TradeWell is one of the many new cryptocurrency brokers in the market. What’s different from a lot of other brokers that we review is that this is a broker that only deals in crypto and doesn’t offer CFDs on forex or any other commodity. The company seems to have two addresses, Saint Vincent and the Grenadines. Grenadines being famous for offshore companies and many scamsters. However all the payment is handled by a Bulgarian company named Invest Support Ltd. there is speculation it is also the parent company for TradeWell. The broker has its own web based trading platform, instead of the market favourite Meta Trader 4. There are four different types of accounts available to choose from. Read the full TradeWell Exchange review here.
About TradeWell Exchange
TradeWell Exchange’s owner might not be clear, but it is certainly clear that it chooses to be registered in Bulgaria to avoid regulation. The broker doesn’t seem to be licensed by any local or European regulator to offer financial services. But what is worse, and a bigger red flag is that the FCA, UK’s financial regulator body issued a public warning to the British people, against the harms of trading with TradeWell. The first thing we usually see in a broker is whether it is licensed, in this case, it is not only unregulated, but has been actively warned against, by a prestigious regulator body.
Looking at the trading platform itself, the web based trading platform, while not an absolute dud, doesn’t measure up to Meta Trader 4. It does seem to have some good charting features, but misses out on other key features from Meta Trader 4. But the company does seem to offer a leverage from 1:10 to 1:40, which is quite decent for volatile CFDs like cryptocurrency. But the stinger are the various fees it charges to its customers. For instance there is an inactivity fee of 10% of the account balance or 100 units of currency, whichever is higher of the two. There’s also a 20% withdrawal fee on users who withdraw while availing bonus but haven’t met the trading volume minimum.
The broker has disappointed us in terms of offering us red flags one after the other. Starting from the fact that it is not regulated, has been blacklisted by one of the biggest financial regulators, has no clear information about its owner and leadership, doesn’t utilize Meta Trader 4, has really outrageous fees and has a variety of bad reviews from disgruntled customers. Given all these facts, we would suggest traders to avoid investing with TradeWell.Exchange. And if you are someone who has deposited their money with TradeWell and can’t seem to withdraw any, fill the form on this page and our community of experienced traders will guide you with the process of trying to recover your funds.