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TradeToro Review - is it scam or safe?

TradeToro review - Is tradetoro.com scam or good forex broker?

RATING: 1.1 / 18 REVIEWS ForexBrokerz TradeToro
TradeToro is an offshore broker. Your money is not safe.

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TradeToro is a CFD broker, focused on the crypto market and offering a number of crypto CFDs with coins on a web based trading platform. If you are considering opening an account with them be sure to read this review first.

 

Account type Min. deposit Max. leverage Spreads
Basic Account 500 EUR n/a n/a
Bronze Account 1000 EUR n/a n/a
Silver Account 5000 EUR n/a n/a
Gold Account 20 000 EUR n/a n/a
Platinum Account 50 000 EUR n/a n/a
Black Account n/a n/a n/a

 

TradeToro Advantages:

 

A variety of crypto CFDs

 

TradeToro offers a good variety of crypto CFDs with coins, including Etereum, Bitcoin, Litecoin, Ripple, Stellar and Bitcoin Cash. However, no CFDs on commodities, precious metals, indices or stocks are available. So here you may want to check our list of brokers, also offering Bitcoin CFDs as well as other assets:

 

>>Bitcoin Forex Brokers<<

 

Popular e-wallets accepted as a payment method

 

To fund you account with TradeToro you can use a number of popular e-wallets such as NetellerSkrill and China Union Pay. Also accepted are all major credit or debit cards like VISA and MasterCard, as well as wire transfer. Still as the broker does not say to accept crypto coins, here you may check our list of brokers, where you can pay with Bitcoins:

 

>>Forex Brokers Accepting Bitcoin<<

 

No license

 

TradeToro is said to be owned and operated by the Estonian based Bravos OU, Harju maakond but also legally consulted by PANAMERA CAPITAL GROUP LTD. based in St. Vincent and The Grenadines. Honestly we are not quite sure what is to be legally consulted by a company, base on an offshore territory such as St. Vincent and The Grenadines and why the broker tells us that in its presentation.

 

That left aside, let us focus on TradeToro regulatory status as this is the single most important factor for the security of any investment.

 

Because Bravos OU, Harju maakond, the company operating the broker, is based in Estonia, we decide to check the registers of the local Financial Supervision Authority – the Finantsinspektsioon, as under the Estonian law all companies providing financial services form the country should hold a license by the Authority. Unfortunately we were not able to find neither TradeToro nor Bravos OU, Harju maakond In the registers of Finantsinspektsioon.

 

Trading with unlicensed brokers is associated with an unreasonably high risk of loosing you money to scammers. On top of that our experience shows that investors may feel secure only with companies, regulated by well respected authorities in Europe, Australia or the US, such as the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission (ASIC) and the Cyprus Securities and Exchange Commission (CySEC).

 

Traders, investing with FCA and  CySEC regulated brokers for example, can even get a portion of their trading capital back in case their broker goes insolvent. With the FCA backed compensation scheme traders can retrieve up to 50 000 GBP  (not bad), while with CySEC brokers, traders are entitled to up to 20 000 EUR. Here you may want to check our list of FCA regulated brokers: 

 

>>FCA Regulated Forex Brokers<<

 

Posing as a crypto exchange

 

TradeToro is posing as a crypto exchange – e.g. the broker wants to leave traders with the impression that they are offering real crypto coins. However, that is not the case. TradeToro is offering crypto CFDs only.

 

Have in mind that there is a fundamental difference between buying and owning an asset like Bitcoin and betting on its price with a Contract for Difference (CFD). Here you may check our article on the topic:

 

Bitcoin Forex Brokers compared to Bitcoin Exchanges

 

So basically TradeToro seems to be the latest of a series of unregulated CFD brokers, posing as a crypto exchange and trying to take advantage of the huge interest into the crypto market since the fall of 2017.

 

Excessive minimum deposit requirement

 

You can open a staring, Basic account with TradeToro with 500 EUR and that in our view is excessive as with most brokers you can start trading with about 250 USD, while with some big names like FBS and IG you can do that with just 5 USD or even less. 

 

Just for the record, depending on the account type the minimum deposit requirements with TradeToro range between 500 EUR as mentioned above and 50 000 EUR.

