TCO Trade – Is it a Scam?

| Publish date: 02/05/2020 (Last updated: March 24, 2020 08:08 AM)
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Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.

TCO Trade - DO NOT TRADE WITH THIS PROVIDER
2.4/10
$100
Minimum Deposit
X

updated 2020

Besides the fact that TCO Trade offers a leverage of 1:400, we don’t really know anything about its trading conditions. We don’t know how much the minimum required deposit is, we don’t know what the spreads offered are, or even what the other transaction costs are.

Try these regulated brokers if you want to start trading cryptocurrencies

Plus500 Review - Regulated broker
Plus500CY Ltdauthorized & regulated by CySEC

82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money

Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.

 

Website URL: https://www.tcotrade.com/

Founded: N/A

Regulations: Unregulated

Languages: English

Deposit Methods: Credit and Debit Cards, Bank Wire

Minimum Deposit: Unknown

Free Demo Account: No

Number of Assets: 50+ currency pairs, range of CFDs

Types of Assets: Currencies and CFDs on commodities, indices and stocks

Trading Accounts and Conditions

Besides the fact that TCO Trade offers a leverage of 1:400, we don’t really know anything about its trading conditions. We don’t know how much the minimum required deposit is, we don’t know what the spreads offered are, or even what the other transaction costs are.

TCO Trade – Advantages

We try to be fair in all our reviews. This means that we present both the positives as well as the negatives for the brokers that we assess. However, there are times when it is not possible to list anything positive about a broker. This is one such case.

Considering the fact that TCO Trade has not even provided its clients with the most basic of information – its trading conditions – we cannot say anything positive about this broker.

TCO Trade – Disadvantages

Here are the disadvantages we have found with this broker:

  • Not Regulated

TCO Trade claims to be owned and operated by a company called Tco Trades Ltd. that is allegedly based in London, UK. All brokers that operate out of the UK need to be registered with the FCA (Financial Conduct Authority).

However, when we checked the FCA’s online registry, we did not find any company by the name of Tco Trades Ltd. listed.

This can only mean that this broker is not regulated by a financial authority.

When choosing a broker to deal with, select one that is regulated by strong financial regulators such as the FCA, or CySEC (Cyprus Securities and Exchange Commission), or even the ASIC (Australian Securities and Investments Commission).

These are the 3 strongest regulators in the world and they offer traders protection against broker fraud and bankruptcy.

Plus500
$100
Minimum Deposit

82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money

Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.

 

AvaTrade
$100
Minimum Deposit

The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.

 

  • Blacklisted by the Multiple Financial Regulators

Besides the fact that this broker is not regulated, we also discovered that both the broker TCO Trade and its parent company Tco Trades Ltd. have been blacklisted by two different financial regulators in Europe – the CONSOB in Italy and the CNMV in Spain.

Both the financial watchdogs have issued public warnings that this broker and its parent company are involved in scam operations. This is clear-cut proof that this broker is involved in illegal activities, and it would be in your best interests to avoid dealing with TCO Trade.

  • No Client Agreement

The Client Agreement is the most important document that a broker has on its website. This is actually a legal document that details the terms and conditions offered by the broker and defines the relationship between the client and the broker.

So, basically, if you sign up with TCO Trade, you are doing so without knowing what you are agreeing to. This way, the broker has the opportunity to do whatever it wants with you and your money, and there will be nothing that you will be able to do about it.

  • MetaTrader 4 Platform Not Offered

TCO Trade does not offer its clients the use of the MetaTrader 4 trading platform. This is another big negative as far as we are concerned, since this is the leading trading platform that traders choose for their trading activities.

The MT4 platform is an easy to use software, designed in such a way that both novices and pros can use it comfortably. The software offers added features such as multiple charting options, customizable trading bots that can be programmed to trade automatically for you, almost 100 market indicators and so on.

What TCO Trade does offer is a web-based trading software that is very basic in its design. It doesn’t have any of the features that traders are looking for to make trading easier.

  • No Demo Account

We were unable to check the actual quality of the web-based trading platform offered by TCO Trade because there was no demo account available. Most legitimate brokers offer their clients a free demo account.

This ensures complete transparency since customers can then test the trading conditions for themselves and also assess the performance of the platform offered.

It is the shady brokers that avoid offering a demo account, since they do not wish their prospective victims to understand what is actually happening. So, the fact that TCO Trade does not offer a demo account simply underlines what we already know – that this broker is a scammer.

  • No Information About Payment Methods

TCO Trade has not given any information about what payment methods are accepted. All we know is that you may be able to deposit and withdraw your funds using the standard methods – credit or debit cards and bank wire transfers.

However, since we were unable to actually check a real account, we cannot confirm this information.

  • Unknown Minimum Deposit Requirement

We also do not know what the minimum deposit requirement is. So, you would have to open an account, and then you would know how much you need to deposit. This is another example of the lack of transparency this broker has.

For your reference, the industry average of minimum deposit requirements is between $100 to $250. However, there are many reputed brokers who have a much lower minimum deposit requirement, which can be as low as $5.

Conclusion 

All the information that we have gathered about TCO Trade points to the fact that this broker is a scammer and that if you invest with it, you will lose your money. It is operating illegally without the required licenses and its lack of transparency shows that it is not a broker to be trusted.

TCO Trade

2.4

User Experience

3.0/10

Payment Options

2.2/10

Security

2.5/10

Support

2.2/10

Reputation

2.3/10

Pros

  • None

Cons

  • Not Regulated
  • Blacklisted by Multiple Financial Regulators
  • No Client Agreement
  • MetaTrader 4 Platform Not Offered
  • No Information About Payment Methods

Do not trade with unregulated brokers that will steal your funds - try these regulated brokers:

AvaTrade
$100
Minimum Deposit

The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.

Plus500
$100
Minimum Deposit

82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money

Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.

 

eToro
$200
Minimum Deposit

eToro is a multi-asset platform which offers CFD and non CFD products. 74% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

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