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Tradovest Review - is it scam or safe?

Tradovest review - Is tradovest.com scam or good forex broker?

RATING: 1 / 10 REVIEWS Tradovest
Tradovest is an offshore broker. Your money is not safe.

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Tradovest is a forex and CFD broker, offering a variety of financial instruments on a web based trading platform. On June 13, 2018 the  Austrian regulator (FMA) warned that Tradovest does not have a license to operate in Austria. If you are about to open an account with them be sure to read this review first.

 

Account type Min. deposit Max. leverage Spreads
Standard Account n/a 1:200 3 pips

 

Tradovest Advantages:

 

Leverage of up to 1:200

 

Tradovest offers its clients leverage of up to 1:200 for its forex and CFD trade. We should note that such leverage is high enough to accommodate even the most aggressive trading strategy. 

 

Have in mind, however, that higher leverage comes with a higher risk of loosing your funds much faster. Knowing that well, professional trader seldom trade with leverage exceeding 1:100.

 

Various payment methods, including some of the most popular e-wallets  

 

You can deposit or withdraw funds with Tradovest using major credit and debit cards like VISA and MasterCard, e-wallets like PaySafe, Neteller, Skrill, WebMoney, QIWI, Yandex Money and AstroPay, as well as bank wire. As cripto payments are getting more and more popular, here you may also want to check our list of brokers, accepting Bitcoins:

 

>>Forex Brokers Accepting Bitcoin<<

 

Tradovest Disadvantages:

 

No license

 

Tradovest is owned and operated by Celestial Trading ltd. - a company registered on the Seychelles. At the same time another company -  CELTIC PAY LTD, based in the UK, is processing all payments and this, we should note, is unusual. 

 

Another worrisome development about Tradovest is that it recently came into the focus of an investigation by the Austrian financial regulator the Finanzmarktaufsicht (FMA). 

 

 

On June 13, 2018 FMA warned that Tradovest does not have a license to operate in Austria.

 

Have in mind that trading with properly licensed brokers is key for the safety of any investment. Dealing with unregulated brokers, on the other hand, comes with an implied risk of loosing your money to scammers.

 

Along with the Austrian  FMA and other EU regulatory authorities, we should note the Financial Conduct Authority (FCA) in the UK and the Cyprus Securities and Exchange Commission (CySEC) as two of the most respected institutions in the industry.

 

FCA and CySEC regulated brokers for example have to participate in client compensation schemes. 

 

Under the FCA backed Financial Services Compensation Scheme, in case something goes wrong, traders can be refunded with up to 50 000 GBP, while a similar CySEC insurance mechanism, guarantees traders up to 20 000 EUR of their capital. Here you can check our list of brokers licensed by CySEC:

 

>>Forex brokers in Cyprus<<

 

No functioning demo account

 

Unfortunately we were not able to open a Demo Account with Tradovest to verify the spreads they advertise on their web page. The broker says to guarantee spreads between 1 pip and 3 pips on all forex and CFD instruments, which according the presentation are over 1000. Even if that sounds good, you may still want to check our list of brokers, offering tighter spreads:

 

>> Lowest spread forex brokers<<

 

MetaTrader4 not supported

 

Tradovest offers its customers a web based trading platform, which looks pretty familiar to us as we have seen a similar platform being used for binary options trading.

 

 

The platform is overly simplified and lacks some features, like the automated trading option, standard with well known platforms like the MetaTrader4. Here you may check our list of brokers, offering MetaTrader4: 

 

>>Find other MT4 brokers here<<

 

No information about the minimum deposit requirement

 

Unfortunately there is no information in the presentation about the minimum deposit requirement to open an account with Tradovest. Have in mind that with most brokers you can start trading with less than 250 USD, while some big names like FBS and IG does not have a minimum deposit requirement at all.

 

Conclusion:

 

Tradovest is an unregulated offshore broker, about which there is a warning issued by FMA - the Austrian regulator. As we already discussed, investing with unregulated brokers comes with a high degree of risk, so better choose brokers licensed by respected financial authorities.

