Trader Clube Review: this is the name of a Forex broker that claims to be based in Belize. Is this a legit broker or a scam? The location where this broker is based is regulated by a top regulatory commission. Find out if this broker is legit or 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.
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Trader Clube mentions that it is based in Belize. Forex trading in this location is under the jurisdiction of the International Financial Services Commission (IFSC). The broker claims to be licensed by this authority and though we are not content with this as we prefer one from European authorities.
Since we found some sort of regulation it seems to be encouraging. However, not much is disclosed about the trading conditions that applies for this company.
Advantages of Trader Clube
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.
But for this company, the website proved inaccessible and we have not much to go on about it. We did some research on other websites about what they are saying about the broker and we have some of our findings as follows.
Trader Clube Trading platform
It turns out that Trader Clube does not offer the MT4 or MT5 platforms. 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 not disclosed and this gives us concern. 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 unknown and while some may seem generous, it is not advisable. High leverages can lead to huge loss of funds as well. Spreads are not disclosed 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 Trader Clube
The means that traders are to use to make deposits and withdrawals are not specified and this is another unusual thing. The fact that there are no e-wallet options available is further discouraging.
This is 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 not talked about making it impossible to ascertain if this is within the obtainable of average of $100 to $250 that is common among legit brokers or not. Withdrawal fees and commission do not apply, which is a good thing.
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 Trader Clube Licensed?
Like we said, the discussion surrounding licensing of Trader Clube is quite unclear. It mentions that it is under the International Financial Services Commission (IFSC) which not all traders would find reassuring enough.
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.
We do not find any means of contacting the broker or a representative of the customer care service.
There is no clear cut evidence that this broker is properly licensed and this causes concern for us. More disturbing is the fact that most of the important details we want about brokers is missing as well. We cannot rate this brokerage high until the team provides more information. If you have anything to say about this broker, do so in the comment section.
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