Trade99 – Is it Safe or Is It a Scam?

| Publish date: 12/19/2019 (Last updated: December 25, 2019 11:09 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.

Trade - DO NOT TRADE WITH THIS PROVIDER
2.8/10
$100
Minimum Deposit
X

updated 2020

Trade99 claims to be a Forex and CFD broker that offers a range of 190 trading instruments. The broker also claims to offer 4 different account types as well as the MetaTrader5 trading platform.

The account types listed on the broker’s website are the Standard Account (with a minimum deposit requirement of $250), the Silver Account (with a minimum deposit requirement of $2,500), the Gold Account (with a minimum deposit requirement of $5,000) and the Premium Service Account (with a minimum deposit requirement of $10,000).

Try these regulated brokers if you want to start trading cryptocurrencies

AvaTrade - Regulated broker
Trade with an award-winning broker

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.

Website URL: https://www.trade99.com/

Founded: N/A

Regulations: Unregulated

Languages: English

Deposit Methods: Credit/Debit Card, Bitcoin, Bank Transfer

Minimum Deposit: $250

Free Demo Account: No

Number of Assets: 190

Types of Assets: Forex and CFDs

Trading Accounts and Conditions

Trade99 claims to be a Forex and CFD broker that offers a range of 190 trading instruments. The broker also claims to offer 4 different account types as well as the MetaTrader5 trading platform.

The account types listed on the broker’s website are the Standard Account (with a minimum deposit requirement of $250), the Silver Account (with a minimum deposit requirement of $2,500), the Gold Account (with a minimum deposit requirement of $5,000) and the Premium Service Account (with a minimum deposit requirement of $10,000).

The only piece of information we were able to find about the trading conditions was a reference to a 2.1-pip spread for the Standard Account. However, since we were unable to even open a Demo Account, we don’t have any other information about details such as leverage levels, exact spreads, trading fees, etc.

Trade99 – Advantages

The only advantage we could possibly talk about for Trade99 is its minimum initial deposit requirement. $250 is very reasonable and according to industry standards. The average range of minimum deposits for such brokers in the market is $100 to $250. So, Trade99’s deposit is acceptable.

Trade99 – Disadvantages

Besides the fact that this broker has an acceptable minimum deposit requirement, there is nothing else that gives us any confidence about Trade99. Here is the long list of concerns that we have with this online broker:

  • Conflicting Corporate Information

Trade99’s website states that the brokerage is owned and operated by a company called Nohelious International Marketing Operations Ltd. The broker claims to be based out of Hong Kong, but the address given on its website is in the Dominican Republic.

There is a phone number given, but it looks like a UK number and the email ID is equally vague.

In reality, all this information tells us is that this broker is basically anonymous.

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

76.4% 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

 

  • Lack of License and Regulation

Because of the fact that we do not have any concrete information about this broker’s corporate identity, we don’t know if it is in any way regulated. Trade99 claims that it is regulated by an agency called The Financial Commission, but such a body does not exist anywhere in the world.

Having said that, the fact that the so-called parent company is based out of Dominica, gives us an indication that this broker is not licensed or regulated.

Secondly, even if the broker is actually based out of Hong Kong, which is a highly regulated market, the broker’s or its parent company’s name would be registered with the Hong Kong Securities and Futures Commission. However, when we investigated, we found out that no such company or broker was registered with the SFC.

Remember, your funds are not safe with an unregulated broker, so it is best that you avoid trading with Trade99.

  • Restrictive Trade Bonuses

Another huge cause for concern is the broker’s trade bonuses and the terms attached to those bonuses.

According to the rules listed in the terms and conditions, if you accept a trade bonus of $1000 (for example), then you need to trade a volume of at least $2.5 million before you will be allowed to withdraw your funds!

Added to that the broker also reserves the right to change the rules whenever it wants, so you could end up never being able to achieve that impossible target of $2.5 million!

  • Other Suspicious Terms of Trade

When we read more of the terms and conditions mentioned on Trade99’s website, you will get even more alarmed. The broker states that it will charge you a fee for withdrawals, deposits and services, but does not mentioned any amount.

So, you actually don’t know how much money you will end up paying this broker in transaction fees. Remember, legitimate brokers are very specific about all the fees they charge, so this is another huge red flag that is warning us to stay far away from this broker.

  • MetaTrader 5 Support is a Lie

On its home page, Trade99 claims that it supports the MetaTrader 5 (MT5) trading platform. However, when you actually open an account with this broker, you get to see that the trading platform is actually a simplistic, web-based platform.

So, not only has the broker misled you, but has also given you a substandard trading platform to use.

  • Very High Spreads

When we opened an account with Trade99, we checked the spread on the benchmark currency pair, the EURUSD. The spread was floating at 2.1 pips, which means that the broker stands to benefit and not the trader.

Legitimate brokers do not usually exceed spreads of more than 1.5pips.

  • No Skrill and Neteller

When you go to Trade99’s home page, you can see the logos of Skrill and Neteller as payment options. This is another lie, because when you actually open an account, you will find out that you can only use the traditional debit or credit cards, transfer money using Bitcoin, or do a bank transfer.

  • Trading Instruments

Trade99 boasts of 190 different trading instruments. However, once again, when you log into a live account, you realize that the broker hardly has any trading instruments on offer – 8 currency pairs to be exact.

Conclusion

This is one broker that you should not touch even with a bargepole. The entire website is filled with lies, whether it be corporate information, services offered, or how it is regulated and licensed.

Trade99 is scam broker and your money is definitely not safe with them!

Trade99

2.8

User Experience

3.5/10

Payment Options

3.0/10

Security

2.8/10

Support

1.9/10

Reputation

2.7/10

Pros

  • Reasonable Minimum Deposit of $250

Cons

  • Conflicting Corporate Information
  • Lack of Regulation
  • Restrictive Trade Bonuses
  • Suspicious Terms of Trade
  • No Skrill or Neteller

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

76.4% 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

eToro
$200
Minimum Deposit

eToro is a multi-asset platform which offers CFD and non CFD products. 66% 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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4 comments

Dave 12/22/2019 - 6:43 am

This is a total scam, lost $500 on this bs, nobody is answering. BEWARE.

Reply
Luis 01/12/2020 - 4:49 am

Don’t fall for this scam, this asshole Mark literally robbed me of almost $2K!!

They trade against you, making you lose the money and even if you win they either make you invest more by not releasing the funds, until you lose everything.

stay away from this shit, total scam.

Reply
Ricardo 01/12/2020 - 4:58 am

They called me up out of nowhere saying I open an account with them already and tried to sell me on “more positions”, sent me to a dummy website that shows as if they are regulated, all from a swiss number – super sketchy plz be careful. never trade with someone that calls you out of the blue. I also see they do celebrity ads on FB, fucking scammers.

Reply
Bill 01/14/2020 - 11:00 am

Everything with trade99 smells scam, and I still fell trap! From it’s unclear terms of trade, being regulated by ‘The Financial Commission’ (which is a made up body!), and the unbelievable high spread of 2+ pips (when in reality it should be 1.5 pip!!!). assholes.

Reply

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