We can’t decide if it is very impressive or quite shameful that the people behind TitanTrader have swindled so many people that they got onto the black lists of at least 2 financial regulators.
Before you invest with this company, you should know that TitanTrader is completely without any licenses. Their Crypto trading platform is merely a facade. The true intentions of TitanTrader are quite nefarious, as you will see in our Review.
TitanTrader’s Terms and Conditions are obviously pieced together from other similar legal documents. We can see it contradicting itself on multiple occasions. Even so, TitanTrader remains adamant that the law of Estonia has legal precedent in any disputes.
Estonia is an EU member nation, and their main regulator, Finantsinspektsioon, shortened to FI, enforces strict financial regulation. This regulation is in accordance with MiFID, and additional ESMA guidelines.
Brokers that wish to operate in the EU must provide a minimum of €730 000 in capital. A Compensation Scheme of €20 000 is required, and so are the Negative Balance Protection and Bank Account Segregation.
Other restrictions with European regulators include a maximum leverage of 1:2 on Cryptocurrencies, and a ban on all bonuses. TitanTrader scam offers a leverage of 1:150, and their Terms and Conditions imply bonuses for their clients. When we searched the FI register, we didn’t find any mention of TitanTrader, which was not surprising.
The financial regulators in other developed nations, such as Canada and the US, have implemented safeties of their own. Canada has similar rules to the EU, with the starting capital being CA$1 000 000, but omits Negative Balance Protection.
The US requires an initial capital of $20 000 000, and does not require Negative Balance Protection, or a Compensation Scheme. Both the US and Canada allow bonuses to their clients.
As you will see later in our Review, we have a pretty good idea where the victims of TitanTrader live. Led by this information, we have also checked the databases of BaFIN, IIROC, ASIC, CySEC, and NFA. Not only did we find out TitanTrader was unlicensed, we found a number of Scam Warnings issued by some of these regulators!
As we mentioned before, we found a couple of investor alerts while searching the databases for information on TitanTrader. The regulators which posted these warnings are ASC from Alberta, Canada, followed by CONSOB from Italy.
You can see the warnings in more detail by following these links:
The majority of the victims of this scam broker live in 1st world countries. Citizens of such nations have rather large disposable income, which makes them lucrative targets.
We urge our readers to always double check the company credentials, and whether a broker is properly regulated. Information is the best defense against swindlers!
The user reviews about TitanTrader are predominantly positive, with an average of 4.3 stars. An interesting number – did you notice how bad products and companies always seem to have this particular score? These client testimonies are generated by a bot, from pre-made blocks of text.
Once you start digging a bit deeper, you run into real human reviews, and they paint a sad picture. Have a look:
Constant pressure for more money from you and very little for results at the start. As soon as you want to withdraw a small sum they ghosted me. […]
TitanTrader advertises the most popular trading platform on their website – MT5. This is industry standard software, and is used by the majority of legitimate brokers. The platform is available on all operating systems, and boasts some impressive technology.
The problem with TitanTrader is that they do not use their own server for MT5. Instead, they cling on to the server from an authorized broker which is in no way connected to TitanTrader or their illicit business.
TitanTrader relies on their viral online marketing, and heavy use of bot-created reviews to appear as trustworthy. On their website, there are download links to AnyDesk and TeamViewer software, a remote desktop solution that allows other people to take direct control over your PC.
As you will see later in our TitanTrader Review, nearly everything requires an intervention from a company agent. These Boiler Room Agents, as they are called, are some of the most persuasive people you will have a chance to meet. They will pester you with emails and phone calls until you make a deposit. When you do deposit some money, they are gone forever with your cash.
Here is what you can allegedly trade through TitanTrader:
Legitimate brokers turn a profit through charging fees, spread and commission. Unlike their authorized counterparts, scam brokers make money by stealing yours. They do not need complex economic ecosystems to steal funds, so they offer unreasonably cheap market prices.
It may all seem very profitable at first, but this illusion is quickly broken. If something seems too good to be true, it most certainly is.
Cryptocurrencies have seen a sharp rise to popularity since the years they have been invented. Many people today own and deal with Crypto on a daily basis. Although TitanTrader is a Crypto trading platform, they are not to be trusted. The wide range of different Crypto assets is just a part of their scam.
Some of the Cryptocurrencies on offer with TitanTrader include the most popular coins, such as Bitcoin, Litecoin and Monero. They also offer Dash, Iota, Ox and other more niche coins.
TitanTrader does not offer a demo account to their clients, in a similar fashion to other scam brokers like GlobalIX Company. The problem with TitanTrader is that you may not create any sort of an account without an intervention from a Boiler Room Agent.
Needless to say, a demo is a necessary tool that allows users to test the trading environment without risking money. Swindlers usually do not offer such accounts, as they do not want you to know what you’re getting yourself into.
We could not review the withdrawal procedure at TitanTrader, as we couldn’t access the trading feature of the broker at all. The website mentions Bank Cards, Bank Wires and Cryptocurrency Transfer options, but you should not believe these advertisements.
Much of the criticism online is centered around issues with withdrawals. Users complain about large fees, and that the company simply cuts off communication whan you request a payout. A withdrawal from this broker is almost impossible without professional legal help.
If you are a victim of TitanTrader scam, don’t be discouraged by your apparent loss of funds. Our team of professionals is on-hand to help you with your chargeback. Feel free to notify us about any scam trading company. You may use the online live chat for the quickest response from our staff.
The sooner you act, the better your chances of recovering lost money. Our first consultation is absolutely free, so what are you waiting for? Let us help you, as we helped so many people get their hard earned cash back from the clutches of scammers!
Despite what you might read in user reviews, TitanTrader is not to be trusted! This company has a track record of defrauding people, enough to warrant investor warnings about the TitanTrader frauds. If you have already invested money with these swindlers, don’t wait – give us a call so we can guide you through the chargeback process!
TitanTrader only offers Cryptocurrency trading through their website. There is a wide variety of coins available, but don’t fall for the scam. It’s all just bait.
Allegedly, TitanTrader offers their clients the MT5 trading platform, which is available on all operating systems, including mobile devices.
Despite what you might read in user reviews, TitanTrader is not to be trusted! This company has a track record of defrauding people, enough to warrant investor warnings about the TitanTrader frauds. If you have already invested money with these swindlers, don’t wait – give us a call so we can guide you through the chargeback process!
TitanTrader only offers Cryptocurrency trading through their website. There is a wide variety of coins available, but don’t fall for the scam. It’s all just bait.
Allegedly, TitanTrader offers their clients the MT5 trading platform, which is available on all operating systems, including mobile devices.
The post TitanTrader – Review of a Dangerous Crypto Fraud appeared first on Global Fraud Protection.
