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TradeMulti Review - is it scam or safe?

TradeMulti Review - is trademulti.com scam or good forex broker?

RATING: 1 / 0 REVIEWS TradeMulti
TradeMulti is an offshore broker. Your money is not safe.

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Trading Accounts and Conditions

 

Trading account  Min. deposit  Max. leverage Spread
Standard  N/A 1:1000 1.6 pips
Gold N/A N/A N/A
VIP N/A N/A N/A

 

TradeMulti is an offshore forex broker offering the above account types. As it seems to target investors from the Arab World (Sign up & login page are availablesolely in Arabic), it also provides swap-free (Islamic) accounts.

 

Read the full review to see why we ultimately gave them this low score.

 

 

TradeMulti Advantages

 

MT5 supported

Clients of TradeMulti are offered access to the latest MetaQuotes’ software, the MetaTrader5 (MT5). It’s pretty much the same as the MT4 and has most features valued by traders, such as the top-notch charting, the support of automated trading and the MQL5 programming language through which traders can alter or design their own auto-trading bots or run ready-made ones. 

 

 

>> The best MT5 forex brokers<< 

 

 

High leverage provided

When we downloaded the broker’s MT5 for testing purposes, we saw that users can use leverage as high as 1:1000. As some traders enjoy having this option, we consider this as an advantage, although leverage ratio as high as this brings along high risk of serious loss.

 

 

TradeMulti Disadvantages

 

An offshore broker

TradeMulti is allegedly a trademark of Gaming Core Retail S.A., an offshore company headquartered in Company Complex, Ajeltake Road, Majuro, MH96960 on the Marshal Islands. This address is well-known to as, as a number of shady brokers, some of which outright scams, are also registered there:  iForex24, FXG Invest and PBN Trade, to name a few. 

 

Although the broker mentions the Markets in Financial Instruments Directive (MiFID) its Terms and Conditions, TradeMulti is not authorized to offer its services across Europe, in the US and other regulated markets.

 

We keep reiterating that financial regulation is the most important factor for the safety of any investment on financial markets and when choosing a forex brokerage.

 

Trading conditions not disclosed

Information, or lack of such, is a solid criterion for judging a broker’s legitimacy. Scammers would not share much information, they are afraid some inconsistencies and irregularities may show up and expose the whole set-up. That being said, TradeMulti has not announced any of the trading conditions it offers on its website: the cost of trading (typical spreads), the leverage provided, nor the minimum investment required.

 

No functional demo

A testing service with “paper” money is highly valued by the forex community, as it shows transparency and is free. Therefore, we always consider as a negative when a broker does not offer free demo accounts or when you cannot initiate a single trade through such an account. The latter is exactly the case with TradeMulti. See for yourselves:

 

Click to zoom-in.

 

Not that many assets available

This is not a major disadvantage when compared to previous ones, but still some traders will surely miss the opportunity to trade in more assets. TradeMulti’s product portfolio covers less than 30 forex pairs, as well as some CFDs.

 

 

Conclusion

 

TradeMulti is an unregulated, offshore broker, with rather low credibility. As we have already discussed, regulation is the most important factor for the safety of any investment. That is why we urge traders to invest only with brokers licensed by credible governmental agencies. One of the most reputable ones in Europe are the UK’s Financial Conduct Authority (FCA) and Cyprus’ CySEC.

 

For example, the FCA provides a decent level of security and reliability. UK forex brokers must meet solid capital adequacy requirements, keep client funds separated from company assets, regularly report their transactions, among other things, including the regulations set on a EU level. Besides, clients of FCA-regulated brokers are under the wing of the FSCS, which may cover a maximum of 50,000 GBP per person in the event of broker insolvency.

 

 

>> Trade with a broker regulated in the UK <<

 

 

To sum up the Pros on Cons regarding TradeMulti in a few words:

 

Pros Cons
MT5 supported An offshore broker

High leverage

Trading conditions not disclosed
  No functional demo

 

Latest news about TradeMulti
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Traders` reviews for TradeMulti

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

 

 

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