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TradoSpot Review - is it scam or safe?

TradoSpot Review - is tradospot.com scam or good forex broker?

RATING: 1 / 23 REVIEWS TradoSpot
TradoSpot is an offshore broker. Your money is not safe.

RECOMMENDED FOREX BROKERS


Trading Accounts and Conditions

 

Trading account Minimum deposit Minimum trade size Maximum leverage Spread
Standard $250 0.01 1:100 3 pips, fixed

 

TradoSpot is an Estonian forex and CFD broker which offers access to wide range of financial instruments, including a number of cryptocurrencies, via a web-based trading interface.  Read the entire review to get why we gave it such a low rating.

 

 

TradoSpot Advantages

 

A lot of tradeable instruments, many cryptocurrencies

Actually, the only positive feature of TradoSpot we could think of is its rich and diversified product portfolio. It includes many currency pairs, including minor and exotic ones, and various CFDs: on indices, commodities, as well as numerous stocks and cryptocurrencies. The digital assets such as Bitcoin can be traded against EUR, USD and GBP, but it seems that there is no leverage provided.

 

 

>> Margin trading in Bitcoin with reliable forex brokers <<

 

 

TradoSpot Disadvantages

 

Not regulated

TradoSpot is a trading name of TradoSpot OÜ, an Estonian company, which, however, is not licensed by the local financial watchdog. According to the information on the broker’s website, this company has a ''Hold Harmless Service Agreement'' with Stepa Acquiring Ltd., a company with registered address in Trust Company Complex Ajeltake Road Ajeltake Island, Majuro Marshall Islands MH 96960.

 

We should note that a number of other shady offshore brokers (iForex24, Tradex1, PBN Invest, AvaInvestments, FSMSMART, to name a few)  are also registered at the same address. Judging by the user comments on our reviews of those brokerages, they are most likely scams, and we have no reason to believe that the situation with TradoSpot is any different.

 

MT4 not supported

Although the trading platform used by TradoSpot is not all that bad, it cannot be compared to the industry leading MetaTrader 4 software. The MT4 is very popular among traders and there are a number of reasons for that. First, this platform has proved its reliability over the years. Second, it is easy to use and its programming language is not that complicated. Third, the MT4 offers a number of advanced functionalities: great charting, automated trading strategies, and more.

 

 

>> A list of MT4 brokers <<

 

 

High cost of trading

The spreads on TradoSpot’s platform are far from being attractive. The spread on the most liquid pair, EUR/USD, is fixed at 3 pips, and the one on BTC/USD is more than $170.

 

Click to zoom in.

 

Those of you who are keen on trading with fixed spreads probably know that most brokers offer a spread of 2 pips for this pair, and some, like easyMarkets, go even lower.

 

Charges on withdrawals

Withdrawals with TradoSpot may take up to 14 working days, and besides, the broker charges the following fees:

- €20 per credit card withdrawal;

- €40 per wire transfer withdrawal.

 

 

Conclusion

 

TradoSpot is a forex and CFD broker that seems to focus on cryptocurrencies. However, its trading conditions are not the best we have seen – the spreads are high, you cannot trade cryptocurrencies on margin, no auto-trading options, etc. What seems a more serious problem with this broker is the fact that it is not licensed.

 

Have in mind that proper regulation is crucial for the safety of any investment, including with crypto CFDs. Most countries have dedicated agencies in charge of financial service providers that have set certain requirements in order to protect the interests of their clients.

 

For example, brokers licensed in Cyprus, are required to keep clients’ money in segregated accounts, to provide negative balance protection, to report transactions regularly to the Cyprus Securities and Exchange Commission (CySEC), and more.

 

 

>> Wanna trade with a CySEC-regulated broker? <<

 

 

On top of that, all CySEC-regulated companies are members of the Investor Compensation Fund, the compensation fund of last resort for customers of authorized financial services firms. If the broker becomes insolvent or ceases trading, the fund is able to pay compensation to its clients up to 20,000 EUR.

 

To sum up our recap of TradoSpot in a few words:

 

Pros Cons
Wide range of tradeable assets, many cryptocurrencies Not regulated
  MT4 not supported
  High spreads
  Withdrawal fees

 

Latest news about TradoSpot
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Traders` reviews for TradoSpot

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

 

 

Deceptive Trading Firm

The Tradospot Firm is using a program which is an old version of trading format that has been banned 10 years ago in USA, Singapore and Belgium.
Their charlatan educator, an online marketing impostor, and the policy itself is a false term, pre-program that deliberately aimed for a new trader to loss their money. They are not giving a chance for the investor to withdraw their own money. The bonuses, profits, and percentage gain are pure baloney.
They perpetuating a lie statements, an opposite of the truth and continuously pedaling a false narratives. They systematically rig the system.The FCA regulator doesn’t have any action of their illegal activity. I wish with high hopes that FTC, the Federal Trade Commision would file a case for Tradospost criminal acts against netizen. I had been their victim of their snake oil vendor and must be liable for selling toxic products and haphazard materials. In addition, the portfolio manager is milking/stealing cash on the card in the broad daylight. I am pleasing the concern authorities to help my investment back and be compensated for Tradospot Online Deceptive Marketing Practices.

