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TradeMaker Review - is it scam or safe?

TradeMaker Review - is trademaker.io scam or good forex broker?

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

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Trading Accounts and Conditions

 

Trading account Min. deposit  Max. leverage Spread
Gold  $500  N/A N/A
Platinum  $1,000 N/A N/A
Diamond  $5,000 N/A N/A
Emerald  $10,000 N/A N/A
Crown  $50,000 N/A N/A

 

TradeMaker claims to be a legally operating and licensed trading company that offers dealing in forex, and CFDs via the account types listed above.

 

Read on our detailed review on this broker and make sure you do that before investing with it - we have serious concerns about TradeMaker. Nonetheless, we will start off with a few possible benefits, as we always strive to be objective.

 

 

TradeMaker Advantages

 

Claims to support the MT5

Allegedly, TradeMaker offers its clients the MetaTrader5 (MT5). The presence of any of MetaQuotes’ platforms in a broker’s offering is always considered a positive, simply because most traders are familiar with the software and enjoy using it.

 

The latest MetaQuotes’ trading software has kept most of the features of the MT4 (the great charting, automated trading via EAs, and more), and also has some improvements. More specifically, the MT5 allows users to trade derivatives and exchange-traded stocks from one and the same account.

 


>> Check out the best MT5 Brokers <<

 

 

High leverage

It also seems that TradeMaker is quite generous in terms of leverage – the broker says it offers leverage levels as high as 1:1000, and accommodate even the most aggressive trading strategy. And yet, traders should have in mind that using high leverage brings along greater risk of loss. 

 

 

TradeMaker Disadvantages

 

False claims of regulation

This broker claims to be operated by TradeMaker Ltd, which is allegedly licensed by Italy’s National Commission for Companies and the Stock Exchange (CONSOB).

 

 

Click to view larger.

 

However, going on the online registry of CONSOB we find no mention of the company’s name which leads us to conclude that the information presented on TradeMaker’ website is faulty and that the brokerage does not fall under any regulatory oversight whatsoever.

 

Blacklisted by the FCA as a clone

We also found out that UK’s Financial Conduct Authority (FCA) has put out a warning against TradeMaker. More specifically, the FCA has blacklisted the broker as a clone firm – one that uses the details of regulated companies in an attempt to convince investors that they work for a genuine, authorised firm.

 

 

Click on the image to view larger.

 

So, the website of TradeMaker publishes corporate information which is deceptive and misleading. This is a serious red flag because it shows that this broker is following the pattern of scam brokers out there. Anytime you come across a website of a broker who gives misleading information, you should avoid that broker because they are potentially fraudsters.

               

Trading conditions not fully disclosed

Another clear-cut sign of trouble regarding TradeMaker is that it leaves a lot of important questions regarding its pricing and trading conditions unanswered. The broker does not mention any reference spreads, and we could not open a demo account either. A test-drive of the trading platform is a great advantage and shows that the brokerage is transparent with its trading conditions.

 

Most brokers usually offer spreads within the range of 1.0 – 1.5 pips on EUR/USD. Below, you can compare the spreads of some top brokers in real time:

 

>> Spread comparison page <<

 

 

Comparatively high minimum deposit required

In order to open an account with TradeMaker, traders have to invest a minimum of $500, which is a comparatively high initial deposit. Most brokers, including licensed and reputable ones, require less. For example, in order to open an account with FXTM, or XM, one has to deposit just $5.

 

 

Conclusion

 

TradeMaker is an unregulated broker that presents misleading information to traders and we must state that its clients are open to substantial risk. The forex market is plagued with fraudsters trying to rip off misinformed investors in every possible way. That is why, we urge our readers to deal only with brokers licensed by reputable financial authorities such as ASIC in Australia or the FCA in the UK.

 

>> Trade with a broker licensed in the UK <<

 

 

And finally, here are the highlights of the present review of:

 

Pros Cons
MT5 allegedly supported No financial regulation
High leverage Blacklisted by the FCA as a clone
  Spreads and platform not clear
  No demo accounts
  High minimum deposit required

 

Latest news about TradeMaker
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Traders` reviews for TradeMaker

Spread

Pros

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Slippage

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Requotes

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Price feed

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Cons

 

 

Platform

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Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

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