Tradenance

Tradenance’s futuristic style is an exception in the world of online brokers. The aesthetic overwhelms and conveys an experience that traders will surely come back for. Is the just of it as simple as that? Read on to find out.

Questions start to arise early on. The main one concerning a regulatory body. The only sign pointing to a license issuer is located on the home page, which, by the way, is the only accessible page on the website (except for the user dashboard). Anyway, what the brief and ambiguous text claims, is that Tradenance is located in New Zealand with offices in Europe and Asia:

New Zealand’s capital markets and financial services regulator, including Forex, is the The Financial Markets Authority (FMA). In order for a broker in New Zealand to be legit it must be registered with the Financial Service Providers Register (FSPR) and the Financial Services Complaints (FSCL). The FMA’s main duty includes the enforcement of the law when actions call for it, while also requiring a minimum operational capital of 1 million dollars from all registered brokerages. Nevertheless, we did a quick search through the FMA’a database and got zero results on Tradenance. Thus, marking Tradenance as an UNREGULATED broker.

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.

The FMA does not impose any restriction on the leverage, unlike ESMA in Europe and the UK. So traders from NZ can benefit from leverages surpassing 1:3000. However, Tradenance has not included a leverage value they offer to their clients. The same is applied to the spread amount, which is not mentioned anywhere.

Tradable assets are unclear. We are left with very few pieces of information detailing instruments for trade. We have a brief mention of them on the home page:

The website is available only in English.

TRADENANCE LOGIN

Even though we were able to easily register, once on the dashboard there was no platform for trading whatsoever. The broker teases the release of its own proprietary T-Bot terminal which is perpetually on hold, claiming that the release is forthcoming:

We firmly believe that this platform will never see the light of day, as the broker is tricking clients into staying and depositing. This tactic is quite refreshing from other schemes, but make no mistake that as smart as it is, it’s still a device for claiming your deposit and never returning it to you.

TRADENANCE MINIMUM DEPOSIT

The minimum deposit is $100. The broker only accepts deposits made with Bitcoin. This amount is low and attractive, but as we have seen, the lack of license means that there is a very high chance that this broker will not return any deposited funds or profits made.

For safekeeping your money, we strongly advise to avoid all brokers who do not have a proper license from renowned regulatory bodies. Agencies like the FCA and CySEC stand out as some of the top license issuers in the world, notorious for their severe requirements and close relationships with the law.

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

It may or may not happen, but if an unregulated broker asks you to install AnyDesk or TeamViewer and give them log in details, consider yourself very open to a complete drainage of your funds from all your online accounts. These softwares allow for anyone to access your PC from another station and go through all your files and vital information, including credit card, bank and alternative payment method details. Thankfully, these platforms are completely legal and will need your own personal approval in order to be used.

TRADENANCE WITHDRAWAL TIME AND FEES

The minimum withdrawal is $50, which is considered above average but can be unappealing for some more retail clients.

Processing withdrawals is claimed to be immediate.

Since there are no Terms and Conditions, the only fee we could foster is a 5% charge on every withdrawal:

ADDITIONAL FEES AND TAXES

Always be on your guard when dealing with unregulated brokers. They can easily launch incoming fees without warning. Furthermore, once you request a withdrawal, probably due to your suspicions being realized, the broker will most certainly deny your appeal. This denial is followed by a well thought of justification. Either they will find a loophole in the T/C that upholds their right to keep your deposit, or they will ensure you that now is the worst time for withdrawals for the market will very soon thrust upwards and multiply your initial investment by unrealistic numbers.

ACCOUNT VERIFICATION

Traders will sooner or later realize that something is a foot. Filing for a chargeback might not be as easy as it seems if, beforehand, the user has given away a copy of his ID and proof of address to the unlicensed broker. With these in their possession the broker can easily refute any claims you might have against them.

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 only way to recover is by filling for a charge back, and hoping it’s not too late.

If you have given a CVV code to the broker, be sure to cancel your credit card as soon as possible, because the broker will not delay with draining every cent from it.

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!

BOTTOM LINE

It took us less than a minute to realize that Tradenance is unlicensed. And that is before checking with the appropriate regulatory agencies. The site is extremely lack luster, and a waste of time and money for anyone who invests in it.