Is Trading-Times.com Regulated?
Trading-Times.com is based in Marshall Islands, an offshore region that doesn’t have a financial regulator. Offshore regions such as Marshall Islands have become a hub of forex scams because of their lack of proper regulation.
Brokers in those regions can simply vanish without facing any repercussions for their actions.
Trading-Times.com has listed addresses in London and Cyprus on its website. So, they must have licenses from FCA and CySEC too. However, when I checked FCA’s register, I didn’t find any mentions of Trading-Times.com, indicating that they are unregulated.
It’s obvious that Trading-Times.com is an unregulated and unlicensed broker. It would be quite dangerous to trade with them and I don’t recommend doing so.
What is an Unregulated Broker?
Unregulated brokers are forex (or crypto) brokers that operate without having a legitimate license. These brokers don’t fall under the supervision of a financial regulatory authority and that’s why it’s very dangerous to trade with them.
Is it Safe to Trade with an Unregulated Broker?
You should NOT trade with an unregulated broker. Unregulated brokers can do whatever they desire with your funds and data, putting your safety at tremendous risk.
Regulated brokers have to follow a lot of rules and regulations which ensure that they don’t harm your interests. Reputed regulatory authorities such as FCA have compensation schemes in place so if the broker files for bankruptcy, its users can get compensated. FCA offers £85,000 while CySEC offers €20,000 in its insurance compensation policy.
You don’t get such benefits while trading with an unregulated broker. So if an unregulated and unlicensed broker steals your funds or suddenly files for bankruptcy, you wouldn’t get any compensation from anyone.
Another danger of trading with an unregulated broker is they might steal your private data and use it for mischievous purposes.
All in all, it’s very unsafe to trade with an unregulated and unlicensed broker. You should avoid them at all costs.
Should You Trust Trading-Times.com?
No, you shouldn’t trust this broker. They don’t have a license to operate as a forex broker. It seems to me that these people have given addresses in the UK and Cyprus to make it seem as if they are a licensed company.
This is why I always recommend checking the regulatory status of a broker before signing up with them.
How is the Website of Trading-Times.com?
The website of this broker is quite simple. There’s nothing attractive or unique about it. Seeing how the broker has kept the URL so inaccessible, it seems the broker doesn’t want to reach a wide audience.
This is a huge red flag. Because in such cases, the broker targets specific brokers (usually new and beginner) through ads and promotions. A reliable broker wouldn’t want to limit its access or reach. Trading-Times.com has stuffed their website with plenty of useless information which is another indication that they are unreliable.
What are the Trading Conditions of Trading-Times.com?
Trading-Times.com Trading Platform
You get access to the popular MetaTrader 4 platform with this broker, which is among the best trading platforms out there. They simplify the trading experience through their extensive features and that’s why they are among the most popular trading platforms in the market. For example, you can get trading signals by paying a little fee, use their free trading bots, use the code base which offers custom scripts, and a ton of other technical analysis facilities.
Fibonacci retracement, moving averages, and Bollinger Bands are some of the many technical analysis indicators you get with MT4 and MT5.
They offer 1:500 leverage to their clients, which is just outrageous. Considering that 70% of a trader’s trades result in a loss, such a high leverage would take away all of your funds in an instant.
It is another sign that the brokers doesn’t have a license because FCA doesn’t allow brokers to offer more than 1:30 leverage to their clients.
The offered spreads on the EUR/USD pair is 1.5 pips which is quite close to the industry standard. However it is still a little higher and it would harm your chances of making reasonable profit. It wouldn’t be okay to trade with them if you want to generate good profits.
This broker doesn’t give any information on its minimum deposit requirement, which is a huge red flag. Reliable brokers offer this information to ensure that you don’t need to think much into this regard.
Knowing the minimum deposit requirement of a broker can help you a lot in determining whether you want to work with them or not. The lack of any information in this regard indicates that they might be a scam.
What are the Payment Methods of Trading-Times.com?
This broker only lets you use credit or debit cards and wire transfers to deposit funds into your account.
You should only use bank cards to add funds to your trading account. With bank cards, you can file a chargeback for 540 days after the date of deposit so even if something goes wrong, you wouldn’t lose your funds.
On the other hand, you should avoid using cryptocurrencies (such as bitcoin) or wire transfers to fund your trading account. They are non-refundable payment methods so if the broker steals from you or simply vanishes, you can’t get your money back.
What are the Fees of Trading-Times.com?
Trading-Times.com doesn’t offer any information on its dormant fees. They state that they charge a certain withdrawal fee but they don’t specify the same.
If a broker tries to hide its fee-related information from its clients, you should be wary of them. Usually when a broker hides such information, they have some unfair provisions which they would use to steal funds from your trading account.
Reliable brokers don’t hide their fee-related information from their clients because they have nothing to hide. They keep such information accessible to enhance trustworthiness.
The minimum amount you can withdraw from your account with this broker is $50. This is another example of their unfair conditions because regulated brokers don’t keep such limitations.
Does Trading-Times.com Offer Bonuses?
This broker offers various deposit bonuses. However, you must execute a trading volume equal to the 25% bonus and the deposit combined. This means if you get a $1000 bonus, you’d have to execute lots worth $25 million in turnover, which is nearly impossible.
If a broker offers bonuses to its clients, you should stay away from them. Regulatory authorities don’t let their brokers offer bonuses or promotional offers to their clients.
Bonuses and promotions allow brokers to add restrictions on withdrawals and in most cases, make it nearly impossible for a user to withdraw their funds.
If you see a broker offering you bonuses, you can be certain that they don’t have a license. It’s one of the biggest indicators of a scammer. However, many shady brokers use bonuses to lure novice traders into signing up with them.
How do Forex Scams Work?
The forex sector has expanded a lot recently and so, a lot of scammers have entered this field. There are various ways these scammers operate.
In most cases, a forex broker would run ads on social media sites, and other platforms claiming to offer bonuses or profits that are unheard of.
When you click on one of these ads, you’d get redirected to the broker’s website where you’ll see the repetition of such claims. Now, some people would figure out that it’s a scam right away while some would fall for the scam and would sign up for the broker’s site.
When you sign up with such a broker and make a deposit (because without one you can’t start trading), that’s when they trap you. Shady brokers usually start trapping you by first demanding your personal information such as your ID, contact number, address, etc. Then, they take your funds and when you request a withdrawal, they start making excuses and never process one.
There are plenty of such scams in the industry and that’s why it’s vital to always check a broker’s reliability before trading with them.
Trading-Times.com Review – Are They Worth It?
Trading-Times.com is definitely a scam. They don’t have a license and have kept a lot of important information hidden from their clients. You shouldn’t trust them with your funds and data.
I hope you liked my Trading-Times.com review. If you know someone who’s interested in forex trading or who’s looking for a forex broker, be sure to send them this article. The more people know about the truth behind this broker, the better.This review has been syndicated from The Skeptic Tank To read the full review, go to – www.skeptictank.org/trading-times-com/