It’s no secret that when you trade forex, 90 percent of online forex traders lose their money. This isn’t what makes trading forex a risky game, as most businesses fail too. The risky factor with online trading is the fact that there are a lot of forex scam brokers out there that encourage you to deposit your money and they will often use cunning methods to ensure that they keep your money and make it extremely difficult to withdraw it.
This not only results in your money being stolen, but it gives many brokers a bad reputation. One way you can help prevent this from happening to you as an investor, whether old or new, is to keep yourself well-informed about brokers and look at customer reviews.
Tradeo was first established in 2011 and is owned by its parent company UR Trade Fix Ltd which has its headquarters in Cyprus. Tradeo is registered and licensed under the financial laws of Cyprus and like many other illegitimate brokers are regulated by the Cyprus Securities and Exchange Commission (CySEC).
The firm offers access to some of the major markets and over 200 financial instruments such as CFDs and Forex. A unique part of Tradeo is the fact that you can socialise on the platform, which is what the platform was originally created for. But in 2014, the firm has held a licence as a broker and stopped supporting external brokers.
Tradeo offers two platforms for registered traders. The first is MetaTrader 4 and then WebTrader. MT4 can be used on both mobiles and PCs. Tradeo markets themselves as being extremely innovative and are pioneers in the future of forex, but are they?
UR Trade Fix Ltd has not always been registered and regulated by the Cyprus Securities and Exchange Commission. Between 2012 and 2014, the firm wasn’t a registered broker as it only offered social trading services. Users socialised through this platform but used external brokers to make deals. CySEC saw that the company was offering financial services that were not indicated in the licence application so UR Trade Fix Ltd was fined €20,000.
One of the red flags that arise from Tradeo is the fact they are not licensed by the Financial Conduct Authority (FCA). This means that if you are from the UK, you should definitely look elsewhere for brokers who are registered. This authority has strong regulations that will protect you, the trader and will enforce these measures if one has been scammed.
Just because Tradeo accepts traders from the UK, this doesn’t mean you should use them. Brexit brought many complications with trading, and it is best to keep away from this broker altogether. They are also not regulated in Australia and the USA, and won’t even accept traders from America. If you believe that you have been affected by a Tradeo scam or have lost money through a similar investment, contact an investment fraud lawyer for further advice and support.
If there is one thing that stands out most with Tradeo, it is the pushy sales calls. Even if you don’t sign up, they have your details, and they will constantly be calling you to finish signing up. The scam with this is they will use a UK phone number, which as we said, they are not FCA registered in the UK. This is not acceptable, and many reputable companies will never do this or try and force you to deposit funds into the account.