Overview of TraderKing Review:
One of the most common steps of the scam brokers that are used to trick innocent traders is by using fake addresses and locations for their headquarters to seem more legitimate. However, that is not the case with the broker that we are going to investigate today. TraderKing claims to be a forex and CFD broker that is registered in Saint Vincent and the Grenadines. For those who don’t know, Saint Vincent and the Grenadines is one of the famous offshore locations that has proven to be a home for scam brokers. Read on to know more in our full detailed review of TraderKing.
TraderKing and Minimum Deposit:
The minimum deposit demanded by TraderKing differs according to the trading accounts. Legitimate brokers demand deposits of $5 to $10. In our case, TraderKing asks for deposits ranging from $250. This is a very high amount and must not be asked from the traders according to the regulators of the industry. This raises a red flag against the TraderKing scam.
TraderKing and Leverage:
The leverage offered by the TraderKing follows a similar fashion to minimum deposit. The leverage also depends upon the type of account that the customer has. TraderKing offers them leverage starting from 1:500. The leverage offered by TraderKing is much higher than what is advised by the regulators.
TraderKing and Blacklisting:
Another strange thing that we must take into account is the warning issued against the company by the Financial Conduct Authority, commonly known as the FCA, of the United Kingdoms. In the warning, FCA has asked their citizens to stay away from this brokerage firm as it is an unauthorized firm.
TraderKing and Regulation:
Regulation is the most important of any brokerage firm as it allows them to trade legally in the market. However, acquiring a license is a difficult task as the brokerage firms have to go through a series of tests put down by the regulators. In our case, TraderKing has already declared that it is based out of Saint Vincent and the Grenadines. Therefore, it is no surprise when the company stated that they have a license from the regulator of Saint Vincent and the Grenadines. TraderKing is UNREGULATED.
Conclusion: Is TraderKing a scam or legit?
Furthermore, TraderKing does not offer MetaTrader4 as their trading platform. They use their own platform which is rather clumsy and unkempt. This is yet another red flag against TraderKing as it shows that the company clearly does not care about its customers. To sum up all that has been stated above, we can conclude this detailed review by stating that TraderKing is up to no good and is a potential scam. We request our readers to steer clear of this broker or proceed with extreme caution. If you have been trapped in such a TraderKing scam or scammed by any other broker, do not feel embarrassed. You worked hard for the money and you have all the rights to the money. File a complaint with us and get instant solutions to claim your money back.