Trader House – Are They Safe?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
Trader House - DO NOT TRADE WITH THIS PROVIDER
2.4/10
$100
Minimum Depositupdated 2022
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://traderhouse.com
Founded: 2022
Regulations: Unregulated
Languages: English, French
Deposit Methods: Credit Cards, Bank Transfers, Cryptocurrencies
Minimum Deposit: $10,000
Free Demo Account: Not Available
Number of Assets: Not Specified
Types of Assets: CFDs on Stocks and Shares, FX Pairs, Indices, Energies, Commodities, Spot Metals, Cryptocurrencies
Trading Accounts and Conditions
Given below are the types of trading accounts offered by Trader House:
- Bronze: The minimum deposit is $10,000.
- Silver: The minimum deposit is $25,000.
- Gold: The minimum deposit is $50,000.
- Premium: The minimum deposit is $100,000.
- Platinum: The minimum deposit is $250,000.
There is no mention on the Account Types page of the trading conditions this broker offers. Thus, we have no information on the spreads, leverages or any kinds of commissions or fees that the broker may charge. However, in another section of the broker’s website, there is a passing reference of a spread of 0.0 pips. However, with no access to their so-called trading platform, there was no way we could verify this claim.
Trader House – Advantages
We would not recommend Trader House to any of our readers. This broker is a scammer and should be avoided.
Trader House – Disadvantages
Listed below are the many reasons why we would brand Trader House a scammer:
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Unregulated Broker
On the footer of its website, Trader House claims that it is owned by a company called Panelid Limited. There is no registration number provided (it actually says TBA), and the address given is a London, UK address.
In the same footer, this broker also claims to be authorized by a number of jurisdictions around the world. However, the broker fails to specify which jurisdictions. Trader House also does not bother to provide registration and license numbers.
And when you check their Contact Us page, there is a St. Vincent and the Grenadines address provided. Which makes this broker an offshore entity and also pretty much anonymous.
Since this broker claims to be based in the UK, it would need to be registered with the local financial regulator – the FCA (Financial Conduct Authority). We checked for both Panelid Limited as well as Trader House. We came up empty handed. This means that this broker and its so-called parent company are not registered with the FCA.
All of this information we have gathered shows us that this broker is operating anonymously and without proper authorizations. And this tells us that this broker 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.
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No Link to Trading Software
Trader House claims to offer you the MetaTrader 5 trading platform. This is currently the world’s most popular software, beating its predecessor, the MetaTrader 4 platform. This software providers its users with advanced features that make trading so much more efficient – you get Expert Advisors (customizable trading bots that can be programmed to run even if you are offline), customized scripts, charting tools, and much more.
The problem is, this seems to be another lie. There are no links to the MT5 software, so you cannot download the platform, or even access an online web-based version of it.
Furthermore, the Register and Login buttons don’t work either – they seem to be there only for show. Because of this, we could not check for ourselves whether there is an actual trading platform available or not.
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Conflict of Interest
Another red flag is the legal issue of a conflict of interest. This broker promises managed accounts – which means that the broker offers to take care of your trading for you.
This is a legal issue called conflict of interest. The way a broker works is that they make money when you lose money on the market. If they were to manage your account for you, it would be in direct conflict to their own interests. Therefore, if they were to manage your accounts, they could ensure that you keep losing money on the market so that they could keep making money off of your investments.
This is a clear sign of the scam they are operating.
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Unfair Trading Bonuses
This broker offers its clients trading bonuses, and these bonuses come with strings attached.
We need to point out at this juncture that trading bonuses have been banned in most strongly regulated jurisdictions because of the conditions that come along with them. These conditions are usually unfair and designed to ensure that traders never get to see their money again.
And sure enough, Trader House has offered these trading bonuses with some extremely unfair conditions.
The broker states that you need to have traded volumes of at least 1 lot (which equals 100,000 currency units) for each $1 of added funds (read: bonuses). You are also required to meet this target within a limited period of time (which is conveniently not specified). And if you do not meet these conditions, you will not be allowed to withdraw any of your funds. And since the conditions also state that these terms are subject to change, the broker can simply change the conditions of withdrawal if they see you getting close to meeting the turnover targets.
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Very High Minimum Deposit Requirement
Trader House will not let you open an account with them unless you deposit a minimum of $10,000. This is a massively high amount. Therefore, even if this broker were completed regulated and legitimate, we would still advise traders to find another broker to deal with.
The market average of deposits ranges from $100 to $250, and there are many very highly regarded brokers that need you to deposit as little as $5 to open an account with them and start trading. Therefore, a deposit requirement of $10,000 is just not acceptable.
Conclusion
Trader House is a classic scammer – they are operating anonymously without a license, they have no trading software, offer trading bonuses and are clearly breaking the law in many ways.
Trader House
Pros
- None
Cons
- Unregulated Broker
- No Link to Trading Software
- Conflict of Interest
- Unfair Trading Bonuses
- Very High Minimum Deposit Requirement
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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