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Traders` reviews for Tradovest

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Slippage

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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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No reply for days now

No email nor Skype nor phone contact is possible since mid January. Whats wrong?

Derrick Bigler 02/04/2019

I am concerned that I do not get my money back

Hello,

I just deposited 250€ to get started with Tradovest. It went all by phone. I guy named John, told me he would call me back to set me up and get started. He never called back. I tried to call them, but the phone numbers on the website are not working. I am afraid I lost my money. I will try to contact my bank and see if they can undo the 250€ deposit.

If you have any suggestions, please let me know.

Luuk van Veldhoven 12/07/2018

total scammers

i tried to open account with bitcoin but was moved to tradovest when i tried to deposit money they sounded fine but little i new.i was getting phone calls through whats app with london number little did i no they were using this as the brokers were based in other cities they were ringing everyday about putting more money in because there was big trades coming up i lost 13000 sterling they even rang me in hospital about money while i was having a kidney removed because of cancer they have no morals when i asked to withdraw money from my account phone calls stopped and couldnt get in touch please take my advice go with a regulated company because this was a scam.

stephen brown 12/06/2018

Estafado por tradovest

Les escribo para denunciar públicamente la estafa realizada por Tradovest hacia mi ;
Abrí una cuenta con esta empresa y me han robado 29000€, tengo conversaciones gravadas chat guardados de todas sus acciones el broker no me contesta a los correos su asesor ha desaparecido y sus tl no funcionan todo esto lo pueden comorobar,aseguran cuentas protegidas que nunca se expondrá el capital , que ellos tienen eventos protegidos , todo es mentira cuando llevas un mes trabajando con ellos te roban y ya nadie contactara contigo , quien desee más información puede ponerse en contacto conmigo .
Muchas gracias

Translated by Google:

I am writing to publicly denounce the scam made by Tradovest towards me;
I opened an account with this company and I have stolen 29000 €, I have chat conversations recorded saved of all their actions the broker does not answer the emails his advisor has disappeared and his tl do not work all this can comorobar, they ensure protected accounts that never the capital will be exposed, they have protected events, everything is a lie when you have been working with them for a month, they rob you and no one will contact you, whoever wants more information can contact me.
Thank you

José Antonio Martínez 11/28/2018

Tradovest is a scam!!!

I deposited money into an account I had open at Tradovest. A company rep called me to take me through how their system works. During the conversation he suggested that I deposit more money in order for me to have someone who can work with me giving me the necessary info from him. I told him that i didn't have more money to deposit. I then said if my balance is too low to trade on their platform I will then have withdraw and come back later when I have more money. Just as I said that the balance on my account changed from $299 to $0. When I asked what going on he said the active trade I had has just closed. When I told him that the trade was for $25 he said can you prove that.

He then began to be rude calling me all sorts of things. Tradovest is a scam!!

Siyabonga Zulu 11/27/2018

Scam

Stay well clear of these people, they have no morals and steal money from innocent hard working people

Jeffrey Sirrell 11/06/2018

Criminals

On no account should anyone use this company. They also trade under the name Bitcoin Trader. Stay away. Their managers are seriously incompetent. He lost half of my £1000 Very quickly. I tried to get the rest withdrawn but they kept putting barriers in the way. Finally after several weeks I noticed that my manager had made 9 trades all within half an hour, losing the rest of my money. When I challenged them, they said that I had lost the money. Then I couldn't any reply from them. Learn from my mistake!!!!!!!

Martin 11/01/2018

scam

i was duped by the bitcoin scam , tradovest in on this scam , tradovest will not speak to me until i send , bankstatement , copy of my driving license , and copy of my debit card info2 !!! i ask what legit company would ask for such info ? none its all a scam , stay clear !!

brian liggett 10/28/2018

Tradovest - scammers

They are scammers in my view invested little money with them. Been trying to get in contact with them to withdraw my money and close the account but with no success.

Werner 09/27/2018

Tradovest scam

Classic scamming from unregistered company with call centre calling through internet with fake phone number.

You will never see your money again if you trade with theses people

David Crichton 08/30/2018
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