Trade99 is an overseas broker with four trading accounts. The broker claims to offer the MetaTrader trading platform, but it is not a valid claim. That is what we consider a minor flaw of any broker, but the real concern is brokers’ nonregulated nature. The broker also has unacceptable terms and conditions that will not allow traders to withdraw their funds. In this Trade99 review, we will discuss all the flaws this broker has and tell you whether it is good to deal or not. So, keep up with us and Read the full Trade99 review here.
The four offered trading accounts are Standard, Silver, Gold, and Premium Service, and the initial deposit required to each of them is $250, $2500, $5000, and $10000. However, trading conditions are not available on the official website. Moreover, it is not acceptable, and such less informative brokers always turn out to be a scam. However, the minimum deposit required for a basic account that is $250 by the broker is according to the market average. Nevertheless, the rest of the three accounts need a high initial investment.
The broker Trade99 claims to be operational from Hong Kong, but the truth is far from this. The Dominican Republic-based company Nohelious International Marketing Operations owns the broker. To do fact-checking, we visited the website of the Hong Kong Securities and Future Commission we found no registration of Trade99. From this, we have learned, the broker does not possess a valid license to operate as a broker. Traders must trade with a legit and licensed broker to avoid any scams.
The broker also offers trading bonuses to its customers. The problem with trading bonuses is that they come with unfavourable terms and conditions. In the case of Trade99, the terms and conditions are designed to restrict the withdrawal of traders’ funds. Along with this, the broker also applies monthly service and account maintenance charges. It creates an extra unwanted burden on the clients of Trade99. Furthermore, the broker does not provide trading on the mostly accepted MetaTrader trading platform. Instead, a web-based platform is offered.
While checking out the provided platform, we came across spread on USDEUR fx pair floating at two pips. Such higher spreads are the leading cause of the increased cost of trading. The e-wallet Skrill recently adopted anti-scam policy and absence of same as a payment method makes sure that the broker Trade99 is a potential scam broker. Furthermore, the trading instruments offered are not that attractive.
Is Trade99 scam or legit?
The broker here is unregulated and has many discrepancies in offering and reality. The broker has low credibility, and we do not recommend Trade99. In our view, it is a potential Australian trading scam, avoiding it is recommended.