Since May 2019, Their site is can’t reach even on the tradospot.vit hiding away from their responsibility over their client. The owner of this firm is held responsible from their fraudulent acts online.

ArielleB Cruz 09/17/2019

My trados trading account

I can’t access my account on my login page

Jeff Baluyut 07/19/2019

changed

Hi all tradospot has changed there name to Tradelyo so if you want to get your money ask on there new site

Peter Whitford 05/28/2019

What will I do now

I opened account about a month ago with $400 but have been getting calls ever since that I have to send photos of front and back of drivers license electricity bill credit card she will also send a DOD form which I have to print out sign in many places take photos and return she said this needs to be done whether to operate account or get my money back this seems to personal has anyone else been asked this thanks Chris

Chris 05/21/2019

Come mai non riesco più a connettermi a tradospot

Ma sono seri9

Translated by Google:

How come I can no longer connect to a tradospot
But they are serious

Mariospensatello70 05/21/2019

What happens to my direct deposit

I am very dissociated with Tradeospot,,,they got me with $400ADU
I have been sending emails to them but no respond at all,,and now can not even do that,,cos the email returns to me,
[email protected] this lady promised me the refund,,it has never arrived,
[email protected] this person sent me a number of emails to deposit more money,,but i did not,
They are dirty scumbag,,

Marta Hidasi 05/20/2019

Declaration of Deposits

I had thought Tradospot were genuine after talking to 1 of the reps he convinced me to take the VIP route which was $800 after not hearing from them for 3 days i hit the withdraw button which immediately motivated them into action telling me they needed copies of this and that proof of address and they would facilitate the return of the money im still waiting in hope

Brian Armstrong 05/17/2019

changed

tradospot has changed there name to Tradelyo please do not trust these people

Peter Whitford 05/17/2019

Complaint - disappointed with Tradospot

I am very disappointed with Tradospot man was very nice but just out to get as much money from as as possible I should have withdraw money when he wanted to show me how easy it was, just a plole to get me to add more money and when I said no I wanted to wait and see how my money was working in a couple of weeks and now I can't even get into website up to log in. Con artists

Lesley Trenowden 05/17/2019

Tradospot withdrawawl

I have been trying to withdraw my money since March 19th I was informed by John Kingston of that's his name that I would be able to withdraw any funds at any time I have tried to do so and then I found that the withdrawal was cancelled by a manager. I have tried to email someone called Amanda she has responded but still I haven't received anything.this company is not what it seems to be they were very quick to take the finds from my account bit it is now two and a half months since my request shame on them they don't seem to have any conscience when dealing with customers their customer service is a very poor one too

Joy 05/10/2019

The worst day with tradospot

Please I need the public to come to my aid I need help please
I deposited the sum of £250 in opening an account with
Tradospot but unfortunately it turns out to become the worst
Moment I couldn’t log in and trade the website is out of
Use and I don’t know where to start this is completely
Scam

Williams Evbuomwan 05/10/2019

Tradospot prevara!

CISTI PREVARANTI!!!!
Uzeli su mi 60000 kruna Norveski.
Javio mi se neki Svedjanin i prevario me za citavu sumu.
Bjezite od ovih lopova a ako budu provaljeni i ako im se bude sudilo idem ma gdje god bilo da onom svedu jaja porazbijam!
Djeca mu corava hodala, a on se od raka raspado!
Nnmm.

Translated by Google:

Tradospot fraud!

They took 60000 krone Norwegian.
A Swedish man came to me and cheated me for the whole amount.
Get rid of these thieves, and if they are broken, and if I go to trial, I'm going anywhere, anyway, if I'm breaking up the eggs!
His corav's children walked, and he fell apart from cancer!
Nnmm.

Nije Bitno 04/29/2019

SCAM

This is a scam. You can get in but can't get your money back.

