Warning! Trade99 is an offshore company! Your deposit may be at risk.
RECOMMENDED FOREX BROKERS
Trade99 can be compared to a star as seen from the night sky: there’s way too many of them in order to focus on just one. Is this star ready to explode, or is there still some heat left in it?
First off, Trade99 has not indicated anywhere on its website a license or an agency of regulatory operations. The only hints we get from them are found in the T/C and in the Contact Us page.
The first one located the firm on the Dominican Republic which is considered an offshore destination for shady brokers.
However, the country, even though regulating the banking sector and some non-banking institutions, does not do the same for forex and CFD brokers. So we can conclude that Trade99 is not regulated.
Next, the contact address locates the broker in Hong Kong.
This is probably where the broker claims to hold its customer support offices, yet we are still urged to inform you that in Hong Kong the Securities and Futures Commission regulates the forex market, whose primary focus is on providing the necessary means of protecting traders’ money and interests. It’s safe to say that Trade99 was not found in the commission’s registry which puts it in the category of UNREGULATED brokers.
We urge traders to trade with regulated brokers under the gaze of such agencies as the FCA which not only enforces a strict set of rules and demands detailed reports on company activities, but also includes a compensation fund of up to £85 000 for victimized traders resulting from insolvent brokers.
As an offshore and unregulated broker, Trade 99 can offer any leverage it chooses to. Here it’s 1:100.
The EUR/USD spread we got from the demo account on the webtrader was 2.3 pips. This is considerably beyond the average amount, and does traders no good. The average cost of trade is usually 1.5 pips, and most legitimate brokers strive to reduce said value by as much as possible.
The brokers lays out the following as available tradable assets on its website: commodities, precious metals, indices, energy commodities and cryptocurrency. Yet, on the trading platform it adds the missing links: Currency Pairs and Stocks
There was no way to change the default language from English.
The brokers includes a familiar trading platform synonymous with unregulated brokers, and fails to deliver on a promise of an actual legit MT5 trader.
This platform is familiar to us in the sense that we see it only used by illicit brokerage firms, such as Olympia Markets and Tfxgo. As we mentioned before, this trader may look attractive and complicated for the novice users, but don’t let your inexperience delude you. In short this platform has close to nothing useful save for a couple of designer choices.
The spread is 2.3 pips for the EUR/USD, and you already got our two cents on the issue above.
As the name suggests, the platform is solely browser-based.
We are only talking about MT5 because the broker mentions it in its website, but once we registered we could not get a hold of it.
The Sign Up processed, once finalized, redirected us straight to the Webtrader talked of above, with no notice to the whereabouts of the MT5. This is not the first, and it wont be the last, time that a shady broker fails to deliver on Metatrader platforms. Take GCG Asia where the MT4 is agreed as part of the experience, yet utterly fails at delivering.
TRADE 99 MINIMUM DEPOSIT
The broker discloses that it has the right to alter the minimum/maximum deposit amount whenever it chooses to do so.
Payment methods, as seen on the Deposit section of our personal dashboard are Visa, MasterCard and Bitcoin:
All signs point to the obvious: that this broker is not to be trusted due to its lack of regulation. It’s only logical that we advise traders against it. Brokers with proper licenses from the FCA and CySEC (among others) operate in ways that put the trader’s security of funds and personal information as a pivotal priority. These agencies are the top non-US financial license issuers, which should give you an idea of the brokers working under their oversight.
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
AnyDesk and TeamViewer softwares are double edged. For one, you provide complete access to your computer to someone else who, essentially, takes over as the new user. This can be helpful if the person with access is a friend, colleague, or acquaintance; or it can be devastating to your private information, including bank info, if you provide entry to someone with a shady background. Hence the double edge. Note that these softwares are 100% legal meaning that your approval will be needed if someone is to tinker inside your PC.
TRADE 99 WITHDRAWAL TIME AND FEES
The minimum withdrawal amount for Credit/Debit cards and Wire Transfer is $50, while for crypto it depends on the currency type.
Withdrawal times are said to be between 2-3 days for Credit/Debit cards, and within 5 days for Bank Transfers and Crypto withdrawals.
The withdrawal fees are back, but have not been detailed only mentioned:
ADDITIONAL FEES AND TAXES
The dormant fee is activated after 6 months of inactivity. The exact fee value has not been disclosed.
Heed our words. 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.
If a broker is unlicensed, never give you ID and personal details to it, because the broker will use these details against you once you file for a charge back. Furthermore, any allegation held against the brokerage will be easily refuted if they have in their possession a copy of your ID and proof of address.
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 a broker that is actually regulated by a Swiss financial regulator like FINMA which is the European equivalent of the NFA in the US.
HOW TO RECOVER
Filing for a chargeback is the best advice we could give you. Immediately contact your bank or credit card company and lay out the circumstances.
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.
At some point or another you might stumble upon a “recovery” agent or agency that promises to retrieve all your money back. This sounds all too good to be true, and that’s because it isn’t. Before proceeding with the recovery they will ask a payment for their services. If you chose to indulge them, they will disappear with the money without a hint of remorse.
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!
Combine a dull platform, a lack of regulation, a spread that helps no one and what you get is yet another “broker” that is best left untouched.