Warning! TdTrade.ca is an offshore company! Your deposit may be at risk.
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It’s very tempting to consider TdTrade.ca as a professional and up and coming broker, what with is impressive website opener and seemingly futuristic trading tools. It’s all a façade to keep the deposits coming in, and the trouble out. Well here comes the wind of change; we are about to tell you the truth about TdTrade.ca.
First of all, we are told the broker is incorporated in Saint Vincent and the Grenadines (SVG), which is actually the most relevant piece of information on the entire website, because an SVG registration does not really mean much and shady brokers can very easily claim an address on land. And crucially, registering in SVG does not imply being licensed by any overseer, not only because the local laws do not reuqire it, but also due to the fact that there is no FX regulator in SVG.
Moreover, the website includes a “regulation” section asserting the broker is regulated by all EU-based regulators, which includes most major EU economies like France, Germany, Spain, and others:
The Canadian flag is also present suggesting a local regulation. But as with the rest of the so-called licenses, in reality TdTrade.ca is not licensed by any of these nations’ local regulators; there is no proof of it. Moreover, each of these options presents an irrelevant link.
Moreover, the broker mentions that the broker might be licensed by the International Financial Services Commission mention of Belize, but this too is not anywhere to be proven true.
A last stand is a typical claim by any unlicensed broker that users must be compliant with the local laws of their countries in order to access TdTrade.ca, and not the other way round.
TdTrade.ca presents a set of contradictory details none of which are on point. This broker is unregulated and a risk to all.
Investing in unregulated brokers is the digital equivalent of throwing your money away for the wind to disperse it. It’s obvious that no one would do such a thing. Go with brokers that are regulated by trustworthy organizations like the FCA or CySEC. These entities work closely with the law, enforce it when called for, and have strict requirements for those under their gaze. Not to mention that those under their jurisdiction are members of compensation funds that cover victimized clients’ losses of up to £85 000 (FCA) and €20 000 (CySEC).
The account opening procedure was in no way difficult to complete, and in fact was rather easy, meaning that anyone can signup and start trading, or rather depositing and losing money, because to trade with TdTrade.ca is close to impossible.
The user area itself looked like a the classic unregulated template, with all the shady elements we expected to see. There was, nevertheless, an available web trader that gave us a series of tradeable assets including forex currency pairs, cryptocurrencies, commodities, indices, and stocks. The EUR/USD spread was constantly changing from 0.2 to 0.4 pips, and we saw in certain sections of the site that there are potential commissions for trading. The leverage according to the site is very low at 1:20.
TDTRADE.CA LOGIN
Here is the web trader offers by the broker. It may seem familiar to some, while new to others, but the verdict about it is the same. It’s pretty useless.
This is pretty much one of the most useless web trader we have come across. There is close to noting to do in it.
TDTRADE.CA MINIMUM DEPOSIT
According to the user area, clients can invest by means of wire transfer, but they have to call to deposit, because there is no way to directly invest. Calling the broker initiates the scammer procedures detailed below.
The website reveals very shady conditions. The minimum deposit is said to be 1 BTC for the crypto-based account, and $50 000 for the Advanced Silver account. However, we know for a fact that accounts do not apply for TdTrade.ca, as they rarely do with unlicensed brokers.
DON’T PROVIDE YOUR CREDIT CARD CVV CODE
The CVV code is the one thing that separates a buyer from a product. Without it, one cannot complete a purchase, even if him/her has given all other necessary information. By giving this detail to someone else, you are essentially inviting them to use your funds for their own means. And be warned that unregulated brokers most certainly plan to do so.
DON’T PROVIDE ACCESS TO YOUR COMPUTER AND BANK ACCOUNT VIA ANYDESK OR TEAMVIEWER
Be sure to never give AnyDesk or TeamViewer access to your PC to unverified agents. These 2 platforms allow for your PC to be taken over by a second party, oftentimes for help or guidance, but in the case of these brokers for the sole purpose of looting your bank account(s) and personal information. However, in order to do so your consent is needed, and this is the only thing standing in the scammers’ way.
TDTRADE.CA WITHDRAW TIME AND FEES
The withdrawal area only reveals that the minimum amount is $100.
According to the FAQ section, the available payment methods are bank, cards, and e-wallets payments. There are apparently no commissions, and it take up to 5 days to process a withdrawal request.
ACCOUNT VERIFICATION
Beware, once more, when giving away an ID and a proof of address. Trustworthy brokers ask for these before traders can deposit to make a check up. Deceitful ones will ask for these details, using the anti-money laundering legislation as pretext, once you start asking too many questions and are getting suspicious of their activities. Understand that they will use these to build a stronger case against you in the event that you request a chargeback.
Yet again we urge readers to stay away from this broker as it will, without a doubt, never return your funds and profits. If you wish to to get smooth and efficient transactions, please visit a FCA/CySEC regulated broker, where all withdrawals are handled with care and respect.
HOW TO RECOVER
The most sound advice we could give you is to immediately file for a chargeback with you credit card company.
If you have given away your credit card details including the CVV code to the “broker” you should cancel it ASAP and check with your bank to see the damage inflicted.
Also, beware of self proclaimed “recovery” agencies or agents. These cheeky scammers promise to fix your problem and restore the lost funds. They offer their services in exchange of a small sum from your end, after which you won’t ever hear from them again.
The last line of defense for these indecent folk is more like a desperate cry: often times they will comment on reviews and cite the whole ordeal as a conspiracy initiated by competitive brokers against them; at times even claiming that reviewers are anything but objective, and that no one writes good reviews. The absurdities are limitless!
BOTTOM LINE
The website is not to be trusted with any of the information. The broker is, after all, unlicensed, and a risk to all!
