Trademorefx is an unregulated forex broker that claim to be dedicated to offering superior spread, execution and services as well as other benefits. Read this Trademorefx.com review before deciding to trade with them.
Forex trading has gained popularity and as a result, there have been a rise in online scams. Therefore, we have made it our responsibility to review investment platforms, forex brokers, expert advisors(EA) and many others, letting you know the ones that are legit as well as unreliable brokers in order to make sure your finances are secure. This review gives you vital information about this broker.
The contact address on their website shows that they are located at London, United Kingdom. The assets they trade are forex, indices and commodities.
Why you should avoid Trademorefx .
We found the following disturbing information about Trademorefx.com after going through the website.
Trademorefx.com licensing and regulation.
An important aspect of our review is to find out whether or not a broker holds a license from any of the recognized forex regulatory authorities. First, look at the region or location where the company or broker claims to be based, then we check the commission or authority regulating trade there to know whether that company has been listed among their regulated companies or not. For instance, FCA is the regulatory body overseeing the operations of forex brokers located in the UK while Australian forex brokers should be regulated by ASIC.
We also mentioned earlier that FCA is the recognized regulator of forex brokers that are located in the UK. Unfortunately, FCA does not regulate the activities of this broker. They go against the rules set by forex regulators. As a matter of fact, this broker have been backlisted by the FCA. Regulatory bodies like the FCA, FSCA, CySEC, ASIC, NFA and many others have regulations protecting Forex traders from unfair brokers. Trading with an unregulated brokerage is a huge risk. Therefore, we do not trust this broker.
Trademorefx deposit and withdrawal method.
Trademorefx.com says nothing about the minimum deposit they accept, their account types and how long it takes before an investor can make withdrawals. This information is important so that clients can invest any little amount they can spare. In order to be able to first watch the working of the brokerage. If then they are satisfied with what they see, they can determine when to withdraw their money. This is a clear sign that you should stay away from this broker.
The only available payment method is through wire transfer. However, the disadvantage of using this payment method is that it does not permit traders to request for refund.
Trademorefx trading platform.
Surprisingly, Trademorefx.com offers the popular MT 5 platform as well as a webtrader. Metatrader 4 and 5 platforms have become popular due to the fact that they are user friendly and can supports device such as Android, iOS and many others. The availability of the Metatrader platform is one of the things you should look out for before deciding to trade with any broker. However, this does not mean that any broker that offer these platforms is a legit broker.
Another red flag is that they offer a leverage of up to 1:400. This is higher than the standard leverage permitted by forex regulators. It is important to note that while some leverages may seem generous, it is not advisable. They also offer a spread of 0.2 pips. High leverages and tight spread as this can lead to huge loss of funds for inexperienced traders.
Conclusion: Is Trademorefx.com worth trading with?
No. Trademorefx is not among our trusted forex brokers. They try to pass off as a regulated broker whereas, they are not regulated by any of the recognized regulators. Therefore, trading with this broker will result to loss of funds. We advise you to only trade with brokers that are licensed and regulated by a reputable authority.
COMPARE WITH A TRUSTED BROKER
Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry. They offer trades in numerous assets including stocks, commodities, currencies, indices, and cryptocurrencies. Most importantly, the Financial Conduct Authority(CFA) in the UK as well as ASIC in Australia are the regulators of Fortrade. This makes makes client funds safe. They accept traders worldwide..visit their official website