Beware! Tango Trading 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.
If you are, for any reason, considering depositing with Tango Trading, read the following review and you will surely change your mind by the end of it. This broker is in no way a secure investment option and there are many indicators that they will scam you the moment you deposit – if you are able to deposit at all.
Tango Trading Regulation and safety of funds
|Guaranteed Funds||Segregated Accounts||Negative balance protection|
|UK regulated brokers||£85 000||Yes||Yes|
|EU regulated brokers||€20 000||Yes||Yes|
|AU regulated brokers||No||Yes||Yes|
|US regulted brokers||Yes||Yes||No|
Tango Trading claims to be based in Mexico but is guided by the laws of the state of New York. This is quite weird since the broker has also mentioned that it is not at all regulated in the US and mostly seems to be targeting clients from Central and South America.
Tango Trading also claims to be regulated – in St. Vincent and the Grenadines. This is clear proof that we are dealing with a scam broker since no forex trading company could be regulated in this country. The local financial authority of St. Vincent and the Grenadines does not regulate forex brokers and does not impose any laws related to forex trading. This means that local brokers answer to no one – and are not obligated to meet any sort of basic requirements in order to prove their reliability and financial stability. That is why most brokers based in this country are scammers – unless they are a branch of a reputable international company which was definitely not the case here.
We would advise you to turn to a licensed UK or EU broker instead. Such brokers are obligated to follow many procedures, do things by the book, and treat clients fairly. All brokers regulated in these jurisdictions have to:
- maintain a certain operational capital to prove their financial stability – the minimum is €730 000 but that number can go a lot higher
- participate in compensation schemes that protect clients – if your broker goes bankrupt, you could claim up to £85 000 in the UK and €20 000 in the EU
- keep client money must in segregated accounts to ensure that the broker would not be able to use your funds for their own financial operations, knowingly or unknowingly
- report to authorities regularly
- provide Negative Balance Protection
Trading with a regulated broker is a much safer and more transparent option – do not put your money in the hands of scammers.
Tango Trading Trading Software
|Analytical tools||Auto trading||Custom indicators||Mobile apps|
|Tango Trading platform||❌||❌||❌||❌|
|cTrader||40+ indicators||✅||✅||Android and iOS|
When we opened an account with Tango Trading, we were surprised to see that the broker would not let us do anything at all in their client area. In fact, what we were given access to can hardly be called a client area. We were just invited to fill in some information about ourselves but that was about it. What we were not allowed to do was deposit – or access any sort of trading software. In fact, we are not at all sure that this broker offers access to a functional trading platform. This makes opening an account with them pointless since you would most probably not be given the chance to trade. And since this was probably your whole reason for seeking out the services of a forex broker in the first place, we would not say that it is advisable to register an account with Tango Trading.
Better try out well-known platforms like MetaTrader 4 or MetaTrader 5 that have proven their worth. MT4 has the market since 2006 and is still beloved by many. The newer platform MT5, on the other hand, is growing in popularity and offers even more advanced features. With both platforms, you would be getting features like Expert Advisors, VPSs, possibilities for creating your own trading bots and indicators, setting signals, over 30 technical indicators, and much more. MT4 and MT5 should be your first thought when wondering what platform to start trading on.
Tango Trading Trading instruments
Since Tango Trading did not offer a functional trading platform, we cannot be sure that they actually offer access to any sort of financial markets and trading instruments. This makes opening an account with this broker since you would probably not be given the chance to trade.
Tango Trading Spreads and cost of trading
Without access to some sort of platform, we cannot say anything specific about the spreads Tango Trading offers. This is not information the broker provided on its website either. We can assure you, however, that great spreads are not reason enough to open an account with a scam broker. Some of the most established companies in the industry offer spreads of 1.5 pips or lower.
Tango Trading Maximum leverage
|Tango Trading broker||❌||❌||❌||❌||❌|
|UK regulated brokers||30:1||5:1||❌||10:1||10:1|
|EU regulated brokers||30:1||5:1||2:1||10:1||10:1|
|AU regulated brokers||30:1||5:1||2:1||10:1||10:1|
|US regulated brokers||50:1||❌||❌||❌||❌|
Since Tango Trading did not provide us with access to a functional trading platform, we cannot say with certainty what sort of leverage they offer – or if leverage is a relevant category at all. What we mean is that leverage is only important when you are sure that the broker provides access to the financial markets and this is definitely not the case here. Tango Trading itself mentioned nothing on the subject which is why we cannot say anything more on the subject.
Still, we always urge readers to be careful with their leverage settings since trading with high leverage could prove to be quite risky. Leverage enables you to make bigger offers which can subsequently result in both bigger profits and bigger losses. However, for inexperienced new traders, bigger losses are a much more likely scenario. Always make sure to trade with the sort of leverage you are sure you can handle.
Tango Trading Deposit and withdrawal methods
|Deposit time||Withdrawal time||Fee|
|Crypto||24 hours||24 hours||Fee depends on crypto|
|Cobru||Not disclosed||Not disclosed||Not disclosed|
We were not at all allowed to try and deposit with Tango Trading since the broker would not let us do anything in their client area. However, on their website, they mention a few possible payment solutions – the lesser-known Columbian electronic payment solution Cobru and through FairPay or MoonPay – two crypto exchanges. This generally means that this broker prefers cryptocurrency payments – and that is hardly surprising.
Many scam brokers urge their clients to deposit in crypto specifically. The reasons for that are transparent – such transactions are both anonymous, and completely irreversible. This means that you would not be able to trace your payment or get a chargeback on it which is exactly what such scammers want. Only use this payment solution if you are 100% sure you can trust whoever you are depositing with.
Tango Trading Minimum deposit
Tango Trading asks for a standard minimum deposit of $250 in order to open a basic trading account. This is fairly okay but for most legitimate brokers, this would be more of an upper limit. Many established brokerages offer accounts for $100 or less nowadays – why not check out some of their affordable offers?
Tango Trading Withdrawal requirements
Tango Trading did not mention any specific withdrawal requirements in its brief Terms and Conditions. However, you should still keep in mind that many such brokers do have all sorts of shady withdrawal requirements. Some scammers would charge you huge withdrawal fees of 20-30%. Others will ask you to reach insane turnover requirements before they allow you to withdraw your money. With such brokers, there are usually strings attached so always make sure to carefully read through the Terms and Conditions to make sure that this is not the case.
|Trading volume||Fee/Tax on withdrawal||Minimum withdrawal|
|Tango Trading/ offshore brokers||No information||No information||No information|
|UK regulated brokers||No||No||No|
|EU regulated brokers||No||No||No|
|AU regulated brokers||No||No||No|
|US regulated brokers||No||No||No|