Tra Markets Review: this is the name of a Forex broker whose location is not disclosed on the page. Is tramarkets.com a legit Forex broker or scam?
What we find on opening the website of the brokerage are offers of bonuses. There is a 10% bonus for all clients, 30% for all new clients, and 20% called a “Rebirth Bonus”. Trading bonuses may seem like an exciting prospect but traders are warned to be wary of brokers offering this. It is because most use trading bonuses to tie down funds of their clients.
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Further no information is given on the company that owns it no location or license. We therefore conclude that this is a Forex broker operating without regulation. It is dangerous to trade with unlicensed brokers because they are not under regulation from any authority or commission. They have no mandate to obey trading rules and misappropriated funds may be irrecoverable.
However, the broker still offers some conditions that they believe will allow traders make profits. 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.
Some benefits to be gained from choosing Tra Markets listed on the website are:
Safety & Security of Funds
300+ Trading Instruments
Multiple Account Choices
Best Promotion & Contests
Free deposits & Fast Withdrawals
Tra Markets Trading Platform
We found that the trading platform used by the Tra Markets trading software is the popular MetaTrader 4. It is compatible with most of the auto-trading robots in the Forex market.
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: Currency pairs, CFDs on indices, stocks, futures, crude oil, and many other commodities. 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 leverages offered is 1:100 while this may seem generous, it can pose danger as well. High leverages can lead to huge loss of funds as well. Spreads are mentioned to be fixed at 1.5 pips.
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 Tra Markets
The means of making payments and withdrawals are: wire transfer, VISA, and MasterCard. We do not find any mention of e-wallets and we find this 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 mentioned. It is difficult to know if it is within the obtainable average of $100 – $250 among brokers. Withdrawal charges are not stated for this broker. Sometimes it is better to mention if they apply or not. We do not even find any terms and conditions; this is a shady thing. Traders are expected to sign up for something with unclear conditions.
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.
Trading bonus is offered by the broker and like we explained in the beginning, this is more of a disadvantage than an advantage.
Is Tra Markets Licensed?
No. Tra Markets is not a licensed Forex broker. On the matter of corporate details, the website is largely quiet. Trading with unregulated brokers is dangerous and should be avoided.
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 of contacting the company or a customer support representative made available on the page.
As we have shown in details above, some of the conditions allowed by Tra Markets are actually encouraging. We find it encouraging that traders get to use the popular MetaTrader 4 platform and trade with lots of instruments.
However, the lack of proper licensing is a disadvantage. Many of the other important details are also left out. It makes us lean more towards not recommending the broker.
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