Trade99 Review – Avoid This Unregulated Broker

0 Comments

Trade99 Review: this firm is a well-known online forex and CFD broker. Trade99 is considered as an unregulated broker that makes many baseless claims about their services. They engage in recruitment tactics that most reputable brokers wouldn’t, such as offering trading bonuses. We would recommend that investors steer clear of Trade99.

Trade99 Provides Unregulated Services

Part of their unregulated services, the given contact information that Trade99 provides an address in Hong Kong. However, a company known as Nohelious International Marketing Operations operates Trade99. NIMO is incorporated in the Dominican Republic, a country widely used as a haven for offshore operations and scammers. None of the official regulatory agencies confirmed Trade99 to be registered with them. A broker that operates in Hong Kong would have to register with the Hong Kong Securities and Futures Commission, which would hold the broker to high standards.

Trade99 claims to be under the jurisdiction of “The Financial Commission.” This commission is not a financial regulator like the FCA or CySEC. It appears to be nothing more than a small website that gives its approval to offshore brokers, with no apparent review or regulation policies. The Financial Commission has placed Trade99 in its A-Category; it is not clear what this designation implies. Even if the Financial Commission does have the full intent of regulating Trade99, they don’t have the authority of a national regulatory body. Without the legal inspection, whenever this company runs into a scandal they could simply vanish overnight.

Trading Bonuses – Trade99 Is Seducing Novice Traders

One of the ways that Trade99 is seducing novice investors is by suggesting trading bonuses. These trading bonuses draw in inexperienced traders. Both the FCA and CySEC have banned this practice among the brokers that they regulate. Users who receive a trading bonus are likely to run into issues when they try to withdraw any profits. The reward must go through a certain amount of trades before being withdrawn, and most traders are likely to have nothing left by that time.

Ambiguous and Unreliable Communication(Trade99 Review)

Trade99 says they have several fees that apply to their users, withdrawal fees, service fees, etc. However, our Trade99 review establishes that the company is ambiguous and unreliable. Furthermore, the problem is that the broker doesn’t clearly state the amounts or terms for any of these fees. Most reputable brokers give their users clear and accessible fee schedules. Another discrepancy, Trade99 tells their potential clients that they will have access to MetaTrader5. Users only get access to a web-based platform that doesn’t have the standard features of MetaTrader5. It’s not clear if this is an intentional bait and switch or a technical error, but neither of those options bodes well.

Categories:

Leave a Reply

Your email address will not be published. Required fields are marked *