 

MetaTrader4 not supported

 

The web based platform TradeToro is offering its clients looks overly simplified and bears resemblance to platforms that are usually used for binary options trading. 

 

 

That said we can not omit the absence of a professional trading platform such as the MetaTrader4. MT4 is a platform of choice for professional and beginner traders alike. Both light and intuitive, it has excellent charting tools, more than 50 in-build market indicators and supports the option to run automated trading sessions with the help of customizable trading bots – Expert Advisors. Here you may check our list of brokers, also offering the MT4:

 

>>MT4 Brokers<<

 

Unspecified trading conditions

 

Unfortunately TradeToro does not specify what trading and maintenance fees and commissions they take. We focus on that because spreads, as set on their trading platform, are virtually zero and in such a cease the broker or the exchange usually takes a commission. Still here you may check our list of brokers offering tighter spreads:

 

>> Lowest spread forex brokers<<

 

Conclusion:

 

TradeToro is an unregulated CFD broker with rather limited credibility that poses as a crypto exchange. As we already discussed above, trading with unregulated websites comes with a significant risk of loosing your money to scammers.

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Traders` reviews for TradeToro

Spread

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Slippage

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Requotes

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Price feed

Pros

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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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Tradetoro: Big Scam

Ray Rosenberg was my account manager and he lost every dollar I invested in this scam. Contact me on powefulb@protonmail.com. We get the bastards to refund the money they stole.

Gerard 09/03/2019

I was scammed

Invested close A$6000, Ray Rosenberg was my account manager.
He’s such big scammer, I was assured a refund in the forst month, wasn’t refunded when requested, lost all my money in trading after, and then I was pressured to invest more for a promising profit.

TRADE TORO IS SCAM, THEY ONLY WANT UR MONEY.

13th of August 2019.

Goke 08/13/2019

TradeToro is a scam! I tried to withdraw some money, never successful

TRADETORO IS A SCAM
Started trading with them in December of 2018, 250€ to start but they convinced me to invest 1000€ more so that i could get money faster.
At the beginning they give me some trades, some profitable, others not. After losing 1/2 my account money with one of they trades i started trading on my one and i manage to raise my account up to 12000€. meanwhile i tried to withdraw some money, never successful.. They keep calling me in order to make some trades with them and to invest more money. when that happens i always said that i would not put more money in until i get some money back. That never happened. Meanwhile they blocked my account (I suppose to pressure me into they´re trades). Got the access back, tried to withdraw again, unsuccessfully. Today my account was 0 balance! They have done this while i was sleeping:
"BTCUSD Sell 5
opened: 12/08/19 07:06:09 open rate: 1 1 , 3 4 5 . 6 8
Closed: 12/08/19 07:06:48 Close rate: 1 4 , 0 9 5 . 7 0
€-12,279.18 Margin Call Stop Out"

So, they are total scammers just trying to get our money.
Hopefully my post can help preventing you guys to put money there.
YOU WONT GET YOUR MONEY BACK.

Bruno Nogueira 08/12/2019

TradeToro is a scam

Beware of the Tradetoro scam. Wach out for fake celebrity endorsed landing sites that direct you to these scammers who will steal your money with fake fees and fake trading software. Tradetoro is a total scam, dont touch them!

Mike Randal 06/10/2019

Scam on simulated trading platform

Scammers, sorry to say.

They have a trading platform that is fully adjusted by 'analaysts' who can pick the second of a rise/fall in price which they simulate several 'wins' to get you hooked. Then they ask for more money and more money. They can adjust the difference between the buying and selling price to make it difficult to trade. They charge excessive rollover fees for trades left open over night. They claim that you are buying bitcoin but they are CFD. When you get on the wrong side of them or ask to return your money or withdrawl money, it has to be approved by the agent, not one click as promised. To stop you opting out they will send you to the wall with one big bad trade. YOU LOOSE EITHER WAY!

