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TradeTime Review - Is it scam or safe?

TradeTime Review - is tradetime.com scam or safe forex broker?

RATING: 1.5 / 17 REVIEWS TradeTime
TradeTime is an offshore broker. Your money is not safe.

RECOMMENDED FOREX BROKERS


Trading Accounts

 

Account type Minimum deposit Maximum leverage Spread
Custom $250 1:400 ECN or fixed from 1.8*

 *Spreads vary a lot for the different accounts types you can customize.

 

TradeTime is a broker, whose name is very similar to the well-established Forex Time, better known as FXTM. We didn’t find any connection between the two companies. That being said, one of the most interesting aspects of of TradeTime is the account creation section. 

 

You are prompted to fill a short questionnaire, at the end of which, your trading conditions will be revealed. It all begins by specifying the amount you would like to invest initially, which gives you different spread offerings at the end.

 

After playing around with the system, we realized the rest of the information you would have to fill doesn’t seem to affect the outcomes. This renders the entire procedure basically useless, although it may serve to attract unsophisticated clients.

 

The Company. Security of Funds

 

Company Country Regulation
SILVER GROUP LTD Vanuatu VFSC

 

The company behind TradeTime is SILVER GROUP Ltd., which is incorporated in Vanuatu. While they are licensed by the local Financial Services Commission (the VFSC), this does not bring a lot of credibility to the company.

 

As you may or may not know, the financial sector is highly regulated in most countries. The stringency of the rules applied varies drastically from place to place. Off-shore zones are generally not as trustworthy as developed economies, with Vanuatu the “jewel in the crown” of loose regulation. The VFSC is famous for its low capital requirements – you can open a forex broker, by having only $2,000 in capital. As a comparison the United Kingdom’s Financial Services Commission (FCA), demands a minimum of € 730,000.

 

Furthermore the FCA requires frequent reporting on activities and enforces a lot of rules. When looking at it from a security of funds perspective, two are the most important ones. Fist of all, traders’ funds are kept in segregated accounts, meaning the broker can not freely access (and spend) them. Additionally all FCA-regulated brokers are forced to participate in the Financial Services Compensation Scheme (FSCS). This is a system, which guarantees clients’ trading capital against broker bankruptcy. If you trade with an FCA-regulated company which happens to become insolvent, you will be able to claim 90% of your account value, up to £50,000 from the Scheme.

 

Besides the loose regulation and account type creation mechanism, TradeTime also provides trading signals. While this is not something that exciting by itself, they appear to be coming directly from the company, which may create a conflict of interest. Other services, such as eToro, the world’s largest social trading network allow you to follow successful traders. The key difference is that they are third parties, who benefit only if they make a profit. 

 

Trading Conditions

 

Minimum Initial Deposit

The minimum initial deposit at TradeTime is $250. This is a fairly high entry barrier, for the current market environment. Nowadays brokers compete for clients, by all means possible and lowering the initial deposit level is not an exception. For instance, the FCA-regulated industry pioneers at IG have even removed the barrier whatsoever. 

 

That being said, when taken out of context, the minimum deposit level does not speak much in terms of a company’s credibility.  

 

Average spreads & Commissions

Spreads at TrtadeTime are hard to determine, especially given the custom account type creation mechanism. Furthermore, both ECN and fixed sprads are available. Our testing with the system revealed spreads varying from 0 to 1.1 pips, based on the size of your initial investment. 

 

On the other hand, the demo platform revealed a fixed spread of 1.8 pips on EUR/USD. The bottom line is spreads are not too high and you may get favorable conditions with a bigger deposit. Before playing around with their custom account creation mechanism, feel free to check our spread comparison page, where you can view the real-time spreads offered by some of the best forex brokers.


Leverage

The maximum leverage at TradeTime is 1:400. That being said we were surprised the account type creation system did not change the maximum leverage based on our risk preference. The end result was only the maximum. Here is what we were asked (click to zoom-in):

 

We believe the answer to this should have a direct impact on the leverage you are offerd.

While some brokers provide even higher leverage, 1:400 is an insanely high level. It can lead to massive losses in the hands of people who do not understand lot sizing and risk management

 

Trading Platforms

 

TradeTime provides a proprietary web-based platform. The charting package looks very crisp, but the analytical capabilities are lagging the industry-leadign platform MetaTrader4 (MT4). Not as many technical indicators are available, let alone the ability to import custom ones (as well as automated trading systems). The platform has all the benefits and drawbacks of a web-based solution – you can access it from any web browser, but it does not have multiple-monitor support.

 

Here is how the TradeTime platform looks (click to zoom-in):

 

The quotes are displayed in a column on the left, with charts and a position tracking module in the middle and an extendable column on the left side, which has additional features such as trading signals. 

