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Trader.Online Review - is it scam or safe?

Trader.Online review - Is trader.online scam or good forex broker?

RATING: 1 / 4 REVIEWS ForexBrokerz Trader.Online
Trader.Online is an offshore broker. Your money is not safe.

RECOMMENDED FOREX BROKERS


Trader.Online is a forex and CFD broker, offering a variety currency pairs and CFDs on commodities, stock, indices and crypto coins. If you are considering opening an account with them be sure to read this review first.

 

Account type Min. deposit Max. leverage Spreads
Take-off Account $250 1:100 2 pips, fixed*
Booster Account $2500 1:100 n/a
Uplift Account $10 000 1:100 n/a
*commission

 

Trader.Online Advantages:

 

A variety of currency pairs and crypto CFDs

 

Trader.Online offers 23 forex pairs, including some exotic currencies like Norwegian Krone, South African Rand and Russian Rubla, as well as CFDs on 6 major indices, stocks and commodities like oil, natural gas, coffee, sugar and wheat. 

 

The broker also offers CFD trade with spot metals like silver, gold and copper, and a number of crypto coins - Bitcoin, Litecoin, Dash, Ethereum, Ethereum Classic, Monero, Ripple, Zcash and Golem. Still, here you may want to check our list of brokers, also offering Bitcoin CFDs:

 

>>Bitcoin Forex Brokers<<

 

Reasonable leverage

 

A leverage of 1:100, as offered by Trader.Online is perfectly enough to fit any trading style. Keep in mind that while higher leverage may help you gain good profit with relatively small deposits, it is also associated with a significant risk, as even the tiniest fluctuation of the market in the wrong direction may deplete your funds in a matter of minutes. Professional traders, knowing that well, rarely trade with leverage exceeding 1:100.

 

250 USD minimum deposit requirement

 

While you can open a staring Take-off Account with Trader.Online with 250 USD, for its premium accounts you will have to invest significantly more – 2500 USD for a Booster Account and 10 000 USD for an Uplift Account. Have in mind that with some well established brokers like FBS and IG you can start trading with just  5 USD or less.

 

Trader.Online Disadvantages:

 

Lack of regulation

 

Trader.Online is owned by Zolarex Ltd, which is based on the Marshal Islands at Trust company complex, Ajeltake road, Ajeltake Islands, Majuro, MH96960 – an address well known to us, where a number of other unregulated offshore, brokers, including Novatrades, iForex24, Tradex1, IntelligentCapital,  AvaInvestments, FXG Invest and PBN Trade are also registered. (The address is probably just a post box.) On the other hand Trader.Online website is operated by another company -  Zola Ltd, which is based in Bulgaria. 

 

Under the Bulgarian low any forex and CFD broker operating form the country should be registered by the  Bulgarian Financial Supervision Commission (FSC). So, as the broker mentions nothing about its regulatory status, we diligently checked the register of FSC, but we were unable to find  Zola Ltd. there.

 

As far as the the Marshal Islands are concerned, it is laughable to talk about any regulation of the financial sector on this small atoll in the middle of the Pacific Ocean, about which the US Department of State warns its offshore corporate sector is vulnerable to money laundering and other clandestine activities.

 

Keep in mind that it is very easy to register an international business companies on the Marshal Islands, as the whole process is done online. Corporate officers, directors, and shareholders may be of any nationality and live anywhere and the companies are not required to disclose the names of officers, directors, shareholders, or beneficial owners. On top of that corporate entities may act as directors, officers, and shareholders.

 

All that said, it is pretty clear PBN Trade is an unregulated offshore brokers with low credibility, and because regulation is the single most important factor for the safety of any investment, we strongly advice potential traders to invest only with properly licensed brokers.

 

Cyprus Securities and Exchange Commission (CySEC), the Financial Conduct Authority (FCA) and the Australian Securities and Investments Commission (ASIC) are well respected financial watchdogs that do provide sufficient security on the market.

