Scammer under the guise of TradesPrime: detailed review of the forex broker scheme and victims’ testimonials
TradesPrime is a firm that claims to do everything possible for safe trading and earning in virtual mode. However, after careful analysis and checking customer reviews, it becomes obvious that reality looks completely different.
What does the broker offer and what features distinguish it?
The TradesPrime trading platform is owned by Black Parrot Limite, registered in the Marshall Islands. All financial activities are processed through Blonde Bear OU, registered in Tallinn (Estonia). Unfortunately, both companies do not have the necessary licenses for their activities, raising questions about the legality and reliability of their operations in the Forex and CFD sphere.
The company’s official website claims to have strong partnerships with the market, which, they say, helps filter and deliver important financial news to clients. However, such statements are not confirmed.
- Indices
- Commodities
- Stocks
- Options
The broker claims to rely on the principles of the American, Asian, and European financial markets in its activities. These statements are aimed at building trust with clients, although their authenticity is in doubt. Nevertheless, such information can increase the efficiency of transactions and increase profits.
Signs of fraud found on the main site
At first glance, there may be no suspicions of potential dishonesty when looking at the TradesPrime website. However, a more detailed examination of the interface reveals flaws. For example, many images with cryptocurrencies are not supported by significant information.
TradesPrime advertising on specialized forums, in addition to promises of high income, does not offer anything new. According to revizor-biz.com, the broker does not provide investors with the opportunity for real earnings, instead capturing the funds they have already invested.
Inconsistency in information about account types
According to the company’s terms, the maximum leverage is 1:300, as confirmed in the “Frequently Asked Questions” (FAQ) section. However, another value is indicated on the banner – 1:1000, which is a clear error in the information. Moreover, the descriptions of different account types are almost identical.
Process of replenishing the personal account
The minimum amount to replenish an industrial account is $200. The broker offers several payment methods, including MasterCard, Visa, Klarna, QIWI, and PayPal. However, the absence of popular payment systems Neteller and Skrill is explained by a new policy to combat fraud by Skrill.
Need to work off “gifted bonuses”
At the initial stage of cooperation, company managers focus clients’ attention on trading bonuses, but significant activity is required to withdraw investments. Also, the broker reserves the right to change transaction fees at any time.
TradesPrime often freezes users’ funds and blocks their accounts without explanation. Managers may justify this with “hacker attacks,” raising serious doubts.
Considering the facts discovered, it becomes evident that TradesPrime is a scam organization aimed at extracting money from clients.
Previous warnings and reviews
In the past, TradesPrime received a warning from the Spanish National Securities Market Commission for illegal advertising of its services in the European Union. In addition, the company’s creators also have a connection to the fraudulent project Vortex Assets, indicating their questionable reputation.
Client comments and overall conclusion
Real customer reviews are an important source of information about the broker’s activities. The level of professionalism of technical support also plays a key role in choosing a trading partner. In the case of TradesPrime, reviews and support availability raise serious doubts.
Conclusion
In the modern world, many people interested in investing attract fraudsters. To avoid becoming a victim of scammers, it is important to carefully choose a reliable partner regulated by authoritative organizations such as FCA, ASIC, and CySEC.