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Trading789 Review - is it scam or safe?

Trading789 Review - Is trading789.com scam or good forex broker?

RATING: 1.5 / 2 REVIEWS ForexBrokerz Trading789
Trading789 is an offshore broker. Your money is not safe.

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Trading 789 is a forex and CFD broker offering more than 80 currency pairs, as well as indices and commodities. We should mention also that the broker accepts Bitcoins as a payment method. If you are considering opening an account with them however be sure to read this review first.

 

Account type Min. deposit Max. leverage Spreads
Mini Account $100 1:500 n/a
Standard Account n/a 1:400 n/a
Islamic Account n/a 1:400 n/a

 

Trading 789 advantages:

 

More than 80 currency pairs

 

Trading 789 is offering a good variety of forex pairs, including exotic currencies such as Thai Baht, Singapore Dollar, Hong Kong Dollar, South African Rand, Chinese Yuan, Danish Krone, Swedish Krone, Norwegian Krone, Polish Zloti, Hungarian Forint, Czech Krona, Mexican Peso, Turkish Lira,  Russian Rubla and Israeli Shekel. You can also trade with CFDs on gold, silver, oil, indices and commodities. The broker accepts Bitcoin as a payment method, but does not offer CFDs on crypto currencies. Here you can check our list of brokers offering Bitcoin CFDs:

 

>>Bitcoin Forex Brokers<<

 

Generous leverage

 

The maximum leverage offered by Trading 789 is 1:500, which gives traders enough room for even the most aggressive strategies. Yet such leverage is available only for the Mini Account, while for the Standard and the Islamic account the leverage is up to 1:400. Here you may check our list of brokers also offering leverage of up to 1:500 and above: 

 

>> Brokers offering at least 1:500 in leverage <<

 

Do not forget however, that higher leverage means higher risk.

 

Islamic Account offered

 

Along with its Mini and Standard accounts, Trading 789 is offering also a swap-free, Islamic Account  intended for traders with strategies that do not calculate swaps impact or those clients who cannot use swaps because of their religious beliefs. Under the Sharia law Muslims are not allowed to take or give interest. The swap-free account solves that problem as it has no interest accrued on positions left open overnight. Here you may take a look at our list of brokers, who also offer swap-free or Islamic Account:

 

>>Islamic Account Brokers<<

 

Bitcoin accepted as a payment method

 

Trading 789 accepts Bitcoins. The broker accepts also payments via credit cards and bank wire, but not with e-wallets, such as Neteller, Skrill or PayPal. Here you can check our list of brokers, which also accept Bitcoins:

 

>>Forex Brokers Accepting Bitcoin<<

 

MetaTrader4 available

 

Trading 789 offers a PC and a mobile version of the well known MetaTrader4 platform and that is clearly an advantage. Traders prefer the MT4 because of its intuitive interface, versatile charting tools, allowing you to explore historical data and even run simulations, and last but not least the automated trading option, where you can create and modify your own market indicators and trading bots on a propriety language – MQL4. Here you can check our list of brokers, also offering the MT4 platform:

 

>>Find other MT4 brokers here<<

 

Trading 789 disadvantages:

 

Lack of regulation

 

Trading 789, which is owned and operated by Trading 789 Co. Ltd. claims to be registered in Hong Kong, England and Wales.

 

Both the UK and Honk Kong have very tough and reliable financial regulators. Trading 789 however is not regulated neither by the Hong Kong Securities and Futures Commission (SFC) nor by the Financial Conduct Authority (FCA) in the UK.

 

Depositing funds with unregulated brokers comes with an implied risk, as such intermediaries are not legally bound by any fiscal or ethical rules.

 

Regulated brokers with a license from a respected financial authority on the other hand are obliged to follow strict code of conduct.

 

Hong Kong forex brokers for example must maintain a minimum operational capital of 5 million Honk Kong dollars (approximately 640 000 USD) and should keep adequate accounting and control systems. 

 

Similar requirements for their capital adequacy ratio have all brokers, licensed by well respected regulators such as  FCA in the UK,  CySEC in Cyprus and the Australian Securities and Investment Commission (ASIC). The capital requirement for  FCA and CySEC brokers is 730 000 EUR or a little over 870 000 USD.

 

In addition to that FCA and  CySEC regulated brokers had to participate in investor compensation schemes, through which traders, who suffer losses as a result of defaults of licensed intermediaries, can receive part of their trading capital back. With CySEC the compensation can go up to 20 000 EUR, while with FCA it can reach 50 000 GBP. Here you can check our list of FCA regulated brokers:

 

>>Find FCA regulated Brokers here<<

 

Misleading information on the minimum spreads

 

On its web page Trading 789 says it offers spreads starting form 12 pips with the Mini account and from 10 pips with the Standard and the Islamic accounts. No need to say such spreads are outrageously high as traders are used to spreads starting as low as 1 pip with a standard account. 

 

 

Even if we are talking about a mistake with a missing decimal point this clearly lowers the reputation of the broker, as such a mistake is too obvious and a serious company should have surely noticed and corrected it.

 

Still when we tested the trading conditions with a Demo account the EURUSD spread was 1,6 – 1,7 pips, which is slightly above the acceptable spread range. We are not sure however which account type the Demo account mirrors.  Here you can check our list of brokers, offering tighter spreads:

 

>> Lowest spread forex brokers<<

 

1000 USD minimum deposit by card

 

While the minimum deposit for opening an account  via bank wire is 100 USD, the minimum sum that can be deposited by a credit card is 1000 USD, which is inconvenient as many people prefer to use their cards for such payments. Also, assuming you will have  to deposit 100 USD to open a Mini Account, there is no information on the website of the broker what is the minimum deposit for opening a Standard or a Islamic account.

 

Misleading information about the account types

 

In the “Trading account types” section of the website we see only three account types – Mini, Standard and Islamic. On the main page however we see a forth account type – a Pro Account, about which there is no further information whatsoever. 

 

 

Conclusion:

 

Trading 789 is an unregulated broker and that is a major set back as any investment with such entities comes with implied risk. Furthermore the misleading and inconsistent information on the website additionally erodes the credibility of the broker.

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Traders` reviews for Trading789

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Price feed

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Trading 789 scam

Owner of this TRADING789 disappeared and he got 10 million USD in hand.

Jack Lawson 04/24/2019
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