TradesView – Can You Trust Them?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
TradesView - DO NOT TRADE WITH THIS PROVIDER
2.6/10
$100
Minimum Depositupdated 2020
TradesView calls its account types plans, and here is the list:
- Starter Plan: The minimum deposit you need to make to use this plan is $500. You also get the benefit of Risk Free Trade.
- Premium Plan: For this plan, you need to first make a deposit of $2,000. You are given a 3x Risk Free Trade.
- Pro Plan: This plan requires an initial deposit of $5,000. You get 10x Risk Free Trade.
- Silver Plan: You need to make a first deposit of $10,000. You get 10x Risk Free Trade.
- Gold Plan: The initial deposit needs to be a minimum of $25,000. You get 14x Risk Free Trade.
- Diamond Plan: The Diamond Plan requires a first deposit of at least $50,000. You also get 30x Risk Free Trade.
There is no information on the trading conditions.
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://tradesview.io
Founded: 2020
Regulations: Not Regulated
Languages: English, All Google Translate Languages
Deposit Methods: Unknown
Minimum Deposit: $500
Free Demo Account: Yes
Number of Assets: N/A
Types of Assets: Forex, Crypto
Trading Accounts and Conditions
TradesView calls its account types plans, and here is the list:
- Starter Plan: The minimum deposit you need to make to use this plan is $500. You also get the benefit of Risk Free Trade.
- Premium Plan: For this plan, you need to first make a deposit of $2,000. You are given a 3x Risk Free Trade.
- Pro Plan: This plan requires an initial deposit of $5,000. You get 10x Risk Free Trade.
- Silver Plan: You need to make a first deposit of $10,000. You get 10x Risk Free Trade.
- Gold Plan: The initial deposit needs to be a minimum of $25,000. You get 14x Risk Free Trade.
- Diamond Plan: The Diamond Plan requires a first deposit of at least $50,000. You also get 30x Risk Free Trade.
There is no information on the trading conditions.
TradesView – Advantages
We did not find anything positive to write about TradesView, so we have left this section of our review empty.
TradesView – Disadvantages
There are so many reasons why this broker is not to be trusted. Here is a list of the top reasons!
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Unregulated, Anonymous Broker
TradesView is an anonymous broker that claims to be based in the United States. The broker provides an address in Charleston, West Virginia, but there is no company name mentioned anywhere on its website. Furthermore, the domain address is io, which is allocated for companies that are based in the British Indian Ocean Territory. This means that this broker is actually an offshore entity that may have a virtual office in the United States.
This is not the only issue we have with this broker. TradesView is not registered with any of the financial authorities in the regions it claims to service. We checked the online registers of the NFA (National Futures Association in the US), the CySEC (Cyprus Securities and Exchange Commission) and the FCA (Financial Conduct Authority in the UK) and found that this broker is not regulated by any one of them.
All of our searches simply proved to us that this broker is not regulated and is operating anonymously – a strategy adopted by many scam brokers. So, if you invest with TradesView, chances are you will lose all your money to them.
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.
- Lies About Services Offered
TradesView claims to be a forex and cryptocurrency brokerage and a wide range of trading instruments on offer. However, when we checked their platform, we found out that the only type of trading this broker offers are binary options trading. And the assets that are available for trade are limited.
There are two things that traders need to keep in mind here.
First, binary options trading are outlawed in the EU and in the UK because of the extremely high risk of loss associated with this type of trading. In fact, the US is one of the few countries which will allow binary options trading, and there are only two exchanges that are authorized to offer this service. And TradesView is not a part of that limited list.
Second, the broker has lied about the kind of services it offers.
To sum it up, if you contract with this broker, you will be dealing with an entity that has lied about its services and the services that it does offer are illegal!
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Fake Trading Platform
When we accessed TradesView’s trading platform in Demo Mode, we were in for a bit of a shock. The web-based platform does nothing that a real trading platform does. Clicking on the Buy or Sell buttons does not get you a payout. Instead, you are given a score! It looks more like online gambling than any kind of trading. Even a binary options platform does not look like this so-called platform that this broker offers.
When you use TradesView’s platform, you might as well be playing a game. You are asked to select an asset from the list provided. You then need to select the amount you wish to trade. Then you make your prediction. Once the pre-set time is up, you will be told whether you win or lose.
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Prices are Manipulated
Another red flag that clearly shows us that this broker is a scammer is the fact that the asset prices on TradesView’s platform are manipulated. The real-time prices are very different from what is shown on the broker’s platform. You can test this for yourself on the demo platform.
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Risk Free Trade Not Explained
There is something called Risk Free Trade mentioned in the account plans section. However, there is no explanation given about what this is or how it can benefit the trader.
We find this rather suspicious since trading always involves a degree of risk.
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No Information on Payment Options
There is no information provided anywhere on TradesView’s website about its funding options. The only way to find out is by submitted all your verification documents, it seems. However, we cannot say for certain since we did not take the risk of providing our credentials to this scammer.
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Bonus Withdrawal Conditions
Since this broker offers bonuses, there are, of course, bonus withdrawal conditions in place. You need to trade 30 times your deposit and bonus amount before you will be allowed to withdraw funds from your account.
We need to warn our customers here that all bonuses are banned in the EU and the UK, so this is another illegal act on the part of this broker!
Conclusion
After our investigation, we can safely say this you cannot trust TradesView. If you invest money with this broker, you will lose your funds. The best option for all traders is to find another broker – one that is regulated and honest in its dealings.
TradesView
Pros
- None
Cons
- Unregulated, Anonymous Broker
- Lies About Services Offered
- Fake Trading Platform
- Prices Are Manipulated
- No Information on Payment Options
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 platform which offers CFD and non CFD products. 74% 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.