T4Trade is a newly established forex broker registered in Seychelles with a retail forex license and MT4/5 full license.
However, the reviews
There are bad rumors such as
If the rumors are true, you may not even get your money back after making a deposit.
In that case, it is completely the same as a fraudulent company, so if possible, I would like to check if the company is safe before using it. In this article, WikiFX, which provides a rating service for forex companies, objectively explains the safety of T4Trade on a factual basis.
In this article, WikiFX, which provides a rating service for forex companies, objectively explains the safety of T4Trade on a factual basis.
We have thoroughly investigated safety from various perspectives such as acquisition licenses, regulations, and WikiFX exposures to see if T4Trade is a scam company or just rumors, so please refer to it.
Investigate the safety of T4Trade from basic information and acquired licenses
Source: T4Trade
To confirm the safety of T4Trade, we investigated the following three points on the official website and WikiFX.
Basic information 1. Company information and features
The official website of T4Trade supports 13 languages including English.
Customer service can be reached by e-mail, live chat or contact form to get in touch, and seems to be available 24 hours a day on weekdays.
T4Trade has the following three features.
The first feature is that the leverage is quite alarming.
The brokers leverage is quite alarming - up to 1:1000 offered to all traders.
Generally, stricter jurisdictions impose a leverage cap of around 1:30 for retail brokers.
It is important to keep in mind that the greater the leverage, the greater the risk of losing your deposited capital. The use of leverage can both work in your favour and against you.
The second feature is that the industry-standard MetaTrader4 is available.
Many regulated brokers offer the industry-standard MetaTrader4 and MetaTrader5 trading platforms while most unregulated brokers just offer web-based trading platforms or even no trading platform offered.
T4Trade is an offshore regulated broker, but it does provide the leading MetaTrader4.
The third feature is that many deposit & withdrawal methods are available.
In other companies, as a deposit and withdrawal method,
·Bank transfer
·Credit card
·Bitwallet
they usually offer the above 3 methods.
But in T4Trade,
·Credit / Debit cards
·Neteller
·Skrill
·Bank Transfer
·Digital Assets
And since there are 5 options, it can be said that deposits and withdrawals are easy.
Basic information 2. Acquisition license
WikiFX investigated the financial license that T4Trade has acquired.
The following license has been acquired.
Acquisition license: Seychelles Financial Services Authority (FSA)
Financial Services Authority Seychelles (FSA) licensing information is provided in the table below.
Seychelles is an offshore jurisdiction that has a quite lenient policy for obtaining a Forex Broker License - there are capital requirements of $50,000 plus 2 local directors and a physical office. The time to receive the license ranges from 4 to 6 months.
Basic information 3. User asset protection
To protect users' assets, we investigated whether T4Trade clearly states “separate management” and “trust preservation” on the official website.
As a result, we could not confirm the statement, so it seems that T4Trade does not protect the user's assets.
Exposure 1. Fraud company
He said he cant withdraw and T4Trade confiscated his profit.
From the image, you can certainly see this traders balance did decrease by 2,000.
As the “FAQ” part of T4Trades website, the broker mentions that the profits can only be withdrawn via Bank Wire .
The clients can receive their initial deposit via the initial payment method and then profits will be sent to their bank accounts. However, the clients have to apply for a bank withdrawal from their clients portals.
Exposure 2. Cannot withdraw
She said she cant withdraw from T4trade, even though 12 hours have passed.
We can understand that withdrawal does require a certain processing time. Generally, regulated brokers can process deposits instantly, while withdrawal requests can be processed within 24 hours.
As T4trades website states, “Deposits can take up to be processed depending on the method you choose. Bank Wire transfers can take up to 3 working days, depending on the bank.”
T4trade doesnt directly any information about the withdrawal processing time on its website, however, from the processing time of deposits, we can understand that the withdrawal must require more time to process.
Until today (August 5, 2024), this trader‘s problem has still not been solved, which means she doesn’t withdraw successfully.
Exposure 3. Tampered with transaction records without authorization
Just like the last trader, this trader also cant withdraw. As he disclosed, T4Trade tampered with transaction records without authorization, erased profits and principal.
From the third screenshot offered by this trader, we can find that T4Trade refused his withdrawal request, the refusal reason is he didnt use the same payments.
T4Trades website states on the “FAQ” that “ a proportion of the trading bonus is removed relative to the amount you deposited and requested a withdrawal.”
