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Trade99 Review - is it scam or safe?

Trade99 Review - is trade99.io scam or good forex broker?

RATING: 1 / 6 REVIEWS Trade99
Trade99 is an offshore broker. Your money is not safe.

RECOMMENDED FOREX BROKERS


Trade99 is an offshore broker offering several account types on a web based platform. When we opened their website, however, we came across a lot of discrepancies, as for example the missing link to the MetaTrader5 platform – as it turned out the only available platform was a web based one. 

 

That, however is a minor issue compared to the fact that the broker is not regulated. And on top of that there are some rather disturbing clauses in their Terms and Conditions, designed to hinder the withdraw of funds.

 

Trading account  Min. deposit Max. leverage Spread
Standard Account $250 n/a 2,1 pips

Silver Account

$2500 n/a n/a
Gold Account $5000 n/a n/a
Premium Service Account $10 000 n/a n/a

 

Trade99 Advantages:

 

Acceptable minimum deposit requirement 

 

We always try to come up with all the possible advantages about the broker we investigate, and with Trade99 the only feature that seems acceptable is their minimum deposit requirement – 250 USD - more or less what most other brokers will ask for to let you start trading. Still bear in mind that with some big well known names like FBS and IG you can start trading with virtually 5 USD or even less.

 

Trade99 Disadvantages:

 

No license

 

Trade99 wants us to believe they are based in Hong Kong (at least that is the official contact address on their website). In reality however, they are owned and operated by Nohelious International Marketing Operations, which is an offshore company incorporated in the Dominican Republic. 

 

And as we noted Trade99 is not regulated and that is a major issue. All legit brokers operating in Hong Kong for example should be licensed by the Hong Kong Securities and Futures Commission (SFC), which among other requirements forces the companies in its jurisdiction to maintain a minimum paid-up share capital and liquid capital of at least 5 million HKD, as well as to keep adequate accounting and control systems. 

 

Similarly, all brokers operating in the European Union should be properly licensed and authorized by an official financial regulator in one of the EU member countries, such as the Financial Conduct Authority (FCA) in the UK or the Cyprus Securities and Exchange Commission (CySEC), which also impose rather strict financial and ethical rules. 

 

Bear in mind that your funds will be safe only with properly regulated brokers. And with a FCA broker your trading capital will even be covered by an insurance for up to 85 000 GBP. So here you may check our list of brokers regulated there:

 

>>FCA Regulated Forex Brokers<<

 

Trading bonuses restricting your right to withdraw

 

Trade99 offers trading bonuses and that is a rather controversial practice. The problem with all such promotions is that they are always linked to some additional withdraw conditions, like a minimum trade volume requirement. In the case of Trade99 if you accept a trading bonus of let say 100 USD, in order to be allowed to withdraw any of your funds, you will have to trade at least 2,5 million USD. On top of that Trade99 reserves the right to change their bonus policy whenever they want so you may end up in a situation that you can never reach their ever increasing minimum trade volume requirement.

 

 

Various unspecified fees

 

In its Terms and Conditions Trade99 say they will charge you withdraw, deposit and service fees, without however giving any details on what those fees might be. Bear in mind that unlike Trade99 legit brokers are extremely clear and punctual about their fees and charges.

 

MetaTrader5 not supported

 

Although  Trade99 claims to support the MetaTrader5, when we registered and tried to download the platform, it turned out that the only available option is a lousy web based platform, lacking many features, standard with MT5.

 

 

For example we miss the option to run algorithmic trading sessions – something that you can do rather easily on MT5, with the help of customizable trading robots or Expert Advisros as they are called.  Also MT5 has an excellent set of advanced charting tools and nearly 100 market indicators, so here you may check as well our list of brokers, which do support MT5:

 

>>MT5 Brokers<<

 

High spreads 

 

When we opened the Trade99 web based platform the benchmark EURUSD spread floated above 2 pips and that is higher than the levels traders would usually consider attractive. Just have in mind that with a standard account starting spreads should not exceed 1,5 pips. And here you may also check our list of brokers, offering tighter spreads:

 

>> Lowest spread forex brokers<<

 

Skrill and Neteller not accepted as payment methods

 

Although on its homepage Trade99 has the logos of NetellerSkrill, in reality, when we registered to open a trading account the only available payment options were credit cards like VISA and MasterCard, bank wire and bitcoins.

 

 

And that is notable especially in light of the new anti - scam policy adopted by Skrill, according which its services are available only to brokers with legit licenses. As we already noted  Trade99 is not one of the regulated brokers.

 

Few trading instruments

 

Although Trade99 says to be offering over 190 tradable instruments, including forex pairs, and CFDs on commodities, precious metals, indices and crypto coins, the only instruments we saw on their trading platform were 8 major currency pairs. Besides, if you are temped by the idea of trading crypto coins, here you may check our list of brokers, offering bitcoin CFDs:

 

>>Bitcoin Forex Brokers<<

 

Conclusion:

 

Trade99 is a low credibility, unregulated, offshore broker, which we can not recommend for obvious reasons. Bear in mind that trading with unregulated brokers in general is extremely risky and our best advice is to avoid such websites altogether.

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Traders` reviews for Trade99

Spread

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Slippage

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Requotes

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Price feed

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Platform

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Deposit/Withdraw

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Customer service

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Summary

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Scam

Too late, I saw several 'adverts' on Facebook, all supposedly by celebrities, eg Russell Crowe, stating that Trade99 had made them thousands of dollars, but all had exactly the same content! When I 'invested' the minimum amount of US$250, was told a Broker would trade on my behalf, even gave me his email address to contact. Then, I received numerous phone calls telling me I had to invest more if I wanted a Broker to trade for me. All from different phone numbers and they all said I couldn't withdraw any money until I had traded 17 times anyway!!!!!! Every time I said I refused to put in more money, I was cut off! Emailed my so-called Broker and haven't heard back.

Wendy Hay 09/19/2019

Trade99 is a SCAM SCAM SCAM

These asholes are scam artists no explination needed stay away stay clear , Trade99 is a Scam
I lost $250 but it will ruin their lives I promise them.

peter 09/03/2019

Trade99 is a SCAM

They failed to get me to open an account with them to trade bitcoins, now they resort to use different mobile numbers to harass every 30min or so. this is totally childish and has no business logic at all. they think by harassment they will get business from me... it is the opposite, i want the world to know they are a total scam and their business mode of operations involves harassment of potential clients.

Eric Cheah 08/22/2019

lousey

Hi Deposited £250 they never gave me a password when \i signed
Up So when I got to the login part It ask for a password.
I clicked forgot password thinking Icould reset it or change it
It come up with password has been reset so I have no way of accessing my money

Paul

Paul Dardani 08/19/2019

Beware of Trade99

Called and said I had opened an account with them to trade. I asked to see there license as a broker as it came from a Canadian phone number. He sent me to some dummy site that had no ruling at all from the CSA (Canadian Securities Association) I asked where are you based from he said he can't disclose that information as it would comprise their security. He explained that everything would be in BTC and that I would have helpw with my wallet, so does that mean they have acess to my private keys?

Be aware. Always trade with regulated brokers!

Cathy Canada 08/17/2019

Calls

Hello there

I am not even registred there...but somehow in a someway my number was given to them.So they called me up for about 5-6 times with a Swiss phone number and claimed that I had opened an account on their platform.

I trade always with regulated brokers...and such brokers which call you up are very annoying and aren't helpful at all.So one star or better less for that called "broker".I feel sorry for these guys which have to call me.

Edward England 07/18/2019
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