TradeCenter

TradeCenter.fm draws us in at first glance, but as we have seen before, first impression almost always end up being busted. Is this the case with TradeCenter? Read on to find out.

TradeCenter is owned and operated by Promfix OU, its address located in Estonia. In Estonia the Finantsinspektsioonacts (FI) acts as a regulatory entity for all financial services institutions, with all regulated companies being officially included in an online register. We went through the online registry and found no results, so we can conclude that TradeCenter is not regulated in Estonia. Even if a company is registered in a country that does not make it licensed by its appropriate body which is crucial for any forex broker to be. Because there is no other mention of an address, and nothing on an actual regulatory agency, we must conclude that TradeCenter is UNREGULATED.

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 actually regulated by the FCA, and have the ability and will to prove it. The FCA makes sure that brokers work within the confines of the law, and requires regular detailed reports on brokers’ affairs. Brokers under the FCA are also apart of the FSCS, which allows for the reimbursement of up to £85 000 to clients who are victimized by the broker’s inability to pay its debts (due to bankruptcy, or any other similar cause).

The leverage is maxed at 1:400 as per the client dashboard, immediately ruling any sort of European regulation for the leverage in the EU is limited to 1:30 by ESMA. The EUR/USD spread we got form the live account is 0.1 pips. This is a perfect spread for traders, but seeing as TradeCenter is illicit we seriously doubt that there isn’t a catch. What’s more, is that only shady brokers will allow for a live account to be opened without any need for ID documents.

Trading assets as derived from the trading platform are Forex Pairs, Crypto, Commodities, Indexes, and Shares.

The only available languages are English and Spanish.

TRADECENTER LOGIN

This broker utilizes the ever present MT4. MT4 incorporates all features that both new and professional clients alike need to have in their trade game. Clients can set auto trades, and they come loaded with lots of customizable options for optimal trading. The superior charting package, and drag and drop features allow users to take faster and more practical trading routes. Chart analysis tools, customizable trading indicators, the inclusion of VPS, and much more make MT4 the best option out there.

The EUR/USD spread is 0.1 pips, while the leverage is limited to 1:400.

Here's the catch: there are commissions that are some of the highest we’ve seen.

As you can see, each account type has a minimum 0.1 spread, with different commissions, of which the only one that seems reasonable is the $6 Platinum. However, it does not say if the commission is round turn, or per side. If the commission is round turn, then these $6 would increase the spread with 0.6 pips, and it the charge was per side then the spread would increase by 1.2 pips. Now imagine with a commission of $30 (Classic Account): round turn would be an extra 3 pips on top of the 0.1 pips spread, while per side would add 6 pips to that spread which is unheard of. In other words, the commissions at TradeCenter are exemplary of the brokers fraudulent activities.

The MT4 is available on desktop, browser, and smartphones.

TRADECENTER MINIMUM DEPOSIT

The minimum deposit is $250 as per the dashboard.

The only payment method is through Wire Transfer, while other are hidden to unverified customers.

Since TradeCentral is unregulated, we recommend any broker that has a license from the FCA/CySEC since these agencies are renowned for their strict law enforcing and protection of clients’ investments and personal information. Not to mention that they offer more payment options without misleading the client.

DON’T PROVIDE YOUR CREDIT CARD CVV CODE

For safekeeping your money NEVER share your credit card number and CVV code with a salesperson. All online payments require this 3 digit number in order to complete purchases or transactions, and by giving yours away to some offshore broker may lead only to the complete drainage of funds from your credit card.

DON’T PROVIDE ACCESS TO YOUR COMPUTER AND BANK ACCOUNT VIA ANYDESK OR TEAMVIEWER

Another novice mistake that has been numerously repeated and taken advantage of is providing access to your computer and bank account via AnyDesk or TeamViewer. These software allow for others (in our case the people behind the shady brokerage) to log-in to your PC and flip through all files and browsers, essentially taking over your computer as another user and having access to your personal information like bank account passwords, credit card information etc. Thankfully, these platforms are completely legal and will need your own personal approval in order to be used.

TRADECENTER WITHDRAWAL TIME AND FEES

We cannot know the minimum withdrawal amount without depositing first.

The website claims that the company will process all withdrawal requests within 1 to 3 working days.

The broker claims that it does not charge any withdrawal fee.

ADDITIONAL FEES AND TAXES

Unlicensed brokers utilize smartly crafted tactics to keep you as invested as possible into their schemes of deception. And seeing that every day there are many who fall victim to their plans, one must realize that these people are smart and fully capable of manipulating the mass of novice traders, either by finding or creating loopholes in the T/C, by reassuring that the more you postpone your withdrawal the better the chance of quadrupling your initial investment, or just asking for more deposits.

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 chargeback, 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

The most sound advice we could give you is to immediately file for a charge back 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.

BOTTOM LINE

TradeCenter may not hold any hidden clauses, but the commissions on spreads justified by the lack of a license are enough to push anyone away from this one.