In the present times, if someone starts searching, he or she will come up with so many different Forex trading tools and all they are booming specifically in this time of quarantine. Some markers are fluctuating and when day trading has taken a different route due to the markets being closed, forex is one of the best options for making money. Bidding on the currencies will prove to be one of the best places to invest your money during these crazy times. In today’s review, we will discuss one of the most notorious brokers in the world and that is TradeMaker. Even though the site is quite popular, there are a good number of people that think that this site is not one of the best ones for most forex traders out there.
The site offers several different account options to Forex traders. What makes it different from the other fraud companies out there is the proper licensing history. The company is even approved by financial regulators out there and almost any newcomer will be able to operate this website. It is a legally operating trading tool and follows all the guidelines of the global financial authorities. The site also offers CFD trading facilities which will not allow a trader to get bored. In this article, we will be discussing some of those fallouts due to which traders will not choose this site.
But first, let’s discuss some reasons why people fall for this nefarious broker:
- High Leverage – The high amount of leverage that the company offers is higher than what many other companies offer. This is one of the reasons why new traders are attracted to this website. The leverage ratio lies somewhere around 1:1000 and it has the capacity of coping in the aggressive trading markets. Still, a lot of traders do not consider this as an advantage as with high leverage, there is a good amount of risk involved as well.
- Meta Trader – the site supports the latest version of meta trader, which is a significant advantage. Meta Trader is one of the best trading tools out there for Forex and it shows all the recent bids and provides proper charts to traders so that earning money becomes simpler for the new ones too.
- Blacklisted – Our TradeMaker review cannot be complete without digging into the history of this website. The website has been seen to be blocked in some countries due to potential financial fraudulent activities.
If one digs deeper, he or she will be able to find that it has been blocked by the Financial Conduct Authority and a serious warning has been issued towards the operational background and methods of this site. New traders wouldn’t appreciate such foul conduct against a trading website and they will simply avoid it. The broker has not been able to provide any kind of physical documentation or in any form for that matter to prove its authenticity.
The company has tried to persuade the financial authorities to approve its license as it claims that it is an authorized trading firm but the reality states otherwise. It is advised to all new traders stepping into the Forex trading business to avoid this for all the good reasons.
- Clone Firm – TradeMaker is one of the most hated firms by the financial authorities and that is simply because it has not been able to prove that it is an authentic place to do business. It can be said to be a firm that has started business somehow and has cheated people to rise to the top and make a name for itself.
It is a clone firm, which means that it follows the operational structure of other firms and then evaluates their profit and turnover tricks and applies its own evil mind to cheat naïve traders and earn more money out of them in whatever way possible.
Several people working in the financial authorities have tried to track the financial history of the firm with the help of the Financial Reference Number provided on the website and no such search results came up that was able to prove that traders can keep doing business with it.
The address provided by the firm relates to a different place altogether and if someone compares it with the origin of this trading company, then the data will be conflicting. The data that is being published by this company is misleading for traders and when there is a doubt regarding authenticity, one should not continue trading with a firm.
- Fake Claims Regarding Financial Regulation – This website has been boasting about its financial regulations and when proper research was done, it was discovered that it is fake news as well. The financial regulations that the website has been talking about are nothing more than a mere act of fake claims.
This broker has claimed that it is operating under the name of TradeMaker Ltd. which has been licensed by the Italian financial regulatory authorities but in reality, TradeMaker has no relation to the company that it is claiming to be its parent organization. So it can be said that the information that TradeMaker has provided on its website is faulty. This is another markdown when it comes to authenticity. It can be now said that this website cannot be trusted and traders should not be getting involved in doing business alongside this broker.
- Conditions of Trading are Unclear – There are many times when we see that the trading websites provide users with demo accounts so that the new ones can get an idea about the trading conditions. Here in TradeMaker, this is not a thing at all.
The website does not disclose any information regarding the trading conditions of the broker nor the marker which can lead traders to a risky situation. No information regarding spreads is mentioned here and no advantage can be seen here for the new traders that are laying their first steps in the trading market.
The standard for any Forex trading site is usually 1.0-1.5 for the currency pair EUR/USD. But when it comes to TradeMaker, there is no information about any such spreads.
- Heavy Deposit Demand – A standard trading website can ask for a deposit of 250EUR and this is the same for all the new trading sites out there. In this one, the initial deposit is quite high, it asks for an amount somewhere around 500$, which is not acceptable at all.
We observed that this trading site supports the latest version of trading tools and offers good leverage. Still, these two just cannot be the only reason for sticking to this site. TraderMarker has been banned in many places and has complaints against it that restrict it from continuing financial operations in many places.
One of the most important facts that differentiate an authentic site from a fake one is the fact that whether it is governed or regulated by any kind of financial authority. In this case, TradeMaker is not regulated by one, so it will be safe for the traders to stay as far as possible from it.