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The search for an online broker may sound simple enough, but it becomes a big challenge when you realize that there are a plethora of companies offering their trading services. Each platform you check out seems better than the last and this can go on and on. Moreover, it gets even more complicated when you discover that not all platforms are what they appear to be. Some of the brokerages are professional and trustworthy, but there are also impostors hidden in the mix and it is your job to ensure you don’t pick the wrong one. You can check out this Trademoreprofx review for some assistance.
Most people know that scams are prevalent in the online trading world and that there are fraudulent brokerages that operate. Yet, the number of victims does not reduce and this is because cybercriminals know what tricks to use to attract people. There was a time when you could identify a scam brokerage pretty easily, but this is not the case anymore. These days, such fake platforms are so well-designed that people don’t learn the truth until it is too late. How can you avoid this situation? The key is to go through the offerings of a brokerage, assess them and then make up your mind.
Being cautious may seem like a burden, but it can protect you from becoming just another victim and allow you to achieve your goals. Isn’t that what you want? When you first come across Trademoreprofx, it is a given that you will be impressed with the brokerage. After all, it is advertised as an award winning brokerage based in the United Kingdom and it is promising people access to forex pairs and CFDs, along with the lowest possible spreads. This makes it sound like just the right package for a trader, but is it trustworthy? A deeper look tells you a completely different story. Read on to find out:
Blacklisted by the FCA
There are two kinds of brokerages operating in the financial markets; regulated and unregulated. The former category is the trustworthy one because these companies will have a license to provide their services, which they can only get when they have met a certain criteria in terms of protecting their clients and maintaining standards. The latter category is where the scams usually fall, so you need to avoid them. The fact that Trademoreprofx claims to be based on British soil impresses people because they assume that it has a license from the FCA i.e. the Financial Conduct Authority that regulates brokerages in the region.
You will come across a UK address on the Trademoreprofx website as well. However, if you check the registers of the FCA, you will not find the company listed anywhere. Furthermore, you will discover that instead of being regulated, it seems that the platform is offering its services illegally in the UK. Thus, it has managed to attract the ire of the FCA and the regulatory authority has issued a warning about the platform. The fact that Trademoreprofx has been blacklisted by one of the most renowned regulatory bodies in the world means that it is not trustworthy at all.
Opening an account with a brokerage means trusting them with your money as well as your personal and sensitive data. You will not do this with a random company you come across over the internet. You need to know the company and ensure it can be trusted. Regulation is one way to go about it and we have already established that Trademoreprofx is not one.
This means that you cannot verify their license or any other credentials that are mentioned on the Trademoreprofx website. It makes the brokerage virtually anonymous because you cannot trust anything they tell you and there is no way for you to authenticate it.
Guarantee of profits
Another reason for you to not trust the brokerage is because even though it claims to be a forex and CFD broker, it does not appear to stick to that model. This is due to the fact that Trademoreprofx is offering weekly investment plans to its clients via which it claims to offer them guaranteed profits. There is no way that a genuine and authentic brokerage would ever do that. Why?
First off, this is because the financial markets are extremely risky and volatile, so no one can predict how things will turn out. Even experienced and professional traders do not give guarantees, so Trademoreprofx should not do so either. As a matter of fact, brokerages in regulated jurisdictions, including the EU and UK, are actually required to issue warnings on their website about the risks involved in trading in these markets.
Rather than doing so, Trademoreprofx is doing the exact opposite, which means it is breaking the rules. Secondly, a brokerage cannot technically assist its clients in making profits because its structure makes it a market maker. This means it profits when its clients lose, so guaranteeing profits to clients would mean losses for the broker. No legitimate company would ever suffer from losses willingly.
Lack of functional trading software
The trading software offered by an online broker is used for trade execution, but Trademoreprofx is only parading as one and not an actual brokerage. This is confirmed by the fact that they do not have a functional trading software at all. Even though it makes big claims of offering the MT4, MT5 and cTrader platforms, the website only boasts a funny looking dashboard that is not functional at all.
Only Bitcoins are accepted
Last, but not the least, you will also come to know that Trademoreprofx only accepts bitcoin payments on its platforms. This also makes the platform untrustworthy because crypto payments are a favorite of scammers. They are final and not eligible for a chargeback, not to mention that they are anonymous, making it easy for criminals to take the money and vanish.
The assessment of Trademoreprofx shows that it is not a trustworthy broker and you should avoid it at all costs.