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TradeCenter Review - is it scam or safe?

TradeCenter FM review - Is tradecenter.fm scam or good forex broker?

RATING: 1.1 / 0 REVIEWS TradeCenter
TradeCenter is an offshore broker. Your money is not safe.

RECOMMENDED FOREX BROKERS


Trade Center is a forex and CFD broker offering over 150 trading instruments, including currency pairs, indices, stocks, commodities and crypto coins like Bitcoin, Ethereum, Bitcoin Cash and Ripple, with leverage as high as 1:500 and the MetaTrader4 platform.

 

Account type Min. deposit Max. leverage Spreads
Classic Account $250 1:500 0,1 pips + $30/lot
Bronze Account $5000 1:500 0,1 pips + $24/lot
Silver Account $25 000 1:500 0,1 pips + $18/lot
Gold Account $50 000 1:500 0,1 pips + $12/lot
Platinum Account $100 000 1:500 0,1 pips + $6/lot

 

Unfortunately the broker is not licensed as it should be if they want to target customers on regulated markets like the European Union, Australia, Canada or USA, so before depositing any funds with them better read this review first.

 

TradeCenter FM Advantages:

 

Leverage as high as 1:500

 

We rarely see leverage as high as this, especially since the regulators throughout Europe the U.S., Canada and Japan cut the maximum leverage allowed on the retail market well under 1:100. Currently a similar move is being considered by the Australian authorities as well, because of the record loses suffered by retail traders. 

 

So although we see the option to trade with higher leverage as an advantage, we do recommend to use leverage with extra caution as it greatly increases the risk of loosing your funds with the slightest fluctuation of the market.

 

MetaTrader4 available

 

MetaTrader4 remains the most widely used trading platform on the market. It is functional, reliable and fast, and features over 50 integrated market indicators, as well as trading robots, with which you may easily run automated trading sessions. And the platform is also equipped with an excellent set of advanced charting tools, so here you may check our list of brokers offering MT4 as well:

 

>>MT4 Brokers<<

 

Acceptable minimum deposit requirement

 

You can start trading at Trade Center with 250 USD and that is in line with what most other broker would also require. Still, bear in mind that some well known brokers like FBS and IG will allow you to open a trading account with just 5 USD or so.

 

TradeCenter FM Disadvantages:

 

No license 

 

Trade Center is owned and operated by Promfix OU, a company registered in Estonia. Unfortunately they are not regulated neither by the local financial authorities, nor by another official EU regulator such as the Financial Conduct Authority in the UK or the Cyprus Securities and Exchange Commission (CySEC). 

 

This is unfortunate as too often unregulated brokers are simply involved in scam.

 

Besides, if you chose to trade with a properly regulated EU broker your funds will even be covered by an insurance policy, which in the case of an FCA broker is in the amount of 85 000 GBP. Here you may check our list of brokers, regulated in the UK:

 

>>FCA Regulated Forex Brokers<<

 

No demo account

 

Unfortunately we were not immediately able to open a demo account with Trade Center so we are not in the position to assess their actual spreads. Otherwise in their presentation Trade Center says their spreads start as low as 0,1 pips, but with a trading commission, which varies between 6 USD and 30 USD per standard lot traded, depending on the account type. 

 

Withe their Classic Account for example a commission of 30 USD per standard lot in practice increases the actual spreads with 3 pips and that is a bit higher for our taste. Bear in mind that spreads are considered attractive with a standard account only if they start below 1,5 pips. Besides here you may also check our list of brokers offering tighter spreads:

 

>> Lowest spread forex brokers<<

 

Welcoming bonuses 

 

Trade Center offer their clients welcoming bonuses and although that may sound attractive in fact the practice is highly controversial. The problem with all welcoming bonuses is that they are always linked to some minimum trade volume requirement, which too often is used as a pretext to cancel any withdraw requests. 

 

10% inactivity fee

 

If you have been on a vacation and have not traded for 90 days Trade Center will charge your account with a 10% inactivity fee. Legit brokers will never charge you such a fee, or if such a fee exists it will be applied only if you have not traded for over a year.

 

Payments accepted only with a bank wire

 

In the bottom of their homepage we see the logos of VISA, MasterCard and Bitcoin, so we assumed that Trade Center accepts those payment methods. When we proceeded with our registration however, it turned out the only payment option is bank wire and that was disappointing. 

 

If you make a payment with VISA or MasterCard for example, and it turns out you are scammed, you may file for a charge back with your credit card company within 540 days – these is the new anti scam policy of both VISA and MasterCard. 

 

Similarly we miss the option to pay with Skrill – probably the most popular e-wallet on the market. Skrill also has a new anti -scam policy according which it partners only with properly licensed brokers. As we already noted,  Trade Center is not a licensed broker.

 

Conclusion:

 

Although Trade Center might lure you with high leverage and a user friendly trading platform, better find a regulated broker licensed and authorized by the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investment Commission (ASIC) or the Cyprus Securities and Exchange Commission (CySEC) – those are the three most popular regulatory hubs on he market and all brokers licensed there will surely guarantee the safety of your funds.

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Traders` reviews for TradeCenter

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