Table of contents
We open with what seems to be a perfectly working and great cryptocurrency-only broker. Scouting through the website, one is impressed at the details and information that is included…even the design is pleasant and appealing enough to retain. All an illusion, we assure you, for TradesCrypto goes to great lengths to conceal its real nature. Read below to see the real face of this broker.
Let’s begin with the vital element: the regulation. The troubles arise early on. Saying that there is confusion surrounding the license issuer would be an understatement. The Terms and Conditions (which is actuall the Know Your Customer section, leaving us to believe that there isn’t a T/C page) claim that the broker is owned by Rivinio Ventures Limited, and is registered in Malta with a convoluted address line. The broker is authorized to provide online trading services under the agreement with Rivale Enterprises S.A which is located in Ajeltake Island which is part of the Marshal Islands. This is perhaps one of the most misleading piece of information concerning a regulatory entity we have ever encountered. We leave it for you to see:
To add further insult to injury, the footer of the websites indicates a completely irrelevant address and yet another unrelated company name:
As far as they’re concerned, we couldn’t find associated domains under both Rivinio Ventures Limited an Rivale Enterprises S.A. As the brokerage is supposedly registered in Malta, it must posses a MFSA license in order to provide legitimate trading services. The Malta Financial Services Authority (MFSA) enables traders to be compensated a 90% of their investment of up to €20 000 if the broker becomes insolvent, not to mention that they require a starting capital of €730 000. After checking in the MFSA registry and knowing for a fact that the Marshal Islands don't regulate forex, we can directly claim that Tradescrypto.com does NOT hold a license, making it in fact an unregulated broker.
We strongly advise traders to trade only with regulated brokers that hold a license from renowned and severe institutions such as the FCA or CySEC. Not only do these agencies oversee operations and require regular reports from brokers registered with them, but those under their jurisdiction are members of compensation funds that cover victimized clients’ losses of up to £85 000 (FCA) and €20 000 (CySEC)
The leverage is maximized at 1:10 for the major cryptocurrencies, and 1:2/1:5 for the minor ones.
Cryptocurriencies, being the sole instrument for trade, have all very different bid and ask prices. For simplicity reasons we have attached the following still from the MT4 platform:
The oddity continues with the languages. For unregistered users there are only four: English, Russina, Chinese, Spanish, French and Romanian. Yet, in the client portal (accessed once registered) the range exceeds expectations: English, Arabic, Bulgarian, Chinese, Czech, German, Spanish, French, Croatian, Italian, Japanese, Polish, Portuguese, Romanian, Russian, Vietnamese and Greek.
This broker has made it possible for MT4 to be used. No other platform is available.
This ubiquitous terminal is abundant in trading option specifically designed to give traders an edge. Expert Advisors are a staple by now, while one click trading, multiple pending orders, superior chart management and customizable trading indicators (and many more) open so many possibilities for traders.
As noted, the broker offers only cryptocurrencies as asset so the bid/ask values are particular to a given currency. To simplify, we have attached the spreads for the most popular cryptocurrencies as shown on the TradesCrypto MT4 platform.
The platform comes as a web trader, is accessible through a desktop version, and can be used on smart phones (Android/Apple).
TRADESCRYPTO MINIMUM DEPOSIT
The minimum deposit for the Standard Account type is €1000. This is incredibly high, and is yet another sign of the lack of professionalism. This high a deposit is never required by proper, regulated brokers.
Use MasterCard, VISA, Diners Club Card, Wire Transfer, WebMoney and Fast Bank Transfer for depositing funds.
As we have, multiple times, concluded, this unregulated broker is not to be trusted, hence we advice against making any deposits whatsoever. If traders wish to trade in a safe and regulated environment, 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.
DON’T PROVIDE YOUR CREDIT CARD CVV CODE
Never give away your credit card number and CVV code without first making sure that the broker is regulated by an efficient agency. By giving away your Card info with the CVV code to some unconfirmed person you are literally giving access to your funds, and if these details fall into the wrong hands, rest assured that your bank account will be promptly emptied.
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.
TRADESCRYPTO WITHDRAWAL TIME AND FEES
There is no minimum withdrawal amount indicated, which is typical of unregulated brokers because their intentions are to never allow you to withdraw any amount.
Furthermore, there are no process times indicated anywhere.
ADDITIONAL FEES AND TAXES
Heed our words. Unregulated brokers do not care who you are and what your situation is; all they see is money, and how to trick you into giving it to them. 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 to unrealistic proportions.
Beware, once more, when giving away an ID and a proof of address. Trustworthy brokers ask for these before traders can deposit to make a check up. Deceitful ones will ask for these details, using the anti-money laundering legislation as pretext, once you start asking too many questions and are getting suspicious of their activities. Understand that they will use these to build a stronger case against you in the event that you request a chargeback.
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 most sound advice we could give you is to immediately file for a chargeback 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.
It is clear now that the great and structured presentation acted as a facade, while the real intentions of the broker are unclean and wrongful. TradesCrypto is most probably a scam.
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!
This broker is most likely a scam. Keep away!
TradesCrypto compared to other brands
United Kingdom, Cyprus, South Africa, Mauritius
Cyprus, Saint Vincent and the Grenadines