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TradersCM Review - Is it scam or safe?

TradersCM Review - is traderscm.com scam or good forex broker?

RATING: 1 / 6 REVIEWS
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Trading Accounts & Conditions

 

Account type   Minimum deposit Minimum trade size Maximum leverage Average Spreads
Mini $100 0.01 1:500 2.6 pip
Standard $1 000 0.01 1:500 2.2 pip
Premium $5 000 0.01 1:400 1.7 pip
Premium $25 000 0.1 1:200 1.2 pip

 

TradersCM offers its clients several account types. It claims that all of them are commission-free and provide true ECN/ STP connectivity (which we doubt), variable spreads, and high leverage levels (up to 1:500) on the MetaTrader 4 platforms.

 

Besides, it provides Islamic (swap-free) services for Muslim clients on Mini accounts.

 

While the initial investment required to open an account with TradersCM seems ok, the spreads offered are way too high, starting out at 2.4 pips for the EUR/USD pair. Even if you deposit $5 000, the broker offers spreads averaged 1.7, while most brokers provide spreads within the range 1.0 – 1,5 for this pair. Nonetheless, the worst part is that TradersCM is not authorized to provide brokerage services. Besides, it does not allow scalping.

 

The Company. Security of Funds

 

Company

Country

Regulation

Traders Capital Markets Pvt Ltd.

N/A

N/A

 

Traders Capital Markets (TradersCM) is a UK-based forex and CFD broker that uses the MT4 platform. All the magical words, to attract traders, like DMA(Direct Market Access), STP, ECN, are present on this broker’s website.

 

Furthermore, according to the information on this website, TradersCM is a brand owned and operated by Traders Capital Markets Pvt Ltd.., and the broker claims to be a registered by both UK’s FCA and Australia’s ASIC. Unfortunately, none of this is true, as we checked in the online registers of both regulators.

 

In addition, when we downloaded its MT4 demo platform, it turned out to be provided by another company - TradeFXM Limited, a private limited company based in UK, which also is not licensed by FCA. We cannot tell which of the two companies operates the brand, but either way – this broker is highly suspicious, as it makes false claims.

 

Considering the above said, we would advise you to stay away from TradersCM and choose among brokerages duly regulated by UK’s FCA, Australia’s ASIC or CySEC.

 

Trading Platform

 

Like most brokers, TradersCM supports the widely used MetaTrader 4 (MT4).

 

tools MT4 Terminal is a perfectly equipped with all the tools traders need. It offers ease of use, advanced charting package, technical analysis indicators, back-testing capabilities, different order options, and the chance to create and use automated trading programs (Expert Advisors).

 

 

Methods of Payment

 

TradersCM offers its clients the following payment methods: bank wire transfer, credit/debit card, and e-wallet Skrill, Neteller, WebMoney.

 

Conclusion

 

TradersCM offers trading in forex and various CFDs on the good old MT4 platform. Our main concern with this broker is that it not regulated and makes false claims, so stay away from it.

 

Pros

Cons

MT4 available

Not regulated and likely a scam

No commission fees

High spreads

 

Scalping not allowed

 

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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

 

 

Traders` reviews for TradersCM

Reply to Sameer

Kindly refrain yourself from posting wrong comments, no employee of TradersCM have ever called you on your said number regarding any of your investments.

Susan 10/12/2017

Wanted to invest in this company

Can anyone please guide me about this company because I received a call frm them convincing me to invest in it. So please anyone guide me about this company. It will be a great Pleasure if u gv me a call on my numbr +919773730035 I reside in Worli Mumbai India. If anyone got scammed from them then they can whatsapp me or call me for sure I can help them out.

Forexbrokerz Team: Sameer, did you read the reviews below?

Sameer 10/10/2017

Nodoubt a fraud

Hello I am posting this review with true name. The below 2 negative review s are probably true because even my experience is quite similar with them. When u ask them for withdrawal of your own money from the account they so all kinds of circus to convince u to invest it for sometime. A genuine broker will understand when u need money and will deposit it immediately. And moreover the process for withdrawal is also not automated. When I asked for withdrawal after some losses they forced to me hold back and and even that little amount which was there just vanished with losses. Do u want more proof Susan??
Accept u r a fraud and I am a client u scoundrel.

In India to operate u need to approved by SEBI.
DO you have that?

Devaiah 09/03/2017

Company Reply

The above 2 reviews mentioned is from spineless competitors trying to malign our reputation. If the reviews would have been genuine it would have been with clients name and not with Unknown & Anonym name.. Firstly traderscm executives are not allowed to trade on behalf of the client, secondly we dont give trades in demo too just give some training about trading in demo, so that too is fake. So genuine clients need not panic..

Susan 08/17/2017

TRADERSCM SCAM

This company is a scam. I have lost a total of 20k dollars with this company. I initially invested 10k and they started making profits. Then they asked me to increase it to 20k to increase profits to 50 to 100% monthly. Then they opened a big trade that loss a total of 20k!!! Then they did not bother replying to me after. Never invest in companies like this.

Unknown 08/12/2017

TradersCM: 100% fraud!!

I have an experience and luckily I realized and quit immediately after realizing that the broker follows unethical business tactics. They first ask you to start with $500 and say if you are not happy you can withdraw and quit in 1 week. In the free demo they help u make some profit so that you are impressed with the growth. Later after depositing $500 they say that is quite less and make you deposit more. They help u make some $100 profit in first 2 or 3 days later they will take u to a loss and say sorry and make u deposit more to recover the losses. It is a trap. In case if you say you want to withdraw they will tell 100 reasons to divert your mind and take you to losses. It is a FRAUD.

Anonym 07/28/2017
Forex
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