GENERAL INFORMATION AND REGULATION
TradeMoreFX is one of the most insidious brokers we have covered – that is because the company appears to be perfectly legitimate. With rather decent trading conditions too, the broker could leave a positive impression on its client – but the company is actually a scam, as the regulatory body of the UK, the FCA has determined in its warning on TradeMoreFX.
What this means is that you should be extremely vigilant when picking a broker to deal with – TradeMoreFX is not the first and will not be the last scam broker out there, so you need to be careful!
There broker seems to have been offering its services to clients from the UK without the authorization of the regulatory body, which is illegal. Any broker that wishes to deal on the UK markets needs to prove it has what it takes to navigate them safely, and that it is not running a scam. Brokers are also required to compensate their clients in the event of them going under.
MARKET INSTRUMENT
Available trading Instruments offered by TradeMoreFX includes:
FOREX
The Forex market provides traders the opportunity to trade 24 hours a day, 5 days a week in the worlds most liquid financial market. Traders can take advantage of some of the tightest spreads, superior execution, and deep liquidity across 60 currency pairs.
COMMODITIES
Trade Oil and Metal products such as Gold and Silver like a currency pair against the USD or as a Futures CFD. Theyve combined tight pricing and flexible lot sizes from 10c per point to give you one powerful product.
INDICES
Gain exposure to the world‘s largest equity markets through TrademorefxMarkets’ offering of global Indices CFDs. With spreads from 0.5 points on 16 Indices, traders can take a wider view of equities markets whilst enjoying commission free and 24/5 trading across major markets.
ACCOUNT AND LEVERAGE
The broker did not state what amount of money they would require to open an account – before you invest anything with a scam broker like this one, consider that there are enough legitimate brokers that would only ask for between $1 and $100 for to open an account – so look some of them up instead.
TRADER SECURITY
As many reviews shows, TradeMore FX is unregulated forex broker, therefore it is not recommended to trade with.
SPREADS AND COMMISSIONS
TradeMoreFX has tight spreads on its FX majors – 0.2 pips. It also provides access to a high amount of leverage, as mentioned above, which is beneficial if used by traders with enough experience. However, the majority of regulators ban amounts like 1:400, as they amplify profits and losses alike.
TRADING PLATFORM AVAILABLE
TradeMoreFX provides access to a world-class trading platform – Metatrader 5. The software is the best the market has to offer nowadays, and is preferred by traders, for its powerful automated trading, its sophisticated analysis tools and its clean interface.
While we endorse the platform fully, we cannot endorse the broker that offers it – TradeMoreFX is not licensed and running a scam, as we have demonstrated. Stay away from the company, and make use of MT5 with a legitimate broker instead – most of them have the platform available nowadays!
DEPOSIT AND WITHDRAWAL
The only way to deposit and withdraw money with this broker is via bank transfer. The “Deposit” button on their client area was, however, broken and would not lead to any sort of deposit form – so there is currently no way of depositing with Trademorefx. This is actually good – it means there is no way they could scam you, at least for the moment.
CUSTOMER SERVICE
TradeMoreFX customer support can be Contacted via Telephone number and email. Also users can fill their online form requesting to be contacted.
Although as some reviews revealed, This broker provides a fake Address which they claim can be visited. See the address below
TRADEMOREFX MARKETS LIMITED,
71-75 Shelton Street,
Covent Garden,
London, United Kingdom Wc2h 9jq
Phone number: +44 7441 412006
Email: support@tmorefx.com