 

Brokers licensed by one of those institutions are obliged to follow strict fiscal and ethical rules, including to maintain a minimum capital adequacy ratio, to keep all clients money in protected, segregated accounts and in some cases even to insure traders capital. 

 

With the FCA backed Financial Services Compensation Scheme for example, if the broker goes insolvent, traders can receive back up to 50 000 GBP of their capital. Similar compensation scheme with the CySEC guarantees traders up to 20 000 EUR of the investment. Here you may check our list of brokers, also licensed by FCA:

 

>>FCA Regulated Forex Brokers<<

 

Uncompetitive spreads

 

The EURUSD spread on the Trader.Online web based Forex platform is fixed at 2 pips, which is higher than what traders usually expect with a starting account. In addition the broker offers a second web based platform – Simplex, on which they say they are taking a 0,1% commission. 

 

 

This means, if you are trading 1 standard lot of 100 000 base currency units, the commission will be 100 USD or 10 pips (if the second currency in the pair is USD as with the EURUSD pair). No need to say that 10 pips is a ridiculously high spread, so here you may want to check our list of brokers, offering tighter spreads:

 

>> Lowest spread forex brokers<<

 

Few payment methods

 

You can fund your account with Trader.Online only with a bank wire, credit cards like VISA and MasterCard and through i-Payments. We do not see payment options like Skrill, Neteller and PayPal and you can not pay with Bitcoins as well. So here you may check our list of brokers, accepting Bitcoins as payment:

 

>>Forex Brokers Accepting Bitcoin<<

 

MetaTrader4 not supported

 

As we already mentioned, Trader.Online offers two web based trading platforms – Forex and Simplex, which honestly look rather simplified and lack many of the standard features traders are used to with well known platforms such as the MetaTrader4. 

 

For example, you can not run an automated trading session - something you can do easily on MT4 with the help of specially designed trading bots – Expert Advisors, which can be easily modified on a proprietary scripting language – the MQL4. Here you can check our list of brokers offering MetaTrader4:

 

>>MT4 Brokers<<

 

Conclusion:

 

Trader.Online is an unregulated, offshore broker, which on top of that offers ridiculously highs spreads. Still, as we discussed above, our main concern remains the absence of license, which is a key factor for the security of any investment. 

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Traders` reviews for Trader.Online

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Is Trader.Online closed?

I am a trader.online client and have money with them. The Manual trading and Algo trading platforms were fine yesterday (NZ date 11/12/2019) and today, Chrome says the IP and platform cannot be reached or don't exist.

Please advise.

Tim Tee 12/12/2019

Withdrawal Amount not Releasing

Hi There,
I opened account more the Year now and trying to Withdraw my amount but always decline sometime says dormant policy just not releasing amount.

Muhammad Imran Mirza 10/05/2019

Refusal for withdrawal

I've been trading with trader.online and they misguided me to make loan at the bank and promise to help me to pay in a very short period. I traded with them for six months when i wanted to withdraw they told me that I must first reach my bonus turn over. I needed money desperately and they refuse plain to me and christian Gold told me that he is not asking but he is telling me that i can't get my money. I tried to ask them to terminate my contract still they refuse. Those people are cruel and I regret the day i got contact to Christian Gold. Trader.online is a pure scam.

Malesela Bop 05/29/2019

Profit withdrawal

Trader Online is a scam, they don't want me to withdraw my profit.

Mike Ndlovu 04/02/2019

I can not withdraw my money

Trader online is a scam. I needed to make a withdrawal as I needed it for medical purposes. They refused me straight out. I needed to go for chemo therapy, they did not care. I have since tried to contact my success manager but his email address has been disconnected. I have sent emails to customer support but getting no response. I am in a state and my nerves are in tatters. I wish I had never invested with Trader Online. They are liars and fraudsters.

Linda 03/03/2019

I'm sad with this broker

I'm sad with this broker i place a trade for NZD/USD one hour chat then I left the platform with that trade when i came back. I tried to log in my account it declined for an hour and half someone assist me on that. After hours when I log on to that i lost a huge amount of profit.

Siboniso 09/13/2018
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