Trytrade seemingly has everything you’d wish from a brokerage brand. The firm has offices in the UK, Switzerland and Luxembourg. Or so the website claims. Trading conditions offered are somewhat amiable, especially in comparison to the industry average. On top of that, friendly agents smile at you and make you feel at home how helpful they pretend to be.
Let us break all the hopes you might have had about this one. Trytrade has nothing a reliable and safe brokerage should provide. If you take a closer look at their mediocre website you’ll not find any details about who runs the domain and if they’re anyhow regulated. The offices and addresses may as well be fake, and the packages, along with their unrealistic features, are totally overpriced.
So let’s dive into this Trytrade review and expose this sham for what it really is: an unlicensed and fully anonymous broker that pays for fake reviews to get ahead of their competition.
Regulation is what defines a broker’s line of work and conduct ethics. It’s a mandatory framework that dictates how the broker ensures safety of clients’ deposits and builds a secure environment for all their customers to trade and profit.
First things first, we started from the supposed broker’s location. Trytrade claims to have offices in the UK, Luxembourg and Switzerland. The second isn’t famous for strictly regulating securities markets, so we focused on what FCA and FINMA had to say about Trytrade.
Going through these registers didn’t supply us with the much needed information in the form of a license number or a potential warning. So, we decided to expand our search to more databases, like BaFin, CySEC, ASIC and CONSOB. Not one of these esteemed financial authorities seems to have an idea who is behind Trytrade.
When no Tier 1 license can confirm the broker’s reliability, we can’t help but label them as unsafe. An existing regulation would prove the broker is safe by providing segregated bank accounts for clients’ funds. Every single heavily supervised brokerage has to implement the risk-reducing measures, such as negative balance protection and leverage cap at 1:30 or 1:50 at most.
In reference to that, Trytrade has their leverage at 1:100, no compensation funds or negative balance protection. On top of that, the brokerage is fully anonymous and doesn’t disclose the particularities of their company or background. Such lack of transparency is the final proof of this firm being nothing but a gruesome liar and a cyber thief to stay away from.
The first thing that greets you upon opening the Trytrade page at TrustPilot is a warning. It states that the TrustPilot moderators became aware of Trytrade using fake reviews, and have, therefore, removed them.
This should be enough to warn you not to trust any of the glittery comments left on the account of Trytrade. Even the rest of the positive opinions we’ve read sound just too artificial and dishonest to be taken as truthful.
Take note of the negative ones though, that describe how desperate the traders have become after being defrauded and treated poorly by the Trytrade support crew:
I have been scammed. I invested $250US into this company and they wanted me to invest more immediately which I was reluctant to do. After just 5 days they closed my account and took all the funds. My account balance shows zero available funds.
They closed my account. I was trading with them for weeks building up my account value and when I went to withdraw after a large winning day, they responded saying that they were “experiencing withdrawal delays, but that someone would be in touch within 24 hours”. No one contacted me.
If you also happen to be experiencing the same problems the ex Trytrade customers are describing, feel free to turn to us for legal help in recovering lost investments.
The Trytrade scam has apparently been successful enough, yet remained lowkey not to drag negative attention enough to get them banned. This whole charade has been going on for a decade now, and we’re concerned it may prolong indefinitely.
You see, these financial swindlers are quite skilled in dragging in victims yet keeping a low profile. They do so by contacting each potential victim individually and persuading them to invest. It’s not easy to get someone to pour cash into a scam scheme, but boiler room agents have just the right tools.
Not only are they superbly eloquent and patient, but they will find out exactly what you wish to achieve and present an offer accordingly. If it’s big returns with minimum effort, they have it. If your problem is loneliness and lack of romance in life, they will use that too against you if needed. All just to force you to drain all your credit cards and bank accounts.
Once you face an offer that you cannot refuse, you start putting real money into it and you become their financial hostage. It’s not easy getting out of it and recovering what the fraudsters have extorted from you. But the chance for it still exists. As long as you contact us. We’ll equip you with just the right tools and strategy that will help you take back what was unrightfully taken from you.
While we cannot pinpoint a single area where the scam operates, there’s several countries that seem to spark their interest. With such a long history of defrauding, Trytrade has built up their own operational strategy by now. And we’re sure it’s been quite efficient, judging by the number of complaints and reports. The biggest number of victims has emerged from the following countries:
If you recognize your country on the list, be extremely cautious if approached by this scam. Contact us anytime if you need help keeping them away.
Trytrade platform is a basic web terminal with poor choice of options. The limited functionality doesn’t help accurate price prediction and complex analysis for smart investing.
