In my TerraTradeX review, I’ve tried to find out whether this broker is worth your time and money or not. To be honest, I found them highly disappointing on many fronts and their behaviour is similar to that of fraudsters. That’s why I don’t recommend doing business with them. Here are my findings:
TerraTradeX is a CFD broker. It does not have any other trading instruments mentioned on its website. They give very limited details about their trading services. The absence of a demo account makes it more difficult for the traders to experience their services.
Absence of Demo Account:
There is no availability of a demo account with TerraTradeX. A demo account allows you to trade in a simulated environment. The trader can execute trades without risking actual money and this peace of mind while judging the best execution strategies is another advantage of the demo account. Sadly, there is no such facility offered to the traders of TerraTradeX. Along with this, the weak support of the trading platform adds to the problems of the traders.
Not on MetaTrader 4:
Another setback to the traders is the absence of a reliable and trusted MetaTrader 4 platform. It has been in the market since 2005 and is provided by the MetaQuotes Software Corporation.
The various facilities of trading charts, and automated signals in a secure environment are some of the peculiar advantages of this trading platform. TerraTradeX discourages the traders by using an unknown trading platform instead of the trusted MetaTrader 4.
Feeble Live Trading Accounts and Customer Support:
TerraTradeX provides 4 types of live trading accounts.
- Standard Account: It requires a minimum initial investment of $500 which is 10 times higher than the minimum initial investment required by regulated brokers. The company provides academy access and a general account manager to the trader but these services are practically useless.
- Gold Account: There is a steep hike of 2000 percent in the minimum initial investment than the standard account. The amount required in a gold account is $10,000. The difference between the services than that of a standard account is the provision of an e-book only. A professional trader who is investing $10,000 as a minimum initial investment does not need any learning material or trading help from the broker.
- Platinum Account: The minimum initial investment is doubled here than in the gold account. With the gigantic amount of $50,000, the company offers the trader to open a savings account to gain interest over the deposit. My TerraTradeX review strictly warns the traders not to open any savings accounts with them. You have banks for this purpose. There are no other useful services provided in this account.
- VIP Account: The VIP Account requires a double sum of money as the minimum initial investment as required in the platinum account. With a whopping amount of $100,000, the trader gets a full education package and access to the premium contract with the company. It is a mockery of the funds of the trader.
- Affiliate Account: This account is exclusive for specific traders and the broker chooses the traders at its own will. There is no outline of the facilities provided in this account.
The live trading accounts of the company do not provide any details about the trading size, trading lot, spread, and leverage ratios. All these increase the worries of the traders and they are left to grip over the poor services of the broker.
There are no options for live chats, and 24*7 technical assistance using phone numbers, and email. The website of the company has one UK and another Sweden based number.
Deposit and Withdrawal:
The minimum deposit amount is set to $250 with credit/debit cards and the minimum withdrawal varies from $100 for credit/debit card to $500 through the bank wire transfers. There are no details about the maintenance fee, processing fee, dormant charges of the company. The absence of Skrill also raises a flag as it does not work with shady unregulated brokers under its “Anti-scam policy”.
After seeing the horrible services of TerraTradeX, let me uncover the fake claims of the company to fetch the traders.
TerraTradeX claims to be owned by AMI Group Limited. There is no information about the location and registration of the group.
The address of AMI Group Limited is not mentioned. When searched for the details of the group, there is a long list of companies and as a result, the ownership of TerraTradeX cannot be established.
Located in the Marshall Islands:
TerraTradeX claims to be based out of Marshall Islands. The address of the company is given as Trust Company Complex on Ajeltake Road in Marshall Islands. When I searched for the same address, there was no link with any company.
The company contradicts its statement by stating that it is headquartered in the European region with branches all over the world.
These are lies and there is no evidence to establish the truth behind the headquarters and the location of the company. This lack of location is directly linked to the unavailability of the physical address of the broker. I believe TerraTradeX is operating from a virtual office.
TerraTradeX does not have any link with the Financial Services Volunteer Corps (FSVC). The FSVC is the autonomous body overseeing the financial institutions operating in the Marshall Islands. It can be verified at the link www.fsvc.org/?s=TerraTradeX
Weak Governing Area:
The Marshall Islands does not have any strong authority over the financial institutions operating in the region. The group of islands is the best offshore location for brokers to put their funds in other criminal activities (such as tax evasion) going on in the region. It should be kept in mind that there is no compensation given to the traders in case of bankruptcy of the company.
Not Regulated as Claimed:
TerraTradeX claims in its terms and conditions that it is under the jurisdiction of the Courts of England and Wales.
The company is not registered in the UK and the Financial Conduct Authority of the UK does not have any details of their operations. It can be verified at the link register.fca.org.uk/shpo_nosearchresultpage?mainsearchString=terratradex&search=Terratradex
No Information on the Team:
TerraTradeX does not provide any details about the team responsible for the operations of the company. The owner tries to hide their identity by using paid services. The skillset and the experience of the team of professionals cannot be found. My TerraTradeX Review advises traders to stay away from such a broker who does not mention the details about its staff and management..
Blacklisted by Many Regulators:
TerraTradeX is banned by the top financial regulators. A quick list with a brief on the warnings is mentioned below.
- Sweden: The Finansinspektionen is the financial regulating authority of Sweden. It warns people against the illegal operations of TerraTradeX in the region of Sweden. The company is not authorized by the FI to provide services to the traders in the region, It can be verified at the link www.fi.se/en/varningslistan/2020/terratradex/
2. Italy: The Commissione Nazionale per le Societa e la Borsa is the financial watchdog for the region of Italy. It has raised a red flag against the illicit services of TerraTradeX in the region of Italy. It can be verified at the link www.consob.it/web/consob-and-its-activities/warnings?viewId=ultime_com_tutela
3. Portugal: The Portugal financial regulator also releases a warning against the fraud operations of the company. The Portuguese Securities Market Commission or the Comissao do Mercado de Valores Mobiliarios (CMVM) warns the traders about the dealings with the broker. It can be checked at the link web3.cmvm.pt/english/sdi/ifs/app/alertas.cfm
TerraTradeX tries to befool the traders by rotating information about the location and governing laws. The list of warnings from top financial watchdogs raises an alarm against the fraudulent activities of the company.
The website of TerraTradeX is terratradex.com/
The domain is registered in the year 2019. The address and owner details are covered using paid services. The setup of the website is based out of 3 countries.
Social Media Analysis:
Like many other offshore unregulated brokers, the company does not have any active social media accounts. The absence of TerraTradeX on Facebook, Twitter, Instagram, etc. hints at the weak customer relationship of the broker. Social media is the best tool for a broker to keep the traders updated about its recent developments and upcoming news. TerraTradeX doesn’t want to interact directly with its customers, which could be because of their notoriety and negligence.
TerraTradeX is given 0.5 on 5 point rating scale. Their tactic of catching traders with a lucrative high-interest savings account is not hidden now. The weak trading services, absence of demo accounts, and MetaTrader 4 creates a baseless foundation for traders. It is advised to stay away from the fake claims of offshore unregulated brokers like TerraTradeX.