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TradeFinancial Review - is it scam or safe?

TradeFinancial Review - Is tradefinancial.co.za scam or good forex broker?

RATING: 1.1 / 2 REVIEWS ForexBrokerz TradeFinancial
TradeFinancial is an offshore broker. Your money is not safe.

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TradeFinancial is a forex and CFD broker, offering four account types on a web based platform. If you are about to open an account with them, be sure to read this review first.

 

Account type Min. deposit Max. leverage Spreads
Mini Account $250 1:400 3 pips, fixed
Silver Account $3000 1:400 n/a
Gold Account $12 000 1:400 n/a
VIP Account $60 000 1:400 n/a

 

TradeFinancial Advantages:

 

A number of exotic currencies and crypto CFDs

 

TradeFinancial offers their clients 43 forex pairs, with some exotic currencies like Russian Rubla, Polish Zloty, Honk Kong Dollar, Mexican Peso, Czech Krona, South African Rand, Turkish Lira, Singapore Dollar, Norwegian Krone, Swedish Krona and Danish Krone. The broker also offers CFDs on spot metals including gold, silver and copper, indices, stocks, oil, natural gas and coffee. In addition we find in their portfolio a number of CFDs with some of the most popular crypto currencies - Bitcoin Cash, Bitcoin, Dash, Ethereum, Ripple and Litecoin. Still here you may check our list of brokers also offering Bitcoin CFD:

 

 

Leverage of up to 1:400

 

The maximum leverage offered by TradeFinancial is 1:400 and in our view this is more than enough to fit any trading strategy. However, have in mind that with higher leverage you risk loosing your funds much faster and basically that is the reason professional traders rarely use leverage over 1:100.

 

Various payment methods

 

With TradeFinancial you can deposit or withdraw funds with all major credit or debit cards like VISA and MasterCard, e-wallets like Skrill, Neteller and China Union Pay, as well as bank wire. As payments with crypto currencies are getting more and more popular, here you may check our list of brokers accepting Bitcoins:

 

>>Forex Brokers Accepting Bitcoin<<

 

TradeFinancial Disadvantages:

 

Lack of regulation

 

TradeFinancial  is owned and operated by Armenson Ltd. - a company registered  Vanuatu. In the same time their contact number is from South Africa and no word is mentioned on their website about any regulation or license.

 

That is clearly unfortunate as brokers without a license have very poor reputation and most often than not are involved in scam.

 

On the other hand properly regulated brokers do guarantee the safety of the invested capital. Respected financial institutions such as the Cyprus Securities and Exchange Commission (CySEC), the Financial Conduct Authority (FCA) in the UK and the Australian Securities and Investments Commission (ASIC) oblige all brokers under their jurisdiction to abide by strict fiscal and ethical rules, among which to maintain a certain level of operational capital and to keep traders money in segregated accounts – a measure that guarantees trading capital will not be spend by the broker to cover expenses.

 

In addition to that all CySE and FCA regulated brokers have to participate in clients compensation schemes. The FCA backed Financial Services Compensation Scheme for example insures up to 50 000 GBP of the traders' capital, while a similar CySEC backed scheme guarantees up to 20 000 EUR in case the broker goes insolvent. Here you can check our list of FCA regulated brokers:

 

 

>>FCA Regulated Forex Brokers<<

 

Unreasonably high spreads

 

As tested with a demo account the EURUSD spread was fixed at 3 pips, which is more than twice as high, as the maximum acceptable starting spreads with a standard account.  So here you may check our list of brokers, offering tighter spreads:

 

>> Lowest spread forex brokers<<

 

Excessive minimum deposit requirement

 

With TradeFinancial you can open a starting Mini Account with 250 USD, while with most brokers the minimum deposit requirement is around 100 USD and with some well established companies like XMFXTM and IG you can even open an account with 5 USD or so.

 

We should note as well the minimum investment requirements for the three premium accounts  the broker offers – 3000 USD for a Silver Account, 12 000 USD for a Gold Account and over 60 000 USD for a VIP Account. This in our view is clearly excessive. 

 

MetaTrader4 is not available

 

TradeFinancial offers a web based trading platform with a simplified interface, good looking charts and 17 in-build market indicators. The platform, however, lacks many of the functionalities we are used to with the well known MetaTrader4. 

 

 

MT4 is a platform of choice for over 80% of traders world wide and besides its excellent charts, it has an option for algorithmic trading with the help of specially designed trading bots or Expert Advisors, as they are called. In addition you can modify or even compile your own trading algorithms and market indicators.. Here you may check our list of brokers also offering MetaTrader4:

 

>>Find other MT4 brokers here<<

 

Conclusion:

 

TradeFinancial is an unregulated, offshore brokers with very limited credibility, which on top of that offers unattractive spreads and has excessive minimum deposit requirement for opening even the most basic account.

Latest news about TradeFinancial
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Traders` reviews for TradeFinancial

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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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Money Transfer

Hi, A Man by the name of "Alesandra" phoned me a few times, to transfer my money into my Account, This was about 2 or 3 weeks ago, I haven't heard from him since, What is going on
hnqs7y

Anthony van Zanten 04/12/2019

Scam! Should be closed down by the authorities

They want a minimum of $350. They start trading and do very well but are always saying you must invest more. If you do not invest more they will still do good trades until they are convinced that you are not going to invest more then they do a trade and you loose like 60% of your investment. Then that is the last time you hear from them. Forget trying to get your money that is left in your account returned. They do not respond.In my opinion this is a total fraud and should be closed down by the authorities,ALL I CAN SAY BEWARE !!!!!

James Barnes 02/27/2019

Bad experience

Lost all my money in one day on dollar strength. Trade finance asking to deposit more all the time. Cannot draw out funds invested.

Brian French 08/11/2018

Wrong choice?

Good day
I have since make a deposit for a mini account with tradefinancial two weeks back i have not yet traded since i dont understand well platform trading am a beginner to start with.
so now i am getting worried to continue with them cause they call now and then and also need me to add more money to another level for which i have not even began with first step so info that i just received here make me feels i did a wrong choice before i check info first cause for start i thought am dealing with 1K Daily i could not differentiate between callers as to which company am dealing with.
Now money is still in their account i have not log in for trading, can i still get my money back

Regards
mj mogale

Johannnes Mogale 08/02/2018
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