Updated on January 17, 2024
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In our rigorous review process, a team of seasoned financial specialists, boasting more than 20 years of experience in Forex trading, carries out an exhaustive evaluation of various trading services. Our team delves deep into the investigation of fees, assesses the trading platforms, and verifies adherence to regulatory standards. We also interact directly with customer support and conduct actual trades to gain a real-world understanding of the trading conditions. This comprehensive approach enables us to provide informed insights and advice on why we recommend avoiding Traderia due to the issues we've identified.
Is Traderia Scam or Legit Broker? ▲
Trading with Traderia raises significant safety concerns. This brokerage is under the ownership of Pro Star Griffith Corporate Limited, an entity with an offshore registration in St. Vincent and the Grenadines. This jurisdiction is infamous for its lenient regulations and practically non-existent oversight on forex trading activities. The low cost of setting up a brokerage in this location has made it a haven for questionable forex brokers, including but not limited to Capital TradeFX and JustForex. Our comprehensive investigation into the risks associated with brokers from St. Vincent and the Grenadines sheds light on why traders should exercise caution.
Promoting itself as a premier forex brokerage, Traderia offers what seems to be an appealing trading environment with promises of high liquidity, reliable execution, and a variety of spread options including Fixed, Floating, and Raw, alongside leverage up to 400:1. Despite these seemingly attractive features, Traderia's credibility is significantly undermined by its lack of regulatory oversight. The absence of critical regulatory and address details, coupled with the provision of a contact number with a British code, misleadingly suggests a UK base of operation. However, for a brokerage to legally offer financial services in the UK, it must obtain a license from the Financial Conduct Authority (FCA). Traderia fails to meet this criterion, lacking regulation from the FCA or any other reputable regulatory body. This is further compounded by a warning from the Spanish regulator CNMV, explicitly stating that Traderia is not authorized to provide investment services, including investment advice or foreign currency transactions.
Traderia in India: Despite offering account opening options to Indian traders, Traderia does not align with any Indian regulatory standards, casting doubt on the safety of invested funds for Indian clients.
Traderia in the USA: Traderia does not accept traders from the United States, adhering to the legal requirement that only CFTCregulated brokers can offer services to US traders.
Traderia stipulates varying minimum deposit requirements based on the method of funding, outlined as follows:
Credit card: $250/€250/£250
Electronic payment: $250/€250/£250
Wire transfer: $500/€1000/£1000
The broker allows for deposits and withdrawals through credit cards, wire transfers, and e-wallets such as Neteller and Skrill. Withdrawals can be executed via the same channels. Notably, platinum and diamond account holders benefit from fee-free withdrawals. Gold account holders are entitled to one free withdrawal per month, while silver and basic account holders receive one free withdrawal before incurring charges on subsequent withdrawals. Fees are as follows:
Credit card: 3.5%
Debit card: 3.5%
Wire transfers: $30, €25, £20
Traderia leverages the MetaTrader 4 platform, providing a web-based trading solution compatible with various operating systems including Windows, Mac, and Linux, eliminating the need for additional software. The mobile applications for MetaTrader 4 ensure that traders can engage with financial markets via iOS and Android devices, offering comprehensive trading functions, extensive analytical tools, technical indicators, and graphical objects, accessible globally 24/7.
Traderia encourages the use of demo accounts, permitting unlimited creation to explore the platform's features and functionalities indefinitely. This offers a valuable opportunity for beginners to familiarize themselves with forex trading in a risk-free environment, supported by potential screen-sharing demonstrations from the technical team. Experienced traders can also benefit from the demo account to gauge the trading conditions, pricing, and available symbols at Traderia.
Our in-depth review leads us to strongly discourage trading with Traderia. The brokerage's absence of regulation by any reputable global authority, combined with its association with a jurisdiction known for lax oversight, poses significant risks to traders. We advocate for engaging with brokers regulated by esteemed authorities like those in the UK or Australia, where companies like AvaTrade and XM.com serve as prime examples of reliability and adherence to stringent regulatory standards. Given the recent inactivity on the Traderia website and the suspension of its trading offerings, we urge traders to remain vigilant and cautious of any trading propositions from this broker.
When considering alternatives, brokers like Interactive Brokers, City Index, and AvaTrade stand out. They not only offer the security of stringent regulation but also bring to the table comprehensive trading solutions that can meet the needs of both novice and seasoned traders.
Traderia Review 2024
