Saint Vincent and the Grenadines based TradeMote provides CFDs over many trading instruments. The broker offers three different trading platforms like ForexPro, Simplex Crypto, and MetaTrader and four trading accounts. The leverage level of 1:700 is provided on each of the four trading accounts. Except for basic account, the broker offers traders the option to choose their preferable spreads on other accounts. From the information on the official website, it can be said that the broker offers many trading instruments and facility; however, TradeMote is not regulated. In this TradeMote review, we will shed light on the positives and negatives of this broker. Read the full TradeMote Review here.
The positives of TradeMote are not many, and we will discuss them one by one. The product portfolio of this broker has extensive trading instruments including cryptos, several indices, many stocks, and commodities like precious metals, energy and agriculture-related products. Traders always welcome the diverse product portfolio, and it minimizes trading risk. The offered trading accounts are Standard, Zero, Premium, and Elite that can be customized according to trader’s needs. The trading conditions on all the accounts are designed to suit all sorts of trading styles.
The higher leverages are offered on all the trading accounts at 1:700 ratio. The higher leverage ratio can make a profit in less time. However, high leverage must be taken seriously as they pose a high risk of loss. The broker also offers variable and customizable spreads that is a good sign. The offerings of TradeMote includes three different trading platforms these can be used according to tradable assets. For example, Simplex Crypto is specially designed for cryptocurrency trading. Most of the trader loves MetaTrader trading platform, and it is serving traders for more than 15 years now.
The prime negative aspect of TradeMote is its non-regulation status. The offshore-based, operational from Saint Vincent and the Grenadines, Namelina LTD manages TradeMote brand. The SVG zone is a popular hideout of many scam brokers. We have come across many SVG based brokers those were red-flagged by top Financial Authorities across the globe.
$250 is required to open a basic trading account with TradeMote, and the amount is according to the market average. Nevertheless, several brokers offer a basic trading account with $5. The page of Terms and Conditions is missing, and withdrawal charges are not mentioned anywhere on the website. All of this is fishy.
Is TradeMote scam or legit?
The broker is unregulated and operational from the SVG. Trading conditions offered are quite high and loss oriented. The absence of Terms and Condition section and withdrawal charges is a fishy affair. The broker TradeMote is a potential Australian trading scam. Maintain a safe distance from TradeMote.