Note: For some unknown reason, we cannot open Traders88s official site (https://traders88.com) while writing this introduction, therefore, we could only gather relevant information from the Internet to present a rough picture of this broker. Traders should be careful about this issue.
Risk Warning
The South Africa FSCA regulatory (license number: 49213) claimed by Traders88 is a suspicious clone, please be aware of the risk!
Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.
General Information & Regulation
Traders88, a trading name of Ribova Holding Investments (PTY) LTD, is allegedly a forex broker registered in South Africa that claims to provide its clients with leverage up to 1:400 and floating spreads around 1.3 pips.
As for regulation, it has been verified that Traders88 has s suspicious clone Financial Sector Conduct Authority (FSCA) license. That is why its regulatory status on WikiFX is listed as “Suspected Fake Clone” and receives a relatively low score of 1.33/10. Please be aware of the risk.
Market Instruments
Traders88 advertises that it is a forex broker that mainly offers forex currency pairs trading. However, more specific information about tradable assets cannot be found on the Internet.
Leverage
The maximum leverage ratio provided by Traders88 is said to be as high as 1:400. 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.
Spreads
Traders88 claims that the EUR/USD spread is 1.3 pips.
Trading Platform Available
Traders88 says to offer web distribution and even name the accounts opened MT4. Actually, their so-called platform is a Frankenstein model nonetheless, as it consists of a chart provided by TradingView and a separate trading panel.
In any case, we recommend using MT4 or MT5 for your trading platform. Forex traders praise MetaTrader's stability and trustworthiness as the most popular forex trading platform. Expert Advisors, Algo trading, Complex indicators, and Strategy testers are some of the sophisticated trading tools available on this platform. There are currently 10,000+ trading apps available on the Metatrader marketplace that traders can use to improve their performance. By using the right mobile terminals, including iOS and Android devices, you can trade from anywhere and at any time through MT4 and MT5.
Deposit & Withdrawal
Traders88 says that the funding methods are Credit/Debit card payment through Praxis Cashier or a Deposit by Phone. Due to the lack of security, you should never provide your bank card information over the phone!
The minimum initial deposit requirement is said to be $250, the minimum withdrawal for the Credit/Debit card is 50 UST, and the minimum withdrawal for Wire Transfer is 100 UST. Note that UST is not a US dollar but UltraSalescloud. Each withdrawal will be subject to a 5% withdrawal fee while other regulated brokers charge no deposit or withdrawal fees.
Bonuses & Fees
Traders88 claims to offer a Credit Tokens bonus, yet no specific information is revealed directly. In any case, you should be very cautious if you receive a bonus. Bonuses aren't client funds, they're company funds, and fulfilling the heavy requirements that are usually attached to them can prove a very daunting and difficult task. Note that brokers are prohibited from using bonuses and promotions by all leading regulators.
Additionally, the broker states that an account becomes dormant after 60 days of inactivity and a fee of 10% or 100 UST per month applies. Note that UST is UltraSalescloud, not US dollars.
Customer Support
Traders88‘s customer support can be reached by telephone: 442038857664, email: support@traders88.com. However, this broker doesn’t disclose other more direct contact information like the company address that most brokers offer.
