TradeFW Review: Is TradeFW a Legitimate Broker or Regulated Scam?
New forex brokers emerge daily, and determining which broker is legitimate can sometimes be challenging. It’s mindboggling how a shady broker can easily hide in plain view.
Like fine dining restaurants, scammers know you’ll first get impressed by the website, buy with your eyes, and ultimately your credit card. Before you realize it, you’re already lured in.
Is TradeFW one of these sneaky scammers? Is it a legitimate broker? Read this in-depth TradeFW review to find out.
Have you already invested and lost money with TradeFW? Our team of experienced experts can help you recover your funds. Schedule a free consultation with us today.
An Honest Look at TradeFW
TradeFW is very well structured and will tick all the right boxes when you first visit its website. Originally opened in 2018, TradeFW is a sister company of TradedWell and Invest FW.
Its trading products include CFDs on currencies, indices, commodities, stocks, ETFs, cryptocurrencies, and metals.
TradeFW claims to be recognized throughout Europe, with awards displayed on every platform page.
What Is TradeFW?
TradeFW is operated and owned by Itrade Global (CY) Ltd. It lists its address as Limassol in Cyprus.
Most of its investors are from Italy, the United Kingdom, and Spain. However, TradeFW only has phone numbers for these areas and disclaims having no physical presence there.
Is TradeFW Regulated?
CySEC licenses TradeFW with license number 298/16 under the parent company Itrade Global (CY) Ltd.
The fact that TradeFW is regulated under another company by an offshore regulator not based in the UK or US already raises a red flag. Nothing stops TradeFW from getting away with fraudulent activities outside Cyprus or protecting UK forex traders.
Neary all fraudulent brokerages that offer services to international audiences find a haven in offshore countries. They simply can’t keep up with regulators like the UK’s FCA or the US’s NFA.
TradeFW Trading Conditions
TradeFW offers four account types: standard, gold, VIP, and professional. The minimum deposit starts at $250 for the standard account and can reach up to $10,000 for the higher tiers.
The leverage on all Forex pairs is up to 1:30 with tight spreads that start from 2.7 pips for the standard account to 1.7 pips for the professional account.
Offers seem to get better as you move up the account tiers, tactic scammers use to get investors to spend the highest minimum possible.
Well-established brokers rarely have minimum deposit requirements. They also provide equally good services at all account levels to maintain fair trading.
TradeFW: Unravelling the Scam
A quick look at the TradeFW website, and you’ll think you’ve landed on a decent broker that matches your criteria. TradeFW is very open and forward about its regulation, displaying the license number on every page on the platform.
However, first impressions are not always right in forex trading. The devil is in the details, as you’ll discover in the next section of this TradeFW review.
TradeFW Scam Warning Signs
1. Zero TradeFW Social Media Presence
A global company with no social media presence or marketing campaign in the 21st Century is a red flag. TradeFW has no social media presence, restricting its access to an email address, phone number, and fax.
A company that isn’t developing its brand and trying to remain visible is doomed to fail in the long run or is purposefully hiding in the shadows.
Digital marketing makes a brokerage more trustworthy, accessible, and popular. Such outdated accessibility points only mean TradeFW doesn’t want to leave any traces in the general public.
Scammers can easily work without spending a dime on marketing. It also becomes irrelevant when their end goal is to scam investors, rebrand, and disappear to avoid angry customers.
2. High TradeFW Inactivity Fees
Inactivity fees are not uncommon, even among reputable brokers. However, TradeFW has a very exploitative inactivity policy.
Your account is inactive or dormant if there’s no trading activity for 30 days. A month after this classification, TradeFW imposes a fixed inactivity fee of 55 EUR on your account.
The fee is imposed every calendar month after this, but only if there are funds in your account. Reputable brokers only charge a small fee after six months of inactivity.
3. Fake TradeFW Positive Reviews
TradeFW has been flagged by reputable review sites like Forex Peace Army (FPA) as having many fake and suspicious reviews. The fake reviews came in from November 2020 to April 2021.
It raises questions about any positive or 5-star ratings TradeFW may have.
4. Disappointing TradeFW Withdrawal System
TradeFW withdrawal requests can take 5 to 7 days to process. Most reputable brokers can process around 3-4 million withdrawal requests daily and complete them within 24 hours.
It’s not clear why TradeFW withdrawals take so long. It likely doesn’t have millions of users on its platform, meaning withdrawals should be faster.
TradeFW also imposes a fixed withdrawal commission. It’s likely to discourage traders from withdrawing, especially beginners making a minimal profit. You’ll have lost everything as you wait to compound your winnings and withdraw.
5. Numerous TradeFW Negative Customer Reviews
TradeFW has a poor rating of 2.2 out of 5 stars on reputable review sites like Trustpilot.
The complaints are too many, and those who ignored the warnings later regretted it. Common issues include:
- Pushy account managers who bully customers into investing.
- Frequent calls rob you of your peace while urging you to deposit more and more funds.
- Giving poor advice to beginner traders and manipulating them to upgrade their accounts for better returns and services.
- Your account disappears when you try to withdraw your funds or close the account.
TradeFW Review Conclusion: Avoid This Regulated Scam!
Despite being quick to present itself as a transparent, regulated broker, TradeFW has all the signs of a scam. They’re camouflaged behind a legit license and an array of trading assets and awards.
There is no doubt that TradeFW is a regulated scam. Stay away from this brokerage to avoid losing money.
Talk to us if you’ve lost your money through TradeFW, and we’ll help you get your money back! Schedule a free consultation today.