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TradingBanks Review – is it scam or safe?

TradingBanks Review  – is www.tradingbanks.com scam or safe forex broker?

RATING: 2 / 1 REVIEWS ForexBrokerz TradingBanks
TradingBanks is an offshore broker. Your money is not safe.

RECOMMENDED FOREX BROKERS


 Trading accounts and conditions

 

Account type Minimum deposit Minimum trade size Maximum leverage Average spreads
Regular $250 0.01 lot 1:400 floating
Silver $5000 0.01 lot 1:400 Floating, 1.2 pips
Gold $20 000 0.01 lot 1:400 fixed
Platinum $100 000 0.01 lot 1:400 Fixed, 0.8 pips

TradingBanks has four types of live trading accounts and a free demo account for testing purposes. The broker claims it is an NDD and offers trading in ECN environment.


According to its site, the broker offers trading in more than 400 instruments, including forex, CFDs and metals.



The Company. Security of Funds

Company Country Regulation
Grizzly Limited Malta No

 

TradingBanks is the other brokerage brand of the Grizzly Limited, along with MXTrade. TradingBanks is not regulated and explicitly says it is not licensed by the Malta Financial Services Authority (MFSA), as required by Maltese law. Stating explicitly your company is not regulated, is a rather strange approach, but could be prompted by a previous warning by the MFSA.


The broker also states explicitly that “European residents are not eligible”.


Either way, investing with unregulated brokers is very risky, on top of the usual risks associated with trading on the financial markets in general. We highly advise to choose a properly regulated broker, instead. Like the ones supervised by UK's FCA or the Australian Securities and Investment Commission (ASIC) – two regulators providing robust supervision and client protection.



Trading platform


TradingPlatform offers the very popular MetaTrader 4 (MT4) trading platform for desktop, web and mobile devices.


MT4 has been around for over a decade and is undoubtedly the most popular trading platform among brokers and traders alike. It is user friendly and has many functionalities, offers the options for algorithmic trading and hedging, supports various types of orders, money management accounts and numerous third-party applications. Recently the developer of MT4 MetaQuotes Software announced it is stopping the support and development for this platform in favor of its successor MetaTrader 5.


Methods of payment


TradingBank provides many payment options. In addition to the almost ubiquitous bank transfer and credit/debit cards, the broker accepts client deposits through Skrill, CashU, Moneta, Yandex Money, Union Pay, Alipay, WebMoney and PaySafe Card.



Conclusion


TradingBanks is an unregulated broker and this is a warning sign for potential big risk for clients. Besides, it does not stand out much among the hundreds of unregulated brokers – neither with trading conditions, nor with anything else.


Like we already pointed out, it is better to choose a properly regulated broker – the risk is somewhat smaller and there are many who offer better trading conditions than TradingBanks.


Pros Cons
MT4 Unregulated
Many deposit options High initial deposit

 

 

 

Latest news about TradingBanks
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Traders` reviews for TradingBanks

Spread

Pros

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Slippage

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Requotes

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Price feed

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Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

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