Trade Alliance Review
The truth is Trade Alliance is unregulated. This is partly due to jurisdiction constraints and that Trade Alliance has circumvented any law that could force it to toe the line. Also, notice that being an offshore account,
Trade Alliance is an unregulated offshore forex broker claiming to be a legit broker. The website shows that customers can trade metals, currencies, commodities, indices, cryptos and futures. Also, the platform claims to offer over 130 trading instruments. Before you decide to invest with this broker, take a pause. As a rule, you should never take anything a broker says at face value. For your safety, double-check everything on their website to ascertain if they are trustworthy forex brokers.
Forex investment is quickly gaining traction in mainstream investment. Its popularity is tied to its promise of offering high returns for investors. While there are trustworthy brokers, it is worth noting that frauds are also on a scamming spree.
So how do you ensure you do not fall prey to scammers’ antics? The most failproof way is to scrutinize brokers purporting to offer investment returns in folds. Doing so will help you see through the lies, contradictions, and misrepresentation-characteristic of scammers.
As a headstart, we will reveal some observations and red flags that doubt the platform’s credibility and legitimacy. Follow through.
The website indicates that the platform is operated by Quadrangle Nominees Limited under registration no. 02455577. While this is a registered company, the FCA register shows that the registration number is LS 438536. Furthermore, Quadrangle is registered as an exempt professional firm and not remotely related to brokerage. Another gross misrepresentation of legitimacy is evident in the company’s legal documents. The company details show that they have been illegally sourced from another company- TRADE ALL LTD, registration no. 10389576. You do not need more proof that this platform is a hoax run by vicious liars!
Likewise, the platform reportedly has a customer base of over 100000 clients and boasts a 15-year market presence. In addition, Trade Alliance claims to offer exceptional market experience, secure funding and segregated accounts isolated from the company’s funds. The company’s scope of services is stated as borrowing, lending, financial, and account management training.
For a platform that has been in the market for so long, you would expect that it has built trust, and information on staff and founders should be freely availed. Investors should be privy to details on who should be held accountable for critical decisions, and customer care, among other correspondences. The company only mentions that a team of anonymous professionals runs it.
Contact and Address
According to the website, the company address is 95 Promenade, Cheltenham, Gloucestershire, United Kingdom, GL50 1HH. The contact email is firstname.lastname@example.org, but there is no telephone contact.
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According to whois, the company was registered in 2002, and the domain expires in 2023.
The platform has four investment plans: promo, lite, plus, and elite. The Promo plan has a deposit threshold of $250, 50 percent trading benefits and a $10 commission per lot. Next, the Lite plan has a $1500 minimum deposit requirement, a commission lot of $5 and a 50 percent trading benefit. The third plan is Plus, whose deposit threshold is $7000 and 75 percent trade benefits. Lastly, the Elite plan has a $15000 deposit threshold and 50 percent trade benefit.
However, we observed an alarming clause stating that the company can upgrade an investor’s plan at its discretion. Logically, if this platform is legit, upgrading an investment plan should be an investor’s call, not the company’s. But your guess is as good as mine; the company will upgrade your plan because after doing so, accessible funds will be lesser due to a new funding threshold. For instance, if you were in the Promo plan and your account had $5000, you can access $4500. If they upgraded you to the Lite plan, you could only access $2500!
Also, the high funding thresholds raise questions as most legitimate brokers do not require high trading volumes.
Deposit and Withdrawal
The company’s website claims it accepts deposits via credit card, wire transfer and Bitcoin. However, the deposit menu on the platform contradicts the claim as only the cryptocurrencies option is open. This is not a coincidence! Trade alliance is aware that when you deposit through cryptocurrencies, you will not be able to reverse such a transaction. You will lose your money the instant you make a deposit!
Trading Alliance provides a web-based platform. Although the platform still achieves the goal (trading), it is not recommended due to inefficiencies such as limited backtesting and automated trading. Therefore, besides being shady, the platform provides a lacklustre trading experience. The MT4 and MT5 software are recommended as they meet the industry standard due to their extensive infrastructure.
Trading Conditions at Trade Alliance
Trade Alliance has a 1:500 leverage. This leverage is risky because, as much as it can earn you significant profits, the loss levels will equally be hefty (5 folds). Most regulators, such as FCA, CySEC, and ASIC, prohibit leverage above 1:30. The only reason the platform offers this leverage is to get you interested in their scheme.
The platform also offers 50-75 per cent bonuses and $10 and $5 commission to Promo and Lite investors. Whereas the company claims to have an FCA regulation, the body explicitly forbids awarding bonuses. Moreover, the platform is vague on the exact conditions under which the commission it supposedly offers. Before engaging with the platform, you should know whether this commission is round-turn or per side.
Also, the platform’s spreads are conspicuously missing. Desist from any platform that is not open with spread levels, as it is a crucial factor in determining how much money you can make.
Lastly, the platform has fishy clauses on its Client Agreement to give it leeway for extorting money from you. A case in point is where it states that it charges brokerage, swap and “other fees.” Except for the inactive account, no other fee has been specified. This allows Trade Alliance to introduce hidden fees as it pleases, and there is nothing you can do apart from avoiding them at all costs.
Trade alliance is an offshore broker. In its website use terms and conditions, the company claims that its T&C is governed by St Vincent and the Grenadines (SVG) Laws. We find this statement contentious for two reasons. Why would a company registered in the UK be subject to SVG’s laws? I mean, a broker can only lie so much! Secondly, SVG does not have any regulations in place for forex brokerage firms.
The truth is Trade Alliance is unregulated. This is partly due to jurisdiction constraints and that Trade Alliance has circumvented any law that could force it to toe the line. Also, notice that being an offshore account, it is almost impossible to get any compensation or recourse should this company swindle you.
From our experience, scammers exhibit traits similar to Trade Alliance. The misrepresentation, contradictions, and shady trading conditions prove that the platform is of questionable dealings.
Also, a broker that avoids regulation tells a lot about their regard for the law. It would be unfortunate if you became Trade Alliance’s next victim and lost all your investment. Therefore, avoid this platform, as there will be nothing but imminent loss and frustration for you. Instead, invest with genuine forex trading companies. There are trustworthy brokers with reliable account managers.