TradaCoin Review: A Troublesome Firm
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TradaCoin is a fraudulent brokerage platform operating under the pretext of being legit. The broker allegedly provides the ideal platform for high-volume traders, robots, and scalpers. Traders on the platform can access over 232 trading instruments, including forex, bonds, indices, stocks, and commodities. Also, the broker promises the best prices, no requotes, and no restrictions. At first glance, TradaCoin appears to be the dream broker. This is because the broker knows just the right buttons to push.
As much as online investments are lucrative, scamming cases are rising, with naïve investors being ripped off. Such incidents should motivate you to conduct extensive research before investing in digital assets.
Aspiring investors should be wary of these signs, which prove that this platform is not a viable forex broker. That is why conducting background research on the so-called investment platforms is prudent before committing your money and security.
We shall help you with preliminary research on the platform. The subsequent review exposes some hard-to-miss red flags showing TradaCoin is dubious.
Tradacoin.com Review
TradaCoin claims to have an operational experience of 5 years. The broker also boasts about over 10 million customers on its platform. However, the whois database reveals that this broker is only 18 days old. Clearly, the broker is lying about its experience. Also, one wonders how a broker who is barely 20 days managed to secure such a vast customer base in such a short time. It doesn’t make sense.
When choosing brokers, it is prudent to ensure they have a solid reputation and longevity prospects. We noticed that the broker’s domain expires on 28 October 2023. Apparently, the broker does not plan to stick around for long. This is a cause for concern because why would a platform with such a “strong financial market” go for a one-year domain tenure?
Concerning its trading platform, TradaCoin allegedly has ultra-fast executions, a proprietary and diverse liquidity mix, and low slippage. In addition to institutional-standard trading, investors can make instant deposits and fast withdrawals. We highly doubt these claims, given the broker’s lackluster website. Besides being overly simplistic, the website’s informational resources are unhelpful.
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Deposit & Withdrawal Policy
TradaCoin accepts deposits via Ethereum and Bitcoin; how convenient! Anytime a broker limits you to crypto deposits, treat that as a red flag. They prefer the channel because it gives them the anonymity they need to swindle you. Moreover, crypto transactions are not reversible, meaning you cannot file for a refund after you deposit. The broker intends to woo you with exaggerated return promises. They will attempt to persuade you to increase your deposit when you make one, then vanish without a trace.
You are better off with a legit broker with flexible deposit choices. Since these brokers are transparent, you are assured of the funds’ safety regardless of the deposit channel. Furthermore, if you use wire transfers or credit cards, you can reverse transactions if necessary. That is the least freedom that every broker should accord you.
Likewise, the broker supposedly offers a 10% commission for money transfers. However, whether this applies to deposits, withdrawals, or both is unclear. Since the commission terms are vague, we cannot tell the intentions behind such an incentive. Forex trading is hectic enough without having to wonder about the motives of a broker, so ditch this one.
Trading Conditions
We begin to doubt the broker’s transparency when information like minimum investment, and legal documents, among other things, are undisclosed. Since this is a digital investment space, transparency is crucial, and you should not condone dishonest brokers.
Moreover, the broker claims to award investors a 200 bonus for their initial investment. This is a trap and precisely why forex regulators forbid the practice. Any time a broker gives you such perks, you will pay them, one way or the other.
For instance, there are extortionate conditions attached to bonuses. One such condition requires you to attain specific trading volumes to access your funds. No broker would keep you from accessing your money, signaling TradaCoin is not ideal for you.
TradaCoin’s spreads average 0.1 pips, and the broker mentions they can go as low as zero. Before celebrating, ask yourself how the broker earns money from zero commission. It will pay itself with your funds. While we recommend spreads below 1, it does not mean we approve zero spreads.
Trade offers 1:500 leverage. It is worth noting that leverage is a double-edged sword; you reap huge profits, but your funds can take a dive during market downturns. Subsequently, the broker’s leverage level leaves you vulnerable to devastating losses should your predictions be wrong.
Trading Software
The only way to access the trading software was by giving sensitive personal details. Knowing that we could be exposing ourselves to broker’s attacks, we could not provide such information, and neither should you. Subsequently, we could not get a validation, which meant that access to the user area was impossible. We also tried the website, which boasted that it provided a robust trading terminal for windows, MAC, Web Browser, Andriod, and IOS. However, it was not a surprise that there was no direct access to it.
Most regulated brokers provide the industry-standard MT4 or MT5. The software offers a fulfilling trading experience owing to its cutting-edge infrastructure and extensive functionalities. Also, these brokers avail of a demo account for trial before getting into live trading. Despite the broker’s ridiculous conditions, it does not allow you to sample its platform. You should not risk your funds on their live platform, as it could manipulate it for all we know.
TradaCoin Regulation Status
Industry rules apply to regulated brokers. It must follow specific rules to protect itself as a business and ensure investors’ needs are met. TradaCoin is not authorized or controlled. The broker is entirely anonymous, which is its worst feature by far. There is no mention of a legal body that oversees it or a corporate address anywhere on the website.
The broker is unregulated and offshore! The fact that the platform is unregulated explicitly implies that it is not responsible for its actions. As a result, it can defraud investors without worrying about consequences. Since there is no oversight body to keep them in check, it is impossible to receive assistance if you lose your money. Due to jurisdictional restrictions, investing with the platform would still not be advisable even if it were regulated. Due to its status as an offshore platform, the corporation would be challenging to prosecute under international laws.
Our Take
The analysis above leads us to label TradaCoin as a fraud. The broker withholds critical information from investors. It is still unclear whether these omissions are intentional or not. The site also contains a lot of unverified information. We’re not sure which is worse; the omissions or unproven assertions!
TradaCoin does not provide all the information. On top of having trading conditions that violate forex regulations, the broker operates without licensure. This is not a broker you want to be associated with.
In this line of investing, we advise investors to exercise caution. As you invest, ensure you are dealing with a viable forex broker. That way, you will avoid cons like TradaCoin, who only gun for your funds.
