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The Traders Domain Review - is it scam or safe?

The Traders Domain Review - Is thetradersdomain.com scam or good forex broker?

RATING: 1 / 3 REVIEWS The Traders Domain
The Traders Domain is an offshore broker. Your money is not safe.

RECOMMENDED FOREX BROKERS


Trading Accounts & Conditions

 

Account type
Minimum deposit
Maximum leverage
Spread
Standard*
$100*
1:500*
From 1.5 pips + $7 commission per lot*
STP
$100
1:500
From 0.0 + $3.50 to $5.0 in commissions
ECN
$100
1:500
From 0.0 + $3.50 to $5.0 in commissions
Islamic ECN
$100
1:500
From 0.0 + 4.50 to 6.00 in commissions

 *this is the information mentioned in one section, which slightly contradicts the rest

 

The Traders Domain is a forex broker, which does a rather poor job at presenting its service, as you can see from the table above. There are a few other troubling factors with the company, but we will start off with the strong sides.

 

 

The Traders Domain Advantages

 

MetaTrader5 (MT5) platform

 

After MetaTrader4’s rain as the industry dominating platform, MT5 is the most likely successor. The developers have kept most of the strong sides of the platform, with the crisp charting and lightning fast execution. The desktop version still supports automated trading software, though not all of the EAs written for the older version will work.

 

When we tied to register a demo account with The Traders Domain, we only got the basic, non-branded version of MT5. Here is a screeshot, although the trading conditions aren’t representative of the ones you will get with this broker:
 

 

>>Find a better MT5 broker here<<

 

 

High leverage provided

The Traders Domain offers a 1:500 ratio, which will be more than enough for all kinds of traders. While wee mention this in the Advantages section, we have to reiterate the importance of risk management, when it comes to forex trading.

 

Islamic accounts available

These are special account types, which don’t have swaps involved. In this way, there is no charging, nor profit making from interest rates.

 

Bitcoin deposits accepted

The Traders Domain accepts deposits in Bank Transfer and Bitcoin. It’s a bit weird to see a company using one of the most traditional and innovative methods side by side, while skipping everything in the middle.

 

$100 minimum deposits

This may not be that big of an issue for some of our readers, but for others it’s an important factor. We would have to say this is an average level and there are brokers who have even removed this requirement (like IG, for instance). It is of utmost importance you don’t risk more funds than you can afford to loose.

 

The Traders Domain Disadvantages

 

Offshore company, not regulated

The Traders Domain is based in St.Vincent and the Grenadines, a rather popular destination for forex brokers. That being said, we don’t trust most of the companies who are registered offshore. Even more importantly this one does not claim to be overseen by any financial regulatory agency – a big red flag.

 

Spreads are unclear

We have to return to the obvious point from the beginning of the review – the mess of a presentation this company has made. The “Trading Conditions” page mentions a 1.5 pip spread + $7 roundturn commission. This is an effective spread of 2.2 pips (each dollar in commissions is approximately worth 0.1 pips for most pairs). Another section claims many account types are available, with slightly better conditions. At this point we aren’t certain what real clients will get. 

 

Here is a comparison of the two portions we are referring to (click to zoom):

 

 

 

On the other hand, you can always check our real-time spread comparison platform, where you will only see verified conditions.

 

>>Compare forex spreads here<<

 

Demo account creation not working

While we wanted to test their offer, as we mentioned in the beginning of the review, we weren’t able to register a demo account with this broker.

 

 

Credit Cards and e-wallets not accepted

While we mentioned it briefly above, this is so important, we feel the need to reiterate. The support for Bitcoin may be appreciated by some, but the more traditional instant methods, like Credit Card, Skrill and Neteller are far more popular.

 

 

Conclusion

 

The Traders Domain is an unregulated, offshore forex broker. This combination is very dangerous for the security of your investment. Additionally, their service isn’t presented in a very clear way and an instant demo account isn’t available.

 

Even if the spreads with this broker were tight, we would have probably not rated the company highly. Financial regulation is very important for us, as it is basically the only thing stopping a company from outright stealing your funds. We like to give the UK’s Financial Conduct Authority (FCA), as an example of a tough regulator.

 

>>Find FCA brokers here<<

 

All overseen brokerages follow very strict procedures, incuding, but not limited to frequent reporting, segregation of client funds and many more. On top of that they participate in the Financial Services Compensation Scheme (FSCS). This is a system which protects clients if their broker becomes insolvent.

 

Here is a recap of this review:

 

Pros Cons
MetaTrader5 (MT5) platform Offshore company, not regulated
High leverage provided Spreads are unclear
Islamic accounts available Demo account creation not working
Bitcoin deposits accepted Credit Cards and e-wallets not accepted
$100 minimum deposits  

 

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Traders` reviews for The Traders Domain

Spread

Pros

Cons

 

 

Slippage

Pros

Cons

 

 

Requotes

Pros

Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

Withdrawal problems and slow support

I had an account at this brokerage but wanted to get my money out because I was copy trading uncle_ted_ and wicksdontlie and they lost me a lot of money. When I wanted to withdraw my money, it took over a month for me to receive my money. Also when I tried to recover some of my money that I lost copying the mentors of the forex family, I was unable to close my trades, I contacted support right away but ofcourse, when they finally responded after 12 hours, all the profits I made on the trade was vanished

JE 03/27/2019

White Label Brokerage. Stay away

I was on this brokerage platform and I decided to leave as soon as I found out the owner of this broker was a well known scammer, he has worked alongside the likes of Nenad Korof whom is now in Prison (The video is viewable on YouTube all you have to do is search for "Nenad Korof Ted") He also hosts a mentorship platform himself where many of his students are regretting the decision to pay him, and the other mentors on his platform for education when these guys really don't know what they are doing.

Many of the mentors have been exposed for selling binary signals and running other scams also, one of the guys called "Alex" or "forex6god" was running a gold scam called "DSI Mining and Minerals"

Many have approached this issue on social media making profiles exposing this information.

The owner himself (Ted) due to his status on social media (without any reliable track record) decided to exploit this and create a copy account in which everybody could invest in him, this eventually led to a huge breakdown of many people losing all their money and investments (and him making a lot of money).

Have you ever been to a brokerage where the owner of the brokerage is asking you to copy his trades and then continues to lose everybody's money? If not The Traders Domain is the place for this.

Also consider that the actual logo of The Traders Domain is actually stolen from a beverage company called "Tiger Beer" the scamming really doesn't stop....

David 02/26/2019

Avoid

The Traders Domain is an offshore non regulated broker, should be avoided at all cost

Pete T 02/26/2019
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