In a way, we understand and encourage the use of simple webtraders. These can help you start off and get a hold of the market flow. You can also get more familiar with the most traded instruments in the industry and their varying nature. In the broader picture, these can help you little.
To truly learn and develop your trading strategy and genuine style, you need a reliable platform. Only MT4, MT5, cTraders and the likes can really equip you with the trading tools needed to succeed.
Don’t be surprised to learn that Trytrade doesn’t have their own trading app for mobile devices. It’s not characteristic for common swindlers to be able to develop proprietary trading apps.
After all, their lack of competence and developing skills are the main reasons why they stick to the simple web trader. It’s the easiest to manipulate. Instead of a stand-alone mobile app, Trytrade can only offer you logging into their web trader through your mobile internet browsing app.
The information presented on the platform itself showed us the following instrument classes to be available for trading:
Get ready to throw away your cash for a completely fictitious offer of packages that do not offer anything in value, or anything real at all. Yet, each account type demands you to invest money that would be better spent on literally anything else you could imagine.
One way that Trytrade uses to attract their victims is by offering bonuses. Each of the packages has a deposit bonus included and it goes up with the price of the account. We’ll get to that shortly. For now, let’s revise the account types with their individual deposit requirements:
Actual trading costs and the price of the services they offer is yet another aspect which Trytrade remains silent about. The platform is so skillfully manipulated, it shows only the leverage being from 1:10 on the starting account, to 1:100 with the most expensive one. All other trading parameters are excluded. Those that can be found do not have values imputed. Trading commissions are set to 0% and the maintenance margin field only appears but it is left blank.
Is it quite usual for the fraudulent brokers to offer some kind of bonus or promotional program that serves as bait for the newcomers. So, Trytrade does it too. However, they do not have a public document in the form of a Bonus Policy. The main purpose of this legal doc would be to explain the exact terms of using bonuses. Trytrade doesn’t publish it for a reason. And that’s probably the malicious clause that follows every bonus. We’re talking about the notorious trading volume requirement.
Bonuses at Trytrade can go up to 50% of the initial deposit. It’s the sum the broker adds to your total margin as a borrowed funds for you to trade with. However, these are usually treated as non-deposited funds, and are not available for withdrawals. Read the next section carefully to learn how scammers abuse this.
In relation to the previous section of this review, we have to warn you how bonuses could negatively affect your withdrawal attempts. Since Trytrade offers these “benefits”, it’s only to expect them to also come with certain conditions. Most often, this is the trading volume requirement, which, if unreached, can be used against you by the scammer. Under the excuse of you not meeting the requirement, Trytrade could deny your attempts to withdraw the profit made but also the entire deposit previously invested.
Sadly, this is not the only reason that Trytrade could use to reject your withdrawal request. It’s quite common for fraudsters to require your ID photo, Passport or Driving License, supposedly as an identity proof. It is actually used for identity theft, so careful who you share it with.
Ultimately, Trytrade could reject your payout requests by claiming you haven’t paid all the necessary fees. Take note of the ruthlessness of the scammers when it comes to these – they’d charge tax for the air you breathe if they could!
While we can urge you not to panic and take the right steps, we understand dealing with such a loss is not easy. For what is worth, you are not the first or the last decent investor that Trytrade has scammed and will scam. Unless we gather enough intel to alert the authorities and finally ruin their evil plans. For that reason, it would help us greatly if you shared with us your experience and knowledge of a scammer.
In return, we offer completely free consultation with our legal experts. When you’re equipped with enough knowledge, you can confront what has happened to you and retrieve your funds. So never hesitate to reach out. Whether you’d just like to find out more about a scammer, get help reporting them or legal support to recover your funds- we’re here for you.
This broker is a proven scammer, considering that they do not own a valid brokerage license and have no proof of being authorized by any financial authority. It’s not safe to invest here, but if you’ve already deposited with Trytrade, call us for help recovering your funds.
Yes, Trytrade shows these asset classes as available for trading on their platform. We wouldn’t recommend it though, as this is a scammer you’re dealing with.
No investments are safe in the hands of a fraud, because they cannot guarantee segregated bank accounts, compensation funds and negative balance protection.
This broker is a proven scammer, considering that they do not own a valid brokerage license and have no proof of being authorized by any financial authority. It’s not safe to invest here, but if you’ve already deposited with Trytrade, call us for help recovering your funds.
Yes, Trytrade shows these asset classes as available for trading on their platform. We wouldn’t recommend it though, as this is a scammer you’re dealing with.
No investments are safe in the hands of a fraud, because they cannot guarantee segregated bank accounts, compensation funds and negative balance protection.
The post Trytrade Review – Long and Grim Decade of Lies and Cyber Theft appeared first on Global Fraud Protection.
