Tradeview247forex – Are They Safe?

Website URL: https://tradeview247forex.com/

Founded: 2020

Regulations: Unregulated

Languages: English

Deposit Methods: Cryptocurrencies, Western Union, MoneyGram

Minimum Deposit: $500

Free Demo Account: No

Number of Assets: N/A

Types of Assets: Forex, CFDs on stocks, commodities, bonds and cryptocurrencies

Trading Accounts and Conditions

Tradeview247forex offers you the following types of trading accounts:

• Silver Plan: To start using this account, you need to make a first deposit of at least $500.
• Gold Plan: To use this account type, you need to make a minimum deposit of $1,000 first.
• Diamond Plan: To use this type of account, the minimum deposit requirement is $4,000.

The leverage levels for all the account types is 1:500, however, there is no information given about the spreads or other trading costs.

Tradeview247forex – Advantages

The single advantage that you could gain by trading with this broker is that you would get a wide range of trading assets to choose form. Tradeview247forex offers you more than 60 currency pairs, as well as CFDs on a range of assets such as commodities, indices, stocks, bonds and cryptocurrencies (Bitcoin, Stellar, Litecoin, Bitcoin Cash, Ethereum and Ripple).

Tradeview247forex – Disadvantages

Here are all the disadvantages of trading with this broker:

• Lies about Regulation Status

Tradeview247forex claims that it is regulated by the National Futures Association (NFA) of the United States. When we checked the online registers of the NFA, we found that this broker’s name was not listed there. This means that this broker has lied about its regulation status in the US.

We need to add here that getting a license to offer financial services in the US is extremely difficult.

To get authorization to trade in the US, a broker needs to get a license from the CFTC (Commodity Futures Trading Commission), besides being a member of the NFA. Brokers are required to maintain a working capital of $20 million at all times (just so you know, this is the amount that you are required to maintain in a Swiss bank account too!). These are the reasons why there are so few brokers who operate out of the US.

So, with its lies about being regulated by the US NFA, Tradeview247forex is simply trying to impress its possible clients into doing business with them. However, the truth is that if this broker has lied about something so critical, then how can you trust them with your money?

Plus500

$100

Minimum Deposit

Start Trading

Read Review

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.

 

AvaTrade

$100

Minimum Deposit

Start Trading

Read Review

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.

• Anonymous Broker

Tradeview247forex dazzles with their claims of being regulated in the United States, but when you look more closely at their website, you will realize that this broker is actually operating anonymously.

There is no company name mentioned, and the only address is a PO Box, which is something pretty much anyone can get.

Dealing with an anonymous broker – and unregulated to boot – is dangerous. You do not know who you are doing business with and you don’t know how they will handle your money.

• No Demo Account

Tradeview247forex does not offer its customers a free demo account. While this is not as serious as the previous points we have listed, it is still a sign that this broker is not one to be trusted.

Legitimate brokers usually offer traders a free demo account so that they can test the trading conditions as well as the platform offered for themselves. On the other hand, scammers avoid letting their potential victims know what they will be getting into beforehand.

So, the fact that this broker does not offer a demo account is indicative of a scam – especially when you see that they are also unregulated and anonymous.

• Lies about Trading Platform

This broker claims to offer you a choice of three different trading platforms – the MetaTrader 4, the MetaTrader 5 and the cTrader platforms.

Since there is no demo account available, we registered for an account with Tradeview247forex. Instead of any of the promised trading platforms, we were taken to a strange set of dashboards that had been lifted directly from an independent 3^rd party market data provider, TradingView.

Furthermore, there is no option to trade on this dashboard. The only thing you can do is deposit your money.

• Unrealistic Returns Promised

Tradeview247forex promises its customers guaranteed returns.

For the Silver Plan, you can make as much as $6,500. For the Gold Plan, you can earn as much as $16,000 and for the Diamond Plan, you can make as much as $35,000.

The broker also gives a 100% guarantee that you will not lose any money if you invest with them.

This is an unrealistic promise. Actually, it’s a lie. Traders lose more money than they make in such speculative markets, and all regulated brokers are required to publish the percentage of their clients who have lost money trading on their platforms.

Currently, the average percentage of traders who lose money on the market ranges from 70% to 80%.

• Single Payment Method

This broker claims to offer various payment methods such as cryptocurrencies, Western Union and MoneyGram. However, when we checked, there is only one way that you can make deposits, and that is through Bitcoin.

This is another sign that this broker is a scammer. Bitcoin transactions – just like most other cryptocurrencies – are almost completely anonymous and untraceable. They are also irreversible. This means that once you have deposited your money, there is just no way you can get it back.

• High Minimum Deposit

To start trading on Tradeview247forex’s platform, you need to make a minimum deposit of $500. This is much higher than the industry average of $100 – $250.

Conclusion 

Tradeview247forex has all the hallmarks of a scammer and it would be best for you as a trader to avoid doing business with this broker.

Tradeview247forex

2.5

User Experience

3.0/10

Payment Options

2.3/10

Security

2.6/10

Support

2.5/10

Reputation

2.2/10

Pros

• Range of Trading Assets

Cons

• Lies about Regulation Status
• Anonymous Broker
• Lies about Trading Platform
• Unrealistic Returns Promised
• Single Payment Method