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TCO Trade Review - is it scam or safe?

TCO Trade review - Is tcotrade.com scam or good forex broker?

RATING: 1 / 1 REVIEWS ForexBrokerz TCO Trade
TCO Trade is an offshore broker. Your money is not safe.

RECOMMENDED FOREX BROKERS


TCO Trade is presented as a reliable global forex brokerage, offering both currency pairs – well over 50 of them - and CFDs on stock, indices and commodities with a web based trading platform and leverage as high as 1:400.

 

 

Account type Min. deposit Max. leverage Spreads/ Payout
Standard Account n/a

1:400

n/a

 

And the broker also says to be based in the UK, displaying an address in the London city.

 

As fine and reassuring as all of this may sound, you should bear in mind that TCO Trade does not have a license to target customers on regulated markets like the UK and the European Union, and what is even more disturbing, we have found them in the recent warnings list of both the Italian financial regulator – CONSOB and the regulatory authorities in Spain. Before opening a trading account with TCO Trade be sure to read the following lines.

 

TCO Trade Advantages:

 

Unfortunately we were not able to come up with any positive sides about TCO Trade.

 

TCO Trade Disadvantages:

 

No license Blacklisted by CONSOB and CNMV

 

TCO Trade is owned and operated by Tco Trades Ltd, a company supposedly based in London, UK, but they are nowhere to be found in the registers of the local Financial Conduct Authority (FCA) – the British regulator, which duly licenses all companies offering financial services to customers in the UK.

 

Instead we found our broker and Tco Trades Ltd in the latest warnings list published by the Italian financial regulator - CONSOB and the respective financial authority in Spain – the CNMV. You can see the warning here:

 

 

Bear in mind that regulation is the single factor that ensures the safety of your funds on the financial markets, so when choosing a broker you should make sure you deal with properly regulated brokers only, like the once licensed and authorized by the FCA in the UK or let say the Cyprus Securities and Exchange Commission (CySEC) or the Australian Securities and Investments Commission (ASIC) – basically the three most popular regulatory hubs in the industry.

 

On top of that, because with a FCA broker your funds will even be insured for up to 85 000 GBP, payable in the unlikely event your broker files for bankruptcy, here you may check as well our list of brokers, regulated by the FCA:

 

>>FCA Regulated Forex Brokers<< 

 

Cline Agreement missing

 

And the absence of a Cline Agreement is yet another worrisome sign. Bear in mind that the so called Client Agreement or Terms and Conditions is a key legal document that establishes the contractual relations between the trader and the broker. And if you open a trading account with with TCO Trade you will have to check a box that you agree with their Terms and Conditions despite the fact that you had not a chance to read them.

 

MetaTrader4 not supported

 

Unfortunately TCO Trade does not offer a demo account and that is why we were not able to check their web based trading platform. In any case, bear in mind that most brokers offer proven trading solutions like the MetaTrader4 – by far the most popular trading platform in the industry, equipped with an excellent pack of advanced charting tools and over 50 in- build market indicators and modifiable trading robots, with the help of which one can easily run automated trading sessions. So here you may take a look at our list of brokers offering their clients MT4:

 

>>MT4 Brokers<<

 

No demo account

 

And because we were not given the opportunity to open a demo account we can not comment on the TCO Trade spreads as well. In any case here you can always check our list of brokers supporting tighter spreads:

 

>> Lowest spread forex brokers<<

 

No information about the payment methods accepted

 

Just bear in mind that most brokers accept payments with credit and debit cards like VISA and MasterCard, bank wire and e-wallets like Neteller and Skrill, which are quite popular in Europe. Here for example you may check our list of brokers, accepting payments with Skrill:

 

>>Brokers accepting Skrill<<

 

No information about the minimum deposit requirement

 

And this is yet another piece of information we miss. Just bear in mind that most brokers would require a minimum deposit of about 250 USD, while some big and well known companies like FBS and IG will let you start trading with just 5 USD or so.

 

Conclusion:

 

TCO Trade is a fine example of a scam – the website is not license and has been blacklisted by several financial regulators in Europe. So once again our best advice here is to avoid unregulated websites like TCO Trade altogether and trade only with legit brokers, duly licensed by well respected financial institution like the FCA in the UK, CySEC in Cyprus and ASIC in Australia.  

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Traders` reviews for TCO Trade

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