Tesco PLC Trade – Can You Trust This Broker?

Website URL: https://tescoplctrade.com/

Founded: 2019

Regulations: Not Regulated

Languages: English

Deposit Methods: Visa, Bank Wire, MasterCard

Minimum Deposit: $1,000

Free Demo Account: No

Number of Assets: 200+

Types of Assets: Foreign Currency Pairs, Indices, Stocks, Metals

Trading Accounts and Conditions

Tesco PLC Trade offers you the following trading accounts:

• Basic: To trade on the Basic account, you need to make a first deposit that should be a minimum of $1,000. The spreads for this type of an account are 2 pips.
• Silver: For the Silver account, the minimum amount you need to deposit to be able to trade is $2,600. The spreads are at 1.1 pips.
• Gold: The minimum deposit you need to make for trading on this type of account is $5,500 and the spreads given are 0.8 pips.
• Platinum: The least amount you can deposit to be able to trade on this account is $11,000, and the broker offers a spread of 0.6 pips.
• Diamond: For the Diamond account, you need for first put in $51,000, and you are offered a spread of 0.4 pips.

The leverage ratio for the first three account types is 1:200, while the leverage for the two premium accounts is 1:500.

Tesco PLC Trade – Advantages

There are no perceivable advantages to trading with Tesco PLC Trade, which is why we have left this section blank.

Tesco PLC Trade – Disadvantages

Here are the many reasons why it would be a bad idea to contract with Tesco PLC Trade:

• Lies about Regulatory Status

This broker states that it is owned as well as operated by Tesco PLC Trade Ltd., which they claim is based in the UK and regulated by the country’s financial regulator, the FCA (Financial Conduct Authority).

However, when we checked the FCA’s online registry (where all regulated companies are listed), we found this broker and its parent company weren’t, in fact, regulated.

Basically, the broker is offering its financial services illegally. And trading with such a broker puts your funds at great risk. It is wise to remember that only regulators can protect you from unscrupulous brokers who are out to scam you.

Regulators have laid down rules of conduct for brokers that they must follow if they wish to operate legally. Furthermore, the authorities also make provisions wherein brokers have to compensate their clients in case they go bankrupt or are found to be involved in fraud.

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• Blacklisted by the FCA

While we found out that Tesco PLC Trade had lied about the fact that it was regulated, we also found out something even more interesting and troublesome – the FCA knows that this broker is unregulated and it has issued a warning against them.

According to the warning the FCA states that Tesco PLC Trade has been providing financial services without authorization, and that traders should be especially wary about dealing with this broker. The FCA also indicated that this broker could potentially be a scammer.

Many brokers know how important it is to have a financial services license, so they lie about this key detail on their websites. This is the reason why you must do your research and verify their regulatory status before you invest money with any broker.

• Withdrawal Conditions Unfair

Tesco PLC Trade has a very unfair withdrawal condition – they reserve the right to impose a limit on how much you will be able to withdraw from your trading account.

The thing is, they have not mentioned what that limit is. So, they can cancel your withdrawal request at any time with the excuse that you have exceeded the withdrawal limit.

This is a tactic usually used by scammers, since no legitimate broker would stop you from withdrawing your own money from your own account.

• Trading Bonuses Offered

Tesco PLC Trade offers its clients 100% and 200% bonuses on deposits made, depending on which type of account you select. This is a great way to attract unsuspecting customers who get lured in by the promise of extra profits.

However, what isn’t advertised is that you will also need to meet a trading turnover target before you are allowed to withdraw your funds. The problem is that this target is so high that most traders never meet it. Which means that they end up never being able to withdraw their funds.

Because trading bonuses are so unfair, many financial authorities have banned the use of these promotions.

So, in addition to offering its financial services illegally, this broker also finds other ways by which it can divest you of your money.

• No Support for MT4 Trading Platform

Another negative against this broker is that they do not offer their clients the use of the MetaTrader 4 (MT$) trading platform. This broker loudly advertises on their website that they have support for the MT4 software, but it turns out that this too is a lie.

What you actually get is a weak, unproved web-based trading platform that is very shoddily designed. And since we were unable to test it, we cannot tell you if it actually works or not.

• Minimum Deposit Requirement is Too High

You are expected to make a minimum deposit of $1,000 if you wish to use Tesco PLC Trade’s trading platform. This is much too high, since the industry average stands between $100 and $250.

• No Demo Account

This broker also does not offer a demo account, which is yet another negative. Demo accounts allow clients to test the trading conditions as well as the trading platform.

Conclusion 

Everything about Tesco PLC Trade indicates that this broker is not safe and that it is in all probability a scammer. So, we would advise all traders to avoid doing business with this broker.

Tesco PLC Trade

2.2

User Experience

3.2/10

Payment Options

2.0/10

Security

2.1/10

Support

1.9/10

Reputation

1.8/10

Pros

• None

Cons

• Lies about Regulatory Status
• Blacklisted by the FCA
• Withdrawal Conditions Unfair
• Trading Bonuses Offered
• No Support for MT4 Trading Platform