Why read another Tradeo review? Well, choosing a genuine online broker is no walk in the park. It entails going through countless online trading platforms, understanding complicated investment terms, and confusing fees.
Is Tradeo a scam? Who regulates this forex broker? Read this in-depth Tradeo review for answers to these and more questions on this online broker’s activities.
Have you lost any money while trading with Tradeo? If yes, schedule a free consultation with Wealth Recovery Expert. Trust our experienced experts to help you recover your money.
In this review, you’ll discover the unadulterated truth about Tradeo. But first things first.
What Is a Regulated Scam?
A forex broker running as a regulated scam has all its paperwork in order. Hence it might be a little challenging to identify it as scammy. But not if you know what to look out for. You see, the broker’s main aim is to entice you to lose as much cash as you can because your loss is their gain.
The thing is, such legit-looking forex brokers claim to be real experts at making money. They will thus have you continually depositing money – ostensibly to build your fund. But since markets go up and down, this becomes an unending cycle. Ultimately, you end up losing your funds as you pump in additional cash in a bid to avoid your account’s closure.
To be successful as an online trader, you need to have a genuine and reliable broker. An unreliable broker can cause you to lose your hard-earned money, so you need to vet yours thoroughly before committing any money. Doing this will give you the confidence that your financial investments are in good hands.
Now let’s get started on an honest review about Tradeo.
Tradeo Review: Who Is Tradeo?
Tradeo is a simple online trading platform that prides itself on making it easy for any trader to invest in financial markets. The forex and CFD brokerage uses effective and intuitive tools – including the MT4 trading platform – to provide both newbie and experienced traders a revolutionary trading experience powered by cutting-edge technology.
The trading platform is user friendly and guarantees quick trade execution. Retail investors have 100+ tradable assets to choose from, including forex, CFDs, and social trading. There are 4 types of accounts: Standard, Silver, Gold, Platinum, and Diamond. Additional features of the Tradeo platform include:
- A demo account
- Up to date chart comparison tools
- Research-backed financial market analysis
- $250 minimum deposit for account opening
- Platform available in more than 8 different languages
- Accessibility on multiple devices such as mobile phones, iPads, and online
Is Tradeo a Legit Investment Vehicle to Partner With?
Tradeo is the trading name of UR Trade Fix LTD, a global multi-asset broker founded in 2011 with headquarters in Cyprus. Regulated and authorized by Cyprus Securities and Exchange Commission (CySEC), it boasts 10,000+ users. Still, it has no presence in the US, North Korea, Israel, and Iran.
CySEC supervises and checks Tradeo’s trading practices. As a rule, regulated brokers honor all withdrawal requests and don’t manipulate market prices. Besides, a violation of any given regulatory rules could lead to the stripping of the erring broker’s regulated status. So, Tradeo should be genuine then, right? Let’s explore further.
Is Your Money Safe with Tradeo?
Tradeo holds investors’ funds within segregated accounts in tier-1 banks. These funds remain safe and secure. However, you can still lose funds when trading in CFDs, forex, or social trading, and your losses could even exceed your deposits.
But, given all the above indications of seemingly ‘proper’ conduct by Tradeo, is it safe to trade with the company? Maybe not.
Tradeo’s HQ location is curious. Cyprus is known as a haven for scam financial entities. It makes you wonder whether Tradeo could be using this location as a hideout to bend the strict rules of financial trading to its advantage.
Below are other warning signs that ought to make you pause if you are considering investing with Tradeo.
Tradeo Scam Warning Signals
1. CySEC Issues EUR20,000 Fine on Tradeo
In April 2017, CySEC announced that it had imposed a fine of EUR20,000 on Tradeo owner, UR Trade Fix Limited. The social trading forex company was found guilty of:
- Non-compliance with Investment laws and regulations
- Providing portfolio management services with no mention of the same in its authorization
- Lacking the crucial Cyprus Investment Firm (CIF) authorization to manage such investment services
2. Investor Complaints About Undue Pressure to Invest
As earlier mentioned, one true mark of a regulated scam broker is the unrelenting pressure on investors to keep depositing money. As you can see from the below unflattering reviews from Forex Peace Army, a reputable forex review platform, this has been the case with Tradeo.
Potential clients undergo lots of pressure to sign up after trying out the demo account. Others cite repeated phone harassment or email messages on the same.
3. Fake Positive Reviews
Again, from the same online review platform are incidences of fake positive reviews. In the above case, the reviewer was an employee of Tradeo, making the review biased and misleading.
4. Fund Withdrawal Challenges
A common problem with scam brokers is difficult withdrawals. With Tradeo, several traders have complained that withdrawal procedures are neither speedy nor smooth.
5. Scanty or Inaccessible Consumer Education
Tradeo is not as investor-friendly as it would like you to believe. From the above image, it is clear that newbie investors lack access to better education opportunities and account management.
These perks are only available to traders who pay hefty minimum deposits. Unfortunately, smaller traders with low initial funds have more need for education and guidance than savvy traders who already know how to play the market.
Furthermore, while Tradeo doesn’t charge commission fees, the same are integrated into their unusually high spread prices. There are no deposit fees either, but hefty withdrawal and inactivity fees are applicable.
Tradeo Review: The Verdict
Given the above negative reviews, glaring irregularities, and professional misconduct, we find it hard to recommend Tradeo as a genuine forex broker. In our view, this brokerage is a regulated scam.
Have you traded stocks, indices, commodities, cryptocurrencies, and forex with Tradeo and are having a challenge accessing your money? Don’t despair. To learn how you can get your funds back, book a free consultation session with our friendly experts.