Today, we would like to introduce you to another “red-flagged” scam broker, TraderKing.
TraderKing is an online trading broker under Lotens Partners LTD. The address is Suite 305, Griffith Corporate Centre, P.O. Box 1510, Beechmont, Kingston, Saint Vincent, and the Grenadines.
TraderKing claims to be a reliable and trustworthy global CFD and foreign exchange broker. The broker offers a wide range of tools and more than 100 trading tools, including currency pairs, metals, CFDs, oil, indices, and cryptocurrencies. They also provide customers with a wide range of desktop, web, and mobile trading platforms, including MetaTrader 4.
However, all these services are fake, tricking traders into some fraud activities. Thus, our TraderKing review will demonstrate some fundamental alerts that let us believe they are scammers.
About TraderKing: is it safe to trade with them?
Trading with TraderKing is not safe since it is an offshore broker. The broker is owned and operated by a group of companies, including Lotens Partners LTD. Company registration number: 25471, registered address: Suite 305, Griffith Corporate Centre, P.O. Box 1510, Beechmont, Kingston, Saint Vincent, and the Grenadines S.
However, the main fact we need to consider is that Saint Vincent and the Grenadines is an offshore zone. Even though it registers TraderKing as a financial investment company, the requirements for company operations are very poor, if not.
This means that brokers “located” there are not regulated, supervised, and abide by strict international rules that protect traders. Therefore, Saint Vincent and the Grenadines have become an offshore zone for shady foreign exchange brokers. To sum up, it is not hard to see how risky the brokers registered there are.
Also, TraderKing is blocklisted as a scam by the U.K. Financial Conduct Authority (FCA). Which already clears all doubts.
What are the trading conditions?
TraderKing will allow you to open a 250 USD trading account and conduct micro-lot transactions.
TraderKing has three account types-Standard, Premium, and VIP. The minimum deposit requirements are 250 USD, 1000 USD, and 5000 USD, respectively.
250 USD is a typical start at scam brokers. Don’t let them fool you.
What is leverage at TraderKing?
TraderKing provides leverage up to 1:500. The use of higher leverage transactions is associated with higher risks, which is the main reason why the maximum level of leverage is set in many regulated markets such as the European Union and the United Kingdom, the United States, Canada, and Japan.
Regarding the trading conditions, unfortunately, we cannot open a demo account and verify the ultra-low spreads that TraderKing claims to provide.
What payment methods are available at TraderKing?
TraderKing accepts card payments using VISA and MasterCard, bank wire transfers, electronic wallets called Paytrio, and cryptocurrencies.
However, our general recommendation is to stick to more traditional payment methods, such as credit cards or popular e-wallets, such as Pay Pal and Skrill, because they are safe. If something goes wrong, you can choose to apply for a refund. On the other hand, Bitcoin payments are more or less anonymous and completely irreversible.
Customer support
The TraderKing website provides customer support services. These are email addresses you can reach them with:
[email protected]
[email protected]
However, please note that as soon as they make you invest and put money in your trading account, you won’t manage to reach them for any further assistance. Asking about the withdrawal is also impossible, as they won’t let you receive money.
Final thoughts
Considering all the above facts, it is safe to say that TraderKing is not regulated and does not have the legal right to provide financial services.
We recommend that all investors and traders avoid TraderKing and other unregulated brokers. For those planning to invest with this entity, the lack of information (or false information) regarding broker supervision, trading conditions, and contact information should be a giant red flag. Usually, such companies engage in investment fraud.
We hope you will find our TraderKing review helpful. I wish you great trading.
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