Trade Active – Can They Be Trusted?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
Trade Active - DO NOT TRADE WITH THIS PROVIDER
2.3/10
$100
Minimum Depositupdated 2023
The details for opening trading accounts are not indicated on the broker’s website. In order to register with this broker, you only need to go to their sign-up page where you’ll be asked to enter your name, email address, phone number, and password. You’ll also be asked to accept their Terms and Conditions and confirm that you’re over 18 years of age. After this, the trading platform will be made available for you and you can start trading using their demo account.
Try these regulated brokers if you want to start trading cryptocurrencies
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://tradeactive.com
Founded: 2023
Regulations: Not Regulated
Languages: English, German, Spanish, French, Italian, Greek
Deposit Methods: Credit Cards
Minimum Deposit: $250
Free Demo Account: No
Number of Assets: N/A
Types of Assets: Forex, Cryptocurrencies, Stocks, Indices, Commodities
Trading Accounts and Conditions
Trade Active offers their clients the following types of trading accounts:
- Micro: The account size is $250. The spread for the EURUSD is at 3 pips.
- Silver: The account size is $5,000. The spread for the EURUSD is at 1.9 pips.
- Gold: The account size is $25,000. The spread for the EURUSD is at 1.5 pips.
- Platinum: The account size is $100,000. The spread for the EURUSD is at 1.2 pips.
- Exclusive: The account size is $250,000. The spread for the EURUSD is at 1 pip.
The leverage and other trading conditions are not mentioned on the Account Types table. However, in another section of their website, Trade Active claims to offer a leverage ratio of 1:500.
The broker also has a separate Accounts page, where there is a completely different set of accounts mentioned: ActiveCENT, ActiveClassic, ActivePro and ActiveZero. However, there are no further details given about these account types anywhere.
Trade Active – Advantages
There are no advantages to trading with Trade Active.
Trade Active – Disadvantages
Given below are all the red flags that tell us that Trade Active is a scammer:
-
Lies About Being Regulated
Trade Active blatantly lies about being regulated and we have caught that lie.
On their Contact Us page, the broker provides us an address in GILBRATAR. There is no country by that name; the closest is Gibraltar. A regulated broker would not make such a sloppy mistake.
Next, Trade Active claims to be owned by International Markets Management, a company they say is regulated by two separate financial authorities – the SFINS and the MFA in the UK.
This is a blatant lie. There are no such agencies in existence. These are made-up names! We do not know where this supposed SFINS is located (since there is no regulator anywhere with that name) and the only agency that regulates brokers in the UK is the Financial Conduct Authority (FCA).
Since this broker has given us a false address and has lied about their regulation status, we can safely say that Trade Active is a scammer.
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.
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 CONSOB
The Commissione Nazionale per le Societa e la Borsa, which is the financial authority in Italy, has also recognized Trade Active’s scam. The Italian financial regulator has, in fact, publicly blacklisted this broker, stating that they have been operating within the Italian jurisdiction without proper authorization.
The CONSOB goes so far as to call this broker’s website fraudulent, abusive and illegal.
When a respected financial regulator such as the CONSOB issues a public warning against a broker, you know that they are scammers.
-
Poor Legal Documents
Trade Active has legal documents – in name. When we went through those documents, we found that they were vague, short, and incomplete.
Legal documents are the contract between traders and brokers and so they have to be extremely detailed. They need to spell out each and every aspect of the relationship between the two parties.
All details – the trading conditions, the fees, commissions, terms of using their trading platform, withdrawal policies, deposit policies, inactivity policies and so on – have to mentioned explicitly. There must be no room for misunderstanding.
With Trade Active, the Terms and Conditions are short, with no details whatsoever. The kind of legal documents they have in place show that this broker is a scammer.
-
Lies About Trading Software
Trade Active states that they offer their clients multiple trading platforms – Tradeactive Mobile, MetaTrader 4, WebTrader, and Tradeactive Desktop.
It sounds really good, but here is the truth. Since this broker does not have a demo account for any of these platforms, we registered for an account in order to check out the types of trading platforms Trade Active actually has.
We were quite surprised by what we found. We were not allowed to access any of the trading platforms without first making a minimum deposit. This is not something that regulated brokers do. Denying access to the trading platform like this is a clear sign of their scam.
-
Issues with Trading Conditions
Since we could not access their trading platform or platforms, we can only go by what Trade Active has presented on their website to assess their trading conditions.
The minimum deposit requirement is too high at $250. There are many excellent brokers with whom you can open a trading account for less than $10 today.
The spreads are also too high. And since we do not know about the commissions this broker charges, we can only assume that the real cost of trading is even higher.
Leverages of over 1:30 are illegal in the UK and the EU, so the leverage ratio of 1:500 offered by this broker are a clear indication that we are dealing with a scammer.
Other trading conditions such as lot sizes, trading volume sizes, order execution methods and so on are also missing.
All in all, the trading conditions are also pointing to this broker’s scam.
-
Issues with Payments
Trade Active claims of offer multiple payment options. However, when we checked their payments section, there are only 3 – ChargeMoney, PayTechno and PayPound. None of these are know to be reliable payments processors, so that makes us rather suspicious. None of the traditional payment methods – credit cards, bank wires and so on – are available with this broker, which is also a cause for concern.
And finally, we do not know what this broker’s withdrawal policy is.
Conclusion
Trade Active is a clear-cut scammer, and they cannot be trusted.
Trade Active
Pros
- None
Cons
- Lies About Being Regulated
- Blacklisted by CONSOB
- Issues with Trading Conditions
- Lies About Trading Software
- Poor Legal Documents
Do not trade with unregulated brokers that will steal your funds - try these regulated brokers:
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.
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.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.