Trader-bank.com Review Is Trader Bank a Scam or Legit Forex & CFD Broker

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Trader-bank.com Review: Is Trader Bank a Scam or Legit Forex & CFD Broker?

Trader Bank Review: Scam or Good Broker? trader-bank.com is a forex and cfd broker that offers trading in a huge range of assets spanning over 800+ cryptocurrencies. According to the information gathered, this broker is allegedly owned and operated by 21 Tech Ltd with registered address Banishora, block 16, ap. 33, 1233, Sofia, Bulgaria. . They can be reached either through call-+31 203690842 or mail- [email protected]

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TRADER BANK TRADING PLATFORM

This broker offers trading on web based platform.

DEPOSIT AND WITHDRAWAL METHODS

This broker accepts many depository channels include Skrill, MasterCard, Qiwi Wallet, Bitcoin, Neteller, and others

IS TRADER-BANK LICENSED?

NO! Trader Bank broker is not licensed, though they claim so. The truth is that no regulatory body is acting as a watchdog overseeing that they comply with best practices in the financial market.

SUPPORT

This broker offers supports to customers, as can be seen on the contacts providing at the bottom of their home page..

CONCLUSION

Trader Bank is an unregulated broker, this is a source of major concern. We are convinced that trader-bank.com is run by a bunch of scammers, this is why they are anonymous and offer no live chat support. The way these scammers work is simple- First, they make Marshall Island their location because it is very liberal laws regarding the registering of companies.After sharing your personal information, you will begin receiving calls from brokers, compelling you to invest with them and win big. After hearing their sale pitches, you become convinced to deposit some $200-250. And just like that – the scammers take a fat commission from this initial deposit. That is not how to become a broker. Not how real brokers work.

OUR VERDICT- TRADER BANK BROKER IS A SCAM !

Though the website looks legit and might entice unsuspecting traders, the truth is that the platform was designed in such a way that it would easily scam people into believing they are the real deal. Below are other reasons why Trader Bank broker is not worth your time or money;

  • Lack of registration documents to prove that they are indeed registered at the Bulgaria.
  • High level of anonymity, We met a dead end when we tried finding out who is behind this platform, this alone is enough redflag.
  • Complaints from traders who have been scammed by Trader bank broker.
  • No Live Chat. There is no way you can reach them
  • Another brand of the company behind shady broker CoinFinex. This means Trader Bank is related to a shady broker, so it is not trustworthy.

When trading forex, cfd and cryptocurrency we always recommend you use a regulated broker that is licensed to trade financial instruments.

COMPARE WITH A TRUSTED BROKER

eTORO

ETORO has registered addresses in London United Kingdom, Tel Aviv, Limassol, Australia and USA. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices and cryptocurrencies. eTORO has the best social trading platform in the forex industry where you could copy the trades of successful traders. You could also earn additionally if your trades are copied. ETORO is regulated and licensed by the FCA(Financial Conduct Authority) in the UK, NBRB in Belarus and ASIC in Australia, which makes client funds safe. They accept traders worldwide.. visit their official website

Trader Bank Review – is it scam or safe?

Trading Accounts & Conditions

Account type Initial deposit Maximum leverage Bitcoin Spread
Standard €500 1:4 6% commissions, zero spread
Gold €5 000 1:4 5% commissions, zero spread
VIP €25 000 1:4 4% commissions, zero spread

Trader Bank is not a CFD broker with a clear focus on cryptocurrencies. It offers the account types listed above and although its offer does not seem bad, investing with this broker is anything but safe. Nonetheless, in an attempt to be objective, we’ll start off with the few good things about it.

Trader Bank Advantages

Nice web platform

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The trading interface Trader Bank uses is rather nice, but nothing too special. The charts are good, powered by TradingView, and do provide some analytical potential. Here is a screenshot:

Trader Bank’s web-based platform. Click on the image to view larger.

Good selection of crypto assets

There are Nearly 50 cryptocurrency pairs available for trade on Trader Bank’s platform in the form of CFDs, and that is another plus. Most major coins, like BTC, ETH, LTC, DASH and so on are present and traded against USDT or other coins. That being said, the offer is rather odd as some coins which you would expect (like XRP) aren’t present.

Some leverage provided

Clients of Trader Bank can trade with leverage up to 1:4 on pairs with USDT and up to 1:2 for the rest. Although other crypto brokers offer higher levels, this is not bad. Not all cryptocurrency venues provide leverage, so the fact that this broker offers margin trading is definitely a plus.

