FX TRADEO MARKET
There are hundreds of thousands of online brokers offering you their services when you wish to engage in trading, but selecting one is a daunting task to say the least. Navigating through the options will only leave you confused and unsure because every other company will seem to hit all the right notes. You cannot possibly open an account with all of them. There is also the risk of these companies turning out to be a scam, even though they may not seem like one at first glance. But, you cannot trust a company based on its website alone, as this FX TRADEO MARKET review will show.
No matter how good a company’s promises and features may sound, you should always verify the details to ensure the brokerage is one you can trust. During your trading journey, you will have to depend on them for providing you the right tools and platform and safeguard your funds and personal information. You cannot do this with any random company you know nothing about. Instead, you need a platform you know inside and out and can trust to assist you. Sure, such brokers do exist and many have used their services to make their fortunes in the financial markets.
You can do the same, as long as you check out a brokerage thoroughly before making up your mind about it. This is certainly worth it in the case of FX TRADEO MARKET that is presented as a reliable forex and CFD brokerage offering a variety of instruments to its clients. The fact that it claims to be headquartered in the United States, offers excellent trading conditions and a powerful trading platform makes it sound like the perfect solution for your trading needs.
But, you cannot just believe everything you see and should make an effort to check the company out thoroughly. This is when you will discover that FX TRADEO MARKET is not a brokerage you can trust. Why? You can find out the details here
Licensing and regulation
If there is one aspect of an online brokerage that can help in establishing trust, it is the licensing and regulation of the company. A license is required by a broker to offer its services in a particular jurisdiction and it is obtained by meeting the criteria established by a regulatory body. Every region has its own authority, so brokers need to fulfill their requirements to get the license for providing their services. This license is reassurance that the company will offer you quality services, along with security and transparency.
The fact that FX TRADEO MARKET claims to have its headquarters in the United States implies that it is licensed to offer its services there. The US is one of the top regulated jurisdictions in the world, so it indicates that you will have access to reliable and trustworthy trading services. However, when you run the name of FX TRADEO MARKET in the online registers of the Commodity Futures Trading Commission (CFTC) and the National Futures Association (NFA) that oversee brokers in the country, you will not find its name.
What does this show? This reveals that the address that FX TRADEO MARKET has given on its website is either fake, or it is based in the United States illegally. None of these scenarios help with the credibility of the broker and only makes it obvious that you cannot trust them at all. A genuine company would never offer its services illegally, or lie about where it is operating form. Therefore, it is clear that FX TRADEO MARKET should not be trusted.
To be able to execute your trades in the financial market, you will need a trading software and it is the primary offering of an online broker. But, no two brokerages offer the same one, so you need to check the software beforehand to know what you will be dealing with. If the software is lacking in any way, it can lead to poor trading performance. You are promised a powerful and advanced trading software at FX TRADEO MARKET, but it is not what they deliver.
You will come to see that FX TRADEO MARKET is offering a web trading software, which is quite common amongst shady brokerages. It is an oversimplified and rudimentary platform that lacks most of the tools that are usually available in platforms like the MT4, or the MT5. These are the industry standard and most trustworthy brokers would offer you these platforms to ensure you have a good trading experience. You will not find the same at FX TRADEO MARKET and this does not come as a surprise, given that it is already lying about where it is based.
You want to make good profits via online trading and these depend closely on the trading conditions that an online broker offers. The spreads and leverage are very important and show if the broker is really willing to offer you a good experience. Unfortunately, this is another area where FX TRADEO MARKET shows it is not worth trusting. The spreads start at over 2 pips, which is twice more than what an average broker asks for.
Competitive brokers offer spreads lower than a pip, but FX TRADEO MARKET does no such thing. In addition, its leverage ratios are quite high at 1:200, even though brokers in the US are not permitted to offer ratios of over 1:50. This is further evidence that FX TRADEO MARKET is not a trustworthy broker because it cannot be based in the United States when offering such ratios.
Making deposits and withdrawals is an important part of online trading and FX TRADEO MARKET claims to be offering you numerous payment options to use for this purpose. These include bank wire transfers, VISA, MasterCard, PayPal, Neteller and crypto coins. But, this turns out to be a lie because the only payment option you will find when you try to make a deposit is crypto coins.
Even though cryptocurrencies have become quite popular, you should note that this payment option does not give you the option of filing for a chargeback. This is why brokers like FX TRADEO MARKET offer this option because they do not have to worry about refunds.
The Final Verdict
Considering the lies and the misleading information that FX TRADEO MARKET shares, you can see that this broker cannot be trusted.