Since the beginning of this year, WikiFX has found that several regulators have issued warnings against TradingTeck. In order to protect more investors from them, WikiFX decided to look deeper into the broker and expose its shady side.
TradingTeck is listed in the WikiFX APP, but its score is only 1.33/10. The words unregulated and unlicensed are clearly visible. Also, WikiFX warns investors to stay away from this broker!
According to WikiFX's study, TradingTeck is an offshore broker registered in St Vincent and the Grenadines. This is actually already a red flag warning.The company mainly offers trading in currency pairs, commodities, indices, and stocks. Next, WikiFX will expose TradingTeck in the following three ways.
1. Extreme Regulatory Risks
As mentioned above, several regulators have warned against TradingTeck, including the UK FCA, MAS and LB, the central bank of Lithuania. In September 2020, the UK FCA first warned investors that TradingTeck is an unregistered entity, which means it is a risk and not to trade with it.
In April of this year, the FCA again put TradingTeck on its risk list. This time, it claimed that the broker was posing as a clone of a company authorized by the regulator. The details are as follows.
Attracted the attention of a number of regulatory agencies, coupled with the frequent escalation of risk tips, TradingTeck's degree of risk has been obvious.
2. Official Website and Social Media shutdown
We tried to go to TradingTeck's official website to see what more details of the scam were available. However, we found that its website (https://www.tradingteck.com/) was no longer available.
In addition, we found that TradingTeck had its own social media accounts, including Facebook and Twitter, which still exist, but are all updated in 2020.
3. Poor Trading Conditions
According to a Google search, we learned about TradingTeck's trading conditions, including leverage levels, trading platform and payment methods. Firstly, the broker offers 1:200 leverage, which is a very risky ratio! You should know that the FCA, ASIC and other regulatory bodies only allow 1:50 leverage for safety reasons.
Secondly, there is only one TradingTeck trading platform available – a web trader. This kind of trading platform is the least secure and traders should avoid it at all costs. Every reputable broker offers either MT4 or MT5 along with a web trader due to a higher security level.
At last，clients can deposit only via Cashier which turned out to lead to a Credit/Debit card payment gateway. This is concrete info taken from the payment gateway area on the client dashboard. And the minimum deposit is €245.
Conclusion
TradingTeck is scam, no doubt! If youre scammed by this broker, please keep the evidence and contact us as soon as possible. You can also log in to our official website or mobile app for self-exposure, copy this link to the browser to open it, and check how to expose the scam https://bit.ly/3dWv4N1
As we all know, Forex trading has a significant level of risk. Make certain that the broker you choose comes highly recommended and has excellent reviews on WikiFX. Conduct extensive research on a certain broker to see whether they have any complaints, particularly on the withdrawal procedure, customer support, website stability, and so on. Before investing, it is preferable to choose a reputable and well-recommended forex broker.
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