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Tradelyo Review - is it scam or safe?

Tradelyo Review - is tradelyo.com scam or good forex broker?

RATING: 1 / 5 REVIEWS Tradelyo
Tradelyo is an offshore broker. Your money is not safe.

RECOMMENDED FOREX BROKERS


Trading Accounts and Conditions

 

Trading account  Min. deposit Max. leverage  Spread
Standard  $100 1:200 1.6 pips, fixed

  

Tradelyo is an unregulated Estonian forex broker that shares very limited information about itself and the services it provides on its website. The broker does not appear to offer different account types, but fortunately has demo ones, and we filled the table above with what we saw on its MetaTrader5 platform.

 

Although Tradelyo is not recommended as a trading partner, we will start off with a few possible advantages of this broker.

 

 

Tradelyo Advantages

 

MetaTrader5 offered

Tradelyo supports the latest MetaQuotes’ platform, the MetaTrader 5 platform, which is definitely a strong selling point. The MT5 supports most of MT4’s highly praised features, such as the great charting and the support of automated trading strategies, also known as Expert Advisors. Besides, it provides more timeframes, advanced inbuilt events management and improved debugging tools. It also allows users to deal in derivatives and exchange-traded stocks from one and the same account.

 

Good trading conditions on demo

When we tested Tradelyo’s MT5 in demo mode, we found out that the broker actually offers solid leverage levels up to 1:200, and its spreads are competitive. The spread on the most liquid currency pair, EUR/USD, was fixed at 1.6 pips, which is pretty good. Most fixed-spread brokers offer a spred of 2 pips for this pair.

 

 

That being said, we have to remind you that the cost of trading is not as important as the security of your funds. Below, you may check out the real time spreads of some reliable forex brokers.

 

 

>> Spreads of top brokers compared <<

 

 

A plethora of tradeable assets

Clients of Tradelyo are offered wide range of financial instruments for trade, which allows for for portfolio diversification and better risk management. More specifically, the broker offers wide range of currency pairs and CFDs on indies, commodities, precious metals, stocks, and a some of the most popular cryptocurrencies.

 

 

>> Margin trading in Bitcoin with reliable forex brokers <<

 

 

Tradelyo Disadvantages

 

No forex broker license

Tradelyo is allegedly owned by Estonian company TS OU. Financial services providers in this country have to be licensed by the Estonian Financial Supervision Authority (EFSA, also known as the Finantsinspektsioon), or by another official EU financial regulator. This, however, is not the case, with Tradelyo, which is our greatest concern with this broker.

 

It is highly advisable to avoid unregulated brokers and choose properly supervised companies, in order to avoid falling victim to one of the many investment scams on the financial markets.

 

Possibly related to a broker that appears to be a scam

We found out that Tradelyo’s MT5 is actually provided by another Estonian brokerage we have reviewed, TradoSpot. Considering the fact that this broker is blacklisted by Italian financial regulator CONSOB, as well as the numerous user complaints posted as comments to our review, it is pretty obvious that TradoSpot is involved in some fraudulent scheme. It is possible that this broker and Tradelyo are run by the same people, all the more so, given the similar names of the brands and the companies that allegedly own them.

 

Trading conditions not disclosed on website

As we mentioned in the beginning, Tradelyo does a very poor job at presenting its offer. Its website lacks any information whatsoever on trading conditions, accounts, instruments, etc., which is also very typical of scam brokers.

 

 

Conclusion

 

Although Tradelyo’ trading platform and spreads appear good, we would not recommend investing with it. The reason is simple – lack of reliability. The broker is not licensed, nor overseen by any authority, and is therefore not allowed to operate on any regulated market, such as the the EU, US, or Japan.

 

The trading world is full of con-artists and most of them operate without forex broker licenses. In order to avoid being scammed, you’d better only deal with entities regulated by reputable financial authorities like UK’s FCA, Cyprus’ CySEC or Australia’s ASIC. These regulatory agencies require compliance with a number of strict rules that give significant assurance for the security of the clients funds.

 

 

>> Trade with a CySEC regulated broker <<

 

 

To sum up the above:

 

Pros Cons
MetaTrader5 offered No forex broker license
Seemingly good trading conditions Possibly related to a broker that appears to be a scam

A plethora of tradeable assets

Trading conditions not disclosed on website

 

Latest news about Tradelyo
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Traders` reviews for Tradelyo

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

 

 

Tradelyo are nothing but thieves

My opinion, this so called Trading company are nothing but thieves. They have AU$400 of my money which theyhave stolen from me by means of me starting a trading platform and then deciding to withdraw my AU$ 800.I wanted to invest AU$400 but AU$800 was drawn from my account. My bank managed to get AU$400 returned but Tradelyo have kept the remaining AU$400 and no doubt someone is happily trading with my money. The company have no intentions of returning my money and I have no way I can contact you because you will not answer my emails. The company is the lowest of the low and just steal peoples cash under the guise that they will make you money. The so called Trading manager sounds like a highly educated man and probably is but is using his talents to steal money from investors. STAY AWAY FROM THIS COMPANY.

Peter Moran 07/09/2019

Thieves and its all scam

HI I deposited £500 with Tradospot and I made a profit of £89 then they tried to get me to invest £10K, Then the site disappeared from the web. A few weeks later I got an email saying that they have a new name Tradelyo and again tried to get me to invest at least £5K saying that I could not gain access to the good trades unless I was in the Silver band and had at least £5K in my account. Now Tradelyo has disappeared from the web. STAY AWAY!

Bob Ducker 06/22/2019

Tradelyo scammers

don't trust these con men you will lose everything because it's not real they just put your money in to there bank and with a made up platform that looks real they will lose your money then ask for more to save your platform please don't believe a word any of them say it's a scam be warned. look at tradospot review this is who they used to be. a couple of scumbag con men called Oliver bean and Alexander pierce and don't let them say it's other trading sites trying to put you off so just DON'T DO IT they are just thieves and they won't give you any contact details only skype but no numbers that says it all and if it sounds to good to be true well you know it REALLY is

Paul Quinn 05/31/2019

Scam Warning

A Scam that operates internationally. Beware as thay have different names - Tradelyo or Tradospot. Thay change their name every 6 months.

Alf GILBERT 05/27/2019

Scams

tradelyo is a scam company that replaced tradospot. Be aware of these scam company and look out for a guy named Carl Goodrich who I believe it runs this scam operation from Australia.

Charles Allsopp 05/25/2019
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