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TradesEasy Review - is it scam or safe?

TradesEasy review - Is tradeseasy.com scam or good forex broker?

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

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TradesEasy is a unregulated, offshore forex and CFD broker, owned by the Marshall Islands based  SILVER WOLF LIMITED – a company, which became quite notorious recently, after it was flagged by several regulators throughout Europe for targeting EU citizens without proper authorization.

 

Account type Min. deposit Max. leverage Spreads
Bronze Account $500 1:500 1 pips
Silver Account $10 000 1:400 n/a
Gold Account $20 000 1:300 n/a

 

TradesEasy Advantages:

 

Over 60 forex pairs offered

 

Talking about advantages, TradesEasy is offering some 60 currency pairs, lots of which exotic or minor like USDGEL, USDPLN, USDHUF, USDCZK, USDZAR, USDTRY, USDDKK, USDNOK, USDMXN, USDSGD, USDHKD, USDSEK, USDRUB and USDCNH. However, as we see no crypto CFDs whatsoever, here you may check our list of brokers offering bitcoin CFDs:

 

>>Bitcoin Forex Brokers<<

 

Leverage as high as 1:500

 

After regulators throughout Europe, the US, Canada and Japan capped the maximum leverage allowed with retail forex and CFD trade in an effort to reduce the trading risk, Australia remained the only regulatory hub, where traders can still enjoy high margin trading without any restrictions. So here you may also check our list of brokers, regulated by the Australian Securities and Investments Commission (ASIC):

 

>>Brokers regulated in Australia<<

 

You can pay with  Neteller, Skrill and PayPal

 

TradesEasy accepts payments with major e-wallets like NetellerSkrill and PayPal, bank wire and popular credit cards like VISA and MasterCard. No payments with bitcoins are accepted however, so here you may also check our list of brokers, where you can pay with Bitcoins:

 

>>Forex Brokers Accepting Bitcoin<<

 

Attractive spreads

 

As tested with a demo account the benchmark EURUSD spread floated about 1 pip and that seems fine. Still, as we are not sure if the demo account mirrors TradesEasy standard account or one of their premium accounts, here you may also check our list of brokers, offering tighter spreads:

 

>> Lowest spread forex brokers<<

 

MetaTrader5 supported 

 

Along its predecessor, the MetaTrader4, MetaTrader5 is definitely one of the most treasured trading solutions on the market. It comes with excellent charting tools, user friendly interface, numerous market indicators and the option to run automated trading sessions with the help of specially designed, customizable market robots called Expert Advisors. Here you may also check our list of brokers supporting the MetaTrader5:

 

>>MT5 Brokers<<

 

TradesEasy Disavantages:

 

Lack of license

 

As we noted SILVER WOLF LIMITED, the company behind TradesEasy has been blacklisted by the Commissione Nazionale per le Società e la Borsa (CONSOB) in Italy for targeting EU citizens without proper authorization. The Marshall Islands based company, operates several other unlicensed web sites including www.cfdpremium.com.

 

Have in mind that trading with unregulated brokers is almost a sure recipe for getting scammed. That is because such companies are not accountable for the way they handle your money. 

 

On the other hand you can always trust brokers licensed by institutions such as the Australian Securities and Investments Commission (ASIC), the Financial Conduct Authority (FCA) in the UK, or the Cyprus Securities and Exchange Commission (CySEC). 

 

Besides, with any EU regulated broker your funds will be insured for up to 20 000 EUR, while with a FCA broker your insurance will cover up to 50 000 GBP. Here you may check our list of brokers, regulated by the FCA in the UK as well:

 

>>FCA Regulated Forex Brokers<<

 

Managed accounts

 

Brokers like TradesEasy usually act as market makers and when a market maker offers a managed account that is called conflict of interest. In the case of  TradesEasy they say to be offering a “MAM trading service”, where your funds will supposedly be traded by a special automated trading software on your behalf. Being a market maker, however, TradesEasy will simply have the incentive to mismanage your funds, because market makers basically act as a counter party to all of your trades and make money when you lose.

 

Moreover, by accepting the MAM trading service you will not have right to withdraw your funds for at least 6 months and that is also unacceptable.

 

Trading bonuses and unusual withdraw conditions 

 

Be aware as well, that if you accept a trading bonus by TradesEasy you will have to trade at least 3 standard lots or at least 300 000 USD for every 10 USD bonus you have accepted before you will be able to request a withdraw. Take a note that the practice of offering trading bonuses is highly controversial and is basically banned throughout Europe.

 

Also be aware the TradesEasy reserves the right to impose withdraw limits and withdraw fees in its system.

 

High minimum deposit requirement

 

TradesEasy asks for a minimum deposit of 500 USD and that is twice the amount most brokers would ask you with a standard account. Also, bear in mind that some big players like FBS and IG do not have a minimum deposit requirement at all.

 

Conclusion:

 

TradesEasy is a unregulated, offshore broker, whose owners had been investigated by CONSOB in Italy. On top of that the broker offers managed accounts and has a rather limited credibility as a whole.

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Traders` reviews for TradesEasy

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