Tradereview Review – Reasons to Steer Clear of this Broker

Tradereview Review

Even though everyone is well-aware of the online trading scams that run rampant in the financial markets, it still has not slowed down the scammers. They continue operating in the market and are able to find new victims on a regular basis.

How are they able to do that? They can accomplish this because these fraudsters use various tactics to fool people into signing up.

They create an irresistible package to draw people in, but this does not make them genuine, as this Tradereview will reflect. It makes them even more dangerous because they are willing to go to great lengths to scam you.

So, how do you keep yourself safe? The key is to look closely at a brokerage before you decide to use their services for online trading. It does not matter how it appears on the surface; even scams are going to look genuine at first glance.

But, when you make the effort to look underneath, you will see plenty of reasons to steer clear of a company if it is a scam. If it is not, it will give you more reasons to open an account with them. You just need to be willing to do so, no matter how eager you are to begin trading.

Bear in mind that even a slight miscalculation on your part can result in disastrous losses for you, so it is better to not make such a mistake.

You will be sorely tempted to open an account with Tradereview right away because it presents itself as a leading technological and financial firm with 10 offices spread across Asia and Europe that have more than 300 employees.

It also offers its clients the opportunity to trade forex currency pairs, shares, oil, gold, cryptocurrencies, futures and indices and through a convenient and powerful trading platform.

This makes Tradereview seem like a very decent and professional brokerage because it seems to have all the right features and offerings you need. But, the reality is far from it and when you take a closer look, you will find that there are a number of reasons to steer clear of Tradereview. Some of these reasons are highlighted here:

Regulatory issues

Even if you are a novice trader, you will still be aware that both regulated and unregulated brokers exist in the market. These two categories can make all the difference between genuine and scam brokers because the former are always going to be regulated, while the latter will fall in the unregulated category.

This is due to the fact that a license is only issued to companies that can fulfill certain requirements and are willing to comply with standards.

Obviously, no fraud will ever be willing to do so because they are only in it to fool people. Plus, regulation also means supervision, which would just give away their reality, so they will never make this mistake.

Therefore, the first step you should take is to check the regulation and licensing of a broker and the same should be done for Tradereview. As mentioned above, it claims to have offices in Europe and Asia, but it does not seem to have a legitimate forex license anywhere.

Moreover, it seems that Tradereview is actually registered in the Marshall Islands, which is an offshore jurisdiction that does not regulate the forex industry at all.

Thus, any registration there is absolutely worthless and does not give a broker any credibility. It essentially means that you are dealing with a virtually anonymous and unregulated broker that you know nothing about. It does not make sense to trust it with your money, or your data.

Attempt to steal funds and information

The lack of regulation is only the first reason for you to steer clear of Tradereview and you will find more when you continue looking into its offerings. When you are going through its website, you will find two icons that appear to be benign. These are for AnyDesk and TeamViewer and if you do not know what they are, then you can find out.

These are recognized as remote desktop applications that can be used by people for accessing their home PC details from anywhere through the internet. These can be extremely convenient, but why is Tradereview offering them to you?

It is the norm for some scam brokers to give you these apps and demand that you share installation details with them. Once you do so, they will have remote access to your PC, including all the information stored on it.

It means that they can learn your passwords and directly access your bank account to steal your money as well. The presence of these apps sheds light into Tradereview’s negative intentions.

Lack of trading platform

One of the most impressive offerings of Tradereview is its trading platform, which it claims is convenient and powerful.

You will be excited to use such a platform because it can help you maximize your trading efforts, but this is just a lie. Not only does Tradereview not offer you a powerful trading platform, it does not seem to offer any platform at all.

Considering that this is the key feature of every broker because there is no trading without it, you will definitely be shocked. However, it is true that you will just find a funny looking dashboard on the Tradereview website when you try to access their platform. It only allows you to make a deposit and does not have a trading option.

Excessive leverage

The trading conditions that Tradereview offers are another reason for you to steer clear of it. Even though it has advertised low spreads, it does not share what they actually are. This lack of transparency should immediately turn you away.

Furthermore, you will find that Tradereview is offering leverage ratios as high as 1:400, which are considered extremely dangerous and should not be offered to retail traders.

Final Word

These are some major reasons for you to steer clear of Tradereview because it is obvious that this broker is up to no good.