TradeNero

TradeNero integrates a futuristic interface and quite the professional feeling. Yet we are still concerned for this one, for reasons we shall see. Read on to find out more.

TradeNero is owned by the parent company Trade Nero Ltd, which is registered in Dominica and works according to the laws of the small nation. There is no other mention of a location or a regulation.

The Commonwealth of Dominica is certainly not a destination that is associated with license issuers for brokers, or any other financial institutions. Furthermore, the country, even though regulating the banking sector and some non-banking institutions, does not do the same for forex and CFD brokers. So, the broker may be registered there and working under the local laws, but without a regulation it can do whatever it wants, which is always a no-no for forex broker. Thus we conclude that TradeNero is UNREGULATED, and a risk to all investments.

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.

We opened an account in a matter of seconds, and we presented with a trading platform on which we got a EUR/USD spread of 0,3 pips, which is a perfect cost of trade. It’s even too good, only working for the trader, which is something not too common for unlicensed brokers.

The broker claims to be offering a maximum leverage of 1:1000. This huge leverage should be taken seriously; users should be aware that this high a leverage ca have dire consequences on investments. However, with skill and some luck traders can turn a small sum into a huge profit with this leverage. Tread carefully.

According to the trading platform, the assets available to trade with are Forex Pairs, Indices, and Shares. This is not enough to cope with industry standards, with the most obvious missing instrument being the crypto currency.

The website can be translated into English and Russian.

TRADENERO LOGIN

This familiar trader offers the bear minimum for traders to do. The are multiple time frames, chart indicators, and options for optimizing a traders game, but the bulk of it leaves us wanting more. We say familiar because we have previously encountered it with other unregulated brokers: Olympia Markets and TFXgo.

As we said, the EUR/USD spread is extremely low, at 0,3 pips. The leverage is capped at 1:1000.

The platform is exclusively browser-based.

There are discerning commission that affect traders, whose clause in the Introducing Broker Agreement are as confusing as ever. The only thing we got is that id the spread turn over is less than £5000 then the commission shall be 20% of that sum. If the turn over is above £5000 the commission is 25%. Here is the entire clause in its entirety.

Basically, every opened trade will be issued this ridiculous charge. This is totally unacceptable, and should act as a sign of the broker’s self interest. This is the reason why the spread is so low!

TRADENERO MINIMUM DEPOSIT

We were able to continue the depositing process with just $1, so we assume that there is no minimum deposit.

The only two depositing methods revealed to us on the client portal were Credit/Debit cards and Wire Transfer.

Once more: this broker is clearly unregulated, and if you choose fund an account with it, it will put you directly at risk of losing all funds. 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 YOUR CREDIT CARD CVV CODE

Furthermore, 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

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.

TRADENERO WITHDRAWAL TIME AND FEES

The minimum withdrawal amount as seen in the client area is $50.

The withdrawal process typically takes up to 5 days.

There are undisclosed fees on withdrawals, that are not given a numerical value,

ADDITIONAL FEES AND TAXES

We will cover a couple of the main clauses in the legal documents.

The first one is concerned with an annual trading volume. If a client’s trades do not exceed 20 lots per month, the company will charge a maintenance fee of £1200 in any 12 month period.

If the clients total deposits for 3 months are less than £500, the broker will void the agreement

These two clauses are enough to make any person mind. These are clauses associated with illicit brokers. There are other clauses that basically give the broker total power over the client.

Unlicensed brokers utilize smartly crafted tactics to keep you as invested as possible into their schemes of deception. Any effort to withdrawal your money 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

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 an FCA or CySEC licensed broker where the law is integrated in every aspect of their operations.

HOW TO RECOVER

The most sound advise we could give you is to immediately file for a chargeback with you credit card company.

Any details you might have shared with the broker, most notably the CVV code, are sure to be used against you, thus you should swiftly cancel your credit card ASAP.

Victimized traders will have their guards down looking for every opportunity to get their money back. This is where the fake recovery agents come in, seeing an opportunity in your desperateness. First of all, they will promise to recover all your money, but they will ask a fee to cover their services. Once this fee is paid rest assured that you will never again hear from them.

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

TradeNero is a complete scam. Users will find here only a hazardous environment for their investments. Stay away at all costs!