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TradeGBP Review - is it scam or safe?

TradeGBP Review - is tradegbp.com scam or good forex broker?

RATING: 1 / 3 REVIEWS ForexBrokerz TradeGBP
TradeGBP is an offshore broker. Your money is not safe.

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Trading Accounts & Conditions

 

Account type

Min. deposit

Min. trade size

Max. leverage

Spreads

Micro

$500

0.01

1:400

2 pips, fixed

Standard

$1000

0.01

1:400

2 pips, fixed

Silver

$2 500

0.1

1:400

1 pips, fixed / Variable from 0.5

Gold

$10 000

0.1

cusomizable

0.7 pips, fixed / Variable from 0.5

VIP

$25 000

0.1

cusomizable

0.4 pips, fixed / Variable from 0.3

 

TradeGBP offers a lot of options for its clients in terms of account types: the 5 ones listed above, plus a managed one.

 

We will discuss mainly the trading conditions offered on the Micro and Standard accounts, as the other ones require significantly higher initial investment, which is not recommended, as TradeGBP is an offshore broker.

 

TradeGBP Advanatges:

 

-Seemingly competitive spreads

A fixed spread of 2 pips on EUR/USD is not a bad offer. Such spread is in line with the average in the industry. Nonetheless, if you prefer trading with fixed spreads, we suggest that you choose a more reliable broker that offers such. For example,  multi-regulated, award-winning HYCM , or easyMarkets.

 

- MT4 available

Like most brokerages, TradeGBP supports the Metatrader 4 platform. It is preferred by most traders because the MT4 is user-friendly, and yet equipped with advanced tools and features, such as the top-notch charting, automated strategies (Expert Advisors), technical analysis indicators, as well as customization options.

 

With TradeGBP this platform is available in all forms and shapes – desktop download, web-based version and mobile apps. However, when we downloaded this broker’s MT4, we found out it is provided by another company. You can find more information about this in the Disadvantages section below.

 

>>Find a better MT4 broker<<

 

-High leverage levels

TradeGBP offers comparatively high leverage ratios, reaching 1:400. Although leverage levels that high increase significantly the risk of heavy losses, we consider it as an advantage. High leverage levels also allow traders to hit big profits on small deposits.

 

- Many assets and payment methods available

The financial instruments available for trade at TradeGBP include forex pairs, and CFDs on indices, commodities, and stocks. Besides, the broker says that it supports payments made by bank wire, credit/debit cards, PayPAl, Payeer, OKPay, Qiwi and others. Clients of  TradeGBP  can even deposit popular cryptocurrencies such as Bitcoin, Ethereum, Litecoin and Tether.       

 

TradeGBP disadvantages:

 

- Not regulated and likely a scam

According to the Terms and Conditions uploaded on its website, TradeGBP is operated by Black Parrot Limited, a company registered in the Marshall Islands. Offshore brokers are not monitored by any financial authority and are basically free to do whatever they like with your trades and the money in your account. 

 

What is worse, we have reasons to believe that by Black Parrot Limited is a scam company, at is related to several other brokerage brands with questionable reputation. You can find more details about this below.

 

- High initial investment required

In order to open an account with TradeGBP, one has to invest at least $500. This is a high amount to start with, especially considering that this broker is not licensed. By comparison, you can start out with HYCM brokerage by investing a mere $100.

 

-MT4 provided by another company

As we mentioned above, the MetaTrader 4 offered by TradeGBP  is provided by FXTrade Index limited (instead of  Black Parrot Limited ). The same platform is used by FXTrade777, which seems as a scam broker related to the Vortex Assets, so we are quite skeptical about this very platform. 

 

 

Conclusion

 

Although TradeGBP seems to offer a plethora of instruments to trade on a number of account types and its spreads are not bad, we would not advise you to invest with this broker. First and foremost, it is registered offshore. What is worse, the company behind it is related to the notorious broker Vortex Assets (the brand is currently not active), which has obviously scammed many people from their money. The same company,  Black Parrot Limited, operates TradesPrime, a broker with very questionable reputation. 

 

Judging by its name and the fact that its support team is based in UK, TradeGBP seems to target mainly British investors. UK is one of the best jurisdictions for forex brokerages, as regulation there is strict and licensed brokers are definitely reliable. You’d better select one of those brokers, instead of suspicious players in the fx market, such as TradeGBP. 

 

>> Brokers regulated in the UK <<

 

Here is a summary of the good and bad sides of TradeGBP:

 

Pros

Cons

Seemingly competitive spreads

Offshore broker

MT4 available

Related to the scam broker Vortex Assets

 Many assets and payment methods available

MT4 provided by another company

High leverage levels provided

High initial investment required

 

 

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Traders` reviews for TradeGBP

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

 

 

I have been scammed by TradeGBP

This is a complete scam and you will not make profit and if you do you will not be able to withdraw it.

Chris Collinson 11/08/2018

domande

sicuramente sono d'accordo che è una società offshore ma la sede è nelle isole vanuatu, ma la mia è una domanda anche se alla richi8esta dei miei soldi non avuto risposta e non riesco a contattare più il mio broker perchè il conto è ancora in essere sia sulla piattaforma fx che su quella del loro sito?

Translated by Google:

certainly I agree that it is an offshore company but the headquarters is in the Vanuatu islands, but mine is a question even if the request of my money has not been answered and I can not contact my broker anymore because the account is still outstanding both on the fx platform and on that of their site?

mariaelisa frigerio 11/07/2018
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