TradeATF Review: Why You Should Stay Away From This Broker
The number of online brokers is continuously growing. While this is good for investors, the downside is that quite a number are rogue forex brokers. These scammers take advantage of unsuspecting investors, and many new traders have fallen prey to their tactics.
Does TradeATF fall into this category? How reliable is this forex broker? Can you withdraw your cash without a hassle? This in-depth TradeATF review will reveal the truth about this company to help you decide better on your next investments.
If you have already lost money trading with TradeATF, we can help. Reach out to our experienced team of experts to book a free consultation session. We will guide you on how to recover your cash.
An Unbiased TradeATF Review
As a newly established forex brokerage, TradeATF claims to be a globally renowned broker for its excellent client services. Since it’s not been in existence for long, the firm doesn’t have recognizable awards.
Apart from the fact that it’s operated by Bayline Trading Limited, there’s limited information about its ownership.
A closer look at this company provides more questions than answers. Let’s dive in!
TradeATF Review: A Brief Company Background
TradeATF deals in cryptocurrencies, forex, commodities, stocks, indices, and metals. Traders that sign up to this platform get 0% commission withdrawals, professional accounts, training and seminars on trading, and low spreads.
Since it’s operated by Bayline Trading Limited, its registered address is in Edinburg, United Kingdom.
Its services are mainly targeted to residents in European markets.
TradeATF Products and Services
Like any other broker, TradeATF offers products and services that make the company appear legitimate. Here’s what the brokerage firm specializes in.
As a trader on TradeATF, you can trade via renowned platforms; MetaTrader 4 (MT4) and WebTrader. You can deposit and withdraw funds via Skrill, Neteller, and credit card.
Whether you are a newbie or seasoned investor, you can find your place on TradeATF. The account types serve different trading levels, and the spreads and leverage are adjusted according to the size of the trade and the investor’s trading experience.
Depending on your preference, you can choose between the Silver, Gold, and Platinum accounts. For pro traders, there’s the option to sign up for a professional account.
The broker provides multiple courses to entice investors to their trading platform. It has an education center that includes articles, trading signals and ideas, and an economic calendar.
To appeal to newbies, it has segmented information for beginner traders who want to try social trading.
Is TradeATF Regulated?
Under its parent brand, Bayline Trading Limited is licensed by the International Financial Services Commission (IFSC) in Belize under license number IFSC/60/322/TS19.
The subsidiary Bayline Global World Ltd has a registered office in Edinburg.
Belize’s IFSC provides offshore regulation, which raises the question of whether the company is transparent with its customers and funds.
According to this licensing, the brokerage firm is not authorized or regulated by any major authorities such as the FCA.
TradeATF Scam Signals
Although TradeATF provides products and services like a legitimate broker, a closer look shows that the company is not as genuine as it seems.
Here are some of the red flags.
For a company that’s regulated in Belize, this brokerage firm doesn’t inspire confidence. Brokers can be regulated and be the biggest scammers. However, it’s even worse when the regulator is in a location that provides loopholes for money loss.
Customers are not adequately covered by strict policies, such as the FCA guidelines, making it easier to prey on investors.
On top of this, the company doesn’t operate in most countries, including the US, Canada, Iran, Tunisia, Syria, Uganda, and many more. Some of these countries are easy to trade in; therefore, it’s quite suspicious that the broker is restricted in these regions.
The Association with Hoch Capital
TradeATF (also known as Global TradeATF) doesn’t appear reliable due to the Hoch Capital connection. Hoch Capital has run into several problems in the past with regulatory bodies across different regions.
CySEC previously regulated Hoch Capital Ltd, but it’s now suspended because it failed to act in the client’s best interests.
Prior to the suspension, the company had run into problems with CySEC, whereby the broker was fined €260,000 due to a violation of the Cypriot investment laws from January 2018 to April 2020.
In 2019, Hoch Capital was also banned in Italy by the country’s watchdog CONSOB after multiple complaints from customers who had lost money trading with the company.
In addition, the FCA also issued a supervisory notice against the broker.
All these allegations tell a story about how the brokerage operates. Therefore, the association of TradeATF with Hoch Capital shows that customers could potentially lose all their money.
A look at the reviews on Trustpilot shows that TradeATF has a rating of 1.9/5, which is quite low.
The feedback involves issues such as,
- Untrustworthy platform
- Aggressive calls from the customer support to deposit more cash
- The company ignores withdrawal instructions
The reviews would not be too negative if the brokerage firm were legitimate. However, it’s clear that the investors are not happy with the company.
TradeATF Review: Final Verdict
Brokers like TradeATF make it hard to trust trading platforms. They offer well-known trading platforms, attractive account types, and educational materials to attract innocent investors.
Such companies also use licenses to appeal to newbie investors. When this happens, many new traders end up losing their cash to rogue brokers. If you are considering investing in forex, stay away from TradeATF. The broker is clearly a scam.
The offshore regulations, association with the suspended Hoch Capital, loss of customer funds, and harassment from customer care are signs of an untrustworthy broker.
If you’ve lost money to TradeATF and want to recover it, we can assist you. Trader Protection has a team of experts specializing in recovering money from unscrupulous traders. Book a free consultation today.