TradeNero Review Is Tradenero.com Legit or Scam

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TradeNero Review: Is Tradenero.com Legit or Scam?

Tradenero.com Review: this is the name of a Forex broker that gives a UK contact information and a Dominica address. Is TradeNero a scam or legit broker? The increase in the amount of Forex brokers makes it important to find out which is safe for investment and which is not.

The most vital part of our reviews is the uncovering of if a company or Forex broker is properly licensed or not. To do this, we first establish the location or region where it claims to be based. Then we check with the commission or authority regulating trade there whether it is listed among regulated companies or not.

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TradeNero mentions that it is under the law of the Dominica, which is an offshore location. But the contact it gives is in the United Kingdom. The company is not licensed in the UK because the FCA does not list it among those it regulates.

For the Dominica address, we find it discouraging. Forex trading goes on without proper regulation in this kind of location making it a choice base for scam companies. Trading with a Forex broker that is unlicensed pose many dangers to traders’ funds. Misappropriated funds may not be recoverable by the government as well.

Unlicensed brokerages are not under any rules of traders and this puts traders in more risk than they will be in if they had chosen properly licensed ones.

Advantages of TradeNero

It mentions regulation as one of its advantages on the website. Instant execution is promised to traders using the service as well as four different platforms. Spreads are tight and commissions are very low. Safety of funds and information security is also assured. Customer support is also said to have world coverage.

It is common for Forex brokers to start out with claims of making clients richer. This is because everyone seeking out easier ways to trade effectively does so to make more profit.

However, traders need to be careful about believing everything they encounter in the business sphere. Some are geared to just deceive and steal their funds. Considering what is offered and proofs are effective means of discovering fraud as well as reading our reviews and comparing the offers to those of other legit brokers at the bottom of this article.

TradeNero Trading Platform

TradeNero offers traders the MT5 trading platform. We advise readers and traders to always look out for the MT4 or MT5 platforms. The MetaTrader platforms are commonly used because they allow the use of trading robots.

Legit brokers are known to offer at least the popular MetaTrader 4 or 5 trading platform.

These platforms are very good signs as they have become some of the most widely used by experienced traders. They are found to be compatible with various devices’ operating system. All can be used on desktops, Linus, windows, iOS and Android.

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Tools that comes with these trading platforms are also found to be useful for traders. It has proven to be user friendly as well and helps traders in analyzing the market easily.

Trading instruments offered to traders are said to be up to 5000. Forex is offered as well as stocks. We know that legit brokers offer currency pairs, indices, CFDs on many commodities and cryptocurrencies. It is important to let traders know the options open to them.

Maximum leverage offered to clients is 1:1000 and while this may seem generous, it is not advisable. High leverages can lead to huge loss of funds as well. Spreads are 0.4 pips on the EURUSD pairs.

Spreads of 1.5 pips or below are what is obtainable in the forex industry and traders are asked to look out for this. Leverages of between 1:30, 1:50 and 1:25 are also common among regulated brokers.

Deposit and Withdrawal methods on TradeNero

The means that traders are to use to make deposits and withdrawals are not mentioned. This is unusual because standard and legit brokers make deposit and withdrawals available via Visa, MasterCard and Wire Transfer. Many offer e-wallets like: Skrill, Neteller, UnionPay, FasaPay, and so on.

Minimum deposit required is $100 and this is within the obtainable of average of $100 to $250 that is common among legit brokers. Withdrawals must be 100 EUR/GBP/USD or above as well as an inactivity fee of $50 every month.

This information is important so that clients can invest any little amount they can spare. In order to be able to first watch the working of the brokerage. If then they are satisfied with what they see, they can determine when to withdraw their money.

Is TradeNero Licensed?

No. TradeNero is not a licensed broker. The Financial Conduct Authority (FCA) does not list it among licensed brokers and the offshore location is a red flag.

Regulated Forex brokers in Europe, America, Africa, Australia, and Asia are under many strict rules. The regulatory bodies like the FCA, FSCA, CySEC, AISC, NFA and many others have regulations protecting Forex traders from unfair brokers. This is why they come top as recommended Forex brokers.

Support

There is no means made available for interested clients to get in touch with the broker or contact the customer care.

Conclusion

TradeNero is not a licensed broker so we will give it a low rating. The offshore location like was stated is also a red flag. We do not recommend the broker to our readers. If you have anything to say about this broker, do so in the comment section.

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Fortrade

Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK well as ASIC in Australia which makes client funds safe. They accept traders worldwide.. visit their official website

TradeNero Review – is tradenero.com scam or good forex broker?

Trading Accounts and Conditions

Trading account Min. deposit Max. leverage Spread
Standard $100 1:1000 from 0.4 pips

Forex and CFD broker TradeNero does not seem to offer tiered accounts, but supports the popular MetaTrader5 platform. Although the broker’s trading conditions appear attractive, we would generally not recommend dealing with it. Read on to understand why.

