TradeVtech claims to offer an expert trading environment including a high-tech trading platform, customisable tools, easy to use interface and modern strategies. Other than that, they deliver the standard Forex pairs but create a false sense of hope by claiming that they can provide an exciting investment experience. Well, in reality, Forex trading is demanding, and there is no place for excitement, so we reasonably put this offshore broker on the list of suspected scams. We were right to do so, and you can find out why in the full TradeVtech review.
TradeVtech REGULATION AND SAFETY OF FUNDS
TradeVtech is a brand name of UMedia LLC, which is a company allegedly incorporated in St. Vincent and the Grenadines. Well, the registration itself is a problem because the country doesn’t regulate its Forex markets, so the SVG brokers are considered highly unsafe for traders. In fact, St. Vincent is so shady that we can’t even confirm there is such a company in legal existence, so we are basically dealing with a totally anonymous FX creature able to steal traders’ funds and leave without bearing any consequences whatsoever.
However, things are even worse because the Belgian regulator FSMA detected the broker in question and blacklisted it, exposing it as a fraudulent scheme. All things considered, we conclude your funds will be in danger if you deposit with TradeVtech because it’s a scam.
Avoid it and better check the high-rated EU brokers and British brokers by following the links provided. The companies topping both lists are licensed and a part of money protection schemes created to secure clients deposits if things go wrong. For example, CySEC brokers’ clients can claim up to 20 000 EUR in compensation, while the British guarantees are up to 85 000 GBP per person. So if you are eligible to open accounts with European companies, you can safely go for it.
TradeVtech TRADING SOFTWARE
TradeVtech claims to offer as if the best platform possible, which is not true. In fact, the web-based software is somewhat beautiful with its layout and colours, but it’s definitely useless for trading due to many downsides. The indicators are scarce and unreliable, the charting tools poor, and the advanced features are completely missing. TradeVtech’s platform is deficient, which is enough for you to stay away from this otherwise exposed scam.
Instead, why don’t you see the high-rated MetaTrader4 brokers and MetaTrader5 brokers on both lists? The companies we recommend are licensed and deliver the best trading software available. Both MTs are packed with advanced tools such as Expert Advisors, many complex indicators, sophisticated charting tools and a marketplace featuring more than 10 000 apps.
The EUR/USD spread delivered by the platform is definitely much higher than usual- 2.6 pips. On average, licensed companies offer a Buy/Sell difference of 1 pip and below, so TradeVtech is costly. Yet another reason to avoid it.
Next, we got on to a red flag. Namely, the leverage is hidden– no information whatsoever and clients can’t even understand what’s the ratio even as they log in. That’s evidence of a scam because the broker is actually throwing its clients into the unknown. TradeVtech is already exposed as fraudulent, so we can reasonably suspect it may change leverage to increase risks and thus induce losses. That’s a scam!
In fact, leverage is so dangerous that many financial authorities regulate it to restrict its usage. For instance, EU, British and Australian brokers‘ clients are limited to 1:30, while Canadian brokers and US brokers can’t provide more than 1:50. On the other end, most high-leverage FX companies are unlicensed or deficiently regulated, so you’d better stay cautious.
TradeVtech DEPOSIT/WITHDRAW METHODS AND FEES
The minimum deposit is $250, which is slightly higher than the regulated industry standards- brokers want $100 on average. Besides, way too many licensed companies are offering micro accounts for as little as 5 to 10 USD, so you have even one more reason to avoid the fraudulent TradeVtech.
As for funding methods, the broker accepts Credit/Debit cards only, so there is a glimmer of light at the end of the tunnel if you, unfortunately, deposited with the fraudulent TradeVtech. That’s because bank card issuers such as Visa and MasterCard grant chargeback rights, so people can dispute transactions and get a refund if things go wrong.
Anyway, we’d like to suggest our lists with Skrill brokers, Neteller brokers, FasaPay brokers, Sofort brokers, and Bitcoin brokers if you have a preferred payment system. The companies on top of both lists are adequately regulated, and you won’t face scammers.
The minimum withdrawal is $50 via Wire Transfers only, and each transaction will be charged $25-$50. That’s unfair, but can’t we expect something else from an unlicensed broker! In contrast, most of the licensed companies have no or minimal withdrawal requirements and usually process requests free of charge.
Speaking of fees, the inactivity charges are monstrous, and we have to raise yet another red flag here. According to the clauses, an account becomes dormant after an unspecified period of inactivity and will be subject to a deduction of 5% or a $25 fee. Well, that’s a scam nonetheless, but the inactivity period upsets us even more. As an unlicensed broker, TradeVtech can decide at its sole discretion that an account will be dormant after 5 days of inactivity and then cut a big chunk of your balance. Avoid!
TradeVtech offer bonuses, but the additional provisions worsen the trading conditions, so you shouldn’t accept incentives. According to the Terms, after bonus traders need to execute a lot for every $5 granted to become eligible for withdrawal.
Overall, TradeVtech is an officially exposed scam, so you should stay away from this fraudulent enterprise.
HOW DOES THE SCAM WORK
The Forex scam is a popular type of fraud, and it’s actually a process. In the typical scenario, the victim clicked on a fraudulent ad, then received a phone call, and at some point got convinced to deposit money. To make people accept fraudulent offers, scammers would present deals that sound too good to be true, bonuses, get-rich-quick schemes, and so on. Their imagination is rich and would invent as many stories to get the craved deposits.
Unfortunately, the first deposit is not the end but the beginning. Gradually, scammers would manipulate victims and would urge them to invest repeatedly. For example, con artists may not allow people to trade themselves but would pretend to manage the accounts. Forged results would show victims massive profits, and scammers would ask for more money, promising to secure more gains.
The first indications of a scam come forth when people ask for withdrawals. Scammers would make excuses to refuse withdrawals and even require additional deposits to let people take their money out. Those criminals won’t stop asking for funds, no matter what. In the worst case, the victim would believe in the scammers’ falsehood and deposit again and again. However, sooner or later, the scam would become evident, the fraudsters would cut the communication and eventually disappear. They would drop the website, create a new one and carry on with their criminal business untouched, while people would be left with losses almost impossible to recover.
WHAT TO DO WHEN SCAMMED
Unfortunately, no one is immune to scams. If this unfortunately happens, the first thing to do is to protect yourself from further risk. Contact your bank and explain what happened so that they can give you instructions and help, if possible, recover your money.
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 to recover funds because many scam chargeback agencies and individuals are trying to double scam the victims. They ask for upfront payment, take the money but won’t do anything to help you!
Share online your experience; it’s important to protect others, as well. Be responsible!
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