TraderHub – Are They Trustworthy?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
TraderHub - DO NOT TRADE WITH THIS PROVIDER
2.3/10
$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://traderhubllc.com
Founded: 2022
Regulations: None
Languages: English
Deposit Methods: Cryptocurrencies
Minimum Deposit: $1,000
Free Demo Account: No
Number of Assets: Unknown
Types of Assets: Forex, Cryptos, Indexes, Stocks, Energy, Commodities
Trading Accounts and Conditions
TraderHub offers their clients two types of trading accounts:
- Classic Account: The investment range is from $1,000 to $19,999. You are promised 2.5% returns daily for a period of 10 days.
- Platinum Account: The minimum investment amount is $20,000. You are promised 3.5% returns daily for a period of 10 days.
The only reference to trading conditions that this broker makes is that their spreads are tight and commissions are low. There is no mention of how much leverage they offer, or the order execution methods they have and so on.
TraderHub – Advantages
There are no advantages to trading with TraderHub.
TraderHub – Disadvantages
Listed here are the many reasons why we have marked TraderHub a scammer:
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No Regulation
There is no clear information on TraderHub’s website about their regulation status. We did, after a thorough search, find a single, vague reference to their legal status in the Terms and Conditions section of their legal documents, where the trader states that all disputes between them and the client will be resolved according to laws in the UK.
However, to operate in according to UK laws, a broker needs to be registered with and regulated by the Financial Conduct Authority, the country’s financial authority. We checked the online database that the regulator has to see if this broker was registered with the FCA. We found out that there is no broker or even company by this name regulated by the FCA.
Thus, we can conclude that TraderHub is operating without a license and that makes them a scam.
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 Trading Software
As part of our review, we always try and register for an account with a new broker. This helps us understand multiple things –
- How easy it is to create an account with the broker
- Is the account creation process safe?
- What does the client area look like?
- And what does the trading platform that the broker offers look like?
We found that the account creation process was much too easy – no real document or KYC procedures to be carried out; basically, anyone could create an account. This is the first red flag that spells out that the broker is trying to snag as many people as possible.
We also saw that the client area was limited and barely functional. Added to that, there was no real trading software at all.
This is such a clear sign of their scam! Legitimate brokers go out of their way to procure the best possible trading platform in the market for their clients since this is their primary product offering. But with this broker, there isn’t even a trading platform!
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No Trading Accounts and Trading Conditions
We found out that when you register for an account, it isn’t a real trading account. The client area only allows you to make deposits. There is no market information or (as we mentioned earlier) trading software.
Of course, considering the fact that the main product itself is missing, talking about trading conditions is a waste of time – not that they have even mentioned what they are!
We also need to point out that instead of trading accounts, what you are offered (when you open an account) are actually investment plans. You need to make a deposit of at least $1,000 for the basic investment plan, and then you are promised a 2.5% return every single day for 10 days.
First, there is no way that any broker can promise any kind of a return. The forex market is highly speculative, and most trades end up in losses and not profits. Therefore, legitimate brokers are expected – by law – to warn their customers that their chances of losses are very high and that 75% to 85% of all trades usually end up in losses.
Next, the broker does not bother to specify what exactly that 2.5% or 3.5% returns refer to! Is it on your investment or on the interest? There is no clarity on that.
The broker also claims to give their traders access to more than 40,000 trading instruments – all of which are lies. We could only see a few trading assets in their client area!
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Only Crypto Deposits Allowed
On their website, this broker claims to offer multiple payment methods – Bitcoin, Visa, PayPal, Skrill, and Neteller. These claims are all lies.
The only payment method that TraderHub allows is cryptocurrencies. This, of course, is a clear sign of a scam. Cryptocurrency transactions are anonymous and permanent, which means that once a transaction is complete, there is no way that you can get your money back.
This is the reason why scammers will usually offer only this form of payment for their customers to make deposits. And this is also the reason why we strongly recommend to all traders that when they are trying out a new broker, it is best to use either credit or debit cards as a payment method. This way, if you are scammed, then you at least have the option of filing for a charge back with your bank. And this gives you a chance of getting your money back. With cryptocurrency payments, this option is just not possible.
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No Minimum Deposit Requirement
When you check their so-called account types, TraderHub states that the minimum investment they will accept is $1,000. However, when you go to their payment area, then there is no minimum deposit limit. In fact, you can deposit as little as $1 with this broker. This kind of shoddiness is typical of scammers.
Conclusion
TraderHub is yet another poorly designed scam operation that is targeting novice traders. You money is not safe with them.
TraderHub
Pros
- None
Cons
- No Regulation
- No Trading Software
- No Trading Accounts and Trading Conditions
- Only Crypto Deposits Allowed
- No 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.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.