Many investors like the idea of earning a large income in the process of trading on the exchange. Especially when it comes to maximum comfort - the use of online trading platforms. However, participants of the trading sphere should be extremely careful: this sphere is of great interest for financial swindlers and con men. The most vulnerable to sweet speeches and false advertising are newcomers, who have no experience yet and do not know what they should watch out for, what important points to pay attention to and how to protect themselves from the fraudsters.
The objective review of the brokerage companies' activity, detailed study of the documents and real reviews will help traders to avoid financial losses and negative experience when trying to earn money on the exchange.
Using a detailed review of the activities of Tradovate, which calls itself a brokerage project, as an example, we will show which online projects you should avoid and show how to recognize a hidden fraudster in the image of a reliable trading intermediary.
Most sites offering brokerage services actively advertise and praise themselves. It is difficult to distinguish between true information and fiction. However, the scammers are characterized by an excessive desire to be liked, using clichés and too catchy phrases, which are not supported by facts.
The website of the company Tradovate, which is located at tradovate.com, looks presentable at first glance. The broker itself, which allegedly provides its clients only high-quality and innovative software for trading operations, is hard to be suspected of dishonest intentions. However, as the results of the detailed review show - it's not about safe and profitable trading transactions on an international financial trading platform, as promised from the pages of the official website. Looking ahead, it should be noted that Tradovate is a typical fraudulent project run by dexterous swindlers, whose task is to make more money on the inattentiveness, naivety and inexperience of their clients. And now let's go through the main points of Tradovate in detail and with the proofs, based on the information on the official website of this dubious company.
Types of trading accounts offered by Tradovate
The site Tradovate offers several plans, which are not called as most online brokers - trading accounts. By the way, this information is not put in a separate section on the official site. Find the description of the offered tariff plans is not easy - they are at the bottom of the main page and you need to scroll down to read the data.
The dubious broker Tradovate offers its customers a choice of three types of trading account. In the description of the plans the emphasis is made on the monthly commission - it is offered to reduce or cancel at all, choosing this or that trading account.
For the first account there is no minimum deposit, because its owners can become a member of the trading platforms without contributions, and the commission of $0.79 -0.20 is charged only when the client opens a trading session. For Active Trader Plan buyers there is a monthly payment of $99. Here the fee is already less - $0.19 -0.15.
Those who want to join the platform through a Commission Free Membership account are expected to pay $199 a month.
By the way, the Tradovate site has an opportunity to use a demo account, which can be opened for a period of 14 days.
There is no more information. This is extremely uninformative for a reputable broker and raises a lot of questions from traders. For example, it is not clear, by what criteria the commission size depends, the range of which is specified for the first two tariff plans: when the platform will hold $0.79, and under what circumstances $0.20. An investor does not see the whole picture in order to calculate his/her risks and make the right decisions.
Such an approach to trading account presentation is a clear sign of fraud.
Tradovate Trading conditions
Scam broker Tradovate cheats even in every phrase on their official website, not to mention fraudulent actions towards their clients. Every experienced trader understands this after getting acquainted with the dubious platform, offered by the project's scammers to conduct the promised profitable trading operations.
If you walk around the site, there's no detailed information in other key sections.
Tradovate describes 40+ tools for the trader who decided to trade through their platform. However, it doesn't describe even the first 10 offers. You can only guess what the broker has in mind or ask the support team for explanations.
Which is extremely uncomfortable.
Perhaps the project managers are counting on the lack of experience of their clients, who will register on the site and deposit money without unnecessary questions.
Relying on the minimal data provided and the awkward navigation, the site looks more like a presentation of crooks than a modern trading platform of a reliable intermediary. Contacting such a broker is extremely dangerous for the wallet of a large or small investor.
After seeing the official Tradovate page on the Internet, one really wants to check the legitimacy of the company as a whole.
As indicated, the company is registered in the USA.
However, this information can be questioned - the majority of fraudulent brokerage projects deliberately increase their significance, indicating the place of registration is America. This is a fake, a common gimmick for gullible and ambitious traders.
As stated in the "Contact us" section, in case of questions you can contact the company's representatives in several ways: through the feedback on the website or on the specified two telephone numbers.
However, using IP telephony technology, any number can be specified, even if you are in the next office. All the more so when a robot answers. This is doubtful proof of a territorial location in the United States. The address is listed without an office number.
If you check the specified address on the map, you see a strange mismatch.
The address is listed higher than the marker of the company itself. Moreover, it seems that the address is marked on the vacant lot, between the buildings. And in the photo, where the company is indicated, there is a park.
It's all very strange, so it should make you even more wary of Tradovate.
As for Tradovate's legal status, the company reports that tradovate.com is owned by Tradovate Holdings, LLC. There is no documentary confirmation of this information. The scammers suggest just believing the information presented on the site.
Scammers write that the company is a member of NFA, but there is no way to check the fact of Tradovate's registration on the site.
It is also said that the office is registered at the CFTC, the Commodity Futures Trading Commission, which is the central body of the U.S. government that monitors the implementation of the law on commodity exchanges.
But, alas, there is no information about such a company on the site. By the way, even if there was such a registration, it has nothing to do with our site. At least, as we have already said, there is no proof of that - the broker does not provide documents on the companies' connection.
As we can see, the information about having a license is another lie.
The site even provides information on the management of Tradovate with photos and names of top management.
The first persons of the company even have Twitter, although some publications appear there regularly - apparently, the pages are engaged, but comments are exchanged only among themselves, there is no activity on the page in social networks for such an advanced broker. It looks very strange. It looks like bots.
Let's turn to the free domain name verification service WhoIs to find out the registration date of the site and its real owner.
It is known that the site was registered in May 2014 and was reregistered in 2018. One information about the owner is hidden: the right holder used a paid service and hid the data.
The site states that the project began operating in 2015. The dates are inconsistent.
However, judging by the age of the site, there is a high probability that it was bought for a certain one-day project. This is the practice used by most of the scammers in the field of trading. They count on the fact that users will trust a site with a long life.
By the way, according to Google Trends, you won't find a company with such a name via Google search.
Tradovate Reviews online
Another interesting fact: the first reviews about Tradovate that were found in search engines date back to 2020.
It turns out that not a single review or rating about the company has been left online for several years. Weird and unlikely.
Tradovate brags about positive reviews on its website.
In spite of this, there are negative ratings of the project at this very resource.
The company is accused of poor service, lying and stealing users' money.
The Tradovate broker prefers not to mention this on their website.
Safety and security of funds with Tradovate
The fake broker Tradovate is working without any license and lying to its customers. It means that the capitals are at a great risk when cooperating with them.
Moreover, according to the Customer Agreement, traders are obliged to pay a commission fee and strange insurance.
Tradovate emphasizes that all losses are the client's problem, as well as any difficulties that may arise with the Internet or equipment.
It is simply impossible to work with such a broker, and the client will lose out anyway.
Tradovate is a typical scam organization, which offers fake, but not advantageous trading conditions. This dubious broker has no legal right to provide any financial services, including brokerage. Don't trust money to the fraudulent brokerage project Tradovate!