Most regulated brokers will specifically set up a part of “Deposit & Withdrawal” or “the Terms and Conditions” or “Frequently Asked Questions (FAQ)” on their websites navigation bar to explain their related policies. Before starting trading, every trader should have a full understanding of the brokerage company, of course, website information covered.
Original survey results by WikiFX
At WikiFX, we conduct a “score evaluation” to judge the FX trader numerically and a “field survey” to investigate whether it is a paper company.
In addition, based on those results, we also issue a warning.
So from here, we investigated how WikiFX evaluates T4Trade.
The T4Trade survey results are as follows.
Independent research 1. Score evaluation
WikiFX evaluates FX brokers on a scale of 10 out of 10 based on the following five indicators.
The score evaluation results of T4Trade are as follows.
You can also check the details of the WikiFX evaluation on the “WikiFX T4Trade” page. (https://www.wikifx.com/en/dealer/8642670642.html)
The overall score is “3.94”, which is an average category for FX traders.
“Regulation” is slightly low at “3.92”.
As explained in “Basic information 2. Acquired licenses”, one of the reasons for this is that T4Trade holds the regulated licence, while it is offshore currently.
For the same reason, the “License” is also slightly low at “4.11”.
The “Business” is “5.98”, and the capital and management ability are judged to be average.
The “Risk Control” is “0.00”.
This is probably because in “Basic information 3. Protection of user assets”, we were unable to confirm the statement regarding the protection of user assets.
The “Software” is “4.66”, which is still low.
Only MT4 trading platform is available at T4Trade, while the more advanced MT5 is not supported, so it seems that the investment environment is not sufficient enough.
Independent survey 2. Field survey results
WikiFX's “Field Survey” column visits the local office and investigates whether it is a shell company.
As of August 5, 2024, there is no field survey result for T4Trade by WikiFX.
Independent research 3. Heads up
As of August 5, 2024, WikiFX has issued the following risk alert to T4Trade.
Four rules lead to withdrawal rejection in T4Trade
On T4Trade's official website, there are four rules published in the “FAQ” and “Client Service Agreement” that may lead to withdrawal rejection.
Rule 1. Withdraw with method differs from deposits
As discussed in the “Truth disclosure 3” part, T4Trade refused the trader‘s withdrawal request because he didn’t request a withdrawal using the same method in which he was deposited.
Truth disclosure 3
For example, if you deposited by credit card, you can only withdraw by credit card.
Therefore, if you do not withdraw using the same method as the deposit method, it is expected that the withdrawal will be refused.
Rule 2. Insufficient funds
T4Trade says, “you can withdraw funds if you have open positions on your platform”, however, “your margin must exceed the amount specified in the withdrawal instruction, including all payment charges.”
Therefore, if you try to withdraw without insufficient funds, the withdrawal requests may be refused.
Source: T4Trade FAQ
Rule 3. Withdraw profits other than by Bank Wire
According to T4Trade, “you can withdraw your profits only through the Bank Wire. ”
Source: T4Trade FAQ
Combined with Rule 1. You must withdraw using the same method as the deposit method,'' it seems that the principal can be withdrawn using the same method as the deposit method, and the profit can only be withdrawn by Bank Wire.
In other words, if you try to withdraw profits other than by Bank Wire, it is considered that the withdrawal will be rejected by this rule.
Rule 4. Inactive accounts
T4Trade does not mention too much about withdrawals in the “FAQ” part, however, there are very disturbing clauses that have been mentioned in the “Client Services Agreement”.
They will charge a $50 (or currency equivalent) inactivity fee annually and a 3% administration fee if they deem your account is without any trading activity (no time is mentioned) or if the trading activity is below normal.
Source: T4Trade Client Service Agreement
In general, many forex traders who freeze the account if the account balance becomes zero and left unattended.
If the account is frozen, all operations including withdrawals will be invalidated, which will result in withdrawal refusal.
4Trade survey result
So far, we have thoroughly investigated the reputation and safety of T4Trade from reviews and license information.
In conclusion, it is better not to choose it because many reviews that say that withdrawals cannot be made due to withdrawal problems or rules.
Also, as mentioned in “Basic information 2. Acquired licenses”, the current status of T4Trade is offshore regulated.
Therefore, it is not recommended to use T4Trade.
WikiFX recommends fellows do more research before making a decision and choose forex brokers who have proven the safety of funds and high service quality.
If you want to know more information about the reliability of certain brokers, you can open our website (https://www.WikiFX.com/en). Or you can download the WikiFX APP to find the most trusted broker for yourself.
Click on T4Trade's WikiFX page for more details: https://www.wikifx.com/en/dealer/8642670642.html
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