 

Methods of Payment

 

You can deposit at TradeTime via Credit/Debit Card and “a variety of online payment methods”, which are not listed on the website. In our opinion the company should have mentioned them, epecially if the more popular ones like Skrill and Neteller are included.

 

Conclusion

TradeTime is an off-shore forex broker. The company offers an interesting “account type creation” system, which we didn’t find all that innovative. Trading conditions vary wildly, based on the different initial deposit amounts you enter. TradeTime offers a decent web-based platform, which isn’t special. Here are this broker’s pros and cons:

 

Pros Cons
Low spreads for better account types Off-shore regulation
Account type customization tool (not that impressive) Basic web-based platform
  High minimum deposit
  Not all deposit methods listed

 

Latest news about TradeTime
No news about TradeTime. Check back later.
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Traders` reviews for TradeTime

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

 

 

No reply

I invested $500 in bit coin and they wont reply to emails I don't know where my money is

michael mitchell 03/07/2019

Refund of $500

Hello a few weeks ago I saw an ad online, it looked too good to miss and I invested $500 into Tradetime online. By the next morning I had changed my mind, I did not register with the company, they wanted me to log in and give proof of address, passport etc and blanked out details of the card I had paid with. I told them that under the cooling off period I had changed my mind, I hadn't registered as that may hold me to some of their terms & conditions, I just wanted my money back. I have been told to register to retrieve my money in full, but I am worried if I do that there will be some clause to stop me from withdrawing all my money when I want to. I see below some people have been waiting to have their money refunded. I just want my money back I do not want to sign up to anything. I cannot see an address to write to.

Rosemary Lauder 02/26/2019

Warning, Stay away

Guys there are not so much to tell about them. Just avoid them. Fake mentors fake finance department fake everything. I am lucky I didn't lose all my money 5k! I learnt my lessont thoguth. Lost just 1.000.

Juris 02/12/2019

Withdrawl Problems-solved missunderstanding

Hey so I posted a review about withdrawl problems , but it's all solved now it was all just a misunderstanding.I liked the broker they have good mentors and excellent teachers I recommend

Joao Gao 12/24/2018

Withdrawl Problems

I deposited 500 in tradetime tried to withdrawl my money im waiting for 12 days already nothing support doesnt answer my mentor from tradetime doesnt answer can someone from tradetime please contact me

Joao Gao 12/18/2018

NetoTrade is TradeTime

My Email:
[email protected]

I see you started to block me.

But i can prove my words.

Jovani 07/10/2018

TradeTime = NetoTrade = Scam

I have all the proofs!

If any one is interested, send me an email.
But, im not going to leave you with empty hands, ther'es one broker in this scaming machine, which called Alvexo!
All these are running underd the same managers and sales people.
Israeli people of course, no need to say...

Jovani 06/29/2018

Do not sign with TradeTime

Hi guys, PLEASE RESD THIS REVIEW

My experience with trade time started when i signed up with Pro Fx signals. So i either had to decide who will be my broker tradetime or AV trader so i selected tradetime and deposited $250 dollars. Only to see that within the first two dayd i made 900 dollars woww...Id never made money so fastt. So i continued trading and the 3rd day i was asked if i had $5000 dollar to invest. Which clearly i didnt. I ignored this and didnt think much of itmy personal assistant (Jonathan) semeed very friendly so did my account manager whos name was Dean Shapiro who initially assigned me to Jonathan both of these were fairly friendly and i couldnt believe how much money i was making. Then it came to a point where i lost everything and came back down to $300 and by the end of the week i hit $3k i couldnt believe it i decide to try to take some of the the money out (€500) just to see how it works and if i could take the money out that i made... as soon i requested to take it out i had Jonathan tell me to “quickly” place two trades that will make me even more only to see that i lost the full 3k i just made. I then decided to fund my account again and after this i recieved no help i recieved one trade a day which even then i was losing


I woule ask Jonathan questions and he would get nannoyed at me i would request a call that i would never recieve but when i signed up they asked me to always call if i need assisting.


Overall u would never recommend this company to anybody to me it was just a professional way of leading someone into the company and investing more and more money. Do not invest t with Tradetime it is a money making scheme for themselves you will most definitely regret it
they tell you they have a 85%succes rate with their signals that it complete lies. Whatever i spoke about is the god honest truth
Thank You

Humza 03/10/2018

Scam Broker - TradeTime

https://www.youtube.com/watch?v=EYwfzg_FLhw

Scam Forex Broker Phone Talk- TRADE TIME

abraham 12/25/2017

Re: Warning !!!!

Dear Steve,

We are very sorry to hear about your frustrations. One of our strengths at TradeTime is the way we connect and respond to our customers in a timely manner. Therefore, your recent experience is unjustifiable. If you happen to be a client of ours, please send your full contact details to our Compliance Department where we will assist you and investigate this matter further. You can email us direct here: [email protected]

Best Regards,

TradeTime Compliance Team

TradeTime Compliance 12/24/2017

Warning !!!!

