Tradinggram – Is Your Money Safe With This Firm?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
Tradinggram - DO NOT TRADE WITH THIS PROVIDER
2.4/10
$100
Minimum Depositupdated 2021
The trading accounts aren’t stated on the website though it states that its minimum deposit is $100. The maximum amount you can deposit to this firm isn’t stipulated, however. On the other hand, the website states that its leverage rests at 1:200, moreover, it also claims that its trading cost is very low.
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: http://tradinggram.com/
Founded: N/A
Regulations: Unregulated
Languages: English, Chinese, French, German, and Italian
Deposit Methods: Bitcoin, ChinaUnionPay, IDAE, Neteller, Skrill, Wire Transfer, WebMoney, Mastercard, and VISA
Minimum Deposit: $100
Free Demo Account: N/A
Number of Assets: N/A
Types of Assets: Crude oil, Forex pairs, Gold, and Indexes
Trading Accounts and Conditions
The trading accounts aren’t stated on the website though it states that its minimum deposit is $100. The maximum amount you can deposit to this firm isn’t stipulated, however. On the other hand, the website states that its leverage rests at 1:200, moreover, it also claims that its trading cost is very low.
Tradinggram – Advantages
After we examined the firm’s website and its legal provisions, we can say that it’s not worth it to risk your money with them.
Tradinggram – Disadvantages
There are several reasons why we mentioned this firm is not worth investing at and we’ll break them down for you below.
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An Unlicensed and Unregulated Firm
The firm states that it is located in Canada, however, just because it’s operating in this country doesn’t mean that it’s regulated and licensed.
Though Canada is not famous for regulating forex brokers, it has a great reputation in terms of protecting investors. The authorized regulatory agency in the country is the IIROC or the Investment Industry Regulatory Organization of Canada. The best thing about investing with a Canadian regulated firm is that they are under the jurisdiction of the CIPF of the Canadian Investor Protection Fund which mandates all licensed firms to cover up to $1M of financial compensation if they can’t meet their financial obligation to their customers.
However, Tradinggram couldn’t provide any proof that it is regulated by the IIROC. It only claims that it operates in Canada. Hence, we can say that it is UNLICENSED and trading with this firm poses a direct risk to your investments.
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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Shady Registration Process
In order to check what this firm is up to, we decided to register on its website. To complete the registration, a user has to key in a code within 60 seconds. This code was supposed to be sent through the email we provided. However, even after refreshing our email several times, no code has arrived. Since we’re only given 60 seconds to input the code, we had to start the process over and over again. We just couldn’t complete the registration process for some reasons.
After several attempts, we just decided to stop trying and concluded that this firm probably wouldn’t give us access because they don’t see us as a probable victim for its scam. Its user portal has limitations and only those who have successfully registered are granted full access to all its trading conditions, payment methods, and even trading software.
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Only Registered Users Have Access to its Trading Software
While we confirmed that this firm provides a MetaTrader 5 trading software, we can’t open an account because we couldn’t get through the registration process. There’s also no way that we can check if the MT5 software it has on its website is the legit one.
However, if it is, MT5 is considered one of the most sophisticated trading software used by a majority of traders in the world. Its predecessor, MetaTrade 4, also has the same reputation. If you want to have the best trading features, only use these two trading platforms.
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Unclear Deposit and Withdrawal Methods
The website states a handful of payment methods such as Bitcoin, ChinaUnionPay, IDAE, Neteller, Skrill, Wire Transfer, WebMoney, Mastercard, and VISA but we have no way of confirming the accuracy of this information. What’s even more suspicious is that there’s no mention of withdrawal details anywhere on its website. Hence, you have to be very skeptical about this firm as this is a clear indication that Tradinggram is a big scam. Like most fraudulent brokers, it only wants you to deposit money but won’t allow you to do any withdrawals.
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Playing Safe With Its Terms and Conditions
Upon checking its Terms and Conditions, it states that it can change or even suspend its operation and services at any time without prior notice. This is not only unfair to investors but also very dangerous. It means that it can shut down its website anytime it wants and you won’t have any say about it since it’s stated in its clause.
Overall, its Terms and Conditions are drafted very shortly and no noteworthy clauses are stated. Therefore, we advise you to stay out of this broker because it’s clearly a scam.
Conclusion
After scrutinizing the firm’s legitimacy, we can conclude that it is not safe to invest your money with them. It is unlicensed and unregulated, its registration process is shady, it doesn’t provide full access to its features so that potential customers can investigate, its deposit and withdrawal methods are unclear, and its terms and conditions are written poorly with no advantage directed to investors. With all these red flags, we strongly advise that you stay out of such brokers and only stick with those that are regulated by renowned regulators.
The best regulators in the world are the FCA in the UK and CySEC in the EU. These bodies have very strict rules and regulations when it comes to giving licenses to brokers. Moreover, they are backed up by the government in implementing such rules. Anyone who wants to operate business in such territories has to adhere to the laws set by the government and the regulatory body.
Hence, if you choose to trade with a licensed broker, you will have assurance and security that your investments are safe. In addition, the best advantage that you have when trading with legit firms is getting financial compensation in case they can’t fulfill their financial obligations. You can get as much as 85,000 pounds if your broker is under FCA and 20,000 euros if your firm is under CySEC.
Tradinggram
Pros
- None
Cons
- An Unlicensed and Unregulated Firm
- Shady Registration Process
- Only Registered Users Have Access to its Trading Software
- Unclear Deposit and Withdrawal Methods
- Playing Safe With Its Terms and Conditions
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.