An inexperienced eye may believe the flashy design and grand announcements on TradeSparkle’s website. Allegedly, customers get access to over 5,000 trading instruments, the lowest crypto trading fees, and an award-winning trading platform. All this sounds too familiar and too good to be true.
Read our detailed TradeSparkle review to find out who you’re dealing with.
TradeSparkle Forex and CFD brokerage didn’t try too hard to be transparent. Thus, we’re missing the company owner, and the license is not even mentioned.
The company is allegedly registered in the UK. For this to be true, we would need TradeSparkle regulation by the UK FCA. This authority body strictly controls trading firms across the country, ensuring each has at least 730,000 GBP operational capital and 85,000 GBP in customer compensation. Of course, a TradeSparkle broker is nowhere near these requirements.
In addition, the only legal document, the broker’s Privacy Policy, indicates that the company complies with the laws of Saint Vincent and the Grenadines. Since this is the only country that doesn’t regulate Forex and binary options markets, the intention is clear. Hiding and eventually vanishing with customers’ funds.
TradeSparkle is not a legitimate brokerage company. The firm is allegedly based in the UK but has no FCA license. Negative comments imply that the website cannot be trusted.
TradeSparkle trading scam has been active since June 2022. The majority of victims come from:
Since we have an announcement on the web page that the broker is globally present, we believe that more TradeSparkle complaints are in sight. That will probably be followed by an official regulatory ban.
Everything starts with the overpromising trading ad placed via Google, Facebook, or Instagram. Scam brokers pay good money for their show-offs. You’ll see flashy images, celebrities speaking of how they got rich by trading and much more. Then, you’ll be promised to achieve the same with a small deposit.
Those who believe and click on the ad will submit their details directly to broker employees. Then, they’ll receive many unsolicited phone calls and emails, each with a better offer and higher bonuses.
If you’re convinced to invest, you’ll deal with an account manager. Their job is to ensure to extort more money from you while dissuading you from withdrawals. You’ll be added to private WhatsApp and Telegram groups, given “special trading signals,” and then prompted to deposit more.
If you’ve never registered, you can be convinced by fake social media accounts and dating apps such as Tinder, Bumble, and Grindr.
Despite promises, the TradeSparkle trading platform is inaccessible. While the main page suggests that customers will gain access to a platform “recognized and lauded by the foremost regarded specialists of the industry,” you won’t be able to see anything before making an initial deposit.
Since we were unwilling to risk any money with an unregulated and potentially offshore-based scam, we cannot give you any insights. Instead, we can advise you to find a legal trading firm offering reputable software such as MT4 or MT5. With it, you’re ensuring the best trading strategies and fund safety.
Again, we have the same issue. The platform cannot be accessed, so we’re unsure whether TradeSparkle login is enabled from any mobile app. However, there are no ads, so we highly suspect it.
One of the main features offered by online trading brokers is CFD trading.
Unlike traditional investments, where one buys an asset and waits for the price increment, with CFDs, you can win even if the price decreases. You can place a selling position for a certain asset and gain profits from price drops.
Note that CFD trading is risky, with over 70% of retail traders losing their funds.
Broker TradeSparkle offers to invest in the following tradable assets:
The firm advertises the lowest spreads and fees. Yet, the EUR/USD spread stands at 1.9 pips, higher than the industry average. Once again, we have an example of how the company breaks its own promise to investors in order to earn more.
If you need more reasons to avoid TradeSparkle, we believe this is sufficient.
If, on the other hand, you’re still interested, here’s a TradeSparkle account type overview:
While these accounts are overpriced, we can certainly hope that newbies to investing don’t need a TradeSparkle minimum deposit of $10,000. However, nothing is specified.
TradeSparkle Demo account is unavailable, and customers must deposit money first. Even if you register an account, you won’t be able to overview the platform, let alone place any trades.
Scheme brokers put pressure on their investors to pay the money immediately. Once they do, the broker simply vanishes without any trading.
Upon reading TradeSparkle reviews, we were left with the impression that the firm runs withdrawal fee scams. Apparently, investors were asked to pay non-existent fees upfront before the broker approved their withdrawal requests.
Firstly, all the trading commissions should be deducted from the profit. Therefore, such requests are a sad attempt to extort one last deposit before blocking customers’ accounts.
Don’t let scammers run free. Report the fraud, and let’s stop them together!
TradeSparkle is an imposter pretending to provide financial services from the UK. If you have had any issues with withdrawals, contact us, and we may assist with the recovery.
You can trade both crypto and CFDs with this brokerage. Since the firm is unlicensed, we vote against it.
TradeSparkle doesn’t offer a Demo account or platform access before depositing the initial money.
The Privacy Policy mentions bonuses but doesn’t specify any rollover terms.
TradeSparkle is an imposter pretending to provide financial services from the UK. If you have had any issues with withdrawals, contact us, and we may assist with the recovery.
You can trade both crypto and CFDs with this brokerage. Since the firm is unlicensed, we vote against it.
TradeSparkle doesn’t offer a Demo account or platform access before depositing the initial money.
The Privacy Policy mentions bonuses but doesn’t specify any rollover terms.
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