible as we already stated and therefore your money can not be returned. All in all we advise you not to trust brokers that use only crypto coins such as Bitcoin or Ethereum.
Last but not least, certainly don’t trust people on the internet offering to return your funds only after you pay a certain fee. They might also be scammers so don’t risk losing more money than you already have!