Tradenero.com Review: this is the name of a Forex broker that gives a UK contact information and a Dominica address. Is TradeNero a scam or legit broker? The increase in the amount of Forex brokers makes it important to find out which is safe for investment and which is not.
The most vital part of our reviews is the uncovering of if a company or Forex broker is properly licensed or not. To do this, we first establish the location or region where it claims to be based. Then we check with the commission or authority regulating trade there whether it is listed among regulated companies or not.
TradeNero mentions that it is under the law of the Dominica, which is an offshore location. But the contact it gives is in the United Kingdom. The company is not licensed in the UK because the FCA does not list it among those it regulates.
For the Dominica address, we find it discouraging. Forex trading goes on without proper regulation in this kind of location making it a choice base for scam companies. Trading with a Forex broker that is unlicensed pose many dangers to traders’ funds. Misappropriated funds may not be recoverable by the government as well.
Unlicensed brokerages are not under any rules of traders and this puts traders in more risk than they will be in if they had chosen properly licensed ones.
Advantages of TradeNero
It mentions regulation as one of its advantages on the website. Instant execution is promised to traders using the service as well as four different platforms. Spreads are tight and commissions are very low. Safety of funds and information security is also assured. Customer support is also said to have world coverage.
It is common for Forex brokers to start out with claims of making clients richer. This is because everyone seeking out easier ways to trade effectively does so to make more profit.
However, traders need to be careful about believing everything they encounter in the business sphere. Some are geared to just deceive and steal their funds. Considering what is offered and proofs are effective means of discovering fraud as well as reading our reviews and comparing the offers to those of other legit brokers at the bottom of this article.
TradeNero Trading Platform
TradeNero offers traders the MT5 trading platform. We advise readers and traders to always look out for the MT4 or MT5 platforms. The MetaTrader platforms are commonly used because they allow the use of trading robots.
Legit brokers are known to offer at least the popular MetaTrader 4 or 5 trading platform.
These platforms are very good signs as they have become some of the most widely used by experienced traders. They are found to be compatible with various devices’ operating system. All can be used on desktops, Linus, windows, iOS and Android.
Tools that comes with these trading platforms are also found to be useful for traders. It has proven to be user friendly as well and helps traders in analyzing the market easily.
Trading instruments offered to traders are said to be up to 5000. Forex is offered as well as stocks. We know that legit brokers offer currency pairs, indices, CFDs on many commodities and cryptocurrencies. It is important to let traders know the options open to them.
Maximum leverage offered to clients is 1:1000 and while this may seem generous, it is not advisable. High leverages can lead to huge loss of funds as well. Spreads are 0.4 pips on the EURUSD pairs.
Spreads of 1.5 pips or below are what is obtainable in the forex industry and traders are asked to look out for this. Leverages of between 1:30, 1:50 and 1:25 are also common among regulated brokers.
Deposit and Withdrawal methods on TradeNero
The means that traders are to use to make deposits and withdrawals are not mentioned. This is unusual because standard and legit brokers make deposit and withdrawals available via Visa, MasterCard and Wire Transfer. Many offer e-wallets like: Skrill, Neteller, UnionPay, FasaPay, and so on.
Minimum deposit required is $100 and this is within the obtainable of average of $100 to $250 that is common among legit brokers. Withdrawals must be 100 EUR/GBP/USD or above as well as an inactivity fee of $50 every month.
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.
Is TradeNero Licensed?
No. TradeNero is not a licensed broker. The Financial Conduct Authority (FCA) does not list it among licensed brokers and the offshore location is a red flag.
Regulated Forex brokers in Europe, America, Africa, Australia, and Asia are under many strict rules. The regulatory bodies like the FCA, FSCA, CySEC, AISC, NFA and many others have regulations protecting Forex traders from unfair brokers. This is why they come top as recommended Forex brokers.
There is no means made available for interested clients to get in touch with the broker or contact the customer care.
TradeNero is not a licensed broker so we will give it a low rating. The offshore location like was stated is also a red flag. We do not recommend the broker to our readers. If you have anything to say about this broker, do so in the comment section.
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 offering trades in numerous assets including stocks, commodities, currencies, indices and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK well as ASIC in Australia which makes client funds safe. They accept traders worldwide..visit their official website