Scam Brokers

True Market-Trading – Are They a Scam?

Chainbits Staff | Publish date: 01/01/2024 (Last updated: January 31, 2024 07:02 AM)

Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.

True Market-Trading - DO NOT TRADE WITH THIS PROVIDER

2.4/10

$100

Minimum Deposit

updated 2024

Try other platforms

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

Plus500 Review - Regulated broker

Plus500CY Ltdauthorized & regulated by CySEC

try this broker

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://truemarket-trading.com

Founded: 2023

Regulations: Unregulated

Languages: English

Deposit Methods: Credit Cards, Bank Wires

Minimum Deposit: $5,000

Free Demo Account: Not Provided

Number of Assets: Unknown

Types of Assets: Currencies, Cryptocurrencies, Indices, Commodities, Stocks

Trading Accounts and Conditions

True Market-Trading offers their clients multiple types of trading accounts however, they do not provide details about the related trading conditions for each account type. The basic account type has a minimum deposit demand of $5,000, while the top tier account, which is called the Presidential Account, has a requirement of $250,000 as a minimum deposit.

Other trading conditions mentioned are the spreads, which are as follows:

EURUSD spread: Starting at 1.1 pips
GBPUSD spread: Starting at 1.1 pips
USDJPY spread: Starting at 1.6 pips

The maximum leverage for currencies is pegged at 1:200. Other trading conditions are not mentioned.

True Market-Trading – Advantages

There are no advantages to trading with True Market-Trading.

True Market-Trading – Disadvantages

Given below are all the red flags we have found. This list tells us that True Market-Trading is a scammer and should be avoided at all costs:

Lack of Regulation

The first red flag that tells us that True Market-Trading is a scammer is their lack of regulation. Here is how we know.

This broker claims to be based in Estonia. Estonia is a part of the European Union and is therefore subject to the same laws and regulations that all EU member nations are. The country has their own financial authority – the Estonian Financial Supervision Authority (FSA) – that monitors all forex brokers.

A broker should either be registered with the Estonian FSA or another EU member nation’s financial authority. We checked the FSA’s database and found out that True Market-Trading is not regulated by the Estonian Authority. A further search also revealed that this broker is, in fact, not regulated by any other authority.

This information tells us that we are dealing with an unregulated broker, and this means that True Market-Trading is a scammer.

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.

Blacklisted in Belgium

We are not the only ones to have noticed that True Market-Trading is not exactly being honest. The Belgian regulatory body, the FSMA – Financial Services and Markets Authority – has issued a warning against this broker and has banned them in their country.

According to that warning, this broker is operating in Belgium without being sanctioned to do so. The authority also states that dealing with this broker would be dangerous.

When a financial authority issues a warning against a particular broker, then it is important to pay attention and not deal with that broker.

Poor Trading Platform

Once we have confirmed the legal status of a broker, we check their product and service offerings, i.e., their trading platform and their trading conditions.

Let us address the issue of the trading platform first. A broker’s one and only product offering is their trading software or platform. Therefore, a legitimate broker goes out of their way not only to advertise that software, but also to let their customers experience the product before they even commit to the broker through a demo account.

Scammers, on the other hand, usually do not have a trading platform to offer at all. And when they do, it is normally of poor quality – as in the case of True Market-Trading.

We registered for an account with this broker so that we could check their trading platform ourselves. This is because True Market-Trading mentioned almost nothing about their trading platform and did not even offer a demo account for us to try out.

What we found was a very poorly constructed trading software, one with barely any functionality. When a broker skimps on their main product offering like this, then you know that you are dealing with a scammer.

Issues with Trading Conditions

The next thing that we check out is a broker’s trading conditions. These are the services the broker provides to partner with their product (the trading platform).

These services include the minimum deposit, the spreads offered, the leverage offered, the order execution methods available, the commissions and fees and so on.

These are also usually very prominently advertised by legitimate brokers. Scammers usually avoid talking about their trading conditions.

With True Market-Trading, we find that their trading conditions are incomplete and skewed.

The minimum deposit requirement is massive at $5,000. The industry average ranges from $100 to $250 and there are a rising number of brokers who are okay with account openings with just $10.

The leverages this broker offers are illegal. All EU member countries have to abide by the law that no broker can offer a leverage of higher than 1:30. Therefore, the 1:200 ratio offered by True Market-Trading is wrong and points to this broker’s scam.

There are no commissions, no fees, no order execution methods, no lot sizes and so on mentioned.

All of this tells us once again that we are dealing with a petty scammer here.

Issues with Payments

Legitimate brokers offer their clients a wide range of payment options. These options mean that clients can choose the method that is most convenient to them. The payment options range from bank wires and transfers, credit and debit cards, e-wallets, and cryptocurrencies.

With scammers, there are limited options, and they are usually options that are non-refundable, i.e., you cannot get your money back if you use that payment option.

True Market-Trading claims to offer credit card and bank transfers as their options, however, there was no information on their payments section. So, we do not really know if these claims are true or not. This lack of clarity is another red flag that tells us that this broker is a scammer.

Conclusion

True Market-Trading is a scammer and dealing with them would lead to loss of funds. It would be wise to find another broker – one that is operating legally.