The broker TradesCrypto positions itself as a CFDs provided with the focus on Cryptocurrencies. There are three accounts in this broker’s offerings, namely Standard account, Premium accounts and VIP account. The minimum deposits required for each account are Euros 1,000, 10,000 and 25,000 respectively. The maximum leverages offered on every account is at 1:100 and spreads available at two pips. The trading platforms offered are MetaTrader and Web-based. In this TradesCrypto review, we will do a thorough analysis of this broker. Please read it thoroughly.
The leverages offered are at the level of 1:100, and it suits every trading style. However, it is comparably high with average leverages in the market. Such high leverages are risk-oriented, and many regulated markets such as Europe, the US, Canada and Japan have banned it. Still, Australian trading markets allows such high leverages. Another useful aspect of TradesCrypto is its provided trading platforms. The MetaTrader and a Web-Based trading platform are provided. MetaTrader has been mostly used trading platform on the globe, and it also comes with many features like Expert Advice, Auto Trading and more. The two companies that manage TradesCrypto are MK TRADE LTD, Bulgaria and Rivale Enterprises S. A. The second company is anonymous and we do not know anything apart from its name. Unfortunately, both companies are unregulated by any regulators across the world. Also, the term and conditions of TradesCrypto mention claims and disputes are governed under the Marshall Island-based jurisdiction. The Marshall Islands-based brokers are mostly a scam, and investments can not be retrieved. Furthermore, the withdrawal conditions are very salty and unusual. It required specific trading time to be eligible for the withdrawal. The minimum deposits of above 1,000 Euros are very high. Several other brokers provide the same trading environment at a very low cost. Also, the spreads provided on USD/EURO FX pair is at two pips and is quite high. Furthermore, almost all kinds of payment and withdrawal methods are available. However, the most popular Skrill is absent. The primary reason for the absence of Skrill can be the newly adopted scam prevention policy.
Is TradesCrypto scam or legit?
The broker TradesCrypto is an unregulated entity. The trading conditions provided are very high and increase the trading cost. Also, the absence of Skrill gives us a hint of a scam. In our view, TradesCrypto is a potential Cryptocurrency scam broker, avoiding it is advised.