TradingScore – Can You Trust Them?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
TradingScore - 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://tradingscore.co
Founded: 2021
Regulations: None
Languages: English
Deposit Methods: Debit Card / Credit Card
Minimum Deposit: €250
Free Demo Account: No
Number of Assets: 200+
Types of Assets: Forex, Indices, Stocks, Commodities
Trading Accounts and Conditions
TradingScore offers their clients the following trading account types:
- Bronze Account: The minimum deposit is €250. You get a 5% – 10% Welcome Bonus. There are no commissions. You are offered a 1:100 and 1:200 leverage.
- Silver Account: The minimum deposit is €2,500. You get a 5% – 15% Welcome Bonus. There are no commissions. Leverage available is 1:200 and 1:300.
- Gold Account: The minimum deposit is €25,000. You get a 5% – 15% Welcome Bonus. There are no commissions. Leverage available is 1:200, 1:300 and 1:600.
The broker claims that their spreads begin from 0.0 pips. Speed of execution is at 0.012 seconds and you can open an account with them in 2 minutes.
TradingScore – Advantages
We could not find anything positive in trading with TradingScore.
TradingScore – Disadvantages
Here are all the issues that reveal that we are dealing with a scam operation here:
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Lack of Regulation
TradingScore claims to be owned and operated by Eudaimon Consulting LLC (registration number: 1323 LLC 2021). The broker also states that all card transactions are processed by this company, which is based in St. Vincent and the Grenadines (SVG). And near the bottom of their home page, there is a claim (which actually looks like a logo) that TradingScore is regulated by the CySEC (Cyprus Securities and Exchange Commission).
Here’s how we know that this broker is lying about being regulated by the CySEC. We simply checked the regulator’s online register to see if this broker was actually regulated by the CySEC. We found that they were not listed with this regulator.
Furthermore, being registered in SVG means nothing since the SVGFSA (SVG Financial Services Authority) has clearly stated that do not provide any regulatory oversight for forex brokers.
Thus, what we actually have here is an unregulated, offshore broker. Which means that they are 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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Illegal Offerings
TradingScore offers their clients bonuses and high leverage ratios. Both of these services are illegal in the European Union, which is where this broker claims to be regulated.
Bonuses come with very unfair conditions, and are used by unscrupulous brokers to trap unwary novice traders into investing with them. Since we could not open up TradingScore’s legal documents, we do not know what kind of withdrawal conditions they have in place. However, such bonuses usually come attached with supremely unreasonable withdrawal conditions such as meeting an impossibly high trading volume turnover target. And if you are unable to meet that target, then you will not be allowed to withdraw your funds. Furthermore, such brokers also add clauses that they can change their terms and conditions any time they choose and without notice, so if you are close to achieving your trading turnover target, the broker simply changes the rules of the game!
Added to this is the very high leverage ratio this broker offers. High leverages give traders the chance to make high profits. Unfortunately, most of the time, that chance they take ends up in failure and traders end up losing serious amounts of money. It is because of this reason that regulators in many jurisdictions have limited how much leverage brokers can offer their clients. In the EU, that limit is 1:30. Any leverage higher than that is illegal.
Thus, TradingScore is offering promotions that are actually illegal in the EU and this tells us we are dealinh with a scammer.
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Poor Trading Software
The main offering a broker provides their clients is their trading software. This is why reputed brokers offer only the best possible trading software in the market to their clients. This means the MetaTrader 4 or the MetaTrader 5 software. These two are the top platforms in the world, offering traders a user-friendly interface, a massive range of trading tools and functions and a huge marketplace to add on apps to make trading even easier.
With TradingScore, what we get is a below-average WebTrader, a software that just does the basics in trading – buy and selling, a few market indicators, some charting and market analysis too. A far cry from the MT4 and MT5 platforms.
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Issues with Trading Conditions
While we have already spoken about the dangerously high leverage ratio offered by this broker, we have issues with TradingScore’s other trading conditions too.
The minimum deposit of €250 is much too high, especially when there are so many great brokers in the market that allow for account opening at just $5! And then while this broker states that their spreads start from 0.0 pips, when we checked their trading platform, it turns out the actual spreads for the EURUSD pair was at a whopping 3 pips.
A no-commission commitment is not possible at 0 pips, but now that we know that this broker is offering spreads at 3 pips, we can understand why they are so proudly saying they have no commissions!
These are not trading conditions that we would recommend – even if this broker were regulated.
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Cannot Access Legal Documents
When you click on the link to their Legal Documents, you are redirected to a PDF file – which never downloads. We clicked on TradingScore’s Legal Documents tab and we waited – and waited some more. But their legal documents never opened up. It definitely was not a network issue since all the other pages opened quickly. So, this makes us wonder whether this broker actually has any legal documents!
Conclusion
TradingScore is unfortunately just another scammer that is trying to fool novice traders into investing with them. We would not recommend this broker to any trader. This broker needs to be avoided.
TradingScore
Pros
- None
Cons
- Lack of Regulation
- Illegal Offerings
- Poor Trading Software
- Cannot Access Legal Documents
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.
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