TradeGBP brokers. Are they safe to use?
Before you can start using any broker, you should make sure that you are doing as much research as possible. This includes reading as many reviews as possible.
This is the same with TradeGBP. This is online brokers that you can use for trading. However, this doesn’t mean that they are safe to use and that your investment will be safe with them. This is why you should read this review. This will give you all the information to prove that they might not be as safe to use as what you might have thought.
TradeGBP is situated in the UK and they are known as forex and CFD brokers. They do offer a large number of cryptocurrency pairs that you can trade with.
With further investigation, we found a valid address, email and telephone number. We even found a company where TradeGBP is registered to. The problem is that this company is in Estonia, and not a known company at all. Just because they did publish an official address and telephone number, it doesn’t mean that you can now use them without doing any further research about them.
Are these brokers registered and regulated?
You might say that they are registered because they are connected to another company. However, TradeGBP isn’t registered as an international broker and they aren’t regulated.
If you have a company that is registered correctly, they will be regulated as well. Meaning that regulators are keeping an eye on them, making sure that they don’t break the law and that they don’t take advantage of traders. With TradeGBP, this is something that you won’t be sure about. They aren’t regulated, and they can do anything they want. Even change their terms and conditions as they please.
Account information and minimum required a deposit
Something that is getting the attention of traders is the number of account options that TradeGBP are offering. There are five accounts that you can choose from. These five accounts are offering different benefits and they have different spreads and different leverage.
The problem that we have is the minimum required a deposit that traders need to pay for registering with these accounts. The minimum required deposit starts at $500 and goes up to $25,000 before you can start trading. It depends on the type of account that you choose. This is really high, and with the dangers of using TradeGBP, this is risky to invest this high amount of money. There are brokers that are more trustworthy and that doesn’t have this high required deposit.
The platform that they are using
At first glance, it might seem that they are using one of the best and most recommended platforms on the market. They are advertising that they are using MT4. However, there is something really important that you need to know about the platform that they are using.
They are making use of MT4 from a third party. Meaning that they are basically using an illegal version. And, this isn’t really going to guarantee that you are going to have the same benefits as those traders that are using the real MT4 platform.
Reasons to believe that this might be a scam
There are reasons to believe that TradeGBP might be a scam. This is coming from regulators and traders that have used them before. Not only are they making use of a platform illegally, but there are some irregularities that are dodgy.
For instance, the brokers are situated in the US, but the company that they are registered to is situated in Estonia. It doesn’t make sense of why a US broker would be registered with an offshore company.
Reviews of traders
When you are looking at what traders are saying about TradeGBP, then it is just confirmation that this might not be the best brokers to use. Those traders that have used these brokers before has serious problems with payouts, with high fees and with canceled accounts without warning.
They are claiming that the services of TradeGBP is bad, and contacting them and getting an answer isn’t going to happen. Most traders don’t recommend using these brokers when you want to start trading.
What are regulators saying about TradeGBP
What are regulators saying about TradeGBP? Are they recommending them as trustworthy brokers, or are they warning traders against using them in any way?
It is important to know that regulators are warning traders about using TradeGBP. Especially if there is some proof that this might be a scam broker. There are regulators that have published official warnings about this broker, and you should take that seriously.
When we are looking at TradeGBP, we found that they aren’t trustworthy and not recommended as brokers. They aren’t registered, regulated and there are suspicions that they are actually just one big scam. Regulators are warning against using them as brokers. It is a much better choice, to rather go and find brokers that you can trust and that are recommended by most regulators.