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TradesCrypto Review - is it scam or safe?

TradesCrypto review - Is tradescrypto.com scam or good forex broker?

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

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TradesCrypto is advertised as a CFD broker focused on the crypto market. They offer three account types with a choice between a web based trading platform and the MetaTrader4, but unfortunately they are not regulated, so if you are considering trading with them be sure to read this review first. 

 

Trading account  Min. deposit Max. leverage Spread

Standard Account

1000 EUR 1:100 2 pips
Premium Account 10 000 EUR 1:100 n/a
VIP Account 25 000 EUR 1:100 n/a

 

TradesCrypto Advantages:

 

Leverage of up to 1:100

 

Leverage of up to 1:100 is more than enough to fit any trading strategy. Still bear in mind that higher leverage comes with higher risk so it was not a surprise that in the past few years the regulators throughout Europe the US, Canada and Japan caped the maximum leverage allowed with forex transaction in a coordinated effort to minimize the investment risk. And yet if you are based in Australia, you can still enjoy virtually unlimited leverage, as the Australian market is the last major regulatory hub, where higher  margin trading remains unrestricted. Here you may also check our list of brokers regulated in Australia: 

 

>>Brokers regulated in Australia<<

 

MetaTrader4 available

 

And that is the also a good news. The platform is highly reliable, with an excellent package of advanced charting tools, numerous market indicators and even customizable trading robots, with the help of which one can easily run automated trading sessions. So here you may also check our list of brokers supporting the MetaTrader4:

 

>>MT4 Brokers<<

 

TradesCrypto Disadvantages:

 

No  license

 

That is our main issue with TradesCrypto. There are two companies behind it - MK TRADE – LTD, which is based in Bulgaria and Rivale Enterprises S.A., about which we know virtually nothing. Unfortunately non of those entities is licensed by an official financial regulator, such as the Financial Conduct Authority (FCA) in the UK, the Cyprus Securities Exchange Commission (CySEC) or the Australian Securities and Investments Commission (ASIC), and that makes the broker completely unaccountable for the way they handle your money.

 

And what is even more intriguing, is that in their Terms and Conditions TradesCrypto say that all claims and disputes shall be governed under the jurisdiction of the Marshall Islands – a small atoll in the South Pacific. See for your self:

 

 

In any case, bear in mind that your money will be protected only with brokers regulated by well known and well respected financial watchdogs like the FCA in the UK, where for example your trading account will be insured for up to 85 000 GBP. So here you may also check our list of FCA regulated brokers:

 

>>FCA Regulated Forex Brokers<<

 

Unusual withdraw conditions

 

In TradesCrypto Terms and Conditions we came across yet another rather disturbing paragraph. The broker says there is a “minimum time commitment that the account need to be traded before principal withdraw is permitted”. See for yourself:

 

 

We should note that this is highly unusual. With legit brokers you should be granted access to your funds at any time. There should be no withdraw restrictions whatsoever. And besides, with legit brokers clients funds are always kept in a trust account, which is segregated form the broker's own account.

 

Absurdly high minimum deposit requirement 

 

The minimum deposit requirement with  TradesCrypto is as high a 1000 EUR and that is clearly unacceptable. Bear in mind that with most brokers you can open a trading account with about 250 USD, while with some big well respected players like FBS and IG you can start trading with virtually 5 USD or so.

 

High spreads

 

Despite the fact that in its presentation TradesCrypto says to be offering more than 150 crypto coins, when we tested their trading platform with a demo account we found only 23 fiat currency pairs and a few CFDs – namely on gold and silver. No crypo coins at all. 

 

And the spreads did not impress us as well – 2 pips for the bench mark EURUSD pair - at least half a pip higher than the levels traders would usually consider attractive. So here you may also check our list of brokers offering tighter spreads: 

 

>> Lowest spread forex brokers<<

 

Skrill not accepted as a payment method

 

TradesCrypto accepts payments with major cards like VISA and MasterCard, bank wire, crypto coins including Bitcoin, Litecoin, Bitcoin Cash and Bitgold and two alternative payment methods - FLEXEPIN Voucher and TyconX Deposit Virtual Terminal. 

 

Skrill, the most popular e-wallet is not accepted however and that is notable, because of the new anti scam policy adopted by the money transfer company. Since last fall they partner only with licensed brokers. As we noted, TradesCrypto does not have a license at all.

 

Conclusion:

 

TradesCrypto is not a broker we can recommend. They are not licensed and that significantly lowers their credibility. As always in such cases our best advise is to trade only with properly regulated companies, authorized by respectable institutions such as the FCA in the UK, CySEC in Cyprus and ASIC in Australia.

Latest news about TradesCrypto
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Traders` reviews for TradesCrypto

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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Deposit/Withdraw

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Customer service

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Summary

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Opinion about Tradescrypto

This fals company lyings all the people. They make anything to steal your money. They steal my money in 2 month. Forbide them! Expose them to police!

Gabriela 06/03/2019
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