TRADEZMARKET – Is It a Scam?

Website URL: https://www.tradezmarketplace.com/

Founded: 2017

Regulations: Unregulated

Languages: English, Russian, Arabic

Deposit Methods: Skrill, Bank Wire, MasterCard, Visa

Minimum Deposit: €10,000

Free Demo Account: No

Number of Assets: N/A

Types of Assets: Currency Pairs, CFDs on Commodities, Precious Metals, ETFs, Stocks, Bonds, Indices, Cryptocurrencies

Trading Accounts and Conditions

After going through TRADEZMARKET’s website, here is what we found out about the account types offered by this broker:

• Silver Account: Traders have to make a minimum deposit of €10,000 to use this account.
• Gold Account: You need to initially deposit €25,000 to use this account.
• Diamond Account: You need to make an initial deposit of €50,000 to open a Diamond Account.
• VIP Account: For you to be able to open a VIP Account, you need to first put in €250,000.

Upon checking further, we found out that this broker offers a leverage of 1:20, and its spreads for the benchmark Forex pair, the EURUSD, is 3.5 pips.

TRADEZMARKET – Advantages

After doing a deep-dive into this broker’s offerings, here is the single advantage we found:

• Wide Range of Trading Instruments

One of the things that would make it advantageous for traders to use TRADEZMARKET’s platform is its wide range of trading instruments.

This broker offers clients more than 50 currency pairs, of which many are either exotic or minor currencies. It also offers CFDs on commodities such as agricultural commodities, oil and natural gas, precious metals such as silver, gold, palladium and platinum, ETFs, stocks, bonds, and 22 different indices.

Traders can also trade with CFDs of cryptocurrencies such as Ripple, Monero, Zcash, Tron, Qtum, Stellar, Litecoin, NEO, IOTA, Bitcoin, Cardano, Ethereum, EOS, Ethereum Classic, DASH, Bitcoin Gold and so on.

TRADEZMARKET – Disadvantages

Unfortunately for this broker, its disadvantages are more than its advantages. And these disadvantages are such that we would recommend that traders avoid doing business with TRADEZMARKET completely. Here’s why:

• Lack of Regulatory Oversight

After we went through this broker’s website, we found some corporate information about it in its Terms and Conditions page. This brokerage is owned by Investment Company Activity Ltd. This company also operates TRADEZMARKET and is supposedly registered in Bulgaria. It has a branch office in Zurich, Switzerland.

It needs to be kept in mind that both Bulgaria and Switzerland are a part of the European Union and therefore are have strongly regulated forex and CFD markets. In Switzerland, FINMA is the regulator, and in Bulgaria, the FSC (Financial Supervision Commission) is the financial watchdog.

Upon checking the online registries of both regulators, we found that TRADEZMARKET and its parent company are not registered with either regulator.

Plus500

$100

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• Blacklisted by FINMA and CONSOB

We also checked other EU regulators to check if TRADEZMARKET was registered with another regulator. However, what we found clearly showed that this broker is a scammer.

We found out that this broker has been targeting citizens of Switzerland and Italy illegally, and that both the FINMA in Switzerland and the CONSOB in Italy had issued a public warning against dealing with TRADEZMARKET.

Both the regulators stated that this broker was involved in scamming activities and that any client involved with TRADEZMARKET would be exposed to extremely high risk.

• Offering Managed Accounts

Another issue that we want to flag off about this broker is the fact that it offers traders managed accounts. Almost all brokers are market makers, which means that they profit from traders’ losses.

What this means is that there would be a huge conflict of interest if a broker were to manage a trader’s account, since the broker would have the incentive to ensure that traders lose their money.

So, if a broker offers managed accounts, you can be sure that it is running a scam operation.

• Offering Trading Bonuses

Trading bonuses have been banned in most regulated Forex markets because they come with conditions that are usually impossible to meet. Traders who avail of the trading bonuses often end up never seeing their money again, since they will not be allowed to withdraw their funds unless they meet impossibly high trading volume targets.

Therefore, the fact that TRADEZMARKET is offering trading bonuses is just another indication that this is not a broker you should trust.

• MT4 Trading Platform Not Available

TRADEZMARKET does not support the MT4 trading platform, which is what 80% of forex traders use to conduct their business. The MT4 software is easy to use and has numerous features such as market indicators and charting options for market analysis and trading bots that can take care of automated trading for you.

• Extremely High Minimum Deposit Requirement

If we go by the details given in TRADEZMARKET’s website, then the minimum deposit requirement to be able to trade on this broker’s platform is €10,000.

This is ridiculously high, since the market average is just between $100 and $250. And considering that this broker has so many red marks against it, this requirement is just another scamming tactic.

• Very High Spreads

When we tested the spread on TRADEZMARKET’s platform, we found that the EURUSD currency pair had a spread of 3.5 pips. This is extremely high, and benefits the broker and is disadvantageous for the traders.

For your information, a 3.5 pip spread is more than twice the market average.

Conclusion 

After reviewing TRADEZMARKET, we can say with confidence that this broker is a scammer and that if you invest your money through it, you will lose everything you invest.

If you are looking for an online broker, we recommend that you look for one that is regulated by one of the stronger financial watchdogs, such as the FCA in the UK or even the CySEC in Cyprus.

TRADEZMARKET

2.5

User Experience

3.0/10

Payment Options

2.2/10

Security

2.3/10

Support

2.4/10

Reputation

2.5/10

Pros

• Wide Range of Trading Instruments

Cons

• Lack of Regulatory Oversight
• Blacklisted by FINMA and CONSOB
• Offering Trading Bonuses
• Extremely High Minimum Deposit Requirement
• Very High Spreads