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Scam Exposure: Clients Report Withdrawal Issues with TradeFCM
Abstract：Offering misleading information is a common tactic used by fraudulent brokers. It seems to be very reliable if you take a very quick glance at the statements the fraud shows on its page.
However, when you start to trade with it, you will find any trading information it claimed has been left out, and the fraud itself is unbelievable.
Recently, WikiFX learned that TradeFCM has been one of the fraudulent brokers.
Is TradeFCM reliable or reputable？
At the first sight, you may view the broker is reputable and reliable when considering its awards and long history. However, when you click its awards page, the result only tells that the page you have looked for does not exist in its content. This is a red flag.
Additionally, the company shows Copyright © 2012 - 2022, it seems the site has been in business for 10 years, but the https://tradefcm.com/ domain name was verified to be registered on 2016-10-04. That another red flag here.
Is TradeFCM regulated？
The home page texts present “Truely Licensed & Regulated”, which appears to include most or all the regulators and registrations.
But the entity can't leave any verifiable proof of being registered and regulated. Moreover, as a forex broker based in the UK, TradeFCM also gets no license from the financial authority - the FCA, a watchdog that oversees investment activities of most companies in the UK. In other words, the company is actually not regulated by any financial regulator.
What about the risky leverage up to 1:1000？
The platform offers several account types with 1:1000 maximum leverage. This figure is too high for a UK-based broker who is trying to convince you that it is a supervised broker as FCA has imposed leverage restrictions - limited leverage of less than 1:30 for FX majors for retail clients- to protect investors from the higher losses trading with such big leverage can result in.
That is to say, the company is obviously breaching the laws and regulations governing companies that provide financial services.
What would clients say about TradeFCM？
None of its clients advise you to trade with TradeFCM. Victims have reported the broker's withdrawal problems on several independent reviewers' portals. Let us share some screenshots below.
TradeFCM is therefore can be concluded as a scam.
A good rule of thumb is to carefully review all the forex companies before you trade with them.
Always make sure you are trading with a trustworthy, regulated broker. You can check our brokers list for that matter.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
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