If we were to award the most banned broker worldwide, TradeVTech would be a strong competitor. We found at least ten warnings against their scheme, which is why some domains are inactive.
Our detailed TradeVTech review will deal with some concerning facts and reasons for this broker to vanish.
Before we go any further, we’d like to say definitively that MetaversesWorld, Merricks Invest, and FXrally are all fraudulent brokerage firms.
|Broker Status:||Offshore Scam Broker|
|Broker Regulation:||Unlicensed Forex Provider / No Regulation|
|Operating Status:||Active Forex Trading Scam|
|Blacklisted as a Scam by:||FCA, MFSA, FMA NZ, FMA AT, FSMA, AMF, Finanstilsynet, DFSA, LB, MNB|
|Broker Owner:||UMedia LLC|
|Headquarters Country:||Saint Vincent and the Grenadines|
|Mobile Trading:||Not Available – only via web|
|Minimum Deposit:||250 USD|
|Crypto Trading:||Available – BTC, XRP, LTC|
|CFD Trading:||Yes, you can trade CFDs|
|Trading Instruments:||Forex, commodities, indices, shares, cryptocurrencies|
|Islamic Account:||Not Available|
|Demo Account:||No, only live trading accounts|
|Accepts US Clients:||US traders are not accepted|
|Global Fraud Protection Team:||Don’t Invest in This Scam Broker!|
Is TradeVTech an Unregulated Broker Without a License?
TradeVTech is a UMedia LLC brand registered in Saint Vincent and the Grenadines. Additionally, we found an address in Bulgaria. Since SVG has no supervision of Forex and CFD brokers but requests them to opt for a license in the country of service, we turned towards FSC of Bulgaria.
As an EU member state, Bulgaria complies with the ESMA directive regarding fund segregation and leverage restrictions (1:30 for retail traders). Yet, TradeVTech regulation is not in their register, and the broker offers 1:200.
All this looks quite bad. Adding to the fact that the broker recently shut down two out of three domains, we can indeed say this was another scheme created to extort clients’ funds and vanish. If you have any details about their business practices, feel free to share them with us.
TradeVTech is an unauthorized brokerage firm allegedly registered in Saint Vincent and the Grenadines. There are dozens of warnings and negative reviews regarding the brand.
Warnings From Financial Authorities
Let’s go straight to the list. It’s quite comprehensive and shows us that the broker was busy with illicit activities.
The first official warning against the TradeVTech scheme was issued in July 2021 in Belgium. According to this financial authority, tradevtech.com is a fraudulent online trading platform to avoid. Norwegian regulator, Finanstilsynet, republished this alert.
A couple of days later, we got an official warning in Malta. MFSA said the authority has become aware of TradeVTech, a company not registered or otherwise authorized to offer Forex trading or any investment services in the country. This warning later appeared on the website of the Dutch AMF.
That same month, the UK FCA alerted us about the same fraud, stating that customers who lost their funds were not entitled to the assistance of the Financial Ombudsman or reimbursement from the FSCS.
In August 2021, the Austrian FMA became aware of the same scheme. According to their notice, the provider is not authorized to carry out banking transactions that require a license. This warning was republished in Hungary and Denmark.
The brand was banned in New Zealand in October of the same year.
Finally, in February 2023, the Bank of Lithuania added the latest active domain, tradevtech.io, to its list of fraudulent trading entities.
Where Is TradeVTech Trading Scam Active?
Now that you know the scheme size, let’s check where the broker is currently active. The majority of complaints have come from:
It somewhat complies with regulatory warnings. It should be noted that this brokerage is on its third domain, still running the same fraud.
TradeVTech Reviews – Traders’ Experience
Besides regulators, we’ve checked what traders have to say about TradeVTech broker. As you can imagine, comments are mainly negative. The firm is rated poor on Trustpilot, with 83% of 48 reviews being 1-star.
We believe this is a well-deserved reputation considering all the tactics they use to vanish and reappear, only to scam new investors.
TradeVTech Trading Platform
The broker offers a rather lousy WebTrader. While they claim it’s new software, the TradeVTech trading platform cannot come near what you’d get with MT4, MT5, or cTrader.
Instead of being wowed by the range of tools, we were pretty disappointed. You can apply several charts and indicators, see pending orders, trading history, and nothing more. If you were aiming for social trading or EAs, you could forget it.
Additionally, the broker claims to offer mobile apps for Android and iOS, but the only link is broken. Therefore, we believe such apps don’t exist.
What Can You Trade With a Broker?
While we think everything stated above is enough to dissuade you from investing, we’ll show you a list of tradable assets.
- Currency pairs – EUR/USD, GBP/CAD, AUD/ZAR
- Commodities – gold, palladium, brent oil
- Indices – NIKKEI225, FTSE100, AU200
- Shares – Amazon, Apple, Google
- Cryptocurrencies – BTC, ETH, USDT
Solid range, but not good enough for us to forget we’re dealing with a fraud.
TradeVTech Trading Account Offer
Let’s briefly review TradeVTech account types.
Each brings more perks regarding trading education, broker assistance, and tradable assets. However, we have no idea about the payment requirements. All we know is that the minimum deposit to start trading with the said firm is $250.
TradeVTech Demo Account – Can I Trade For Free?
A TradeVTech Demo account is not available. The broker requires you to pay the initial sum right upon account registration.
It’s not surprising, considering how many warning signs there are. They don’t want you to have time for due diligence and the possibility of changing your mind. Instead, they’ll trap your money, then ask for various fees and taxes before approving your withdrawal request.
Withdrawing Profits From Your Broker Account
There are only two available payment options according to the obscure TradeVTech Withdrawal Policy:
- Debit/credit card,
- Wire transfer.
The minimum amount for a withdrawal is $50, and customers must fulfill a whole list of requirements. This includes sending verification documents, signing a Declaration of Deposit, and fulfilling bonus conditions.
If you received any bonuses, you must trade one lot per $5, meaning $100,000 for each $5 you received. This is why major regulators prohibit incentives and limit brokers from abusing them.
I Have Been Scammed by TradeVTech, What to Do?
As you can tell throughout this review, many have been scammed and reported TradeVTech fraud. If you’re one of them, don’t despair. You can always file a dispute for a chargeback, and we can help you with it.
Feel free to contact Global Fraud Protection via chat or the form below and share your story with us. We’ll book a free consultation with our chargeback experts to evaluate your case and find the best method to recover stolen money. It’s not all done; let’s fight!
All In All, Don’t Let the Scammers Get Away for Free!
Is TradeVTech a Legit Broker, and Should I Invest In It?
TradeVTech is not a legit broker. If this notorious swindler has scammed you, allow us to help you with a monetary recovery,
Does TradeVTech Offer a Demo Account?
No, TradeVTech doesn’t offer a Demo account, only Live ones.
Are My Funds Safe With TradeVTech?
Considering all the regulatory warnings and negative reviews, we can surely say that your money is unsafe with the broker.
The views and opinions expressed in these articles are those of the source ForexIndustry.com and do not necessarily reflect the official position of ‘Holy Smoke!,’ which shall not be held liable for any inaccuracies presented. The information provided within this article is for general informational purposes only. While we try to keep the information up-to-date and correct, there are no representations or warranties, express or implied, about the completeness, accuracy, reliability, suitability or availability of the information in this article for any purpose.
This article is syndicated automatically through a third-party agency from ForexIndustry.com.
To view the original article at ForexIndustry.com, you can visit https://www.forexindustry.com/2023/03/12/tradevtech-review-2023-offshore-boiler-room-banned-in-eu/.