The amount of Forex scams has rapidly increased in recent years, each one being more advanced and sophisticated than the last one. This means even the most experienced traders can fall victim to a scam. This is why it is crucial to do as much research as possible about the brokers and platforms you are planning to use before making your trade.
If you have fallen victim to such scams, at Wealth Recovery Solicitors, we use our expert knowledge to make sure your money is reclaimed and returned back to you safely. To help you make the right decision about who to trade with, we have done a little investigation into Tradeo to see if they are a company you can trust with your money.
Who is Tradeo?
Tradeo was established in 2011 and falls under the parent company of UR Trade FX who have their headquarters in Cyprus. When Tradeo was created, it was more of a social platform for brokers to interact with each other; however, this changed in 2014 when the company received its broker licence and was able to start providing its own trading platforms. Tradeo currently give you the option of two trading platforms: MetaTrader 4 and Webtrader. On both platforms, you can open a live account or, if you are a newbie, there is an option for a demo account. The live account will cost $250 if you sign up.
Is Tradeo a scam broker?
There are many indicators that confirm Tradeo is indeed a scam and a platform to avoid. One of the major indicators is that it is not regulated by the Financial Conduct Authority (FCA), which means they are unable to trade in the UK. In fact, they have a note on their site declaring the company has renounced its Temporary Permission Regime, which should immediately set alarm bells as a sign that this is a broker not to be trusted. If you have been scammed by them, the FCA has strong regulations in place.
What’s more, in 2014, the Cyprus Securities and Exchange Commission (CySEC) fined UR Trade Fix Ltd (Tradeo’s parent company) €20,000 after it came to light that the company was offering services that it was not allowed to provide. Tradeo corrected their mistakes and received a new licence in 2015.
The existing customer reviews are also a telltale sign that Tradeo cannot be trusted. The reviews even highlight instances of abuse and harassment where people have felt pressured to complete the registration process and to deposit money with the company. Companies are not permitted to do this – if you suspect this is happening to you, be it with Tradeo or another broker that is causing you suspicion, please notify one of our experts who will be able to guide you on what next steps you should take.
If you have fallen victim to a scam by Tradeo or a similar broker, please contact our team on 0203 695 9239. Our experts use the latest technology in order to help you recover your money. Worried about being overheard while talking to us? Fill out the form on our website stating the day and time you wish to speak to us, and we will arrange for one of our experts to contact you accordingly.