Huge scamming going on with Tradetime. Stay the hell away from these guys. Do not pick their calls and cut the call when they use a different number to call. They're kids of the devil set out to ruin your bank account

steve 12/22/2017

Scam

SILVER GROUP LTD (tradetime.com) its a SCAM.
Never follow a trading signal unless it fits with your trading strategy
their signals is a fake.

Mohamed Alhakim 12/07/2017

Warning: TradeTime is Big Scam

The worst platform you can come across, big time scammers.

I was forced to provide them with my details upon sinning up to Investing.com. After receiving a call from their "sales" guy, someone who goes under the name Mike Lucas (probably an alias), I decided to open try their platform with the minimum deposit (he claimed it is US$ 500).

One day he called me and mentioned a free "bonus" of 10K dollars, if i upgrade my account with them to 10K deposit. Mind you i never asked for any bonuses, and im not even sure how they would give someone a 10K credit line without any assurances, so the whole thing didnt make sense. Keep in mind that their sales team is so pushy that makes the whole operation extremely dodgy.

Please refer to the review by user "Gordon Atkins" below on pressure tactics, because that is the same experience i had.

After trying their service i realized that their platform is very basic, spreads are high, and their support service, which is their major selling point keep bragging about, is nothing but an extremely bad sales pitch and extremely risky advise. After a couple of trades, they started to charge me commission all of a sudden, which works out to 2% of the trade volume!!! I made up my mind and decided stop dealing with them, and use a reputable platform instead.

Now for the worst part, when i decided to withdraw my money + profit, since i was really unimpressed with their services, came the moment of truth. After a week of placing my withdrawal request, they informed me that i cannot withdraw the profit, only the equity. The reason is, that you can only withdraw profits once your trading volume reaches above 5000x your equity plus the bonus they gave you (which i never agreed to in the first place). which in my case will equal to $100,000,000 in volume!!! I cant believe that the guy who called me to explain this said it with a serious tone, because that was the most absurd thing i ever heard in my life.

Moral of the story:
1) stay away from tradetime (and SILVER GROUP Ltd., in case they close down and operate under another name) at any cost, its a scam, complete waste of time and money. In my case it cost me 430 in profits and whatever commission they charged me.
2) Read the terms and conditions with regards to withdrawals.



Ahmed Baqer 11/20/2017

Re: Front for NetoTrade (SCAMMERS)

Dear NetoTrade Victim,
Thank you for your review.
Please be advised that we have investigated this issue and found no connection and/ or similarity between TradeTime’s Platform to NetoTrade’s.
However, please send us your contact details so we could contact you and provide you with more valid information and answer all of your questions as we welcome them.

With Regards,
Tradetime Compliance Team

TradeTime Compliance 10/31/2017

Front for NetoTrade (SCAMMERS)

This company has striking similarity with a company called NetoTrade. They have quite bad name in the market as you can search and view their reviews online. They are marked as scammers on Forex peace army website.

They started another company a year and a half ago and now they have formed this company. The practice and the way they lure innocent and naive customers into their trap is identical to theirs.

So, if you decide to trade with TradeTime then make sure you do all your checks. It is your decision if you want to use them or not but why risk your money when there are reputable brokers with decades of history. Choice is yours!!!

NetoTrade victim 10/25/2017

They would cancel your withdrawals without explanation

I chanced upon this platform on investing.com where TradeTime was advertising a USD 100 no deposit bonus.

So I create the account, received their marketing calls, rejected their attempt to get me to deposit more, made 102 dollars of profit from the USD 100 bonus and attempted to withdraw 100 dollars via wire transfer.

(It was stated on their platform that the minimum withdrawal was USD 100)

So I made the withdrawal request on 20th Oct 2017 and on 25th Oct 2017 I saw that the withdrawal was cancelled by TradeTime. TradeTime did not email or call me with regards to the cancellation of the withdrawal.

So, based on the above, I'd presume that regardless of how much you put in, even if you were to request for a withdrawal the very next moment after the funds are in the account, you would not be able to do so.

Kelvin 10/25/2017

Pressure

I had downloaded the platform and a demo account which seemed to work fairly well apart from not supporting multi monitor. I was contacted by an agent and we arranged a time for them to contact me in a number of weeks to make the live commitment and transfer funds.

I was contacted 2 weeks before the agreed date and the agent was trying very hard to make me transfer money to the account. I voiced several concerns , non of which he seemed to listen to just continued to ask for funds. I told him I was busy at this time, still asked for funds.

Alarm bells started to ring so I told him I was not prepared to open an account with the company.
He then sent me an email saying he was looking forward to speaking to me at a later date. Don't think so. There was a sense of desperation in his voice , for the company or his commission , not sure which

Gordon Atkins 08/24/2017
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