TradeLTD – Scam or Service?

TradeLTD – Scam or Service?

Smooth slick websites can sometimes hide a financially deadly underbelly, TradeLTD is one such site. With fancy graphics and a professional-looking website, unlicensed and fraudulent brokers can pass as legitimate to the untrained eye, and if you aren’t paying full due diligence and reading the small print whilst making investment decisions, then you risk losing your hard-earned cash.

So, is TradeLTD a dangerous scam? And how can the average consumer spot fraudulent sites which blend in with the professional crowd?

Year Created2018
RegulationNo
Minimum Deposit$200
Product TypesForex, Shares
Products OfferedMore than 200 products to Trade

TradeLTD: An overview

TradeLTD is an online broker platform owned and operated by Currency Board Oü in Estonia. Founded in 2018, this is an entirely unregulated broker without a license. The Estonian Financial Supervisory Authority or Finantsinspektsioon has already issued a warning about the broker’s parent business the Currency Board Oü and claims they do not hold an activity license for investment services.

They have allegedly been operated under Bushido Technologies OÜ which has been identified as an illegal and unregulated offshore company. With complaints of fraudulent behaviour being reported against them.

They claim to be an investment service that deals in Forex and shares an unbelievably healthy cashback plan. But the truth is once you invest with this company, you are never getting it back. TradeLTD is also associated with another scam by the Currency Board Oü known as the Accion group. The Accion group webpage has since gone down not long since the website was first put up.

This scam works by luring in potential victims with big promises, in the case of TradeLTD they have a cashback plan which promises enormous bonuses with the more you invest and deposit. Then they prevent customers from withdrawing, and as they did with the Accion group, the site will eventually disappear.

They prevent customers from receiving funds by claiming that they require documentation for the client to withdraw, a valid government I.D, Proof of address, and if you paid via credit or debit card, they also require a photo of the front back of your card. Now, this is very unnecessary and illegal. Even if you submitted an id and proof of address, this company will most likely never get back to you or claim that the validation process takes an absurdly long period.

There is very little known about this company online, even ForexPeaceArmy only has two reviews on this broker, insisting that TradeLTD is a scam and that they had lost their finances. They can be traced to an office in Estonia and the phone number provided is registered with the name John Bradley. A Whois lookup brings up nothing since they have a Whois guard in place to redirect your search. The information on the page itself is vague and unspecific; for example, they claim they are a licensed broker but never say who by and what their licence number is.

This scam relies on their websites fancy graphics and the client’s belief in their false promises to lure customers using a website that only looks legitimate on a surface level.

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TradeLTD: Scam Warning Signs

So, is TradeLTD a scam? Yes, 100%.

TradeLTD is an unlicensed broker without a license and is most certainly a scam. Do not trade or invest with this broker; there is no situation you come out on top with an unlicensed broker.

All reviews of this site have come out negative. The site’s support number has reports against it, and all clients who have previously invested with TradeLTD warn of its fraudulent behaviour and urge investors not to entrust their money with them.

At Trader Defender, we urge investors to avoid TradeLTD at all costs and if you have fallen victim to their scam to report them to the proper authorities. TradeLTD is a scam, and with your help, we can bring justice to their doorstep.

Spotting scam brokers:

Some quick hints and tips to help the familiar consumer spot scam brokers:

  • Frozen accounts, blocked, or otherwise locked out of your accounts
  • The website becoming unavailable
  • Promises of a big bonus or cashback
  • Unsecured web platform
  • Unlicensed brokers
  • the broker claims to be legitimate, but there is no evidence to back up their statements
  • asks to give compromising personal information
  • Pushy sales
  • Lack of customer service, no way to contact the company
  • Customer service doesn’t respond
  • Reviews from former clients
  • Warnings from financial authorities

How can Trader Defender help?

Trader Defender is an online due diligence service offering services to help the average consumer make well-informed investment and trading decisions. We offer due diligence reports on any business of your choosing; we will provide a full corporate structure evaluation which could prevent you from getting in any sticky situations with scammers like TradeLTD. So, why to wait; book a free consultation today.