Hiding information to cover the scams
About the company
Traderia is an offshore broker company which is owned by Pro Star Griffith Corporate Limited. It is based out of Beachmont Kingstown, Saint Vincent, and the Grenadines. The website of the company is https://www.traderia.co/
The company is headquartered in the Caribbean region of Saint Vincent and the Grenadines. Surprisingly, it is not regulated by the local Saint Vincent and the Grenadines Financial Services Authority (FSA).
Traderia is an unregulated offshore broker company operating in the darkest regions full of frauds and scams for the brokerage industry.
The official warning over the website (https://svgfsa.com/) of the SVGFSA washes its hands over the regulation of Forex trading companies in the region. The term offshore unregulated broker itself is enough to draw the safe trading out of the mind of the investors. Let us understand the depth of the same with an example of Traderia.
Traderia is an SVG based company but is not regulated with any of the local financial service authorities. Not being a regulated entity decreases the credibility of the company and makes it more suspicious among investors.
While Traderia is benefited with the option of remaining unregulated because of which they can cut their initial operational costs, limit their tax stresses, etc. The investors, on the other hand, are left with financial hardship; no jurisdiction defined which ultimately leads to huge losses.
Un-regulation, operating from the ill-famous region, it had not been enough; icing over the cake here is the warnings against Traderia by various financial regulating authorities.
The financial regulating authority of Italy, Commissione Nazionale per le Societa e la Borsa (CONSOB) has issued a warning against Traderia over its official website.
The National Securities Market Commission or the Comisión Nacional del Mercado de (CNMV) is responsible for the regulation of the securities market operating in Spain. The main responsibility of CNMV is the correct formation of the prices and the protection of the investors as well. The CNMV has also issued a warning against Traderia in lieu of its non-association with the fake claims of the company of its regulation.
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Another important aspect of investing with regulated players is the compensation provided by the authorities in case a company gets bankrupt or closes its operation due to sufficiently high losses. An example is the FCA’s compensation of 50,000 pounds and the CySEC compensation of 20,000 Euros to the investors trading with the companies which are regulated under the authorities.
A warning is enough for a good investor to decide what’s best.
Traderia is into Forex trading, CFDs, and commodities. The product range is very limited with no details provided by the company unless you start trading. Essentially, trading conditions are not specified on the website of the company.
Traderia offers live accounts and demo accounts. The various types of live accounts are:
- Classic account: Traderia commits to provide its Classic account holders full research, competitive spreads, webinars, and seminars but the initial minimum investment is too high. Investors have to shed $1,000 to start with the Classic account which is the very basic version of trading accounts by the company.
- Platinum Account: The minimum initial investment is raised to $25,000. Way too high as compared to other competitors providing facilities even more than the company.
- VIP Account: Bombarding its clients with all of the available facilities in the company, you must shed $1,000,000 to open a VIP account.
Apart from high investment requiring trading accounts, Traderia also offers PAMM accounts and IB accounts. The high spread is another concern as pips go up to 3 which is double the ideal 1.5 pips. A high leverage ratio of 1:400 is not ideal for professional investors.
Trading is provided by MT4. MetaTrader 4 is a popular broker trading platform but the Traderia’s MT4 platform redirects us to a third party, an association of which can’t be understood clearly.
MetaTrader 4 is based on cloud technology. It provides live trading terminals, technical analysis, and can be used with multiple accounts. The best advantages include the option to put trades manually or by using the signals provided by the software. A little understanding of MQL4 language allows the investor to create their own trading strategies.
Our Traderia review thus accepts the fact that MT4 is a great trading platform but the company redirecting its customers to another party is highly suspicious.
Modes of payment
The modes of payment are not mentioned on the website of the company. However, in our Traderia review we found that the deposits can be made through Credit cards/ Debit Cards, Bank wire transfers and only one e-wallet i.e. Skrill. The minimum deposit limits are imposed for each channel.
A minimum of $250 in case of credit/debit card and e-wallet Skrill and a minimum of $500 in case you are opting for a bank wire transfer.
In the case of withdrawing funds, you have to pay a percentage of your withdrawal money. 3.5% for credit/debit cards withdrawal, while a fixed cost of $30 for bank wires transfer.
While the competitors are charging on $25 for bank wire withdrawals, there must not be any minimum deposit windows for deposits.
It is a weak strategy to gather funds risking the money and trust of the investors.
Exposed on Social Media (plus their website)
The website of Traderia looks to be stuck with copied content. Most of the information is not relevant to the company itself and is just copied. No proper information on trading rules, currencies is provided over the website. The setup of the website relates to 2 countries.
In addition to that, there are no operating official accounts of the company on Facebook and Twitter. A weakly managed website along with no social media presence hints at a strategy to hide the negative experiences of the users. An example of a negative response to the company’s services on Facebook can be seen below.
The company has provided a British number starting with +44 for support purposes but the relation of the UK with company operations cannot be determined. Online chat and email id for support purposes are also provided.
Dwelling the scams
Needless to say, Traderia is trying its best to hide the information. While the authenticity of the company is still questionable, it is an unregulated offshore broker. It has been blacklisted by several active financial governing bodies.
High initial deposits along with high leverage make it a risky ship to sail with. Also, the spreads are high as against the commitment on any normal trading day. No information about the trading rules is specified.
The company has brilliantly associated the basic depositing and withdrawal procedures with the minimum limits and fees to extract more from the investors. While the means of payment are kept restricted, customers are left with no choice but to pay the amounts. Deposit limits and minimum deposit conditions are in-genuine while the withdrawal charges are kept high than the regulated brokers.
The company rarely bothers to visit its website and has done nothing to deal with the flaunting negative reviews on social media. With no utter surprise, the company has not taken any measure to revoke its blacklisting by renowned associations.
The customer support is very weak due to less available means. The investors have to wait for long periods to get their issues resolved.
It looks like instead of strengthening its customer base, the company has chosen the easy way out by not disclosing the information to catch the investors and then letting them be stuck there only. Traderia is not recommended to any amateur or professional trader.
Traderia proves to be an extremely suspicious broker. It's highly recommended that you go with a more trustworthy broker and stay away from Traderia!
- Customer Support
- Offshore broker
- Not regulated by FSA
- Warned by SVGFSA
- Warned by CONSOB
- Minimum deposit of $1,000
- Fake MetaTrader 4 claims
- Claimed to be scams on social media