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TradesFly Review - is it scam or safe?

TradesFly Review - is tradesfly.com scam or good forex broker?

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

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TradesFly is an offshore broker, offering three account types with a leverage of up to 1:500 and the MetaTrader5 platform. Unfortunately the broker is not regulated and what is worse, they appear to be offering managed accounts, while actually acting as market makers – something no legit broker will ever do.

 

Trading account  Min. deposit Max. leverage Spread
Micro Account $500 1:500 1 pip

Regular Account

$10 000 1:400 n/a
Premium Account $20 000 1:300 n/a

 

TradesFly Advantages:

 

60 forex pairs

 

We always start our reviews with any possible benefits that a broker might offer to its clients and here the first thing that comes to mind is the selection of some 60 currency pairs, lots of which exotic or minor like USDGEL, USDCNH, USDRUB, USDSEK, USDHKD, USDSGD, USDMXN, USDNOK, USDDKK, USDTRY, USDZAR, USDCZK, USDHUF and USDPLN. We saw no other CFDs on the TradesFly trading platform, however, so here you may check as well our list of brokers trading with bitcoin CFDs:

 

>>Bitcoin Forex Brokers<<

 

Leverage as high as 1:500

 

This is basically as good as it can get. Bear in mind however, that leverage as high as 1:500 is currently available only to professional traders in the EU and on most other regulated markets, because of the higher risks associated with it. The only exceptions are Australia and the offshore brokers like TradesFly, with which, however, you run a significant risk to get scammed.

 

Still, if you are based in Australia, or you have an account with an Australian bank, here you may check our list of brokers regulated there:

 

>>Brokers regulated in Australia<<

 

Good spreads as tested with a demo account

 

As tasted with a demo account the benchmark EURUSD spread floated about 1 pip, and that is a level we consider attractive. Still, here you may also check our list of brokers offering tighter spreads:

 

>> Lowest spread forex brokers<<

 

A variety of payment methods

 

TradesFly accepts payments with popular e-wallets like NetellerSkrill and PayPal, bank wire and major cards like VISA, MasterCard and UnionPay. And they even say to accept bitcoins, so here we may also offer you our list of brokers, where you can pay with bitcoins as well:

 

>>Forex Brokers Accepting Bitcoin<<

 

MetaTrader5 available

 

MetaTrader5 is a highly reliable trading platform developed by MetaQuotes Software. The platform has many advantages – advanced charting tools, nearly a hundred modifiable market indicators and even trading robots with the help of which you can easily run automated trading sessions.

 

 

No wonder that along with its predecessor - the MetaTrader4, MT5 is among the most widely used trading solutions on the market. So here you may also check our list of brokers supporting MT5 as well:

 

>>MT5 Brokers<<

 

TradesFly Disadvantages:

 

No license

 

Officially TradesFly is owned by Brown Fox Limited – an offshore company based on the Marshall Islands. All payments, however, are processed by Pexil Financial OU, which is based in Estonia. Both companies are not licensed to offer financial services, neither in the European Union, nor on any other regulated market, like the U.S., Australia, Canada or Japan.

 

Bear in mind that trading with unregulated brokers is extremely dangerous, simply because they are virtually unaccountable for the way they handle your money and in practice the safety of your funds depends solely on the integrity of the people, who run them.

 

That is the reason our general advise is to avoid unregulated brokers altogether and to trade only with properly licensed ones, authorized by well known financial institutions, such as the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission (ASIC) or the Cyprus Securities and Exchange Commission (CySEC).

 

And besides, if you trade with a FCA broker, the first 85 000 GBP of your funds will even be covered by an insurance, so here you may check as well our list of FCA regulated brokers: 

 

>>FCA Regulated Forex Brokers<<

 

A market maker offering managed accounts

 

TradesFly is a market maker and they admit it in their Terms and Conditions.

 

 

Being a market maker is nothing wrong by itself – many legit brokers are also market makers. It is a major issue, however, when a market maker offers managed accounts. In plane words that is a scam and here is why: By definition a market maker makes money whenever their clients lose. So basically, if a market maker offers a managed account, the broker will have an incentive “to lose your money to them selves”. It is as simple as that.

 

 

That is also the reason no legit broker will ever offer a managed account. Certainly you can run algorithmic trading sessions, but you do that let say on the MetaTrader4, with your own trading robots, (with MT4 they are called Expert Advisors), which you can also modify to better fit your trading strategy.

 

And besides, note that if you open a “MAM trading account” with TradesFly, which is actually a managed account, you will not have right to withdraw your own funds for at least 6 months and that is also outrageous.

 

Trading bonuses as means to restrict your withdraw request

 

And here we have trading bonuses as well. A trading bonus might sound like a nice gesture by the broker. The truth, however is quite different. Trading bonuses always come with additional withdraw conditions – in the case of TradesFly you will have to trade at least 300 000 USD for every 10 USD you have received as a bonus, before you will be allowed to request a withdraw.

 

On top of that TradesFly reserves the right to change their bonus and withdraw policy, including to “to impose withdrawal limits and withdrawal fees in their system”, whenever they want.  So basically by offering you a trading bonus, TradesFly makes any withdraw virtually impossible. Note as well that you can withdraw no less than 100 USD.

 

High minimum deposit requirement

 

To start trading with  TradesFly you will have to deposit at least 500 USD and that is twice higher than the deposit required by most other brokers. And besides, with some big well know companies like FBS and IG, you will be able to open a trading account with virtually 5 USD or even less.

 

Conclusion:

 

TradesFly is a unregulated, offshore broker that offers managed accounts,while actually acting as a market maker. As we already discussed this is a recipe for a scam, so here once more we will repeat our general advice to trade only with proven brokers, regulated by well known institutions such as the FCA in the UK, CySEC in Cyprus or ASIC in Australia and to avoid websites like TradesFly altogether. 

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Traders` reviews for TradesFly

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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