Beware! FXTradeo Market 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.
FXTradeo Market is a broker that does nothing to prove its reliability. This is an unregulated, anonymous company that offers dangerous trading conditions and does not even accept clients currently. Investing with the broker is a waste of time and money and a huge risk. Check out some legitimate, regulated brokers – most of them can usually offer better conditions anyway.
FXTradeo Market 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|
FXTradeo Market claimed to be based in the UK but did not seem to be regulated in the country. That much was evident by the fact that the broker did not show up anywhere in the register of the local financial regulator, the FCA:
No broker could legally operate in the UK without a local license and this broker definitely does not have such a license. Trading with an unregulated company is extremely risky and the chances of you running straight into a scam scheme are huge.
Instead of wasting your time on scammers, check out some regulated UK brokers since such companies are generally extremely reliable.
FXTradeo Market Trading Software
|Analytical tools||Auto trading||Custom indicators||Mobile apps|
|FXTradeo Market platform||❌||❌||❌||❌|
|MT4||30+ indicators||✅||✅||Android and iOS|
|MT5||50+ indicators||✅||✅||Android and iOS|
|cTrader||40+ indicators||✅||✅||Android and iOS|
FXTradeo Market promised access to the leading trading platform MetaTrader 5. While we were indeed able to download the platform from the broker’s website, we were not surprised to see that this was the basic, unbranded version of the software that can freely be accessed through the website of the software’s creators, MetaQuotes.
Since FXTradeo Market does not offer its own trading platform, trading with the broker is quite pointless. All in all, you would not be able to trade with this broker.
Our recommendation would be to start working with a legitimate broker that offers this leading trading platform and not waste any time on dangerous scam schemes.
FXTradeo Market Trading instruments
FXTradeo Market promised access to an impressive range of trading instruments – Forex, Stocks, ETFs, Vanilla Options, Indices, Metals, Energies, Cryptocurrencies, and Futures. Since the broker did not own its own trading terminal, however, we cannot promise that they actually offer those, if any, trading instruments.
FXTradeo Market Spreads and Cost of Trading
Without functional trading software, talking about spreads is quite pointless – this broker simply does not provide any trading opportunities.
We would like to point out that there are plenty of legitimate brokers that offer great spreads – as low as 1 pip even. Check some of them out for affordable trading opportunities.
FXTradeo Market Maximum leverage
|FXTradeo Market broker||500:1||Unknown||Unknown||Unknown||Unknown:1|
|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||❌||❌||❌||❌|
FXTradeo Market promised maximum leverage of 1:500 even to retail traders. This is just another proof that the broker is not and could not be UK-regulated.
Since trading with high leverage comes with certain risks, the financial authorities of many countries have imposed restrictions on the maximum rates retail traders could get access to. In the UK, the EU, and Australia, you would not be able to trade with more than 1:30. This is the authorities’ way of limiting the size of the losses inexperienced traders could suffer as a result of trading with leverage higher than they can handle.
FXTradeo Market Deposit and Withdrawal methods
|Deposit time||Withdrawal time||Fee|
|Bank wire||2-5 business days||2-5 business days||$25+|
|Credit card||Instant||24 hours||Free|
|PayPal||1 hour||24 hours||2%|
|Skrill||1 hour||24 hours||2%|
|Neteller||1 hour||24 hours||2%|
|Crypto||24 hours||24 hours||Fee depends on crypto|
FXTradeo Market did not provide any clear information about the deposit solutions it accepts. All the broker has featured on its website were a couple of logos (Visa, MasterCard, Skrill, Neteller, and China UnionPay). Since we could not open an account and deposit ourselves, however, we cannot even confirm that any of these solutions would actually be available.
Most legitimate brokers offer a variety of payment solutions such as credit/debit card, wire transfer, e-wallets like Skrill, Neteller, and PayPal and often enough even crypto.
FXTradeo Market Minimum deposit
FXTradeo Market asks for a relatively small minimum deposit of $200 in order to let clients start trading. This might not seem like that much but you should keep in mind that there are plenty of legitimate brokers that offer much more affordable trading accounts – for as little as $5 even.
FXTradeo Market Withdrawal requirements
FXTradeo Market did not provide us with any sort of legal documentation which is inexcusable. Without full, comprehensive Terms and Conditions, we have no way of knowing if a certain broker is really to be trusted.
Scam brokers often add all sorts of crazy clauses to their Terms and Conditions, especially related to withdrawals. You might, for example, be asked to reach outrageously high turning volume requirements before being allowed to withdraw. Having to pay outrageous withdrawal fees is also very likely.
Always read the Terms and Conditions carefully to make sure that your broker is not trying to scam you.
|Trading volume||Fee/Tax on withdrawal||Minimum withdrawal|
|FXTradeo Market / 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|