Tradiora – Can You Trust Them?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
Tradiora - DO NOT TRADE WITH THIS PROVIDER
2.4/10
$100
Minimum Depositupdated 2024
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://tradiora.com
Founded: 2024
Regulations: Not Licensed
Languages: English, French, Spanish
Deposit Methods: Visa, MasterCard, Wire Transfer, Bitcoin
Minimum Deposit: €250
Free Demo Account: Not Provided
Number of Assets: 200+
Types of Assets: Currencies, Commodities, Shares, Indices, Digital Currencies
Trading Accounts and Conditions
Tradiora offers their clients three types of trading accounts. They are:
- Standard Account: The minimum initial deposit is $250. The spreads are 0.13 pips onwards. There are zero commissions. The leverage is up to 1:100. There is a 20% Welcome Bonus.
- Professional Account: The minimum initial deposit is $500. The spreads are 0.1 pips onwards. There are zero commissions. The leverage is up to 1:300. There is a 25% Welcome Bonus.
- Elite Account: The minimum initial deposit is $1,000. The spreads are 0.0 pips onwards. There are zero commissions. The leverage is up to 1:600. There is a 30% Welcome Bonus.
We checked the broker’s trading platform and found out that the spreads were different there. We found out the following information about the spreads Tradiora was actually offering:
- EURUSD: 1.2 pips
- GBPUSD: 1.5 pips
- USDJPY: 1.5 pips
Tradiora – Advantages
There are no advantages to trading with Tradiora.
Tradiora – Disadvantages
Given below is a list of issues that tell us that Tradiora is a dangerous scammer:
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Lack of Regulation
Tradiora claims to be an international investment company that is based in Estonia. However, the broker does not back this claim with real information. We are not told their physical address, their contact number, or their registration number.
And when we checked the Estonian Financial Supervision Authority’s online register, we found out that this broker is not listed with the regulator at all.
Our investigation into Tradiora’s regulation status tells us that we are dealing with a broker that is not regulated and is operating anonymously. This makes this broker a scammer.
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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Warning Issued by Belgian FSMA
Estonia is a member of the European Union. So, if a broker is regulated by one member country, that broker may offer their forex brokerage services in all EU member nations. Obviously, Tradiora has been taking advantage of this facility.
We know this because we found out that the Belgian financial regulator, the Financial Services and Markets Authority, has issued a warning against Tradiora. According to the warning, this broker has been operating in Belgium without authorization. This means that Tradiora has been operating illegally, and that is evidence of a scammer.
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Poor Trading Platform
Tradiora claims to offer their clients the use of the platform called ProWave, which is supposed to be an exceptional trading platform. However, when we accessed their live trading platform, we found out that this broker has simply told more lies. There is no ProWave trading platform on offer here.
What Tradiora offers their clients instead is a very poorly constructed software. One that is web-based and barely functional. There are a few charts to simulate a real trading platform, but that is all.
When a broker trades-off on the quality of their trading software, then you know that you are dealing with a scammer. No legitimate broker would allow the quality of their product be impacted in this way.
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Issues with Trading Conditions
While a broker’s trading software is their product, their conditions for trading are what make them competitive or not. So, if a broker offers unfair, incomplete or skewed trading conditions, then it is red flag that that broker cannot be trusted.
Let us look at Tradiora’s trading conditions. First, their initial deposit requirement of $250 is not exactly low, especially when there are so many brokers today whose minimum requirements for deposits are less than $50. Added to that is the discrepancy in spreads. On their website, the broker mentions seriously low spreads, while when we checked their trading platform, they were much higher.
Tradiora’s leverage is also much too high at 1:600. In the European Union, which is where this broker is operating, the maximum leverage a broker can offer is 1:30. So, basically, this broker is offering an illegally and dangerously high leverage.
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Issues with Payment Options
On their website, Tradiora offers multiple payment options: Credit Cards (Visa, MasterCard and Maestro), Wire Transfers and Bitcoin. We need to point out that legitimate brokers will offer many more payment methods, such as e-wallets like Skrill, Neteller, PayPal and so on.
The fact that this broker has limited payment options, and one of them is cryptocurrencies, is another red flag.
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Issues with Withdrawal Policy
The broker has a very detailed withdrawal policy, which is also a very unfair withdrawal policy. When you go through the Terms and Conditions in details, you realize that the withdrawal policy is geared towards you not being able to withdraw your funds.
There are withdrawal fees imposed, but the broker does not mention how much. Added to that, when you request for a withdrawal, you are expected to print out the withdrawal request. This unheard of in today’s digital age!
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Bonuses Offered
Tradiora offers their clients bonuses. And the conditions attached to those bonuses are also extremely unfair. First of all, these bonuses are not available for withdrawals, and if you wish to withdraw these funds then you need to meet a trading volume target of 30 times the amount you have deposit and the bonus that Tradiora has issued to you. This is such an unrealistically high amount that most traders will never be able to meet that target. Which means that you almost never get to withdraw your funds.
And if, by chance you are able to meet that target, the broker reserves the right to change their withdrawal conditions without notice!
Conclusion
We would strongly warn all traders against dealing with Tradiora. This broker is a scammer and not safe.
Tradiora
Pros
- None
Cons
- Lack of Regulation
- Warning Issued by Belgian FSMA
- Poor Trading Platform
- Issues with Trading Conditions
- Issues with 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.
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