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TradeGL Review - is it scam or safe?

TradeGL Review - is tradegl.com scam or good forex broker?

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

RECOMMENDED FOREX BROKERS


Trading Accounts and Conditions

 

Trading account Min. deposit Max. leverage Spread
Micro  $500 1:400 2 pips, fixed
Standard  $1000 1:400 2 pips, fixed
Silver  $2500 1:400 1 pips, fixed / Variable from 0.5 pips
Gold  $10 000 Custom  0.7 pips, fixed / Variable from 0.5 pips
VIP  $25 000 Custom  0.4 pips, fixed / Variable from 0.3 pips

 

Clients of TradeGL are allegedly able to choose between as many as five accounts, and trade on the industry leading MT4 platform. Yet, we wouldn’t advise you to become a client of this dubious forex and CFD broker, as we have reasons to believe that it is involved in scam. Read the full review to get all the details on TradeGL.

 

 

TradeGL Advantages

 

Access to MT4

Although we don’t recommend TradeGL, we can’t deny that some parts of its offer seem attractive. One of them is the availability of the MetaTrader4 (MT4). The MT4 has stood the test of time and is loved by many traders globally for its reliability and great functionalities. The latter include supreme charting with a number of technical analysis indicators, automated trading strategies, rich back-testing environment and more.

 

 

>> Choose some of the best MT4 brokers <<

 

 

High leverage, spreads seem ok

According to the information on its website, TradeGL offers a fixed spread of 2 pips on its Mini & Standard accounts. Although we could not verify this claim, such trading costs are not high.

 

Another possible advantage of this broker is that the it says to offer leverage as high as 1:400 and this is generous enough to fit even the most aggressive trading strategies.

 

Bear in mind, however, that the authorities in a number of jurisdictions (EU, USA, Canada and Japan) caped the maximum leverage allowed with forex and CFD transactions in an effort to curb the investment risk. As a result, the only brokers still offering higher leverage are either offshore or are based in Australia – the only regulatory hub, where higher leverage is still unrestricted. Below, ypu may check out our list of brokers regulated in Australia:

 

 

>>Brokers regulated in Australia<<

 

 

TradeGL Disadvantages

 

Operated by a notorious offshore company

Although the website of TradeGL mentions TradeGL Tradegl Limited as an owner of the brand, according to the disclaimer at the bottom of the homepage, the broker is operated by Silver Wolf Limited.

 

 

 Click on the image to zoom in.

 

The latter is an offshore company registered in the Marshall Islands, where forex brokers are not subjected to mandatory licensing, nor to any oversight whatsoever, which brings along significant risk to their clients. Needless to say, offshore brokers like TradeGL are not allowed to operate on any regulated financial market, such as the EU, USA, Canada, Japan, Turkey, and more.

 

It seems, however, that TradeGL does just that, as it was blacklisted by The Italian financial regulator CONSOB, as well as by the Belize’s IFSC. What is worse, the company behind the brand, Silver Wolf Limited, has already become notorious in the trading world.

 

Its name is related to a number of brokerage brands, such as DeltaFxMarkets, PremiumTradesMarkets, MarketsPremium, FXTrade777, TradesEasy, HighFxMarkets, and more, most of which have been flagged by the financial authorities as potential fraudsters. Scammers often change their names and domains, so make sure you avoid all the abovementioned brokers, or any other related to the Silver Wolf gang.

 

Free testing service unavailable

All decent forex brokers provide free demo accounts in order to prove the transparency of their services. This, however, is not the case with TradeGL, and view this as a disadvantage since a test-drive is the most credible way in getting acquainted with the trading conditionsof a forex brokerage. 

 

High initial deposit

In order to open an account with TradeGL, traders have to invest a minimum of $500, which is at least twice the amount most brokers require as a start, including well-established and regulated companies.

 

 

Conclusion

 

TradeGL is one of the numerous brands of the notorious company Silver Wolf Limited. It is registered on the Marshall Islands, but obviously provides its services in the EU. The company operates FXTrade777, PremiumTradesMarkets, DeltaFXMarkets, TradesEasy, CfdPremium, and probably more, most of which are present in the warning lists of one or several EU financial regulators. For example, FXTrade777 has been blacklisted by CONSOB and the UK’s FCA (as a clone firm).

 

Unfortunately, it seems that the forex industry is plagued with fraudsters, so we encourage investors to deal only with financial services providers licensed by reputable governmental agencies like the FCA or CySEC in Europe.

 

 

>> Check out a list of brokers regulated in Cyprus <<

 

 

Here is a summary of our review on forex broker TradeGL:

 

Pros Cons
MT4 available Operated by a notorious offshore company
Generous leverage, seemingly good spreads No demo accounts
  High minimum deposit required

 

Latest news about TradeGL
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Traders` reviews for TradeGL

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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Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

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Cons

 

 

Summary

Pros

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