Gregory 06/08/2019

Tradetoro Fee Scam

Tradetoro is unquestionably a scam. If you do not invest more money when they pressure you to do so, they will hammer you with rollover fees of nearly 50% of your balance and then lose everything else in bad trades. Watch out for one sleazy West Indian sounding guy called RAY ROSENBERG who will get angry if you are not prepared to invest a lot of money and lose it all. This is a warning: TRADETORO IS A SCAM!!!

Gerard 06/07/2019

Tradetoro Fee Scam

I signed up with BITCOIN COMPASS as was about to invest USD250. Entered my phone number then I got a call straight away from TRADETORO who offered to assist me make the online bank transfer. I then started getting phonecalls and was being pressured to invest more money. I agreed (under duress) to invest another USD2000. They withdrew a small profit of USD150, but kept on pushing me to invest more. I read some reviews any was obviously sceptical as the reviews were saying TRADETORO is scam. The bitcoin price increased in this time and my account manager, RAY ROSENBURG announced I had made a profit of USD800 and started pressuring me to invest as much as I could. I was reluctant because of his attitude and the reviews. A week or so later, the bitcoin price moved down to where it was when I invested. I was watching this unfold on the trading platform over the past few days and the investment with profit went from USD2,791 to a loss of -USD2,225! Ray Rosenenburg advises me that I have been charged USD1165 in 'rollover fees' during the two weeks! No mention of these fees on either Bitcoin Compass or Tradetoro website, nore was any mention of fees made by RAY ROSENBURG with the West Indies accent in Estonia.

Manwer Sadet 06/06/2019

Tradetoro big trouble

I traded small with them to begin with... 500 Euros - after I reached 2000 Euros trading on my own I was offered a Gold Members Spot for two weeks by a Gold Account Manager. After some good results on 2 short term trades I decided to go for the gold account with 20K Euros. Now I believe I am making real money on weekly short term trades... UNTIL SUDDENLY I am into LONG TERM GROUP TRADES? I am being hammered with ROLLOVER charges for positions I want to close but am told by my account manager I cannot close as it would be ILLEGAL?

If you use them, Trade on your own and don't listen to a word they say!!! Better still use a LICENSED company!!

Mark UK 03/01/2019

Complain

After I registered with them the called me within a few minutes the consultant is so friendly we set up the account nd he told me the Broiler Will get back to me. It's been over 12 hours nothing happened.
Later on Logged into my Account Boooom.... all my money gone. It did not ring into my mind what just happened.Send emails to their support nd the consultant NOTHING....NO CALL...NO RESPOND GONE WITH MY MONEY...I SHOULD HAVE KNOWN BETTER... BE CAREFULL GUYS

Tony 01/30/2019

Classic boiler room

This is not a real business. These people are classic boiler room scammers and should be avoided at all cost.

Please do yourself the favor and put your money literally anywhere else.

PH 01/11/2019

scammed

I intend to expose tradetoro as a scam, i will insure nobody gets ripped off like i did. lets all get together and help people who have been robbed by these criminals. i am an old person and they cleaned me out this is robbery and my legal team and local police have been informed. i will not stop until my money

anne collins 12/13/2018

tradetoro - con men

is there any organisation that can help retrieve the money. why dosnt somebody in authority step in and put a stop to these criminals. our bank should not allow us to trade with con men

anne collins 12/11/2018

Trade toro is a total scam

It's just a scam, they will take your money and would try to show some profit and then when you are investing more money then you are gone. Suddenly you will loose all your profit and then you wouldn't be able to withdraw rest of your money. They will act as if you are a stranger.

Very disgraceful. I lost all of my initial investment in 2weeks. I was reading by myself and suddenly I got an email regarding managed account.I thought it would be some account manager communicating with me to conduct my trading. Alas, it was different and they claimed that it was software generated trade and I lost all of my money in 4days.

Please be careful. This is a cheating organization and they would take all of your money.

Maruf 11/27/2018

Trade Toro scam

Trade Toro is a complete SCAM and they should be taken off all websites

Kev 11/22/2018

Trade Toro is a total scam

Keep asking me to put more money.
Never gain any profit. Lost about 2000Euro and want to stop but can never withdraw the money.

