Tradesto REGULATION AND SAFETY OF FUNDS
The regulation analysis is decisive because it reveals crucial details about the brokers. The license is vital, and it indeed verifies the companies are legit and authorised to offer financial products and services to people. Furthermore, the regulated ones are compelled to operate transparently and follow strict rules, making the environment much safer for the clients. Well, Tradesto claims to be SVG, New Zealand and Australia regulated, but thats falsehood. First of all, St. Vincent and the Grenadines does not license brokers operating there, so the broker is intentionally deceiving its clients. Worse, though, the British FCA and the New Zealand FMA detected Tradesto and issued a warning, exposing it as a scam scheme. In conclusion, your funds would be in danger if you deposit because the broker is unregulated and fraudulent. Below, you can see the British notice.
That said, we can offer the high-rated EU brokers and British brokers, which are regulated, trustworthy and also covered by deposit insurance funds. For example, if you trade with a CySEC broker, you can claim up to 20 000 EUR in compensation, while the British protections are of even up to 85 000 GBP per person. Make sure to stay away from unregulated brokers, and youd better consider money protection when choosing a broker to trade with.
Tradesto TRADING SOFTWARE
In this section, we‘ll focus on the broker’s platform and particularly the spreads and leverage, both of which critical elements of trading. The spread is the Buy/Sell difference, which forms part of the trading costs and directly affects profit potential. On the other hand, leverage allows clients to multiply the size of their positions. However, it is utterly risky, and many jurisdictions even imposed regulation to restrict its usage. For example, EU, British and Australian brokers are bound to limit clients to 1:30 for FX majors, while the Canadian brokers and the US brokers cant provide more than 1:50. Most high-leverage FX companies are poorly regulated and very likely a scam, so you have to be cautious.
Well, Tradesto‘s platform is MetaTrader4, which is by far the leading Forex software. The EUR/USD spread is floating around 1 pip, which is generally in line with the industry standards. However, Tradesto is a confirmed scam, so you shouldn’t waste your time with this broker as there are plenty of reputable brokers offering much better trading conditions.
The leverage is said to vary between 1:1 and 1:500, but while opening a Demo account, the maximum allowed ratio was 1:100. Nevertheless, 1:500 is too risky for retail traders, and traders can quickly end up with severe losses if not careful enough. Moreover, as already mentioned, Australia does not allow this leverage ratio anymore, which proves that Tradesto is indeed unregulated and a scam.
Avoid Tradesto and better consider the MetaTrader4 brokers and MetaTrader5 brokers topping both lists. The MT platforms feature advanced tools such as Expert Advisors, complex indicators, and first-class charting tools. MetaTrader also comes with a Marketplace where traders and investors can find more than 10 000 apps and third-party developed solutions.
Tradesto DEPOSIT/WITHDRAW METHODS AND FEES
The deposit, withdrawals, and fees assessment will reveal brokers‘ services costs and generally define whether the broker is worthy or not. Speaking of deposits, we’ll firstly offer our lists with Skrill brokers, Neteller brokers, FasaPay brokers, Sofort brokers, and Bitcoin brokers if you have trusted payment systems. The companies topping the lists are adequately regulated, and you wont face scammers if you choose among the high-rated ones.
Tradesto‘s minimum deposit requirement is $25 for Wire Transfers and $100 for other methods such as Credit/Debit cards, Neteller, FasaPay, Help2Pay, Shop2Pay, China88pay and Bitcoin. The Credit/Debit card deposits and the Wires are free of charge, but e-wallet funding incurs fees varying between 1% and 3.4% of the sum per transaction. That’s unfair, but Tradesto is a scam, so theres nothing unusual.
The minimum withdrawal is $100, regardless of the method, which is a demanding requirement. Fees might incur, depending on the method, but as Tradesto is a scam, no withdrawals should be expected at all.
The broker doesnt reveal anything about inactivity fees or bonuses that generally alter withdrawal provisions.
Overall, Tradesto is an exposed scam, so you should stay away from this fraudulent business.
HOW DOES THE SCAM WORK
Nowadays, the Internet is plagued by scammers and their deceitful offers. It all starts whenever you click on an appealing fraudulent deal and provide your e-mail and contact numbers. Scammers, as seasoned manipulators, would ring you at once and begin straight away pushing you to invest in their schemes. During the phone call, youd be presented with bonuses, promotions, risk-free offers, Bitcoin opportunities, and anything else you could possibly imagine. Scammers would claim to work with reputable firms, banks, governments, and so on, trying to make their business looks as if legit. Those thieves lie big time and would promise you anything to gain your confidence and steal your money thereafter.
However, the first deposit is just the beginning of the game. Day by day, scammers would carry on asking for deposits. If you lost, they‘d persuade you to put more money and recover the losses. If you are profitable, you’d be asked to put more money and increase the gains. The headaches start when you decide to take your money back. The scammers would do whatever it takes to discourage you and would even urge you to deposit again if you want to withdraw. The scammers‘ mantra is “give me your money”, they’d push you to transfer more money over and over again for no obvious reason. Urgency is a treacherous sign, so if someone forces you to invest ASAP, thats a scam.
WHAT TO DO WHEN SCAMMED
Unfortunately, no one is safe from scams. If you get defrauded, the first thing you need to do is to protect yourself from further risk. Deactivate your card immediately, contact your bank and ask for advice.
Report what happened to you, file a complaint, contact the financial regulator, contact other government institutions related to trading and investing, call the police if you feel necessary. Seek help actively!
Remember, it‘s crucial not to rush blindly trying to recover your funds because fraudulent chargeback and fund recovery agencies are trying to double scam the victims. They ask for upfront payment, take the money but won’t do anything to help you!
Last but not least, share online your experience; its important to inform the public about scams. Be responsible!
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