MtB 04/04/2019

Scam Brokerage

The Tradospot Firm is using a program which is an old version of trading format that has been banned 10 years ago in USA, Singapore and Belgium.
Their charlatan educator, an online marketing impostor, and the policy itself is a false term, pre-program that deliberately aimed for a new trader to loss their money. Their are not giving a chance for the investor to withdraw their own money. The bonuses, profits, and percentage gain are pure baloney.
They perpetuating a lie statements, an opposite of the truth and continuously pedaling a false narratives. They systematically rig the system.The FCA regulator doesn't have any action of their illegal activity. I wish with high hopes that FTC, the Federal Trade Commision would file a case for Tradospost criminal acts against netizen. I had been their victim of their snake oil vendor and must be liable for selling toxic products and haphazard materials. In addition, the portfolio manager is milking/stealing cash on the card in the broad daylight. I am pleasing the concern authorities to help my investment back and be compensated for Tradospot heinous crime.

ArielleB Cruz 03/31/2019

Scam Brokerage

The Tradospot Firm is using a program which is an old version tracing of trading that has been ban 10 years ago in USA, Singapore and Belgium.
Their charlatan educator, an online marketing impostor, and the policy itself is a false term, pre-program that deliberately aimed for a new trader to loss their money. Their are not giving a chance for the investor to withdraw their own money. The bonuses, profits, and percentage gain are pure baloney.
They perpetuating a lie statements, an opposite of the truth and continuously pedaling a false narratives. They systematically rig the system.The FCA regulator doesn't have any action of their illegal activity. I wish with high hopes that FTC, the Federal Trade Commision would file a case for Tradospost criminal acts against netizen. I had been their victim of their snake oil vendor and must be liable for selling toxic products and haphazard materials. In addition, the portfolio manager is milking/stealing cash on the card in the broad daylight. I am pleasing the concern authorities to help my investment back and be compensated for Tradospot heinous crime.

ArielleB Cruz 03/31/2019

Tradospot SCAM

worked with Daniel Williams then he left so so then another person took over and all they want you to do is put more and more money in. I made a couple of thousand dollars on my investment mainly buy my own doings now i`m trying to take some out not possible no contact, no emails answered. Stiched up big time. STAY AWAY from TRADOSPOT.

David 03/28/2019

scam

i invested my money on this company now i cannot access their platform. is there anyway i could get my money back

mpho tsamai 03/09/2019

So far a rip off

When all your investments are in the green making money well and all your profit is going down then collected profit to see if it help's and just disappeared to find my details changed by tradospot cashier as that's the only way it could be changed and not doing anything to help I can only say it's a scam and thankfully I filmed it happening to show anyone.

Daniel Weir 02/13/2019

Tradospot. Avoid like the plague

Under NO CIRCUMSTANCE go anywhere near this scam. They will give you a sweetener of an additional £50 if you deposit the £250 minimum to get your account running. Try getting your deposit back. If only I'd read this before I jumped in.i feel sorry for those who have lost significantly more than I. Be warned people.

The colour purple 02/10/2019

TradoSpot is the biggest scam...run for your life and don’t look back!!!

DO NOT, and I repeat DO NOT REGISTER to trade with TradoSpot whatever you do!!! I was scammed and conned of over $50,000AUD by this company and never received a cent in return. They will lure you into investing with them and entice you with outrageous portfolios that they draw up for you designed to make you money in a very, very short time. Inevitably, it will never eventuate!!! Like they say, what’s too hard to believe, is UNBELIEVABLE and UNACHIEVABLE and will never happen... take it from me!!! I lost every single dollar I invested with TradoSpot in the 2 and a half months with them. I was hoping to earn a passive income after having resigned from my full time Optometrist position at work. In the end, lost everything and gained nothing!!!

And in order for their so called insurance company to compensate you for any losses incurred due to negligent trading, you had to further ‘inject’ more money money into your account, at least 20% of what you’ve lost in order for their insurance company to even look at compensating you for all your lost DOLLARS!!! How rediculous is that???

Therefore, whatever you do, DO NOT and I repeat DO NOT DO BUSINESS WITH TRADOSPOT!!! Be warned...

Linh Trinh 01/30/2019

TradoSpot is fraud

Tradospot z simply fraud ,they take ur money n never call u back . They r biggest thieves. They vil call u n convince u to deposit 250 dollars n never get back to u . They vil create user name n password for u coz thy says it's a company rules to create one for u n once u deposit the money u can change the password ... they say all lies , please never invest with tradospot .. u vil loose ur money .

Afreen 01/02/2019

Truffa

Mega truffa

Stefania 12/11/2018

One of the largest investments firms in the whole world??!!

They coldcalled me and presented themselves as one of the largest and most important investment firms in the whole world. And then they explained to me how stupid I am that I have my money in the bank instead of sending it to THEM.

Then they wanted me to activated "my" account. They had my e-mail already, and created a password to me - And I had become a customer already. They wanted me to deposit money with the, but I discovered that their offices is on the Ajura atolla on the Marshall islands, that they are not regulated and obviously doesn't do anything but LIE :-(

Asle Brekken 11/19/2018
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