Ray 11/20/2018

TradeToro / cashlesspaygroup.com scam

don't use it.
they use fake facebookpost from CNBC.
after you read the fake cnbc news , you signup at
https://www.cashlesspaygroup.com/
but after signup you get a tradetoro account with no singapore coin
there is no singapore coin at all
total scam
stay away

https://www.cashlesspaygroup.com/ scam 11/12/2018

Trade_Toro_ danger

Please don`t use it, if you want loos all your Money then do it, 100% at the End just profit for this crime company.

TradeToro are not serious, the Broker are only friendly if you invest more and more money, after you decide to get your invest back they cheat you and directly the Log in to the Page are blocked, for sure you will lost all off your money.
After you do not invest, the Broker getting unserious and unfriendly, don´t trust them at all, at the beginning looks good if your follow what they want, even they push you to withdraw some money to your account back to see that it works , but this is just for the show to trust them more, if you really want get your invest back no way and no feddback anymore.

Florian 11/09/2018

Tradetoro - total scam

The platform looks really good, but in fact is a total scam. I made a registration and the same day I had a phone call from "advisor" who started to advise me how to proceed.
The whole idea was to invest more and more money. After my first trade i won about 200 USD and the phone calls started twice per day.
After I maid clear I can't invest any more money I was included in very "special" group and I receive advice how to trade for the next several days. Following I lost more then 4 000 USD. The "advisor" never called again.
When I tried to stop the trade I received automatic message that this is impossible and some technical explanation about it.
After the automatic closing of the trade (when I lost 80% of my account) I connected with the site administrators with request to close my account and to delete all my personal data.
Suddenly I had to fill and send to them many documents (non of them was imported until I made my investments).
At the end When I didn't change my mind they told me that I received some kind of a bonus and because of this now they can't close my account and I can't withdraw the rest of my money (about 825 USD).
I told them to take back this "bonus" and that I will never use their site again.
At this point they stopped answering my letters and they still refuse to give me back my money.
So don't use this platform! It is a total scam and you will never see your money back again!

Ivaylo Mirchev 10/23/2018

High rollover premium

I have been with them since 13,09.2018
and did do a search for them at the time but did not find any information.
one of the main things you have to avoid with them is their rollover premium.
this happens at 24 hundred hours (12pm) with around 4.75% of any trading you have going at the time.
this may not sound a lot but on 500 euros that's 23.75 and that takes some getting back.
the other thing is their account verification a little scary and not very well done.but they do ring you on a regular basis.
if you can suggest a company that does crypto currency that has similar software easy to use i would move.
regards rik

richard lawrence 10/04/2018

Trade Toro lost all of my money in 4 trades

Trade Toro sucked me in and spat me out. They promised me that we would make money together - slowly and gradually - whilst maintaining a constant flow of profit. I invested £7000 slowly into my account - the first trade (based on £250) made a small profit, so i then continued to put in the remainder of money. Trade Toro then lost all of my £7000 in 4 trades. No risk management in place, and a consistent and continuing stream of lies and promises. Unfortunately i was sucked in and chose to believe them (they consistently rang me and we talked over the phone about making money and providing me with another stream of income). I still cannot work out if they are a scam or not - but i would never put money back in with them. Once again, they gambled all of my money on 4 trades. The last 2 trades were opened in £2000 loss! Im very upset by this because i believe in the crypto world, but these guys have put a downer on my belief. DO NOT USE TRADE TORO.

Seth Elton 09/25/2018

Don't touch them

I opened an account after falling into the scam video of Dragons Den. As I've now found out hard sell with promise of high pay outs. Unable to contact now that I'm trying to get some money back.
My so called account manager is no longer contactable and wants me to set up the online trade platform which basically just takes all the money that I can't get to anyway.

kevin Goudy 09/25/2018

Scammers - аutomated scam app

They traded on my behalf after sending an e doc I didn't sign. Withdrawal took 3 weeks without completion. Constant calls from agents asking for further investment. As I speak I cannot stop the "automated scam app" from trading after NOT SIGNING it.

Rich 09/14/2018

Geld

Warnung an alle !
Geld ist anscheinend weg !

Translated by Google:

Warning to all!
Money is apparently gone!

Wolf-Ulrich Krautwald 09/03/2018
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