Trader Bank Disadvantages

Trader Bank is allegedly a trademark of 21 Tech limited., a company with registered address in Sofia, Bulgaria. CFD providers in Bulgaria have to be licensed by the local Financial Supervision Commission (FSC) or by similar financial authority of any EU Member State. Unfortunately, this is not the case with 21 Tech limited, and this is our major concern with this broker.

Another brand of the company behind shady broker CoinFinex

21 Tech limited also operates CoinFinex (previously it was allegedly operated by 21 Wolfs Ltd.). If you care to take a look at the comments posted to our review on CoinFinex, it becomes pretty clear that this broker is a con-artist that has scammed a lot of people. That being said, probably the case with the other brand of the company, Trader Bank, is the same.

High commissions and initial deposit

Unlike most crypto CFD brokers, Trader Bank doesn’t include all of the costs in the spread. Instead, the spread is zero and the client is charged with some commission fees, which are pretty hefty, ranging from 4% to 6% on the different account types. By comparison, real cryptocurrency exchanges charge around of 0.25% percent, and some CFD providers offer similar levels.

On top of the high commission fees, Trader Bank requires $500 from traders just to open a Standard account with them. As most of you probably know, most brokers require up to $250 as a start, including major players.

MetaTrader not available

As we pointed out above, this broker offers its services on a web-based trading platform, which is not bad. Although its charting is powered by TradingView, it lacks many of the advanced features other platforms offer.

For example, it cannot be compared to the renown MetaTrader 4 with its great charting and support of automated strategies (Expert Advisors).

Forex, CFDs on indices, commodities, stocks not available

This is a minor flaw when compared to the previous disadvantages of this broker, but we will mention it anyway. One cannot trade forex with Trader Bank, not even popular pairs such as EUR/USD, or BTC/USD. Other popular assets, such as CFDs on indices, stocks, and commodities are also not present in this broker’s offer.

Conclusion

Trader Bank is one of the many crypto CFD brokers that keep popping up on financial markets, trying to get advantage of the already fading glory of Bitcoin and other digital assets. Like most such providers, Trader Bank is not regulated, and we have reasons to believe that it is involved in scam.

That being said, it is best for investors to select among companies that are reliable and licensed, where there their money and coins will be safe.

To sum up our impression of Trader Bank:

Pros Cons
A lot of crypto CFDs offered, some leverage available Not licensed
Platform not bad Related to a shady broker
High commission fees & initial deposit
No MetaTrader4
Limited product portfolio

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.

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.

Trader-bank.com Review: Is Trader Bank a Scam or Legit Forex & CFD Broker?

After doing some research, we found out that a lot of traders are reporting Trader Bank and writting bad reviews about it.
It seems like they are not happy about it and they warn others not to trade with them.

It’s always important to know what other traders are thinking about a broker before using it and we can say that they are not saying good things about Trader Bank.

What do regulators say about Trader Bank ?

This is the most important thing you need to know about a broker before using it. Is Trader Bank regulated ? Is it an offshore company ?

Most brokers are unregulated or regulated by an offshore regulation authority which won’t help you in case of problem. Keep in mind that if a broker steal your funds, you won’t be able to complaint about it unless they are licensed by a serious regulator such as the CySEC (Cyprus Securities and Exchange Commission).

An unregulated broker is clearly not authorized to operate in any regulated country and you should definitely not put any money into it.

Trader Bank is an unregulated broker owned by 21 Tech Ltd and located at Banishora, block 16, ap. 33, 1233, Sofia, Bulgaria.

They can be contacted by phone at this number : +31203690842 or you can send an email to [email protected]

You should definitely avoid any unregulated or offshore broker and Trader Bank is one of them.

Have you been Scammed by Trader Bank ?

Have you been victim of this company ? Did you lose money with them ? Everyone does mistakes. Don’t worry, you are not alone, and we are here to help you.

Our team of experts is available 24/7 in order to help you recovering your hard-earned money.
After asking you some questions, they will be able to build a chargeback case to fight the broker and get your money back as soon as possible.

Chargeback is the solution

As we said before, the good news is that there is a solution and it’s called a Chargeback.
But what is a Chargeback ?
A Chargeback is the retroactive cancellation and refund of a charge made using your credit card.

Not a lot of people know that, but there is a high probability of getting your money back when you build a Chargeback case as long as it is built correctly from the beginning to the end.

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