Textrade review: 5 things you should know textrade.finance

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

RECOMMENDED FOREX BROKERS

Visit Site

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

Textrade is one of those one page brokers that tries to fit everything into one single home page, making the whole broker feel like an intermediary source. It is very shallow and a risk to all.

Textrade REGULATION AND SAFETY OF FUDS

There are three points to make clear here, and each one is contradictory to the other two.

The first is a claim in the legal documents that the applicable laws are those of Saint Vincent and the Grenadines, a country that does not have an FX regulator, but is equipped with authorities that seem not to care, and even profit, from the influx of scammers. So if Textrade is adhering to these laws, it’s all that bad for the broker, since it only applies a smear on the broker’s image.

The footer reveals a complete shift from the above mentions. It claims that the firm is regulated by the Financial Services Regulation Scheme, which is true but it does not make a difference because in reality this regulator does not exists. Yes, it has its own website, but it’s all a part of the ruse. The Financial Services Regulation Scheme is a fake regulator, a part of a new trend that sees scammer shifting to a much more convincing strategy.

Last but not least, the footer also presents an address in Greece, which suggest the broker to be licensed by the Hellenic Capital Market Commission, but that would make Textrade a European broker, but its behavior is definitely unbecoming of a EU broker.

Textrade is a scam and a risk to all. It is also unregulated.

Textrade Trading software

There was no way to open an account, as the registration area kept on refreshing even after completing all the fields. So there was no way to open an account, meaning that we could not access a trading platform, even if we wanted to.

Actually, Textrade offers the MT4, but the download link was shady and it is a risk to open it, as such files might potentially be carriers of viruses and malwares. So there is no reason to open it, but the fact that Textrade offers the MT4 definitely says something.

Textrade Trading instruments

According to the site, the available assets to trade with are forex currency pairs, cryptocurrencies, indices, commodities, shares, and bonds. However, it seems that Textrade focuses on cryptocurrencies as its main asset type, which is a subtle sign that the broker is a risk, since unlicensed crypto brokers are more dangerous that traditional FX and CFD illicit brokers.

Textrade Spreads and cost of trading

There were no spread values indicated anywhere, leaving us with no choice but to leave this section short. Usually, the lower the spread the better, but clients should always pay attention to the presence of any commissions.

Textrade Maximum leverage

As with the spreads, there are also no leverage values anywhere to be talked about. So, readers should focus instead on these high leverage brokers that we have compiled, some of whihc may be great alternatives.

Textrade Deposit and withdrawal methods

The broker is quite ambiguous on the the payment methods, even more so when considering that Textrade is a scam. The mentioned payment methods are bank transfer and cards.

Bank deposits are said to take up to 45 days, which is utterly unacceptable and definitely a sign that Textrade does not know what it does. As for withdrawals, it takes up to 48 hours according to the legal docs, however according to the site it’s up to 5 days. So, this type of contradictory information is typical for scammers.

Textrade Minimum deposit

There was no minimum deposit requirement revealed anywhere. With scammers you never know what you might get o their sites, but on the user area its almost always different than on the site: usually it’s $1, granting the broker more chances to scam users.

Textrade Withdrawal requirements

Now here we can dive into some very shady clauses that reveal the true fraudulent nature of Textrade. First of all, we read about a ton of unrevealed “services” fees and expenses none of which have been revealed. So investors will constantly be feed from all sides.

Nest, we read about a $50 dormancy fee activated only after 60 days of account inactivity, which is definitely high and quite the risk.

There is also a turnover requirement, as seen in the following clause

It’s not really revealed what it is, and the way it is told is so that unexperienced users will have a hard time decoding it. But it is there.

The last thing we wanted to point out is the following clause:

It seems to say that if a user goes below 90% of her original deposit balance the company has the right to apply the bonus clause. In such a case the bonus policy is immediately applied which state that users have to trade $10 000 for each $1 of deposit. This clause is confusing and one of the major reason why this broker is a waste of time and space.