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Is TradoSpot a scam broker?

Overview

TradoSpot is a forex broker that offers its customers with a wide range of trading assets including forex, stocks, indices, commodities, and cryptocurrencies. The forex broker doesn’t provide an MT4 trading platform but instead offers a web-based trading interface. Read the entire review to decide for yourself whether the broker is legitimate or a scam broker.

About TradoSpot

When it comes to checking whether a forex broker is legit or a scam broker, everyone will have a look at its license and regulatory information first. And we couldn’t find any kind of information on that regard with TradoSpot and the only information we could see is that TradoSpot is the trading name of TradoSpot OÜ, a company registered in Estonia. We could also find information that TradoSpot has acquired a “Hold Harmless Service Agreement” with another company registered in Marshall Islands, Stepa Acquiring Ltd. We couldn’t decipher the meaning of this service agreement, but one thing to note down is the location, Marshall Islands, it is the home of many shady brokers.

We could also notice that the company only offers its customers with a single account type, and there is no demo account type provided. Most of the regulated forex brokers give a chance to see how their platform works, whether it is trustworthy or not etc.

Another major disadvantage with TradoSpot is it doesn’t offer the MT4 trading platform. Most of the traders out there are very much used to the MT4 platform as it comes with many charting tools, automated trading strategies, and utilities which makes trading much more comfortable. The broker also seems to charge some fees for withdrawals and according to their website, it says any withdrawal request will take around 14 days, which is slightly longer for a forex broker.

Is TradoSpot Legit or Scam?

Based on our analysis, TradoSpot is not licensed and regulated, and we’ve been advocating our readers from the beginning to take extreme caution when dealing with unregulated forex brokers. There is also no MT4 platform, but instead comes with a basic web-based trading interface and there is no demo account also for users to test the platform before investing their hard-earned money. The spreads are too high and we don’t see any auto trading options in the platform. Hence, we recommend people to make an informed decision and better stay away from shady and unregulated brokers for their own good.