TradeNero Advantages

Trading on the MT5, decent choice of stocks

Clients of TradeNero are offered access to the latest MetaQuotes’ software, the MetaTrader5 (MT5). It’s pretty much the same as the MT4 and has most features valued by traders, such as the top-notch charting, the support of automated trading and the MQL5 programming language through which traders can alter or design their own auto-trading bots or run ready-made ones.

Furthermore, the MT5 was especially designed for trading in exchange-traded stocks, so no wonder that clients of TradeNero are offered European, Australian, Asian and US shares.

Seemingly attractive trading conditions

It seems that the trading conditions offered by TradeNero are overall attractive. The maximum leverage provided to clients reaches 1:1000, so even the most aggressive traders will be well-suited. That being said, note that using high leverage is not recommended for all traders, as it increases significantly the risk of loss.

Besides, the spreads announced on TradeNero’s website seem low, amounting to 0.4 pips for the EUR/USD pair. When opened TradeNero’s WebTrader, we found out the EUR/USD spread floating around 0.2 – 0.3 pips, so we suppose that a commission also applies.

TradeNero’s WebTrader. Click on the image to zoom in.

Keep in mind, however, that the cost of trading is not as important as the security of your funds. Below, you may check out the real time spreads of some reliable forex brokers.

TradeNero Disadvantages

No forex broker license

According to the information on the broker’s homepage, TradeNero is a trademark of Trade Nero INC.The latter is a part of the iBank Corporation, which is licensed by the Financial Services Unit of the Commonwealth of Dominica as an offshore bank. While we cannot call this a proper forex broker regulation, it still adds some credibility to TradeNero.

No demo MT5 accounts

While the MT5 is available for download on TradeNero’s website, one cannot test it for free, which is a obvious disadvantage. If a forex broker does not offer free testing service, this basically means that it is not transparent with this services and pricing.

Besides, this broker appears to have an unusually high inactivity fee of $50, which is usually charged on a monthly basis. There is also a minimum amount of withdrawal via a wire transfer is 100 EUR/GBP/USD.

Conclusion

Although we highlighted a few possible benefits of broke TradeNero, we would not recommend it mainly because it does not hold a valid forex broker license. Still, it is a part of an international group holding a banking license with Dominica’s FSU.

In order to avoid being swindled out of your money like millions of traders across the globe, you’d better only deal with entities holding licenses from reputable financial regulators like UK’s FCA, or Cyprus’ CySEC (in Europe). These regulatory agencies require compliance with a number of strict rules that give significant assurance for the security of the clients funds.

And finally, here are the highlights of the present review of TradeNero:

Pros Cons
Part of an international group licensed in Dominica No forex broker license
Seemingly attractive trading conditions No free testing service
MT5 supported Withdrawal issues
Broker Advantages

FXTM a regulated forex broker (regulated by CySEC, FCA and FSC), offering ECN trading on MT4 an MT5 platforms. Traders can start trading with as little as $10 and take advantage of tight fixed and variable spreads, flexible leverage and swap-free accounts.

Trading212 is a European broker with an excellent proprietary trading platform, which is now available as an iPhone app as well (we tried it out and we loved it). Trading 212’s customers enjoy fast execution a vast selection of trading instruments.

XM is broker with great bonuses and promotions. Currently we are loving its $30 no deposit bonus and deposit bonus up to $5000. Add to this the fact that it’s EU-regulated and there’s nothing more you can ask for.

FXCM is one of the biggest forex brokers in the world, licensed and regulated on four continents. FXCM wins our admirations with its over 200,000 active live accounts and daily trading volumes of over $10 billion.

FxPro is a broker we are particularly keen on: it’s regulated in the UK, offers Metatrader 4 (MT4) and cTrader – where the spreads start at 0 pips, Level II Pricing and Full Market Depth. And the best part? With FxPro you get negative balance protection.

FBS is a broker with cool marketing and promotions. It runs an loyalty program, offers a $100 no-deposit bonus for all new clients outside EU willing to try out its services, and an FBS MasterCard is also available for faster deposits and withdrawals.

FxChoice is a IFSC regulated forex broker, serving clients from all over the world. It offers premium trading conditions, including high leverage, low spreads and no hedging, scalping and FIFO restrictions.

HotForex is a EU Regulated broker, offering wide variety of trading accounts, including Auto, Social and Zero spread accounts. The minimum intial deposit for a Micro account is only $50 and is combined with 1000:1 leverage – one of the highest in the industry.

TradeNero Review: Is Tradenero.com Legit or Scam?

Trading binary options may not be suitable for everyone and may also not be legal in your jurisdiction,make sure you are aware of the risks involved as there could be total loss of capital. Don’t trade with money you cannot afford to lose. Binary Options is prohibited by the ESMA. BestBinaryOptionsWatch.com cannot be held liable for any damage resulting from use of information on this website. The FTC Required Affiliate Disclosure: BestBinaryOptionsWatch.com is a professional review site that is independently owned and as such, opinions expressed here are our own. We receive compensation from companies whose products we review. However our professionals test each products thoroughly and recommend the best.

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