TradeAI-Group – Are They Safe?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
TradeAI-Group - DO NOT TRADE WITH THIS PROVIDER
2.2/10
$100
Minimum Depositupdated 2024
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://tradeai-group.com
Founded: 2024
Regulations: Not Registered or Regulated
Languages: English
Deposit Methods: Bank Wire, Credit Card
Minimum Deposit: €5,000
Free Demo Account: Not Available
Number of Assets: 150+
Types of Assets: Forex Pairs, Indices, Stocks & Shares, Commodities, Digital Currencies
Trading Accounts and Conditions
TradeAI-Group offers their clients the following types of trading accounts:
- Bronze: The initial deposit required is €5,000. The offered leverage is up to 1:20. Spreads and swaps are standard.
- Silver: The initial deposit required is €25,000. The offered leverage is up to 1:50. Spreads are swaps remain standard.
- Gold: The initial deposit required is €100,000. The offered leverage is up to 1:100. The spreads and swaps are medium. The minimum guaranteed monthly ROI (return on investment) is 9% and you are offered a 50% bonus.
Other trading conditions are not mentioned.
TradeAI-Group – Advantages
There are no advantages to trading with TradeAI-Group.
TradeAI-Group – Disadvantages
Here is a list of all the red flags that tell us that TradeAI-Group is not a broker to be trusted:
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Lack of Regulation
On the footer of their website, TradeAI-Group states that all references to the TradeAI-Group brand refers jointly to TradeAi-Group Company investment firms and TradeAi-Group Company. However, the broker does not tell us where they are located, what their contact details are, or whether they are regulated.
We had to check the broker’s About Us section to get that information, where TradeAI-Group claims to be based in Cyprus, and provides a phone number too. We still are not provided with the broker’s regulation details – not even in their Terms and Conditions (which is a poorly-drafted Word document).
We still went ahead and checked the CySEC’s online register. The CySEC, or the Cyprus Securities and Exchange Commission, is Cyprus’ financial regulator. We found out that this broker is not listed with this regulator at all. And that means that TradeAI-Group is operating illegally in Cyprus as well as the European Union (since Cyprus is a part of the EU, any broker regulated in this country may operate anywhere within the European Union).
When a broker operates illegally, it means that they are scammers.
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.
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Alert Issued Against TradeAI-Group
While searching for TradeAI-Group’s regulation status, we also found out that an alert has been issued against this broker by the Financial Services and Markets Authority, the financial regulator of Belgium. According to the alert by the FSMA, TradeAI-Group has been operating illegally in their country. The alert also indicates possible scamming or fraudulent activity on the broker’s part.
When a financial regulator issues an alert that is warning traders about a particular broker, it is wise to heed that alert and stay away from that broker.
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Issues with Trading Platform
Another red flag that tells us that TradeAI-Group cannot be trusted is the issues we have found with their trading platform.
The software for trading is a broker’s only product offering, so regulated and real brokers make sure that there are no complaints against this product. In fact, real brokers will provide their customers with a software that is loaded with features that help make trading easier.
When we checked TradeAI-Group’s trading software, it clearly told us that this broker is not safe. This broker claims that their proprietary trading software is simple and easy-to-use, one that can be used by both novice as well as experienced traders. The broker also states that their platform offers sophisticated tools, charts and methodologies to analyze assets and forecast future values.
Sadly, all these claims are lies. The reality is that TradeAI-Group offers their clients a web-based software that is so basic that only complete novices would be fooled by it. This software has barely any features and you cannot do much more than buy/sell a few assets that they have listed there.
This poor trading software tells us that we are dealing with a scammer.
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Poor Trading Conditions
Along with the trading software, a broker offers trading conditions, and it is these trading conditions that make the broker competitive.
TradeAI-Group’s trading conditions are so unfair and incomplete that we know that we are dealing with a scammer just by looking at them.
First, their initial deposit requirement. This broker asks for a massive €5,000 just for you to open a trading account with them. We need to warn all traders that there are many legitimate brokers that allow for account openings with just $50.
Next, the broker does not specify what their spreads are on their website, but when we checked their platform, we found out that the spreads were as follows:
- EURUSD: 1.1 pips
- GBPUSD: 1.4 pips
- USDJPY: 1.7 pips
These spreads look very advantageous, until we realize that TradeAI-Group has not mentioned what commissions they charge.
The leverage mentioned on their website is 1:100, but on their platform, that leverage is 1:500. In the EU, the maximum leverage that is legal is 1:30, so the leverage this broker offers is not only dangerous, it is illegal.
Other trading conditions are also missing.
These issues with TradeAI-Group’s trading conditions tell us that we are dealing with a scammer.
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Issues with Payments
According to TradeAI-Group’s website, this broker offers multiple payment options – Bank Transfer, MasterCard, Visa, Maestro and Wire Transfer. However, when you try to make a deposit, then an error message appears: payment system is not available at the moment.
This is yet another red flag that tells us that this broker cannot be trusted. A regulated broker would make sure that their payment systems were working smoothly.
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Issues with Withdrawals
We also have no information on how traders can carry out withdrawals with this broker. We do not know the trading volume requirement, the withdrawal processing time, the withdrawal limits or even if there are fees for withdrawals.
Conclusion
TradeAI-Group is not a broker that is safe to do business with; they are scammers.
TradeAI-Group
Pros
- None
Cons
- Lack of Regulation
- Alert Issued Against TradeAI-Group
- Issues with Trading Platform
- Poor Trading Conditions
- Issues with Payments
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.
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