The next big thing in the trading world is working with cryptocurrency. It is one of the biggest outbreaks in the finance business and is taking the world by storm. Many different websites in today’s time offer an amazing platform for trading with distinguished account types and promising returns. Today, we are going to discuss such a tool that goes by the name of TradeCrypto. It is a popular name and even though they have a good website, they are notorious among forex traders.
The website has been designed by people who generally come from the brokerage and fintech background. The site has been appreciated by a lot of people (www.tradescrypto.com/) but still, there are a lot of things that don’t seem right about this website and one should only get into trading with this site after going through the below TradesCrypto review.
When it comes to cryptocurrency trading, a lot of different factors come into place such as trading experience, brokerage experience, etc. Fintech or financial technology is one of the many things that one needs to have a good knowledge about before starting in any kind of brokerage or investment business.
In today’s world, Fintech has brought in a massive change in financial services due to the implementation of technology. Before starting to trade with TradesCrypto, one must know a few advantages and disadvantages to this company.
Why People Might Fall for TradesCrypto:
- Filled with promises– This site promises the users to be safe and secure for trading. It considers itself as a non-market maker and agrees to bring more than 70% of all coins with a market capital goal of over several exchange rates for the convenience of the traders using this site. Furthermore, one will have access to several cryptocurrencies from several single accounts. But, remember, they are just promises.
- A good amount of leverage – the trading tool has been rated as one of the finest because it brings in a good amount of leverage and it is always beneficial working in a highly volatile market. The risk is a little high if one is asking about the high amount of leverage. The financial regulators in the United States and certain parts of Asia have provided a maximum cap on the amount of leverage that one can operate with. But TradesCrypto doesn’t fall under the jurisdiction of any regulator, so they aren’t legally obligated to put a cap on their leverage.
Now, let us discuss some disadvantages or risks that one will be prone to when they are using this website.
Reasons Why You Shouldn’t Trade with Them:
- Terrible withdrawal conditions – even though this factor is not the most important one but still it is quite significant for most traders out there. There is a certain time limit before which the broker will not allow one to avail any kind of withdrawal services. This rule seems to be nonsensical and rather it can be said that it seems to be something that the company has designed keeping in mind its benefits. The more hours a trader will be engaged in trade, the more are the chances for that trader to bring in more business. One should have access to their funds almost whenever they want, unfortunately, this is not the case here. Apart from that, there is no separate account for storing the funds. Any kind of online brokerage company these days allows the traders to store their funds in a separate account which is different from the trading account. This is not the case here and there are a lot of traders who find this unusual.
- Skrill payment method isn’t accepted – Skrill is one of the most used payment methods in the European region. It is a payment provider that allows an individual to pay securely for products involving Skype. One can use their credit cards or debit cards for paying for products through Skrill. The system uses an e-wallet user interface tool to store the funds and then transfer them to the respective accounts for products. Unfortunately, TradesCrypto does not allow this payment method and this is rather disappointing. Almost all the payment methods such as Bitcoin, Bitgold, etc are accepted here but when it comes to Skrill, the broker has a strict denial policy.
You see, Skrill partners only with licensed and trusted brokers and this might be the reason why this website does not have access to this facility.
- Lack of licensing – When it comes to proper licensing, this website again lacks a major feature. The website is not run by a single company, rather it runs under the name of two major companies and this can be an issue. The MK Trade Limited is one of the parent organizations of this cryptocurrency business and it is based in Bulgaria, there is no record of them being licensed whatsoever. Furthermore, there is no licensing history behind it and the FCA has revoked the accountability of any kind of actions taken by this company. Along with that, the Cyprus Securities Exchange Commission is another big name when it comes to licensing of such companies and according to a report published by that company in the name of TradesCrypto, it seems that they have denied all accountability as well. In short, it is not a company that can be trusted.
- Massive deposit request – The company usually asks for a high amount of deposit even from the brokers who are just starting to trade. A person is asked from something around 1000 EUR in terms of deposit. One can simply open an account with other online brokerage companies with an amount of 250 USD. Such a huge amount puts you at a very high risk because the more you deposit, the more you stand to lose.
- Massive spreads – The spreads that this brokerage offers are more than 150 crypto coins. When the platform was tested with a demo account, only 20 or a little more currency pairs were available and a few of them were CFDs.
There was nothing anywhere near crypto coins. This is a complete case of financial fraud, if a broker is promising you something and then delivering something else, then this is not acceptable.
The best thing to do when it comes to TradesCrypto is moving on. There are so many other trading accounts available out there one can take total advantage of them, but when it comes to TradesCrypto, there are so many loopholes that it is for sure that at some point in time, you will be a victim of fraud.
Nobody would want that and it is always better that you choose a company that has been accepted by financial regulatory institutions.
If you’re residing in Europe or the American regions, then there are so many financial regulators for the different countries and being licensed and accepted by them is mandatory.This review (TradesCrypto) was originally published at The Skeptic Tank. To read the full review, go to – www.skeptictank.org/tradescrypto/