Tra Markets Details
Table of contents
Tra Markets instantly conveys a much too familiar sense of unreliability that comes with most illicit forex brokers. Are these first impressions here to stay? Read the review to find out more.
Tra Markets Limited is a company that is incorporated in St. Vincent and the Grenadines, and it is said to be registered with the Financial Services Authority. Readers should be aware that SVG does not regulate the forex market. The company may be registered there but that is of little interest to us, since a broker with a registration but without a regulation is considered a risk for all those who invest in it. Thus Tra Markets is in fact UNLICENSED and therefore a risk to all that invest in it.
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 authorized companies. We advise traders to go with FCA/CySEC regulated brokerage firms, since these two agencies are some of the best for the job.
We were able to log in to a trading platform with a live account which is always a bad sign. The EUR/USD spread that we got our hands on was 0.4 pips which is an excellent value.
The leverage is said to be capped at 1:300. However, on the Products Specs document we found out that there is a 1:500 leverage.
The trading platform gave us the following instruments to trade with: Forex Pairs, Indices, Crypto, and Commodities.
The website is translatable into English, Chinese, and Thai.
TRA MARKETS LOGIN
The trading platform we opened was an MT4.
MetaTrader 4 is by far the most popular trading platform out there, making it the number one choice for trading. MT4 encompasses a to-the-point look and feel without sacrificing any accessibility. With MT4 you can set automated bots to trade instead of you so that you can indulge in other activities while profit is made (or lost). MT4 also comes with over 50 customizable trading indicators, great options for managing your charts, a drag and drop feature and many more pros.
The EUR/USD spread as mentioned is 0.4 pips. The leverage value as mentioned is ambiguous, as it might be either capped at 1:300 or 1:500.
There are no commissions, which means that users will actually be able to take advantage of the excellent spread value.
The MT4 we used was a desktop trader. Users can access it also on mobile via the App or Play stores.
TRA MARKETS MINIMUM DEPOSIT
The minimum deposit is $100.
Due to he broker’s lack of any regulation, we advise against depositing any amount whatsoever. If traders wish to invest in online forex, they will find that any FCA/CySEC regulated broker will surely do. These agencies are at the top of their game, demanding a strict conduct from brokers, and requiring regular reports on their activities.
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.
TRA MARKETS WITHDRAWAL TIME AND FEES
Withdrawal requests are said to be processed between 1 to 5 days.
The only fees we could find that have a slight connection to withdrawal are the so called “Incidental Fees”, that also act as dormant account charges:
A minimum withdrawal amount has not been indicated.
The broker can change its fee structure without notifying the client, as per the Terms of Business document:
We want to remind readers that many offshore brokers have no intentions of paying you back. Any effort to withdrawal your money will be unsuccessful. Either the broker will find a loophole in the terms and conditions that is completely made up, will firmly advise you against withdrawing, or they will ask more deposits needed if one wished to withdrawal. Scammers come up with additional fees and taxes for the sole purpose of keeping you on stand-by, and to deplete as much money from you as is possible.
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 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!
In all honesty Tra Markets has potential; it’s too bad that it lacks a proper regulation. If this broker took itself and users seriously, it would be in our list or recommendations for sure. However, at its current state, we do not advice you to invest in it.
Tra Markets compared to other brands
United Kingdom, Cyprus, South Africa, Mauritius
Cyprus, Saint Vincent and the Grenadines