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Is Trade12 a scam broker?
The TRADE12 is an online offshore broker that provides FX and CFDs. The accounts provided by this broker are three viz Beginner, Trader, and Expert. In addition to this, a VIP account is also available with the customization and free demo. The assets for trading include FX, metals, and natural resources on stocks and indexes. This review will include all the information about this broker.
The three accounts mentioned above require minimum deposits of $250, 10000, and 50000 respectively along with the maximum leverage of 1:400. This leverage of 1:400 is comparatively high and will lead to high profit or a huge loss. The average spreads provided in the above order are 1.2 pips, 1 pip, and 0.8 pips. The spreads provided are in accordance with the market and another positive thing about this broker apart from initial deposits. The minimum trade size is 0.01 lots for Beginner and Trader accounts. And the trade size of 0.1 is provided for the Expert account which is affordable but comes with a higher initial deposit. There is also a VIP account available but information about its trading conditions is not present on the website.
The Marshall Islands-based organization called Exo Capital Markets LTD is the owner of the brand name TRADE12. The TRADE12 features itself as a regulated and licensed broker. But in reality, it received several warning against it for preforming illegal brokerage activities in several countries. The financial regulatory authorities from New Zealand, Italy, Cyprus, and Russia namely FMA, CONSOB, CySEC, and KROUFR respectively blacklisted TRADE12 over the years with the help of traders complaints. Also, the Facebook page of TRADE12 is flooded with scam reports in the discussion forum.
This broker offers its clients to trade with the MetaTrader platform. The MetaTrader provided is supported on all the operating systems. MetaTrader is a world-leading trading platform. The funding and withdrawal of investments can be carried out in many ways with TRADE12. These ways include all card types, many e-wallets, bank transfer, also many payment providers.
Is TRADE12 scam or legit?
TRADE12 is an offshore forex broker which is unregulated and not licensed. Furthermore, TRADE12 tries all sorts of bluffs to look legitimate. It includes promotional advertisements on every platform available and free Australian Open tickets. It also manages to imbibe Mike Tyson as its brand ambassador.
But the truth can be seen from the several scam allegations made by traders around the world and the warnings issued by world-renowned financial regulators. We are now convinced that TRADE12 is a potential scam broker and must be avoided.