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TradeGF Review - is it scam or safe?

TradeGF Review - Is tradegf.com scam or good forex broker?

RATING: 1.8 / 0 REVIEWS TradeGF
TradeGF is an offshore broker. Your money is not safe.

RECOMMENDED FOREX BROKERS


Trading Accounts & Conditions

 

Account type Minimum deposit Maximum leverage Spread
Beginner $250 1:200 From 1.2 pips
Trader $1,000 1:200 From 1.0 pips
Expert $5,000 1:200 From 0.8 pips
VIP $50,000 Upon request Upon request



TradeGF is a forex and CFD broker, which also offers binary options. Our review will focus on the spot trading offer, which we aren’t that impressed with.

 

TradeGF Advantages



Decent leverage provided
The 1:200 ratio provided by TradeGF is more than enough for reasonable trading strategies. That being said, newcomers to the field often don’t understand the risks involved with margin. Be sure to familiarize yourself with the basic principles of risk management and position sizing, before you start.



A lot of CFDs
TradeGF offers an amazing variety of trading assets. Other than the forex pairs, stock indices, cyptocurrencies, commodities and even some specific stocks. Even when compared to some of the industry leaders, this is an impressive offer.

 


TradeGF Disadvantages

 

 

Offshore company
TradeGF is registered and regulated in Vanuatu. The island is a preferred destination for companies, which are a bit short on capital. As far as our knowledge goes, one requires only $2,000, before he can open a broker there. This is very low when compared to the standards in developed countries, like €730,000 in the EU.


>>Why is trading with an offshore broker risky?<<


Spreads on the platform don’t match the claims

The costs of trading claimed by TradeGF are impressive. That being said, when testing the platform, we saw much wider levels. The EUR/USD one, during the most liquid time of the day was fluctuating around 4 pips. This is a very different and not at all competitive. Even more importantly it brings a lack of trust in the company. To check some of the spreads provided by some of the top brokers in the industry, check the link below.


>>Compare spreads in real-time<<


Rather poor web-based platform
TradeGF provides a web-based solution, which we have seen at other brokers. It’s main advantage is the fact it can run both Binary Options and Forex/CFD spot trading. The negatives start with the charts, which are quire basic. While some customization is available, navigating through it seems rather hard (mostly due to the clunky zooming). Here is a preview:




We would much rather trading with MetaTrader4 (MT4), which is also ffered by a lot of companies. Its charting is superior to the one provided by this platform. Additionally, through the MQL Marketplace one could get a lot of newly developed technical indicators or automated trading systems.


>>Brokers offering MT4<<


$250 minimum deposit requirement
In order to open a real account at TradeGF, one must invest a rather high amount, when compared to the rest of the industry. While the sum may not sound that impressive, some companies are willing to accept even smaller traders.



Only two payment methods
The only ways to deposit funds to TradeGF are Bank Transfer and Credit Card. This is a very minor issue, when compared to the previous ones, but may still limit some clients. Nowadays e-wallets, like Neteller and Skrill are very popular among traders.

 


Conclusion



TradeGF is an offshore forex and CFD broker, which also provides binary options. The trading platform, which they offer is not that impressive, but an even bigger issue is the lack of clarity on spreads. The ones provided at the aforementioned platform, do not match the claims made on the website. This may sound disturbing, but there is an even more troubling thing about the company.


We are obviously talking about the Vanuatu regulation, under which they operate. The local Financial Services Comission (VFSC) gives the “Deaaler in Securities” license rather lightly. In contrast, we would like to briefly present the rules implemented by a top-tier regulatory agency – the United Kingdom’s Financial Conduct Authority (FCA).

 
>>A list of FCA regulated brokers<<


The brokers registered with it must keep client funds segregated from their own. This is an effective measure against the simplest form of scam – the company, can’t take your money if it doesn’t have access to it. FCA regulated brokers must also take part in the Financial Services Compensation Scheme (FSCS). This is basically an insurance mechanism which protects your investment, in case your broker becomes insolvent. Accounts are “insured” up to £50,000.



 
The strong and weak sides of this broker are as follows:

Pros Cons
Decent leverage provided Offshore company
A lot of CFDs Spreads on the platform don’t match the claims
  Rather poor web-based platform
  $250 minimum deposit requirement
  Only two payment methods

 

Latest news about TradeGF
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Traders` reviews for TradeGF

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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