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Traders Fx Option Review
Online trading is undoubtedly one of the biggest trends to have emerged in the last couple of decades. In addition, it is one that does not seem to be slowing down at all, as more and more people continue to join the financial markets in the hopes of making high profits. Brokers play a key role in giving people access to these markets and you will discover quickly that their numbers have also increased tenfold. This is certainly a good thing because more competitive means you can get access to professional platforms with great conditions, but it also makes it difficult to root out the bad ones. They are so well-disguised that most people don’t realize until it is too late, as this Traders Fx Option review demonstrates.
There was a time when people did not have knowledge of online scams, but these days almost everyone is aware that they can happen. The financial markets have also drawn their fair share of cybercriminals and one of their favorite tactics is to disguise themselves as legitimate brokers in order to entrap people. You will not find shortage of stories about people who signed up on such platforms and had to suffer hefty losses. Are you willing to go through that?
Of course, no one wants to have to face such disastrous consequences and the best way to avoid them is by assessing a brokerage before making a commitment. Yes, you have to put in some time and effort, but it can be worth it when you are able to choose the most appropriate brokerage for your trading needs. One of the brokerages you will come across is Traders Fx Option, which is presented as a legitimate British platform that offers its clients competitive spreads. This will automatically attract your attention, but you still need to assess it first. Doing so will show you just what is wrong with the platform. Ready to learn? Take a look below:
Lies about regulation
If you check out expert advice about choosing a brokerage, you will be told to opt for one that is properly regulated and licensed. After all, this means you are dealing with a company that complies with high standards, in terms of services and features both. You can also enjoy a lot of protections and transparency when dealing with such a company. The problem is that many fraudulent brokerages also claim to be regulated in order to fool people, exactly as Traders Fx Option has done.
When you go through their presentation, you will find that Traders Fx Option claims to be regulated in the United Kingdom since 2016. The licensing authority for the UK is known as the Financial Conduct Authority (FCA) and it is one of the world’s well-respected financial authorities in the world. A license from the FCA is considered very valuable, so you are bound to be impressed when Traders Fx Option claims to be licensed in the UK.
Unfortunately, when you check the FCA’s online register for Traders Fx Option, you will discover that the brokerage is not listed. This means that the brokerage is lying about its regulatory status to mislead people and this makes it a bad option right away.
Website lacks essential information
Another step you need to take before signing up with a brokerage is checking out their website to learn as much about the company, its policies and offerings as possible. It is understandable that you want to do the same in case of Traders Fx Option because this will tell you what you should expect from them. The problem is that you will not find any such information on their website.
There is no company name mentioned, which means you don’t know who owns and operates Traders Fx Option. But, the most worrying thing is that they do not have any legal documentation either. There is no Client Agreement, or Terms and Conditions that specify what policies the broker expects you to comply with, or what it will charge you. Hence, they can come up with whatever policies they want and exploit you without warning. In fact, they may disappear overnight and you will not be able to do a thing because you don’t know who is behind the brokerage.
No trading platform available
Have you ever thought about how online brokers facilitate trading? They provide their clients a trading platform that is used for executing trades, which makes it their most important offering. You obviously cannot do any trading without it, so it comes as a surprise when you discover that Traders Fx Option does not have a trading platform at all. What kind of broker is it then?
Clearly, this makes it a fraudulent platform because it has no intention of letting its clients do any trading. Instead, it is only trying to mislead them because what you find on the Traders Fx Option website is a lousy depiction of a trading platform. It is a dashboard that shows a bunch of third-party charts and nothing more. It does not have any option of trading, which means it is just added to create an illusion. Reliable and authentic brokers usually offer MT4 or MT5 trading platforms that come with advanced tools and functionalities to help during the trading process.
Only Bitcoins are accepted
As you will be expected to make deposits and withdrawals during trading, knowing what payment methods are offered is also a must. This is another area where Traders Fx Option shows clear signs of a scam because it is only accepting Bitcoin payments. What is the problem with this method? Crypto payments are popular amongst scammers because they are irreversible. You cannot file for a chargeback and the transfers are usually anonymous, which makes it easy for scammers to take your money and disappear. Methods like debit and credit cards come with chargebacks, which fraudulent platforms will never offer to you.
Keeping the problems with Traders Fx Option in mind, you can determine that it is not a good brokerage for anyone.