Thinking of getting into business with Tradefm? Here is what you must know about this broker. Carefully read this review to find out if tradefm.co is the trading platform you will want to trade with.
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About Tradefm Broker
Tradefm is an offshore brokerage company with a lot of promises for traders. The broker is from Marshall Islands with the parent company Evergo Ltd presented on the web page.
There are different account types Tradefm offers. See below.
In spite the trading instruments Tradefm claims to offer, forex traders must know they are dealing with an unlicensed broker which does not have a regulation over its head.
As a matter of fact, the parent company Evergo Ltd has been placed on a warning list for forex traders by the Italian financial authority, CONSOB.
tradefm.co: Reasons to Avoid This Broker
Firstly, tradefm.co is a platform with no financial authority overseeing its financial services. The regulation claim is not legit because this broker carries out scam forex activities which well known regulator like CONSOB has blacklisted for traders’ good.
Secondly, we noticed tradefm.co has no demo account for traders. Since traders can’t test Tradefm on a free account, we can’t know its viability in the forex market.
Most importantly, this broker does not offer money back guarantee which means trading on such platform is clearly a risk as your money cannot be refunded.
These are cons for forex traders to avoid losing money with this broker.
Withdrawal and Deposit
Withdrawal process
Tradefm presents the following information on the withdrawal and fee. See below.
Minimum Deposit
Tradefm minimum deposit from the account type shows $1000.
As for the payment methods, we can make payment via Debit/ Credit cards and Bank Transfer. However, you should not consider making any payment with this broker because it is a risk. So beware!
Tradefm Platform
Tradefm offers web based trading software and not MT4 or MT5 (Industry standard trading platforms) which gives us more reason not to take this broker serious.
As for the leverage, Tradefm provides 1:100. Nevertheless, we say don’t consider doing that with an unregulated forex broker like this one because you stand the chance of losing your money.
Tradefm Licensing and Regulation
It is not far from believing that this broker is not a licensed brokerage firm. It is not under any financial regulation that means your money is at risk. Its unlicensed and unregulated activities are truly a red flag and must be avoided.
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Conclusion: Is tradefm.co a Reliable Broker?
tradefm.co does not seem like a reliable broker for traders even though it promises offers that look good to be true.
More so, the broker is unregulated which means it is not authorized to operate in any regulated country and you should definitely not put any money into it.
Because we have taken it as a duty to review forex brokers and also share reasons, we will not recommend this broker for trading.
Kindly share your comment about this broker in the comment section.
