Beware! TradesView is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
TradesView introduces itself as a broker offering Forex and Bitcoin trading. They claim to be a company that stands out as a leader among the brokers, because their trading platform is 100% web based and you don’t have to download any software. That’s cute, isn’t it.
Actually, they offer only binary options trading with only a few instruments to trade. It’s crucially important to note that binaries were long ago banned in many jurisdictions like EU and UK by the local financial regulators, because the above-mentioned are considered gambling and share almost nothing in common with the others forms of trading.
TradesView is a shady offshore broker and you should stay away from it! In this review we are going to present you solid facts to support our judgment!
TradesView REGULATION AND SAFETY OF FUNDS
TradesView is an anonymous entity, they do not provide the sufficient information to prove themselves as a legitimate and authorized forex broker. Unknown to the public is their ownership, the company registration number, or if they have any licenses to operate as a forex broker. They only list an address in Charleston, USA, but that doesn’t prove that they are actually based there.
In fact, their domain name proves that they are an offshore broker, .io is assigned to the British Indian Ocean Territory. It is a popular domain among shady entities seeking to remain anonymous.
Your funds are not safe with TradesView, avoid this broker.
TradesView TRADING SOFTWARE
TradesView offers only its own web based trading platform. Metatrader accounts are unavailable.
Demo trading is available but has nothing in common with real trading. When you click on Buy or Sell button you almost instantly get a score, not a payout but a SCORE, the time expiration is fixed. A pure gambling, even the traditional binary options as we know them do not look so convincingly like an online casino!
Warning! TradesView prices are manipulated!
You can see the EUR/USD diving from 1.13 to 1.12 in only 15 seconds! We have to mention that it happened in a tiny market before the London opening. The real price of the pair was 1.187 at the time. Avoid this scam! Tradesview has nothing in common with a real broker!
TradesView DEPOSIT/WITHDRAW METHODS AND FEES
The minimum deposit with TradesView is 500 USD. The payout is fixed at 90%.
They offer plans instead of accounts, each plan subject to different bonuses. What caught our eyes was that the Starter Plan is favored by Risk Free Trade, the Diamond reaching to 50XRisk Free Trade. Trading always involves market risks! What does “50 times Risk Free Trade” mean?! We couldn’t find any explanation!
There is no information regarding the funding options. There is nothing listed on their main page and you know absolutely nothing, unless you submit document to verify your account. You are constantly redirected to their verification page, no matter where you click. Do not send any documents to TradesView! It is a scam sign if a broker hides important information from it’s potential customers!
Withdrawals take up to 5 business days for it to be processed. There is no fee relating to withdrawal by credit card, but any withdrawal by wire transfer will be charged in the amount of $30. To make a withdrawal every time you have to submit Identification documents. The transactions will be represented on your billing statement as www.TradesView.co phone:44-2035192136. The phone number is a London area landline which has already been reported as a telemarketing scam!
There aren’t any other fees, except for the wire transfer already noted. Curiously, no fees for dormant accounts are charged, they do not even mention a word on the matter.
TradesView offers generous bonuses. There are two types of bonuses presented- bonus on the deposit and referral bonus, both reaching of up to 20%. In order to withdraw any funds from your account you have to reach a volume of 30 times the amount of the bonus, applicable to both type of bonuses. The bonuses are obtained in a separate account.
The referral bonus conditions gives us a contradictory information. When the new client opens a TradesView account and deposits a minimum of 200 USD, both he and the client who made the referral will receive a bonus of 50 USD. As we know, the minimum deposit required is set to be 500 USD.
All bonuses and similar incentives were banned in EU by the European Securities and Market Authority (ESMA). The reasons for the decision are various, but first of all ESMA stepped against the illusion that free money were given away.
Bonus schemes seduce too many individuals with little or no trading experience. Once in the market, they would easily lose their deposits, at times even money that they do not have in possession. Also, very often the bonuses are bound with unbearable complex conditions, which makes it difficult for the trader to escape. And that is exactly what the scammers want! Stay away from brokers that offers bonuses and promotions!
HOW DOES THE SCAM WORK
The scam is a confidence trick, the scammer wants to gain your trust first. Once you confide in them you are going to be exploited, they will ask you to open account, to fund the account with money or do others thing upon their instructions. In the end you are going to lose your funds and often you might not be able to avoid further losses.
We suspect that TradesView might participate in two separate scam patterns. The first one might be related to Identity Theft. TradesView hold back important information regarding funding methods, real trading conditions etc. Their only purpose might be to get their hands on your personal details. Once in their possession they will abuse them and conduct illegal activities, sometimes even in your name.
The second pattern is linked to price manipulation. As we already proved, their binary options prices are manipulated. Also, binary options themselves are considered to be a form of gambling. TradesView does not offer trading, but a classic gambling!
WHAT TO DO WHEN SCAMMED
No one is truly sheltered from the scammers. In case you fall victim to a scam there are certain things you should do. The first thing to do is to protect yourself from further risks. Contact your bank and explain your situation to them, they will give you important instructions to follow and will help you, if possible, recover your money.
Report what happened to you, file a complaint, contact the financial regulator, contact other institutions that have something in common with trading and investing. Seek help actively!
Share online your experience, it is important to protect others as well. Be responsible!
Avoid TradesView, it’s an offshore broker!
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