Tesco PLC Trade

Does a name like Tesco PLC Trade convey anything but suspicion? Read the review to find out all about this broker.

The footer is the only place in the entire website, including the short legal documents, that mentions a regulation. According to it, the broker is registered and licensed by the FCA.  The FCA oversees that brokers work within the confines of the law, and requires regular detailed reports on the broker’s affairs. Along side the FCA is the Financial Services Compensation Scheme (FSCS), which, in the event of the company becoming insolvent, will reimburse you with up to £85 000. ESMA rules state that no leverage higher than 1:30 is permitted in the UK and EU. Every registered and regulated broker is included in an online registry on the official FCA website. Any broker claiming to be licensed by the UK watchdog but s not included in that list is lying. Thus Tesco PLC Trade is UNREGULATED, and is therefore a risk!

Always check for a proper broker license within the domains of the regulatory agencies. All of them have access to either an online database of regulated financial services providers, or separate lists of authorised companies. We advise traders to go with FCA/CySEC regulated brokerage firms, since these two agencies are some of the best for the job.

While opening an account, we were given the opportunity to open a trading account with a maxed leverage of 1:1000.

We registered an account and got a EUR/USD spread of 2 pips. The terminal gave us the chance to trade with Forex Pairs, Indices, Metals, and Amazon Shares.

Users can access the website in English and Arabic.

TESCO PLC TRADE LOGIN

The seemingly proprietary trading software, a web based terminal, is quite decent. There are pending orders and customisable options, plus  big chart management tab, and some other little surprises. As always, this one cannot compare to the might of the MT4, wich at times seems like a platform with an endless array of possibilities.

TESCO PLC TRADE MINIMUM DEPOSIT

Users can deposit via Wire Transfer, Visa, and MasterCard. The minimum deposit is $1, as we were able to continue with just $1 during the depositing process.

We would not deposit with this one if we were you. This broker is clearly not legitimate and not regulated, meaning that who knows what they will do with your investment. Traders should deal exclusively with brokers regulated by exemplary agencies such as the FCA or CySEC, for they oversee a brokers activities from head to toe with a severe case of diligence.

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, often times 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.

TESCO PLC TRADE WITHDRAWAL TIME AND FEES

Bank withdrawals are charged with a fee between 1%-4%. The withdrawal request time is within 5 days.

ADDITIONAL FEES AND TAXES

If a trading account is inactive for more than 6 months, then said account will be closed permanently. However, if an account has money in it yet is inactive for more than a year, the broker will levy a $20 charge per year.

The legal documents do not contain any important clauses. Yet we are obliged to warn you that unregulated brokers do not care who you are and what your situation is; all they see is money, and they will trick you into giving it to them every chance they get. It is only logical then, that any attempt at withdrawing will be unsuccessful. The most popular excuses for denying your withdraw requests are usually smart and for the most part scripted. These include but are not limited to loopholes in the T/C, asking for more deposits in order to withdraw, or just prolonging your pending withdrawal by claiming that the market will suddenly propel, multiplying your winnings by unrealistic proportions.

ACCOUNT VERIFICATION

We strictly advise against giving away an ID and proof address to unregulated brokers: they can be literally anyone with enough time and skill to mask themselves as a broker. Usually, these individuals use the anti-money laundering legislation as front for when traders start to get suspicious. Once this suspicion is confirmed and you file for a charge back, they will use your details against you case.

We are positive that this so called broker will not return your funds; the evidence we have laid out before you work in sync against it. The sound thing to do is to direct your attention and investment to an FCA or CySEC licensed broker where the law is integrated in every aspect of their operations.

HOW TO RECOVER

Filing for a charge back is the best advice we could give you. Immediately contact your bank or credit card company and lay out the circumstances.

Cancel your credit card if you have shared any notable details with the fraudulent broker, especially if you have provided them with the card’s CVV code. If such is the case, annul your credit card ASAP.

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 defence 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

Tesco PLC Trade is a subtle illicit broker, that will take your money and never give it back. Do not deposit here!